Finding the right REO asset management company is a huge decision. The company that you select will be responsible for taking control of day-to-day tasks, maintenance and repair, tenant relations, and everything else that is involved with the property. The nature of the property is already delicate, and rushing into a decision can result in even more loss.
With defaults on the rise, lenders and other financial institutions may soon find themselves receiving an influx of repossessed properties, either through foreclosure or bankruptcy. If you are looking for a company to help minimize loss on distressed real estate, but are having trouble coming to a decision, here are some tips on what you can look for.
What to Look For
You should expect thorough industry experience and a track record of excellence, especially when it comes to rehabilitating distressed properties. A worthwhile REO asset management company will also provide comprehensive management services. Included among the services that you should expect to be covered are:
- Rental and lease agreement management
- Property condition inspections
- Construction management
- Rehabilitation and renovation services
- Property security
Red Flags to Avoid
Simply knowing which boxes a company checks is not enough. You also need to be aware of danger signs so that you can steer clear of potentially harmful companies. Anyone who makes guarantees of success or doesn’t offer comprehensive services will generally be a bad fit. You should also be weary of companies who offer a one-size-fits-all approach and do not adjust their strategy for each property’s unique situation.
REO Asset Management Company in Atlanta
When choosing an REO asset management company in Atlanta, it is important that you select a reputable firm with deep, local roots. EpiCity has been contributing to the local community through real estate since 1935, and we treat every property like it was our own. If you are looking for an honest and respectful company to handle your REO property, we’d love to hear from you.