A recent report from Field Asset Services anticipates 2012 to be a very busy year for the field services industry.
According to the source, the amount of protection and maintenance services surrounding the pre-foreclosure process are expected to increase in the wake of a rise in demand for foreclosed and real estate-owned properties by investors.
Additionally, the report forecasts the amount of property data available to lenders and servicers to also increase as they capitalize on the information to boost sales and discover new opportunities in the marketplace.
The report indicated that the property preservation industry should prepare for such changes so that they can provide superior customer service and swiftly deliver results.
"The field services industry must be proactive and begin delivering banks and mortgage servicers vital property information to avoid additional foreclosures from occurring," said Field Asset Services CEO Dale McPherson.
Meanwhile, FAS also anticipates to see a spike in remodeling projects by investors as push to convert distressed properties into rentals.
This surge in remodeling activity was confirmed when the National Association of Home Builders noted an increase in remodeling sentiment during the fourth quarter of 2011 - a trend that is expected to continue throughout 2012.
According to the NAHB, remodeling sentiment reached a five-year high at year's end to a level of 46.6 from 41.7 the previous quarter.
"The residential remodeling market has been improving gradually, mirroring the trend in other segments of the housing market," said NAHB chief economist David Crowe. "Stringent lending requirements and economic uncertainty continue to be a drag on demand, but we expect a modest growth in remodeling activity to continue throughout 2012."
An additional report from BuildFax also noted that real estate property records shows a rise in remodeling activity throughout the year, as numbers surged above 2010 levels. The company's report indicated that residential remodeling demand rose for the 25th straight month in November 2011.
To further encourage the rise in remodeling activity and promote superior service from the property service firms, McPherson added that they need to continue working closely with municipalities to make sure that code violations are avoided.
He added that there are new programs in the works that will lessen the burden taken on by lenders to maintain properties. However, prior to these programs' official implementation, industry professional can establish expertise in their work to become trusted partners with customers.