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» VISIT US ONLINE @ DSNEWS.COM 19 THE PATH FORWARD RES.NET GIVES THE HOME RENOVATION PROCESS A FACELIFT. It's a familiar story by now. e 2008 crash hit the housing market hard, and in the decade since, servicers have been lying low as compliance concerns mounted. Luckily, regulations are becoming more predictable and time has healed many wounds. Servicers and investors are once again able to explore new strategies, and renovations, in particular, have become a popular approach. "While basic repairs and maintenance have been an industry standard for decades, our clients are now finding that large-scale renovations often provide a better return over the long haul," said Rob Pajon, SVP Product and Marketing for RES.NET. Even GSEs such as Fannie Mae have taken up the mantle for repairs as they look for new ways to get the most out of each asset. Much of this comes down to simple consumer demand. Pajon continued, saying, "People can now scroll through the interior photos of homes for sale online, and HGTV has made a huge impact on what people expect their home to look like." Servicers who can move a property into a higher condition classification, and attract a larger pool of buyers, can effectively reduce days on the market and associated carrying costs. Of course, the adage "all real estate is local" still applies. Factors such as the cost of labor and materials, the accurate appraisal of comps, and the ability to communicate with vendors across the country can vary greatly even within a given city. "Technology and data analysis that allows servicers to run numerous, geographically specific repair scenarios before committing to a path is really a game changer," Pajon said. Foresight rough Analysis RES.NET's latest technology empowers servicers by bringing order to an inherently complex process. With direct access through the REO Portal, the Repairs Module is more than just a construction-management and tracking tool. It provides specific features for each phase of the repair process and allows servicers to analyze a variety of scenarios for each property before beginning down any one path. Regardless of which technology the servicer chooses, there are critical milestones that must be met: » Assess Value: Before starting construction, it is important to take a complete look at the historical listing and sold comps, including prices and interior photos. RES.NET's unique partnership with Collateral Analytics provides users with an industry-leading valuation report to give the users the ability to do just that. » Estimate Costs: In order to analyze multiple scenarios, one first needs to obtain accurate costs for materials and labor. RES.NET has integrated with Xactware to provide users complete access to this information for any ZIP code. » Approve Scope: At this stage, users can determine a property's current status and required repairs while assigning inspections, tracking vendor statuses, and documenting the approval process. » Manage Bids: Obtain and compare multiple bids using budgeting tools that allow you to document the approval process and maintain overhead costs. » Track Project: Stay informed and communicate with vendors with real-time status updates, detailed work and change orders, as well as photos from before, during, and after project completion. » Analyze Outcomes: Once finished, users can input accounting payables/receivables and report on the project's results to fine-tune best practices for future projects. "We offer a complete servicer suite of solutions to assist customers as they pursue REO, loss mitigation, valuations, property preservation, and now repairs," Pajon said. "e Repair Module represents the latest phase in our mission to provide the industry with practical technology solutions that address our clients' needs." RES.NET's technology solutions are built with agile architecture, allowing the company to enhance and expand their current offerings based on customer feedback and market trends. As the real estate market evolves and new technologies continue to disrupt the status quo, servicers and investors who embrace operational flexibility will be ready to pivot as new strategies and tactics emerge. Sponsored Content

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