REO To Rental: Is It The Contractor’s Off Shore Account?
Last week, I broke the news that ASONS, an Indiana Family run business is looking to bring on seasoned Contractors with respect to what is generally referred to as REO To Rental. I wanted to delve a bit deeper into both ASONS and precisely what REO To Rental is. With respect to ASONS, Foreclosurepedia had covered ASONS about a year ago expecting to find a tremendous amount of negativity surrounding the Company. The primary reason was that ASONS was a Member of the National Association of Mortgage Field Services (NAMFS). What we found, though, was that ASONS was a sterling example of how a Company was to be run.
There is a difference between a properly run Company; a Company whom functions under the provisions of Capitalism, and a Company which pursues fraud and deceit to obtain profits. ASONS is a prime example of the former. Foreclosurepedia rarely steps up and recommends a Company to Contractors. One of the reasons for this is that most Companies do not allow unfettered access to their infrastructure. ASONS allowed access and that which we reviewed dovetailed with the Intelligence we had on file.
The Title of this Article which implies that REO To Rental could be the Contractor’s Off Shore Accounts implies that which the wealthy have known for years. You have to have a safe haven for your money. The analogy is that the turbulent world of Grass Cuts and Debris Removal under the current NAMFS Regime Membership is both unsafe and costly. By shifting the talents and skill sets Contractors already have over into REO To Rental Markets; into Facility Maintenance, Contractors are able to engage in both a far more safe and productive relationship with Portfolio Holders vis-a-vis ASONS.
When Contractors look at the current landscape of the Mortgage Field Services Industry, it should come as no surprise that the Industry is attempting to squeeze copper out of a penny with respect to Contractors. Matter of fact, Safeguard Properties (SGP) has recently instituted a Photo Gestapo known by the appropriate acronym of SQAT (the Service Quality Assurance Team). SQUAT came into existence by and through SGP Memo 1427. The sole job of SQUAT is to go “…photo by photo…” in an attempt to find a reason to back bill Contractors. So, instead of actually sending Quality Control personnel out into the field to find out if the work is done, SGP relies upon a shadowy Gestapo to examine in an NSA type way reasons to squeeze yet more money out of dying corpses.
REO To Rental is a different breed. First, those participating in this segment of the Industry are Contractors whom deal with specialized skill sets. Some examples of this are: painting, cleaning, minor punch list tasks, Make Ready, etc. The reality is that instead of dealing with a plethora of items which Gestapo Teams like SQAT circle around like vultures, REO To Rental properties are already through the proverbial pipeline. Second, when dealing with REO To Rental, Portfolio Holders are concentrating upon habitability for profit as opposed to screwing a Contractor in a Ponziesque Scheme. In this I mean that in a normal foreclosure, the time lines for moving a property from A to B are truncated and allow for the nickle and dime bullshit; they are primed for the Ponzi atmosphere wherein the property may lie in suspension for months and multiple parties may be defrauded. REO To Rental requires a quick turn time lest the property lies dormant without funds coming in to service the notes in a broad portfolio.
Foreclosurepedia spoke with past and present Contractors of ASONS. One theme each brought forth was the fact that ASONS paid and they paid in unheard of time frames — some reported that the time frame was literally 48 hours. Now, I will not have confirmation on how the REO To Rental time frames will pan out until early this week, but I am confident that they will be the quickest in the Industry.
Foreclosurepedia has NO VESTED INTEREST in whether or not Contractors work for ASONS. Period. Foreclosurepedia found an opportunity to further its Mission Statement of No Contractor Left Behind. We found a Company which was willing and able to do business legally; we found an arrangement wherein both the Company and Contractor could profit. That, my friends, is Capitalism. ASONS’ Membership in the NAMFS Regime is merely a Line Item. To date, Foreclosurepedia has always stated that it would be willing to work with NAMFS Regime Members whom played on a Level Landscape. In the instant case, ASONS would appear to have gone above and beyond our hopes. This is not to say that ASONS condones Foreclosurepedia’s Gonzo Style of Journalism; this is to say that ASONS is willing to work equitably with Contractors and that Foreclosurepedia believes that this deserves Full Court Press Coverage.
Later this evening we will have a Podcast out dedicated to ASONS’ REO To Rental Program. In addition, we are hopeful that a Team Member from ASONS might do Foreclosurepedia the honor of speaking to us later this week with respect to the REO To Rental Program they are facilitating. We are additionally going to reach out to other Industry professionals and speak with them to better acquaint Contractors with this new and potentially profitable segment of the Mortgage Field Services Industry.
We are hopeful that the acrimony between Foreclosurepedia and others might be left by the wayside with respect to the ASONS News Cycle. At the end of the day, those of us whom cover the Industry, need to understand that this is about the Contractors! Foreclosurepedia is willing to do what it takes to ensure that Contractors are both protected and capable of earning at a level which allows them to achieve their hopes and dreams — No Contractor Left Behind. We would welcome a Round Table discussion, sans the rhetoric, with respect to this new and evolving field of the Industry. We are hopeful that other Media Outlets begin to give coverage to the REO To Rental segment regardless of their position. All discussion is good discussion. With that said, if you are a Contractor interested in the ASONS REO To Rental Market, simply fill out the form below or click the ASONS Logo on the Right Hand Side. The information will immediately be dispatched to ASONS and you will be contacted shortly! Please spread the word in all Social Media you have access to and let’s get Contractors back to doing what they do best!