This piece originally appeared in the January 2023 edition of DS News magazine, online now.
The real estate market remains in a state of limbo, as market challenges such as inflation and high mortgage rates continue to impact housing affordability. As a result, the number of foreclosures across the United States has risen 143% from a year ago, according to a recent report from ATTOM Data Solutions.
Due to the high housing demand and the increasing number of foreclosed homes available for purchase in the market, buyers are purchasing these properties and prepping the homes for new owners at a fast rate. However, there are several moving parts when it comes to prepping abandoned, foreclosed homes, and buyers need to consider all interior issues that may have been neglected, like the plumbing, HVAC, and electrical systems. So, how can these buyers ensure they won’t be stuck with a money pit when buying these homes?
To ensure efficiency, smart spending, and staying on schedule, field service businesses have been turning to cloud-based software solutions to manage projects more effectively. Working with a field service professional that leverages these types of tools, such as a cloud-based business management solution, will be a game changer when managing what could potentially be a rather difficult, expensive project.
Why You Should Turn to the Tech-Savvy Technician
It’s no secret that buying and prepping foreclosed homes has its challenges, especially in the current market with numerous external disruptions like inflation and material shortages. By leveraging a cloud-based business management software, professionals can manage all critical field service functionality—including scheduling, dispatching, invoicing, client history, and inventory management—into a single solution that helps tackle the unique challenges contractors, HVAC technicians, field service providers, and plumbers face throughout their daily operations. For field service professionals using these types of tools, it allows them to better navigate or avoid market disruptions like inflation and material shortages.
Handling Renovations and Repairs
Foreclosed homes that have been left unkempt and abandoned typically require renovations and repairs, especially surrounding the plumbing, HVAC, and electrical systems. For contractors and technicians who use a business management solution, it links together all areas of business, providing them with insight and access to real-time visibility to make informed decisions quickly. For example, with smart dispatching, field service professionals can increase productivity by ensuring the right technician is with the right job and has all the information needed to complete the job in one trip. This allows for renovations and repairs to easily be scheduled and completed in a timely manner—ultimately saving money by ensuring the project stays on schedule.
Dealing With Unexpected Costs and Expenses
Hidden costs are likely to arise with any major project, but especially when flipping foreclosed homes. The bottom line is that field service professionals who use cloud-based business management software can be more efficient and accurate, which in turn helps to keep overall costs down. For example, proper project costing leads to better project estimating, management decisions, and timely financial reporting. When field service providers are better managing the macroeconomic factors, such as increased equipment costs, it prevents the need for additional money to be spent elsewhere, while making sure the process is still being done correctly.
Furthermore, field services professionals who leverage innovative technology solutions have an advantage when prepping unkempt, abandoned properties by having the ability to better navigate the challenges foreclosed homes present, along with the ongoing market disruptions. For foreclosed home buyers executing the prepping process, it is essential to have field service professionals that use a cloud-based business management software to ensure these projects run smoothly and deadlines are met.