Top List of Home Renovation Apps

No matter how big or small home improvement projects you are planning to take on, it can turn into a nightmare if you don’t plan and manage properly. Especially if it’s your first renovation project, you need guidance and assistance in all aspects. Mistakes can add up to the cost, require redoing more than once and prolong the deadline.

To avoid redoing over and over you have to foresee every minor detail: design, plan, and organize like a pro. But where to start? Before even consulting with contractors, begin with research. Explore the tools and apps that can give you a full picture and basic understanding of home renovations. Here we present our top selection of tools that you need to begin and manage home renovations.

Apps for Home Renovation Planning

Apps for Finding Contractors


Handy.com

The Handy.com app makes it easy to book home maintenance services, so users can save time and energy on home improvement projects. IOS, Android

Apps that Help You Design Space

Houzz

At Houzz, you can get access to a large database of more than 20 million photos of home design inspirations. With the help of one of the plus features like “View in My Room 3D” virtually test out over 1 million products in your own space. In addition, with Houzz, you can find and hire qualified contractors, purchase construction materials, and any home-related product. The Houzz is free on iOS and Android.

ColorSnap

With ColorSnap you can test and see how paint colors look on selected walls, before making a final decision and purchasing. ColorSnap will suggest matching color combinations and provide color palettes that have been developed and proposed by experts.

Color911

Color911 is a simple app, for generating color palettes. ($4 on iOS)

Festive and Easy Thanksgiving Decorations Ideas For This Year

For many of us, Thanksgiving is the time of the year when the family gathers around to taste delicious meals and thank each other for all the good we share. While you may love celebrating Thanksgiving, there are a lot of things you need to plan when you host it. And between preparing turkey and baking a pie, you may need some interesting and festive ideas to plan your day. Here we share some ideas for you to take your celebration to the next level.

Start With Decorating The Front Door

Decorating your house will bring a festive mood to you and your family. Front door is the first part your guests will see, therefore, you can welcome them with a warm greeting. For example a wreath can be a good idea to show that you are ready for Thanksgiving Day. While you can buy beautiful decorations from the craft store, making something on your own will be more mesmerizing.

Take The Party Outside This Thanksgiving 

You can also take the opportunity to celebrate Thanksgiving outside and enjoy the beautiful weather. Don’t be afraid to take your beautiful dining table and chairs outside to your backyard  or garden by creating a special environment. If you don’t have a big backyard, you can even organize something special on a deck on your porch.

Organize A Movie Night With Your Family

Once your guests have tasted all your dishes from Thanksgiving menu, it is a good time to gather for a cozy old-fashioned movie. Because festive movies are very easy and positive, it will be entertaining for your whole family members despite their age. Put a lot of pillows, prepare some popcorn and choose a classic movie to watch. If you have a mood for the holiday season, you can also watch a Christmas movie.

Set-Up and Decorate The Dining Table

Provided that meal is the main component of Thanksgiving celebration, decorating your table for the dinner is a must-do. There are a number of themed decoration ideas or elements from which you can choose to create a festive mood. Despite you are going to have a large gathering or just planning to spend time with your family, a nicely decorated table will present your thankfulness.

Enjoy Thanksgiving day with good food and good company.

How To Find REO Properties

Buying a new home is always an exciting process, while it may turn out very expensive. Therefore, many possible home-buyers are trying to save money by acquiring distressed property on sale. This generally indicates that they are looking for a house that has been foreclosed by the bank. One of such options are Real estate owned (REO) properties. Here we present what you should know about purchasing properties from REO listings before starting the process.

About REO Properties

REO property is the house which ownership has been transferred to a mortgage lender or investor. This occurs as a result of failure of the property owners to make payment of the loan. These can be single- or multi-family houses, townhouses, or condos. These properties afterwards go through the foreclosure process and may be sold through online listings, real estate brokers, REO banks, or auctions.

Foreclosure vs REO

If you think of investing in the distressed property, you need also to understand the difference between foreclosed and REO properties. Foreclosure occurs when the property owner fails to make the loan payment. Consequently, the mortgage lender will retrieve the house to sell and cover the unpaid amount. While, the REO property has already gone through this process and its ownership was transferred to the bank or mortgage lender.

