Field Asset Services Announces 2011 Business Predictions for the Field Services Industry

Austin, TX (PRWEB) December 14, 2010

Field Asset Services (FAS), the nation’s leading provider of field services to the REO industry, today announced its 2011 predictions for the field services industry. Based nearly 15 years of providing property preservation and REO maintenance services, FAS anticipates the priority areas in the year ahead to focus on advancing the vendor network and creating higher quality field service offerings. In addition, continued industry consolidation and movement towards a single source provider will occur while greater emphasis on objectivity and reliability throughout all business processes will be expected.

“With the decline of the housing market, the use of field services has become a core business practice for banks, servicers and investors taking on the day-to-day maintenance and preservation of REO properties,” said Dale McPherson, President of Field Asset Services. “With predictions that the REO inventory will grow in 2011, lenders will continue to face an array of new challenges requiring a greater reliance on third party support to gain control over costs and risks. 2011 will continue to bring challenges but through these challenges, we’ll see more innovation and future prosperity.”

Field Asset Service’s 2011 Business Predictions for the Field Services Industry include:

1.    Vendor Network Best Practices are Created and Implemented - In 2011, the volume of REO properties is going to rise and continue to force property preservation providers and their vendors to adapt quickly and work more efficiently. Only those vendors that continue to deliver high quality service with predictable turn times, regardless of the volume, will survive and prosper. To help the vendor community achieve success, field service providers will need to increase their investment in and commitment to the processes, programs and technology infrastructure needed to support this critical network.

2.    Awareness of the Rewards of Property Preservation Flourishes - Banks, servicers, and investors have experienced first-hand what is required to maintain and manage REO properties. And, with more distressed assets predicted to flood the market in 2011, the burden is only going to become worse. Mowing lawns, cleaning pools, and removing debris is no longer enough. Field service providers will need to begin offering more advanced services that provide a greater return on investment such as rehabilitation, code violation management, utility initiation and inspections. Left to deteriorate, these distressed properties will lose value and only worsen our current housing crisis. Updated, cleaned up and properly maintained, these properties could one day provide the turnaround the industry is waiting for.

3.    REO Volume and Consolidation Give Rise to the Single Source Provider - Consolidation is a natural occurrence and there are already signs of that occurring in the field services industry. Rarely are the services provided by field service companies performed in isolation. In most cases, a property may require a simple, single service at first but when the initial clean out is performed, other areas for improvement may be discovered. Given the number and variety of services that any given property may require and the influx of REO properties expected in the year ahead, the industry will begin to transition to a single point of contact provider model. Ultimately, banks, servicers and investors will gain greater returns on their investments and lower costs through this model.

4.    Objectivity and Reliability Become Pillars of Everyday Business - The increase of government regulations and guidelines has given the field services industry the opportunity to raise the bar in delivering results that are objective and reliable. In 2011, banks and servicers will require field service providers to implement more secure processes and technology to reduce fraud and increase risk management. Technologies such as advanced workflow and photo management systems will be implemented, as well as programs that more closely align field service providers’ programs with the internal processes of their customers.

About Field Asset Services
Field Asset Services (FAS) is the premier Property Preservation, REO Maintenance and Repair Services company in the United States, servicing more than $7.1 billion in residential assets on behalf of its clients. FAS works with 25 mortgage and asset management clients nationwide, servicing more than 94,000 active properties on a recurring basis. For more information about FAS, please visit http://www.fieldassets.com.

About FirstService Corporation
FirstService Corporation (NASDAQ: FSRV; TSX: FSV and FSV.PR.U) is a global diversified leader in the rapidly growing real estate services sector, providing services in commercial real estate, residential property management and property services. Industry-leading service platforms include Colliers International, the third largest global player in commercial real estate services; FirstService Residential Management, the largest manager of residential communities in North America; and TFC, North America’s largest provider of property services through franchise and contractor networks.

FirstService generates over US$1.8 billion in annualized revenues and has more than 18,000 employees worldwide. More information about FirstService is available at http://www.firstservice.com.

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