A new approach to property renovation adds value while simplifying and evolving complex processes
LAKE FOREST, Calif.–(BUSINESS WIRE)–RES.NET and Xactware have announced an integration between RES.NET and the Xactware RepairWise™ and XactPRM® platforms. The combined solution, tailored for repair and renovation servicers and investors, supports every phase of the renovation process and allows servicers to analyze a wide variety of upgrade scenarios for each property before committing to a course of action.
A large class of buyers are currently demanding an upgraded, aesthetically pleasing, turnkey property. These types of extensive renovations have even become a favorite with investors, with GSEs such as Fannie Mae finding value in the completion of large-scale renovations. By moving a property into a higher condition classification and attracting an expanded pool of buyers, servicers are reducing days on the market and the associated costs.
“Critical milestones have to be accounted for throughout a repair or renovation project,” said Dave Obert, vice president of Xactware PropTech Solutions. “The integration between these two solutions will organize, simplify and modernize that process.”
While renovations have proven effective, they are also highly dependent on local factors such as the cost of labor and materials, communication with vendors across the country, and the accurate appraisal of comps, which can vary greatly even within a single city. The integration between Xactware and RES.NET provides a streamlined solution for this phenomenon—from value assessment, cost estimation and bid management, through scope approval, project tracking and performance analysis. The Repair Module now represents 460 regions across the United States and Canada.
Angela Hurst, SVP for RES.NET, added, “RES.NET takes pride in offering a complete servicer suite of solutions to assist customers as they pursue REO, loss mitigation, valuations, property preservation and now repairs and renovations. The Repair Module represents the latest phase in our mission to provide the industry with practical technology solutions that address our clients’ needs. Together with Xactware, we provide a comprehensive solution that empowers servicers by bringing order to an inherently complex process. The Repair Module incorporates cost estimation from three decades of RES.NET project planning and workflow solutions with the value-added and wide-ranging cost data from more than 460 locally researched price regions from Xactware. We have created an agile application that will evolve alongside the real estate market and meet the needs of modern servicers looking to pivot as new strategies and tactics emerge.”
RES.NET, established in 2003, is a wholly-owned subsidiary of USRES and provides a variety of specialized technology portals designed for various aspects of the real estate industry. Each portal integrates mortgage banking companies, real estate brokers, asset management providers, third-party service providers, homeowners and buyers. Through these portals, RES.NET users can each access a single platform to optimize communication and streamline processes. The portals deliver a customizable, automated workflow and centralize data and documentation to create a continuous audit trail and repository. For more information about RES.NET visit its website at www.res.net or follow the company on Twitter at @RESNET_EVOLVED.
Xactware specializes in technologies for the property insurance, remodeling, restoration and mortgage and lending industries. Xactware provides estimating solutions for property renovation, maintenance, and restoration, along with workflow management and analytics tools for desktop, mobile and online platforms. Xactware’s services include repair cost research and reports, aerial imagery and real-time business intelligence. Xactware has been providing cloud services for customers since 1995. Xactware is a Verisk (Nasdaq:VRSK) business. For more information about Xactware’s solutions, contact Xactware at 800.424.9228 or www.Xactware.com.