Have you ever wondered exactly how an REO repair contractor gets the job done? Wonder no more, because we’re happy to share the PCI process with you, step-by-step.
We first receive notification that PCI has been selected to bid on an REO property. Then, a PCI Repairs Coordinator sets up the bid request for processing, and contacts the listing agent to introduce him or herself. The Repairs Coordinator is responsible for maintaining all communications between PCI and the listing brokerages throughout the process from beginning to end.
The Repairs Coordinator dispatches the bid request to one of our highly-experienced Project Managers. The PM visits the REO property in person and does an in-depth inspection of the entire premises, inside and out. He determines what repairs are needed in addition to the requested broker’s scope of repairs, and writes a bid accordingly, including photos.
The bid is then examined by one of our Bid Reviewers for consistency and accuracy in verbiage and pricing. It is then passed on to our Data Entry Specialist, who submits the bid to the client. The Data Entry Specialist also provides an extra set of eyes on the bid to check for accuracy before submission. The turnaround time from bid request to bid submission is no more than three days.
We then wait for notification of approval on our REO repairs bid. When we receive it, we immediately construct a work order and dispatch the original Project Manager to begin repairs on the property. The PM works with his own construction crew to complete the job, quickly and thoroughly, according to all of the approved repairs. He also stays in direct communication with the Repairs Coordinator throughout the process, so that the Coordinator can keep the listing agent updated on the progress.
Once repairs are complete, final photos are taken and the agent is notified so that they can complete their own inspection of the property. The turnaround time from approval to completion for an average repair job is no more than ten days, although extreme rehab, permitting issues, and other time-intensive projects may take longer.
And there you have it: The PCI Process. With our professional staff checking and double-checking all the details every step of the way, you can be sure that your REO assets will be secure and move-in ready in no time!