What Is REO?
Real estate owned (REO) is a term that encompasses how a class of property is eventually taken over by a lender after a foreclosure auction leads to an unsuccessful sale. Many vacant, unmanaged REO properties affect many neighborhoods in several different ways including a reduction in property value. As property values begin to decline and vacancies begin to increase, neighboring homeowners may have less incentive to maintain their own properties. At Brooklyn NY BPO, our REO property management services look to reduce the amount of time your property in NY has spent on the market. In turn, when your home is secured but also protected, appraisal firms or even brokers will be able to do their job in a timely fashion.
In turn, resulting in the listing as well as the selling process running a lot smoother. At the same time, we have designed our services so that they not only meet but also exceed the needs of our clients. This entails large and small lending institutions, special servicers, private equity firms, and private note buyers.
With over 30 years of experience, we are said to be one of the top real estate firms in the NY area. As we have partnered with many investors, banks, and also their asset management team, the facilitation of the sale of homes can occur. We fully understand the complexities of property management as well as having a solid track record of successfully improving and turning around REO properties. We understand that it takes continuous effort to try and keep a property in a marketable condition. Therefore, we always focus on effective marketability as well as the appeal in the specific environment it is listed in.
Do You Manage Commercial REO Properties?
When it comes to Brooklyn NY’s REO property management, we specifically specialize in REO management and maintenance. We not only manage single homes or apartments, but also multi-family, condominiums, office, and industrial assets in Brooklyn. Our services also extend to Manhattan, Queens, Staten Island, and New York City.
Why Do I Need REO Property Management?
Vacant unmanaged REO properties affect neighborhoods in several ways including a reduction in property value. As property values decline and vacancies increase, neighboring homeowners may have less incentive to maintain their own properties. At BrooklynNyBPO, our REO property management services are designed to meet and exceed the needs of our clients which entail large and small lending institutions, special services, private equity firms, and private note buyers.
With over 30 years of experience, we fully understand the complexities of property management as well as having a solid track record of successfully improving and turning around REO properties. We specialize in REO management and maintenance of multi-family, condominiums, office, and industrial assets in Brooklyn NY.
The affordable and quick REO real estate services that Brooklyn BPO provides can be either a less timely internal or even external walkthrough. At the same time, we are still able to determine property conditions, the surrounding neighborhood, the year the home was built, lot size, the number of rooms, gross living area, and information about the number of homes for sale in the area similar to appraisals. Unlike appraisals, however, our REO real estate services typically take only a few days to complete. Whereas a standard appraisal is likely to require over 7 or more business days.
What Is Included In REO Property Management Services?
As your REO service provider, we have the capacity and expertise to manage challenging REO properties on a temporary or long-term basis.
Here is what you can expect us when it comes to our services:
- Complete and thorough property inspections with detailed asset inspection reports
- Quick action to rectify any housing violations
- Timely and frequent communication to ensure you are aware of all property issues
- Detail review of tenant leases and rent roll compilation
- Determine and investigate tenant delinquencies
- Work hand in hand with delinquent tenants to assess their financial capacity and ability to pay
- Proactively preserve the asset to minimize deterioration
- Rent residential properties when in the best interest of the private or institutional owner
- Quick BPO turnaround
Additionally, for properties within the five boroughs, we offer the same outstanding services as our local property division, except we work with and supervise our REO brokers throughout the state of New York to provide the best results available. We do this by:
- Selecting a dependable, experienced agent in the city where the property is located
- Providing the agents all the pertinent information and necessary paperwork to handle the transaction
- Evaluating the process step-by-step, from the acquisition of the property to closing
As you well know, the longer a property remains on the market, the more important REO property management & maintenance becomes. We do our best to work with our clients to provide the necessary REO property preservation and inspection services to help mitigate the risk of holding properties and reduce holding timelines.