Investing in REO Properties

In general, real estate investment has many advantages as it helps you to diversify your portfolio. While you can benefit more from the REO property purchase, in terms of the future returns. It is connected with the fact that lenders try to sell their inventory and offer REO properties “as is”. Therefore, they list these houses at discounted prices compared to their market values. This offers high chances to get high returns on investment, which makes REO properties more attractive for home-buyers and investors.

Finding REO Properties

Primarily, finding an REO property is like looking for a discounted house. There are several sources that have REO listings, while you need a research to get the best deals. Here are the possible options you can look for REO properties.

1. Online REO Listings

The basic way is going through publicly accessible directories with REO listings throughout different stages of foreclosure. You can purchase from these websites in a number of ways, like auction, bid on the website or connect with agent directly. 

Different online platforms, such as Foreclosure.com, Auction.com, RealtyTrac.com, offer an opportunity of finding properties according to the specific aspects. Some of these websites provide their services for a fee, while you can find others that are completely free. Many banks and lenders also have specific sections in their websites where they publish REO listings.

2. Public records

Another good option for finding REO properties for sale are public records. The County Clerk is noting the information about each foreclosed property in their records. Therefore, legal notices from the Notice of Default (NOD) or the Notice of Sale (NOS) are the place you may find available listings. The best side of public records is that it is free and accessible for everyone. Here you can even see houses that were not listed online yet. 

3. Real Estate Broker

Another way to find REO properties, even before becoming publicly available, is to enhance your network of real estate brokers. Their main work is to support you in finding and buying properties for sale. You can find a broker from your area through searching the web, personal referrals, or visiting your local real estate office.

You can also find REO properties for your chosen area through Multiple Listing Service website. This is a unified real estate database, where the majority of real estate brokers have access. While if you have a local REO agent in your network, you will be notified about suitable opportunities even before appearing on the website. Additionally, they can provide more accurate information as they have visited the property.

4. Government Organizations

Other than banks and mortgage lenders, some government agencies, like National Mortgage Association, the U.S. Department of Housing and the Small Business Administration are also carrying out foreclosure. You can look for such listings on their official websites. These websites usually list their own REO properties, however, here you can’t find detailed information. 

After Finding Ideal REO Property

  1. Review your REO financing options: After finalizing your choice, you should move to reviewing your possible financing options. You should be prepared in advance, as fast response for such purchase is especially crucial.
  2. Hire an agent with REO-related expertise: If you want to finish the purchasing process smoothly, you should cooperate with an experienced broker. They will assist you in finding the best property with the best possible price.
  3. Get a property inspection: Provided that you are going to purchase the property “as is” and there might be significant issues, you should get the property inspected before making an offer. Appraisal will help you create an exact knowledge about the property condition, and can even help you receive a higher discount.
  4. Submit an offer: Your agent will assist you in putting together a successful offer and submitting it to the lender. You may be required to submit specific documents and send a deposit in about 1 – 2% of the total price.
  5. Close the deal: Once the offer has been approved, you can proceed to the final stage of closing your deal. This process is similar to the final stage of any other sale. However, if you fail to make the payment within the stipulated date, you will have to pay penalties.

In Summary

Purchasing REO property is a considerable investment, while you need to be patient and decisive to finish the process. With the foreclosure on the rise across the nation, purchasing REO properties may offer an opportunity for investors and home-buyers. It will give an opportunity to purchase a property with significant savings compared to buying in the typical retail market. The steps of purchasing REO home are unique, and better be supported by a real estate agent with an REO field expertise.

The Impact of COVID-19 on the Housing Market

The spread of COVID-19 was officially declared a pandemic by the World Health Organization on 11 March. Shelter-in-place orders have been issued for cities across the country and 23 million individuals were reported claiming Pandemic Unemployment Assistance benefits by October 2020. Additionally, big firms started rethinking their office needs and some commercial real-estate deals were put on hold. Therefore, it is evident that the pandemic has already caused widespread disruption in the housing market in the U.S., while the main question remains whether COVID-19 will cause housing to collapse.

The housing market is one of the main sectors that are very vulnerable to economic shocks and needs to adapt to the challenges posed by the spread of the disease. Generally, Covid-19 had an impact on the U.S. housing market and the number of homes listed for sales has decreased. However, the common assumption is that the market has remained relatively competitive and below are presented some of the key facts of the housing market as of October 2020, according to Redfin:

  • Home selling median prices increased by 15% in October 2020 over the past year to $320,625 – the highest on record.
  • Pending sales went up to 32% and new listings of homes for sale went up to 8% from a year earlier.
  • Available inventory – the number of homes listed for sales during October 2020 fell by 29% compared to 2019, reaching the lowest figure over the last decade.
  • Mortgage applications have increased by 26% from a year earlier during October.
  • Mortgage rates were down just slightly to 2.8%.
  • Sales of previously owned homes rose to the highest level in 14 years.

