With Brent Crude over $90 a barrel now and climbing, energy stocks are outperforming on Wall Street and the reality is that the $8 inspections which NAMFS members are offering while they are paid $45 are resulting in dozens of inspectors leaving the Industry each week. And when you look at the $35 paid for initial grass cuts paid to Labor as Freddie Mac pays $525 to NAMFS members, even more Field Service Technicians are leaving, this year. Adding fuel to fire is the roll out by MCS of their Labor slayer juggernaut positioning their wholly owned subsidiary Five Brothers to begin handling preservation and GIS Field Services to handle inspections. As a direct result, firms like MSI — NAMFS Board Member Kellie Chambers is a Senior VP there — is overseeing tens of thousands of dollars 90+ days overdue for multiple Contractors. Make no mistake whatsoever, it will be yet another National Field Network and not the last of them going into this summer.
Foreclosurepedia surveyed the 3 largest order mills, through whom many Prime Vendors send work to, and found that bid approvals were down 68%, initial secures were down 59% and chargebacks were up 47%.
The silver lining, if you will, is that Foreclosurepedia successfully moved five Field Service Technicians into Facilities Management over the past week, alone. And with over One Trillion Dollars of commercial real estate (CRE) going into default this year, the reality is that each and every one of those assets will need inspections and maintenance. There are no real differences in inspections, simply different radio buttons that are selected on a phone app. And the pricing is, on average 37 times higher than this Industry. When we speak about the real world property management, like tenant turns, et al., have you ever heard of BEING PAID for your bids? Yeah, that is the REAL world!
There is a reason why firms like ServiceLink pays in 5 days or less, generally. They value Labor. There is a reason why firms like 24 Asset Management and ZVN Properties wait up to 60 days to pay. It is not rocket science to figure out who is financially solvent and who is not.
If you are tired of your Vendor Managers taking your bids and selling them to the highest pay-to-play Contractor; if you are tired of your Vendor Managers haggling over your bid to pad their own bonuses; and if you are simply tired of the chargebacks cranking up out of control, then maybe it is time to get out of the rat race and look at some quality consulting from Foreclosurepedia.
