Navigating the property preservation landscape of the mortgage services world can be tricky for inexperienced vendors. But knowing just a few of the common pitfalls of property preservation work can help you stay on a path to success. By avoiding these top eight pitfalls, you’ll be on your way to growing your workload in property preservation—and your business.
Thoroughly reading and re-reading the work order is absolutely critical. The work order establishes the specific requirements for the work you’ll be doing. Missing key details on the work order can lead to rework and even nonpayment from the client. So, don’t just give it a glance or make assumptions because you’ve done this type of work before. Different clients have different expectations, so start every job by thoroughly reading the work order. And don’t hesitate to reach out to your Asset Preservation Coordinator (APC) to clarify any questions you might have about what is being requested in the work order to help you get the job done right and on budget.
Buying commonly used materials in bulk helps you save time and money. When you don’t have the materials you need on hand to complete a job, you’ll waste time by taking unnecessary trips to the property. Plus, you’ll end up spending more when you purchase materials one at a time. Check out this list of recommended materials you’ll want to stock up on as a property preservation partner for maximum efficiency.
Simply put, your photos must tell your story. For example, you might note that there’s a branch hanging over the roof. But you also must include images that show the issue and that there’s a hole in the roof and water damage inside as a result. The client needs to see the complete picture. Take shots of the branch hanging over the roof, the water damage, the before and after of the grass you cut, and the zip tie on the water faucet when you winterized. The proof really does matter as you may not be paid if you’re not able to visually prove the work was completed.
When you visit a property, you may be immediately struck by a variety of items that need to be repaired or replaced. But you’ll decrease the odds of your bid being accepted by not zeroing in on the critical ones: the allowables. These are the tasks that are listed in the work order (for both ICC and general preservation work) that will be permitted. They’re usually things like grass cuts and overgrowth removal or safety features like lockboxes.
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While reading your work order thoroughly is critical, there may be local, municipal or state requirements that aren’t outlined that you’re still required to know and follow. For example, a municipality may require that sidewalks be salted, but the work order may not have referenced it. That’s a requirement you’ll need to know before you begin work to be paid for your services.
Not following the schedule outlined in the work order—for grass cuts or snow removal, for example—means you can lose out on income. It can also throw off your property preservation client and their scheduling as well, so be sure to review the required schedule and stick with it.
Your property preservation partner’s APC is there to support you as you complete your work. They are there to help you meet the client’s needs and be successful, so make it a point to get to know them and communicate with them frequently.
After you’ve worked on a job all day, the last thing you’re likely to want to do is paperwork. You may also not be particularly computer savvy, making the task even less appealing. If this is the case, it may be worth hiring an admin to help manage bids and the related paperwork and required documentation. There are reputable companies that provide word processing support and also help with your bids and understanding related requirements. Outside help might be the key to keeping your business running smoothly (and keeping you sane).
Working with a partner like MCS will enhance your success in property preservation. Learn more about the benefits of our expansive property preservation network and the support you can lean on throughout each project as you grow your business with us. To learn more about MCS and the benefits our property preservation network can provide, visit our listings or contact us at 866.563.1100.