However, the level of the impact on the housing market is still to be observed, as it is uncertain how long the COVID-19 pandemic will last.

How To Finance Home Renovations

Have you decided to start a home renovation? How are you going to finance that? Are you going to finance on your own or do you want to apply for a home improvement loan? Depending on your own situation and the size of the necessary renovation, you can find different possible funding options. United Field Services, Inc. wants to present some of the most common ones for your attention.

Refinance your home loan

Another option to start a renovation without taking an additional loan is reviewing your current home loan and checking whether refinancing the mortgage will suit your needs. In other words, you can leverage the equity of your home and involve additional resources for home improvement. This will be calculated by comparing the value of the assets you own and the amount of your current mortgage.

An important thing to consider is that there might be some hidden fees, including the ones for appraisal, taxes, fees for origination, or other related costs. Additionally, if you are interested in taking a long-term loan, the life of your loan will be extended and you will need to pay off for a longer period. However, this option might be beneficial if you can negotiate a lower interest rate compared to your initial one.

Take out a personal loan

If you do not want to connect your renovation loan with the home value, taking a personal loan might be the best option, especially for small-scaled renovations as they are typically provided up to around $50,000 and are offered in the secured or unsecured forms. This type of loan is more convenient, as it mostly has lower interest rates and if you choose an unsecured loan, you will not be required to provide collateral. The interest rate will mostly depend on the agreed terms, the specific product, and the credit history you have up to now. 

Home equity line of credit (HELOC)

The home equity line of credits (HELOC) is very common for financing home improvements. HELOC is a secured loan, which is not provided as a lump sum, instead, you can withdraw necessary funds from the line of credit several times. The latter means that you will have to pay the interest-only for the portion of the HELOC that you have already used. Based on the fact that your home is provided as collateral for the loan, the interest rates are usually lower than the ones for personal unsecured loans. HELOCs are mainly suggested with a 10-year period for withdrawal and 20-year for repayment. 

Home equity loan

Compared to the HELOC, the home equity loan is mostly known as a second mortgage and is provided as a lump sum. The loan is repaid for the defined number of years in the fixed monthly payment, which makes you secured from the market fluctuations. This is a comfortable option if you are sure about the total amount necessary for you. However, if you have additional expenses it might become a problem as for this type of loan, given that your home is again used as collateral. 

Construction loan

If the size of the renovation is planned to be on a large-scale, such as knocking down and rebuilding your home, another possible option to be considered is the construction loan. This type of loan mainly depends on the estimated value of the house after the renovation, which gives you an opportunity to cash out the necessary amount of budget for renovation-related payments.

Other options 

If you are ready to start the home improvement process, as we have presented, you have multiple available options, starting from using your own savings to HELOCs, home equity loans, or construction loans. In case the renovation is small and is based on regular expenses, you can consider also using a credit card or overdraft option. Before using this option, you should note that these types of loans have higher interest rates and additional fees than others. 

You can also look at interest-free loans or grants for specific renovations that might be suggested in your area, for instance, there are certain incentives in some states offered to owners adding solar panels to their houses.

How to apply for a home improvement loan

  1. Apply before you need to start improvements.
  2. Determine how much you need.
  3. Determine your preferred loan term.
  4. Get prequalified.
  5. Consider your eligibility.

Paying from your own pocket

In case you prefer to avoid taking new loans, you may finance the renovation from your savings or other funds you are able to access. This option appears to be easier and less risky than lending a loan if you have enough money to cover all of the home improvement costs.

Using your own finance means you can start your house renovation without worrying about extra expenses afterward. Nevertheless, you need to consider the planning of your savings carefully. You need to check that after the withdrawal of the necessary amount for the renovation from your savings, you still have some emergency money sufficient for unforeseen expenses.

Best Real Estate Software Top Agents Use In 2020

Whether you want to improve your marketing strategy, create a better client experience, get more leads, optimize client management and communication processes, organize disclosures, there are tools and solutions perfected to meet those needs. 

Here United Field Services presents the main categories and a list of solutions available that you can start using today.

