Services
Foreclosure Management
It is not enough to merely put defaulted accounts on the desk of an attorney. In order to properly manage the foreclosure process, one must understand its requirements, the obstacles that can arise, and reasonable processing times. We work closely with our attorneys to set expectations, monitor progress, and work through obstacles with creative solutions.
Property Preservation
Preservation is more than changing the locks, securing the windows, and putting anti-freeze in the plumbing traps. Local governments are cracking down on vacant and abandoned properties, and their fines add up quickly. Properties must be properly maintained in order to preserve their value and avoid municipal fines.
Renovations
Some properties are best sold As-Is; however, others benefit greatly from renovations. The RealtyTrac graphics below shows the value difference of move-in ready properties versus As-Is properties in two different geographic areas. Orange County, CA is on the left and shows very little spread between the two quality levels, indicating an overheated investor market. On the right is Hillsborough County (Tampa area), FL showing and average of $60k spread [the September data appears to be errant]. Therefore, a renovation project in the Tampa area would likely make more sense than in southern California, albeit each project is unique and must qualify on its own.
Orange County, CA
Hillsborough County, FL
Sales and Marketing
Do you ever feel like your agents have lost the “marketing” aspect of sales? A posting on the Multiple Listing Service (MLS) is not enough to get tough properties sold. Placing them with nationwide auction companies doesn’t come close to maximizing price. Distressed properties need repositioning and heavy marketing. Just because it was a restaurant previously doesn’t mean that is its highest and best use for a new owner. We truly are real estate people who understand what creates value in real estate and what sells real estate. We customize marketing plans based upon each asset’s needs. Moreover, we monitor sales leads and progress, then make adjustments where necessary. There is constant movement in the portfolios we manage, mainly dispositions.
Pricing
We are not real estate agents, accordingly we do not charge commissions. We are paid flat fees for our services with some profit sharing. Prices are dependent upon the needs and quality of the portfolio. Our clients gladly pay our fees and bring us more business because we sell assets for them that others cannot sell. We are told that we are the best at what we do. In 2009, we were ranked the 18th fastest growing real estate company by Inc. magazine.
Client Profile
Our clients are institutional investors and family offices with large pools of lien and/or loan assets, and fifty or more REO properties. We generally do not accept new clients with less than fifty properties, or with portfolios without some geographic concentrations. Both sides of the relationship need scale to justify the costs of managing such high-touch assets.