Property Preservation
and Inspection Services
Managing vacant properties is a meticulous activity, considering the financial implication to the investor, the property preservation clients and vendors. Given the challenges of ever-changing rules and regulations, software updates and changes, chargebacks and the need to manage a large vendor base effectively while maintaining quality, property preservation is one of the most challenging tasks in the default space.
PrologiQ’s well-trained Property Preservation team helps you to manage even the most complex tasks with utmost ease – all this while reducing your costs by upwards of 50%. Our specialized environmental engineer can also consult on special properties that are causing environmental hazards. Some of the services that we offer in the Property Preservation and Inspection space include :
Pre Foreclosure and REO Inspections
- Assigning inspection orders to vendors – both Pre FC and REO
- Review of completed inspection reports
- Updating the reports onto Client Systems
- Follow up with vendors on late and pending orders
- Follow up with vendors on pending correction or incomplete orders
Pre Foreclosure and REO Preservation Services on Both Maintenance and Repair Orders
- Assigning Inspection orders to vendors – both Pre FC and REO
- Review of completed inspection reports
- Updating reports on client systems
- Follow up with vendors on late and pending orders
- Follow up with vendors on pending correction or incomplete orders
- Assessing the nature of repair required
- Allocation of required repair tasks to vendors
- Obtaining bids for property repairs
- Review of bids and approving the one most appropriate
- Ensuing the repairs are completed as per required norms
- Updating the client system with relevant invoice, photos and information
Utility Turn On and Off
- Identify the utility service provider for the asset
- Check for the requirements for Turn On
- Receive relevant documentation like POA, title deed, authorization letter etc. from the client
- Coordinate with the utility company for completing the documentation and payment of relevant fee
- Coordinate with the utility company for Turn On either with or without meet and greet
- Update the client system with the utility company and account information
- Clear payment of Turn On charges, pending dues, deposits etc.
Vacant Property Ordinance Research and Registration
- Identifying vacant properties post initial occupancy inspection / pre foreclosure Inspection. We maintain a robust database for vacant property ordinances for various counties
- Check if the property falls under the jurisdiction where vacant property registration norms apply
- Completing the relevant documentation for VPR
- Registration with the city for VPR with payment of relevant fee
HOA – Identification and Management
- Research on HOA company
- Reach out to these companies and check the outstanding due and periodicity of payment
- Compare with the local ordinance and check if it is as per the permitted range
- Check with the HOA Memorandum on consistency in fees charged
- Communicate the discrepancy if any and revise the outstanding due with the HOA
- Coordinate with the client for payment of HOA
- Monitor and manage the frequency of HOA payments
Utility Bills Management
- Receive utility bills periodically
- Scan utility bills and index per asset number
- Update client system with the relevant utility bill information
- Coordinate with the utility company for pending bills/ bills not received
- Coordinate with the client for payments to be made towards utility companies
- Creating consolidated accounts for bills wherever possible, for ease of Utility Bills Management
Curative Services / Code Violation Identification and Resolution
- Check on the existing code violation on the property
- Coordinate with the city office for any additional violation(s) & requirements for removal
- Coordinate with Property Preservation companies in carrying out the necessary repairs to resolve the violation(s) within specified timelines
- Submit proof of completion, coordinate for inspection by city officials, negotiate with the city for waiver or reduction of fine(s)
- Update the client system with the final status on code violation resolution(s)
Vendor Management Services
- Vendor Recruitment
- Vendor Training
- Order Allocation
- Order Follow-ups
- Order Scrutiny
- System updating
- Vendor performance management
- Turnaround time and quality control
- Vendor license and compliance
- Requirement management
Recurring Services Include Bi Weekly Inspections, Lawn Care and Winterization to be Carried Out for Each of the Property
- Identification of assets requiring this service
- Order allocation to vendors on periodic intervals
- Order Review for completion and client systems updating