Real Estate CRM Tools

A typical Real Estate CRM tool helps to manage leads, automate salesforce, emails, and contacts. It brings value by helping to track, manage, and move prospects through the sales process. 

TotalBrokerage

The system is an all in one solution for anyone who’s looking for a CRM system that will combine lead tracking and management, marketing activities, action plans, transaction workflows, auditing, reporting, and many more. Through the comfortable UX design, TotalBrokerage is an ideal solution for the agents who’re trying to increase sales in every possible way. TotalBrokerage is mostly used as real estate transaction software.

Billing: From $219/month

HubSpot CRM

HubSpot CRM is considered the most popular CRM system. On HubSpot, you can personalize email templates, schedule meetings, manage the personal information of your clients, track performance, and much more. If you’re looking for a free real estate CRM software, you can start with HubSpot.

Drawbacks: Although Hubspot is free, and has perfect features for real estate agents, it has some drawbacks too that you must be aware of. Some of the drawbacks are: it gets expensive if you scale the business or your operations. It’s difficult to use not as an all-in-one tool, the available templates are difficult to change, A/B Testing options are limited, you have to pay for technical support, etc. 

Billing: Free and paid options are available. 

Freshsales

Freshsales is an Ai-based CRM and deals management software. The Freshsales’s top features are lead, contact, deal, account and email management, event tracking, lead scoring, etc. Here you can automate calls, Auto-assign leads, and create complete workflows. One of the pros of this tool is the clear interface of reporting systems.  

Billing: You can have a forever-free plan and always have a chance to switch to paid options starting from $12/month.

Agile CRM

Agile CRM helps to manage personal or team tasks, set up meeting appointments, follow the documentation, etc. Thanks to all these features, the system is usually listed among the best free CRM software for real estate agents.  

Although the free features may be enough to run the necessary operations, Agile CRM offers additional paid features that you can purchase with a starting price of $8.99/month. 

Real Estate Agency Solutions 

Bitrix24

With Bitrix24 you can manage a project, assign deadlines, and keep communication with clients. The website suggests live video conferencing, social media assimilations, callback forms, and many more features. 

Paid option: You can get its always-free version, but Bitrixx24 offers to buy more storage or integrate sales intelligence for only $24/month.

Rio Genesis

This website will help you manage your team and schedule. The most important feature is that it allows different permissions for different users. So not everyone can have access to the stored information. 

Pricing: Starting at $99/month

BackAgent

If you’re looking for real estate back office management software, BackAgent is here for you. Mostly used for team management, BackAgent is a good tool with the main CRM features. You can create checklists, track tasks and deals, and many more. The users mostly like the checklist adding option, as it helps to track the deals and proceed them smoothly. 

Billing: From $5/month

Real Estate Transaction Management Solutions

Loft47

Loft47 is for following the financial activities of the company/agent. It integrates with other real estate tools that help to manage the transactions, fees, commissions, etc. 

Billing: From $90/month

DotLoop

Dotloop- complete solutions for any real estate pro

DotLoop will help to optimize the real estate transactions. With real-time visibility of all transactions, the agents will always get their automated workflows.

Pricing: Starting at $29/month

Pipedrive

The leading part of Pipedrive is that you can assimilate it with Trello, Asana, and Slack. By creating the funnel the system helps you to easily find in which stage exactly your contract is. By this feature, Pipedrive deserves to be among the best CRM for real estate.

Billing: From $12.5/month

Commercial Real Estate Solutions  

RealSpace

RealSpace helps to create and publish listings, brochures, and share it with your leads. It manages the leads from multiple locations and centralizes the data in one place. With easily customizable designs you can create a website for your listing. RealSpace is among the best rental management software for numerous listings.

Billing: From $49/month

Contactually

Contactually is a specially built CRM system for real estate agents. Contactually is designed for creating personalized offers for the buyers and provides support in following the funnel and automating the campaigns. 

Pricing: From $69/month 

Zillow Premier Agent

zillow - CRM for real estate agents

With Zillow, you can access information about your potential client’s search history which may be helpful for you with the development of personalized offers for them. Once you’ve been assigned as “My agent”, the client will only see you as an agent while looking for an agent list for a specific listing.

Paid option: Zillow offers lots of advertising options to fit any budget

PalmAgent ONE 

Best real estate app for estimating closing costs. PalmAgent ONE is considered as the real estate best closing cost app. It calculates both the “buyer estimates” and “closing costs”.

