The economic crisis in Puerto Rico has affected the housing market greatly in the last few years. In December of 2015 there were 20,150 properties in the process of foreclosure. Analysts have estimated that 50% of those cases are in foreclosure, and the tenants will be evicted.
While in the bank or investor's repossessed portfolio, properties continue to lose money because of the following factors: Loss of value, taxes, preservation, vandalism, and deterioration.
Also, lenders have other expenses, like having those properties appraised at least once a year. All these factors translate to money the banks have to spend in order to manage and sell the properties. These factors and others cost money making a lossy proposition worse and lenders have to make efforts to get rid of those properties quickly, the longer the property stays on repo the more money they are going to lose.
Property Cloud is a unique Microsoft Azure Cloud-based system that solves this very real problem for lenders and investors. With this system the lender will be able to optimize the sale their repossessed assets’ through internal and external team organization and access all of the process’ organizational aspects; using real-time data, asset history and reporting become available and are in the palm of your hand immediately.
The app has access levels which allow providers to view assigned properties and manage them. While the bank administrator has a full view of all operations, realtors can report potential buying/showing reports, present offers, receive referrals and follow-ups. Preservation providers can initialize a property inspection in the system and can report directly through it. Teams of care takers, painters, landscapers, etc. are able to take before and after photographs of their job, and have those pictures become a record of the property preservation. Lawyers can provide updates on current legal processes in real time.
If all these features were not enough, the system contains a vast database that allows the general public to view active properties available for sale. This provides a better user experience and faster sales. Property Cloud also has a reporting system which allows the compliance with regulations and for the management to oversee and supervise those assets.