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P and P work for Safeguard

2506 Views 2 Replies 3 Participants Last post by  JenkinsHB
I was hoping to get some feedback, good and bad, concerning doing P and P work for Safeguard. I have been with SG since 2005 doing only REO work. I am aware of how picky they can be with photos, documentation etc. and all the chargebacks that can occur. The past several years at their annual vendor conference I have talked to several other contractors who have told me that P and P is where the money is at, more so than REO. I do know that things are not what they used to be several years ago and making a profit can be a bit challenging. My question is: Is it worth getting into the P and P side at this time? The area they need coverage is right in my back yard. The farthest I would have to travel would be 30 miles one way. Any input, good and bad, would be greatly appreciated.
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If you have been doing work with Safeguard since 2005, then you already know the type of company they are. Your billables are at the mercy of early 20's entry level management types that you probably would not hire to work in your own office. They decide to subtract or decline payment based on their interpretation of the photographs and documentation of your completed work. That said, our experience is that the margins are a little better for the P&P, but (kicking a dead horse) they are no comparison to the money we make doing the same work for our friendly local brokers. Everytime you complete a trashout for a new to you realtor, you should be trying to get their other business.
P&p does all the conveyance work on FHA properties, so $50 a CY. We do reo, p&p, and claims for them. Reo seems to be better for us. Although we did just get a $14,000 bid approval on the p&p side today.
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