Pricing: Starting at $0.99/month

Propertybase

Besides being a CRM software for house retailers, it also offers marketing solutions such as creating websites integrated with the CRM system. It allows us to organize listings and automate daily tasks. Propertybase is one of the best CRM for real estate.

Billing: From $69/month

Wise Agent

Wise Agent is ideal if you have a large scale of information on clients. It has a centralized accessible database. It automatically pulls social data from the mailing of the clients.

Pricing: Starting from as low as $29/month

Real Estate Marketing and Lead Generation 

Zurple

zurple - client generation software for real estate agents

Zurple users are mostly describing the system as “it helps you to generate leads even if you’re sleeping”. It’s one of the best real estate lead generation software available in the market. With the integrated behavioral marketing automation, the system tracks the leads and automates the follow-ups with the customers. By using the analytics the Zurple provides you can reach the customers on the most preferred time and transform the lead to a meeting.

Billing: From $99/month

Hire Aiva

Hire Aiva is a good solution for any agent who’s looking for an automated follow-up system. Once the system has caught the lead, it starts the personalized tracking and helps you to get in touch with the engaged customer in any convenient way for you. 

Billing: From $299/month

Cloud Attract

This tool will help you to create a personalized landing page in a few easy steps. First, you need to choose your target audience. Are you going to target home sellers or buyers? By answering some additional AI-generated questions you will get the best landing page sample for you. 

Pricing: Free trial and $99/month 

BoldLeads

boldleads - real estate lead generation tool

They offer A/B testing features for landing pages. A/B testings will help to understand your potential clients’ needs and preferences. You can integrate it with a CRM system and get the most out of the landing page.

Pricing: Starting from $269/month

Placester

The main advantage of Placester compared to other website builders is that it is built-in SEO friendly way, so you will not have problems with customers looking for your listing. They have pre-written content and lead-capturing forms.

Pricing: Starting at $99/month

ZOHO

ZOHO provides the best solutions for the agents who are aiming to be in contact with the customers in every possible way. The system allows integrating live chats and being in contact with customers via Social Media channels. The real-time reporting that the system provides helps to be in touch with your business no matter where you are.

Billing: From $18/month

Real Geeks

Once someone checks for your link the system will define a lead you’ll get an email or notification and immediately follow the funnel. It is also convenient for managers who want to be in touch with agents and track their productivity.

Billing: $249/month

Virtual Tour Tools 

iStaging LiveTour

In iStaging LiveTour you can create 360 tours for your listings

In iStaging LiveTour you can create 360 tours for your listings with your phone. The image quality can be up to 8K. You can buy a 720 lens and take photos by using your phone.

Pricing: Starting at $5/month

EyeSpy360

The lockdown has reminded us that we need a backup plan for every aspect of our lives. The EyeSpy360 helps you to create virtual tours and 3D modelings of your listing. By simply uploading your 360 photos the system does the rest. You can also integrate a group video chatting option that is ideal for non-solo customers.

Billing: From $13.99/month

Call Tracking Tools  

REDx + Storm Dialer

If you are not using a cold calling strategy and tools, then you are losing business deals in this industry. REDx + Storm Dialer helps you to manage your calls by using an autodialer.  Pricing: Starting at $99.99/month.

By its nature, the real estate industry is highly competitive and evolving. These tools will help you as an agent to stay competitive, win new clients, save more time, and become a top real estate agent. Keep up with the current tech innovations and integrate the best real estate software solutions into your daily operations.

U.S. Foreclosure Market Q1 2020

To give you in-depth insights regarding the U.S. national housing market here we present the breakdown of the  Q1 2020 U.S. Foreclosure Market Report. 
During the Q1 of 2020, there were a total of 156,253 U.S. properties with a foreclosure filing. Compared to Q4 2019, it is up by 42% but it is down by 3% from a year ago. 
The foreclosure process has started on 81,251 properties (+ 1% from Q4 2019 but -11% from Q1 2019). 

Banks repossessed 29,923 properties (REO), ( -28 % from Q4 2019 and -16 % from Q1 2019). This is the 16th successive quarter with a year on year drop in U.S. REOs. Over 40 states recorded year on year decline in REOs including Tennessee (- 39%); Florida (-37 %); New Jersey (-33 %); Pennsylvania (-32 %); and Texas (-29 %).
While the majority of states reflected the national trend of a decrease in foreclosure starts, in Q1 2020 foreclosure starts increased in 11 states: Alaska ( +16 %); Georgia (+ 12%); California (+ 10 %); Delaware (+3 %); Illinois (+ 1 %), etc.

