Most banks and asset managers in Cincinnati agree on one thing and that is preservation of their REO properties. Yes, there has been a decline in the number of foreclosures and REO properties in Cincinnati in the last few years. But the demand for high quality and fully professional property maintenance services has not seen a decline. There are also many investors who have a desire to keep their properties in a marketable condition all the time. Preservation services cater to the requirements of these clients and play a very important role in the resale of REO and other vacant properties.
Preservation and repairs improve the value of properties
If you are a realtor or investor having certain properties in Cincinnati, it is your natural desire to protect the value of these properties. This is because you want to book attractive returns on your investment as and when you find a buyer for any of your properties. Keeping a property vacant and locked out does not mean it remains in top condition. You can expect deterioration in the condition of your properties if left unused and abandoned for a long time.
Disposal of foreclosed and REO properties has become a lengthy process
For lenders having number of foreclosed properties in their portfolios, longer timelines involved in the disposal of these properties has forced them to hire services of property preservation companies. These lenders cannot expect to find buyers for foreclosed properties by just keeping them locked while lying vacant for months at a stretch. A property maintenance company, as soon as it gets the contract for the preservation of a foreclosed property from a bank, changes all the locks to increase safety and to keep vandals away. But this is only the beginning of a series of tasks that include regular cleaning, landscaping, upkeep, and timely repairs to keep the property in perfect marketing condition.
Vacant properties, if maintained properly, can attract buyers
These lenders and investors require services that are professional and very efficient. They want compliance with all regulations and timelines to make sure that their properties can attract potential buyers and sell quickly and easily.
Different property owners have different objectives towards maintenance and repairs of their properties. It is important to make them clear before the property maintenance service to have these objectives fulfilled.