What Is Property Preservation Bidding Process?
The property preservation bidding process refers to the process by which companies or individuals bid on contracts for the preservation and maintenance of foreclosed or abandoned properties.
When a property becomes vacant or foreclosed, it is often left in a state of disrepair and neglect, which can attract vandalism and other forms of criminal activity. Property preservation companies are responsible for securing the property, making any necessary repairs, and maintaining it until it can be sold or otherwise disposed of.
The bidding process typically involves the property owner, such as a bank or government agency, soliciting bids from multiple property preservation companies. The bids will usually include a detailed breakdown of the services to be provided, along with the associated costs.
The property owner will then evaluate the bids based on factors such as price, the quality of the services offered, and the reputation of the company. The winning bidder will then be awarded the contract and will be responsible for carrying out the necessary work.
The property preservation bidding process is an important part of ensuring that foreclosed and abandoned properties are properly maintained and secured, which can help to protect the surrounding community from blight and other negative effects.
The Best Bidding Practice -Property Preservation
If you're a property preservation provider, it's a common activity to do before submitting a maintenance order through the servicing company's web portal or applications. The more precise bids you can write, the more chances you'll have of getting approved.
Since you might not do these types of bids on a regular basis if you simply handle simple maintenance work. It is still vital for maintenance vendors to understand how to estimate a task appropriately.
The Initial Secure work order is generally the first time a preservation field rep visits a property. During the initial visit, it is imperative that all bids to place the property in conveyance condition are provided regardless of the investor. As a result, you must know how to write a great and attractive bid. Similarly, poor bid practices must be avoided.
A perfect bid contains the following things
Type: Select the dropdown of the vendor web bid portion that most closely matches the bid item. If a selection is not applicable to the bid, choose “Other”.
Description: The description is one of the most important aspects of the bid. When applicable always provide the location, dimensions, materials, source (if mold or damages are present), and any other factual details pertinent to the bid.
Quantity: The quantity is the number of units per rate. Photos must support the bid quantity.
Rate: The rate is the $ amount per quantity. In order to prevent excessive bids, utilizes RepairBASE/XactPRm to verify labor and material costs.
Photos: Finally need to upload relevant photos to prove your bids description and other aspects
Example & Explanation
Replace (24 x 24" ) (kitchen) Cabinet door to match existing as best as possible (Broken & hanging on)
Bad Bids
Example & Explanation