Foreclosure Market Overview  for March 2020

In total 27,812 U.S. properties started the foreclosure process in March 2020 (+ 3 % from February 2020 but -14 % from March 2019). Nationwide the foreclosure process was completed on 9,091 U.S. properties (-13 % from February 2020 and -25 % from March 2019). 
In Delaware, New Jersey, Illinois, Connecticut, and Florida states were recorded the highest foreclosure market rates. 

These insights show how strong was the U.S. national housing market. However, because of the Coronavirus pandemic in March, millions of Americans started losing their jobs. It is expected that in the next few quarters the foreclosures will get even lower, such as lenders (banks) are offering forbearance. However, if unemployment continues to rise people may not be able to make their mortgage payments, so numbers of REOs could rise later this year. 

Property Preservation Jobs at United Field Services, Inc.

Here we present the top locations where we are urgently looking for new vendor partners to join our network. We will update the following list on a weekly basis. In order not to miss any opportunity make sure to follow the updates and apply them. Please learn about our requirements before you proceed to apply for property preservation jobs.

Description Of Available Jobs

  • Home inspection service companies located in Livonia city, New York state
    are welcomed to join our network.

  • We need lawn care service providers in Algoma city, New York state.
  • Snow removal service providing companies operating in South Plymouth city, New York state join us for rush work.
  • Property preservation companies located in Jamestown city, New York state please fill out a vendor application form to become a vendor partner.
  • Property preservation companies serving in North Richland Hills city, Texas state join us for rush work in your area.
  • We are urgently looking for grass cut service providers serving in Shreveport city, Louisiana state to join our network.
  • Lawn care service companies serving in Brookhaven city, Mississippi state we need your help.
  • Home inspection service companies serving in Lufkin city, Texas state join us today.

    To get comprehensive information regarding the jobs listed above please reach out to our vendor management department: alin@unitedffs.com |  (818) 230-0300

Property Preservation Job Requirements

• Applicants must have at least 2 years of field experience in property preservation and REO field services.
• Must be able to take clear & wide-angled before, during, and after photos of work.
• Must be able to meet deadlines for work orders and work with a high volume of orders.

Your eligibility and continued membership in our vendor network are determined by the quality of work, turnaround time, honesty, proper reporting, and proper documentation updates.

If you have questions regarding partnership opportunities and pricing please, contact our vendor management department. Follow us on LinkedIn to see the updated list of property preservation jobs every week.

Real Estate Owned Property Renovation Project Overview

If homeowners default on a mortgage, they will be left with two options. Either sell the property and pay the unpaid amount to the lender or ownership will pass to the lender. Banks generally don’t hold defaulted properties on their portfolio. Such as it’s better for them to sell it “as is” at a discounted price in an auction and recoup the missed payments.

If the property isn’t sold during the auctions held by the lender it becomes a Real estate owned (REO). For landlords, investors, and flippers REOs are a great way to invest. After purchasing properties in “as is” condition, they organize REO property renovation and put it on the market for sale or for rent.

As REO renovations may be more challenging, it’s important to work with a qualified REO renovation service company. This blog post covers the advantages of REOs and what to look for in a renovation service company before hiring.

What Are The Advantages Of REOs?

Lenders often sell the REO properties at discounted prices during auctions. Such as their aim is not to make a profit out of it, but instead to sell in a short time period in order to recover loan payments that the borrowers were unable to pay on time.

Moreover, banks clear all property taxes and liens for REOs. So, the prospective buyers will not deal with outstanding property taxes and unpaid mortgages of the previous owner.

Landlords and real estate flippers get a high return on investment by purchasing REOs at discounted prices and deploying. After purchasing, landlords lease it to tenants and get a steady income. On the other hand, flippers buy REO properties, renovate, and resell them at a higher market price.

REO Property Renovation Project Overview

REO properties are put in the market for sale “as is” and may need major renovations. Generally, it’s not an issue for flippers, but it affects homebuyers who do not plan to resale and are going to live there.

Compared to other residential properties, REO renovation projects may be more challenging. Given that, you should hire qualified contractors, who have REO industry expertise, a detail-oriented approach, and high-quality standards.

