The Right Tools Significantly Improve Productivity.(Managing REO)(Real estate owned)

Byline: Jennifer Harmon

The right technology can strengthen data access and workflow as well as improve communication between REO managers and service providers.

Web-based solutions are available that enable REO managers to automatically loop service providers into the property preservation process, enhancing communication and reducing time lags, which helps dispose of the real estate assets even quicker. That's crucial in today's turbulent market.

Many REO managers have turned to national field services companies to address efficiency and quality control concerns, according to Chad Neel, president and chief operating officer, FIS Asset Management Solutions in Jacksonville, Flor.

By deploying a proven technology solution that includes a rules engine, REO brokers can quickly set up requests to automatically trigger specific activities associated with the time of year, such ad winterization, identify properties in specific geographic areas and determine occupancy status.

"Tasks with detailed instructions are automatically routed to vendor queues that alert partners to assignments as soon as they log into the system. Once outside partners complete their tasks, they can provide any required feedback instantly via the Internet," says Mr. Neel.

"Rules can be preset to automatically track task statuses and provide real-time reporting on a winterization program. REO managers can instantly access any information they may need, including when a work order was completed, who completed it, etc."