With winter in full speed, make sure you're prepared, and your properties are protected.

With the cooler weather already in effect, experts are calling for a colder and snowier winter where we may see intense cold snaps throughout the beginning of the new year.  With colder temperatures being predicted, properties in your portfolio could be impacted by ice-related damage and frozen pipes. Those specific issues alone can cost anywhere from $100 to $5,000 in damages depending on the severity. Additional protective measures could mitigate the impact of these events.

The importance of preparation

Natural disasters have been widespread and impact property owners across the country. As the frequency of natural disasters increases, the economic damage left in their wake rises. Making sure you’re prepared is essential in helping to reduce these costs as some damage can be avoidable with the correct precautionary measures. Property preservation providers are an important part of helping mortgage servicers and investors protect their assets, especially in the event of a natural disaster. From providing consultation to staying compliant with regulatory requirements, field services providers serve crucial and necessary roles.

According to the NOAA, in 2024, we saw two substantial winter storm/cold wave events. The average cost spent on winter weather disasters across the Central, Southern and Northeastern U.S. was approximately $3.6 billion in damages. These winter disasters emphasize the importance of having a good property preservation partner for all seasons.

How can a field services provider protect your investments?

In the wake of any natural disaster, the roles and responsibilities of field service providers must flex to align with the needs of investors. While services such as consulting with mortgage servicers, protecting real estate assets, understanding regulatory requirements and guiding the investor are part of the daily tasks taken on by field services providers, a severe weather event like a snowstorm can bring a level of urgency to the table as service providers aim to mitigate risk, preserve property value and avoid safety hazards.

Quality property preservation goes beyond routine maintenance and checkups. This is especially true when it comes to the fallout from a winter storm. From sustaining property value to mitigating risk and minimizing loss severity, investors want to work with professionals who are prepared for the worst-case scenario and have the tools and expertise to keep their valuable investments safe. While not everything can be taken care of prior to the occurrence of a natural disaster, a proactive approach, forward-thinking and acting with a sense of urgency can make all the difference when it comes to protecting someone’s investment and preserving the value of a property.

As temperatures continue to reflect record-setting cold weather, including heavy snow in parts of the south, being prepared and staying ahead of damage is key.

Why the right property preservation provider matters

Mortgage servicers should aim to partner with a property preservation company that has the expertise to advise them on the possible path of destruction and asset risk potential and alleviate the burden. Oftentimes, property preservation vendors have first-hand knowledge of the type of natural disasters their area is prone to and have real-world experience preparing for and dealing with the fallout. Partnering with a provider that can offer a proactive focus on winterization services is crucial. “We actively monitor the weather using a service that tells us when there’s snow in a given area. In some cases, our clients have emergency allowables that empower us to immediately go to the property and remove the snow without asking them. In other cases, we reach out to them to see if they want us to remove the snow,” says Tim Guertin, SVP, field services at ServiceLink. This proactive approach helps avoid any code violations and injuries that could be sustained during colder temperatures. “We have a very aggressive snow monitoring service and work with clients to identify which properties are on an investor winterization schedule. There are three key words in this industry: roof, water, mold. Maintenance monitoring and prevention are required to prevent issues.”

Clear communication between a servicer’s field services provider and their local property preservation vendor partners is key to developing a customized approach for a given area and will help providers as they assist you in the wake of disaster. Having a partner who offers solutions through every season helps relieve the burden of the property owner. Throughout the warmer months that could look like grass cuts and flood solutions; throughout the colder months it’s through snow removal and winterization.

The importance of prioritizing utility management

Utility management services include more than just the overseeing of service activation and deactivation. Property preservation specialists often provide utility management that includes coordinating with clients to pay utility bills, getting appropriate documentation such as POA, title deed and authorization letters from clients and utility research to help REO property owners assess usage and expenses in order to find areas of improvement. Utility management can be key in the case of an emergency, including a natural disaster. A severe weather event can lead to utility concerns that, in some cases, can be costly. For instance, if unprecedented low temperatures cause a pipe to burst in a vacant home and the main water valve has not been turned off, flooding can lead to significant damage and serious associated costs.

Why consistent disaster inspections matter

When climate-related events strike, natural disaster inspections can help lenders, servicers and investors identify any damages incurred. These reports identify the current condition of the property and if the property is habitable, provide servicers with an estimated cost to repair damages, ascertain the current conditions of the neighborhood and clean up status, and determine If the mortgager plans to remain or repair the property with inspections, photos, maps, and quick turn times.

During the colder months, ServiceLink’s property preservation services provide constant monitoring to your assets to stay ahead of the potential damage. Guertin notes, “We have a weather monitoring service that we utilize that tells us instantly when there is an inch of snow in a given area. We then determine with our clients, based on their allowables, if they’ll tell us to immediately go to the property without asking them. For other clients, we’ll reach out to them if there’s a weather event.” Being proactive in these situations can help protect your assets from further, more costly damages.

ServiceLink offers an array of services to help prepare for disaster and restore after disaster strikes. “We monitor extreme weather situations and compile FEMA data and declarations so we can pull a list of assets within the affected counties,” says Anthony Scotese, vice president, field services operations. “We then issue customized reports designed to help our servicer partners see which of their properties may need to be inspected.” Following inspections, servicers can determine which properties require hazard claims and can conduct the necessary homeowner outreach. Servicers may even take this opportunity to open conversations with borrowers regarding their options for assistance with payments or possible exceptions.

The benefits of a proactive partnership

While managing portfolios following a natural disaster is a continued challenge for mortgage servicers and their property preservation partners, developing a playbook with tested strategies and step-by-step procedures can help mitigate risk, reduce property damage and save on costs. As severe weather events become more routine in the U.S., field services providers will develop more experience working with local property preservation vendors who have specific knowledge of a given region, and the risks associated with that region. Field services providers must also plan for the potential that the local vendors they partner with could be affected themselves by a natural disaster in their area. In these cases, a reallocation of resources and staff may be necessary to address affected property within a suitable timeframe. “We work with our clients. We pull all their properties. We identify which ones are on an investor winterization schedule and we make sure that we winterize every one of those properties,” Guertin says.  

In any event, the best approach to successful field services and property preservation is a proactive one. While not all damage can be prevented prior to a natural disaster, upfront preparation and solid relationships with local vendors can mean avoiding unnecessary loss following a disaster situation.

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