Real Estate Owned Property Renovation Project Overview

REO homes usually don’t have utilities, have junk and debris that must be removed, require a pressure washing of the exterior, have a leaking roof, etc. The REO renovation service providing company should have contingency plans and a specific approach to each REO renovation project.

How To Hire an REO Renovation Service Company?

Below we present the qualities you should look for in an REO renovation service company before partnering up with them.

Matching Team for Each REO Property Renovation

The contracting company should be able to match clients up with the contractors who can best meet their needs for the timeliness, location, and services required.

We have a nationwide network of licensed contractors to complete any big or small renovation services: kitchen, bathroom, basement renovations, additions, whole house renovation, secure the property, remove debris, winterize, and conduct maintenance of the lawn and surrounding areas when necessary.

Dedicated Team of Project Managers

In REO business delays and mistakes are unacceptable. Therefore, appointing skillful and knowledgeable project managers has huge importance for the successful completion of REO renovations.

As a longtime partner to real estate brokers, investors, and mortgage lenders we possess all the resources and experience to meet our customers’ most challenging requirements for each asset and portfolio.

Real estate owned renovation

Expert REO Industry Understanding

As compared to residential properties REOs have more specific characteristics and associated complexities. The hired contractors should have expert REO industry understanding. They must create renovation strategies and perform in a way that maximizes RIO for real estate brokers and investors.

With our decades of experience and nationwide reach, we deliver unmatched quality of REO renovation services,  inspections, property preservation, and appraisals that allow our customers to better focus on their core business.

Prioritizing Efficiency and High-Quality Standards

It is important that the REO renovations comply with current legislation in the area. Therefore, all our contractors are well-trained and have up-to-date information regarding regulatory requirements. From our vendor partners, we require a high level of commitment and professionalism for customer exposure and satisfaction.

Challenges and Opportunities Field Inspection Service Vendors Face

This week we conducted an interview with one of our vendors who provides field inspection services to discuss the challenges they face and how do they make sure to meet growing customer expectations. The vendor who we talked with is Mila. Her company was founded in 2015 with a mission to change the way mortgage inspections are done.

What sets you apart from other field inspection service companies?

We take pride in our work and treat all field inspectors with the respect they deserve. This creates an atmosphere of trust and positivity within our company, resulting in happier team members and satisfied clients.
What sets us apart from our competition is our personal approach to our work. We put our clients and our inspectors first. A company is only as good as its people. We strongly believe that happy employees and satisfied clients are the keys to business success.

What are the daily changes you face and how do you approach them? 

We as a company face the daily challenge of balancing client’s expectations with our team members’ personal life-work balance.

We value family and strongly believe that family should come before work. However, ensuring that day-to-day operations run smoothly while being respectful and considerate of our inspectors’ personal needs can be a challenge. We handle this by maintaining a staff of full-time and part-time field specialists who are ready to jump in and help out wherever and whenever needed.

Where do you see your business in the next five years?

We are constantly growing and expanding, opening new zones, and on-boarding new clients every month. In five years, we will be the premier mortgage field services company in the Mid-Atlantic.

What are your team’s values?

Trust, respect, and accountability are the top values in our company. We keep our employees motivated by consistently providing them with new growth opportunities. We are not afraid of change and adapt to new situations quickly by taking whatever opportunities come our way.

Field Inspection Service Vendors

What areas of training are you currently prioritizing?

We are currently refining our vendor management process.

How do you track progress in your business?

We track our progress by monitoring our sales revenue and monthly volume, both by the client and by zone. The most important metrics are sales by a client because we want to ensure that all clients are satisfied with our work.

How do you resolve conflicts with customers? 

We track customer satisfaction by ensuring that sales by a client are growing on a monthly basis. We tend to have minimal conflicts with our clients. Our general approach is it’s better to take a one-time loss to resolve a short term conflict in order to establish a long term relationship.

What are customers’ expectations and do they change?

Clients are always re-adjusting their rules and expectations. The only constant in this industry is changing. We are very adaptable in this regard, adopting new rules quickly and making sure all our field inspectors are up to date.

Our vendors are our eyes and ears in the field. At United Field Service, Inc. we value their high level of professionalism and dedication. We keep an open line of communication with each vendor partner, as we need to ensure that we are all stronger in our solid front. For more interviews and industry-related updates follow us.