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Posted by on Sep 25, 2012 in Corporate News, Press Room

BFS’ Property Management Practices – Benefiting the Communities

BFS’ Property Management Practices – Benefiting the Communities

Since assuming the role of master servicer for a residential loan portfolio consisting of 52,000 highly delinquent loans acquired by its client from the National Home Mortgage Finance Corporation (NHMFC) in 2005, pioneer mortgage servicing company BFS continues to observe best asset management practices.

BFS, through its property management unit, currently manages an inventory of properties abandoned by or foreclosed from delinquent borrowers in now over 200 subdivisions nationwide. This means it has to oversee all aspects of property management to ensure preservation of these properties as well as their renewed marketability. In short, its mandate is to manage, conserve, protect and reintroduce properties to the residential market.

BFS’ Property Management Services engages a network of service partners who work with BFS professionals to deploy an army of caretakers and security guards to properties located all over the Philippines. BFS closely works with the local companies and recruits its caretakers from these communities, thus, providing not only employment opportunities locally but assures a smoother interface with local communities and authorities in protecting properties from illegal use and occupancy. Securing the properties is but just the first step in a series of activities to preserve and even improve property values. Property Management Services also concerns itself with the condition of the properties. The properties are carefully maintained and emergency repairs are introduced where warranted to avoid damage to and deterioration of the property. Additionally, property insurance is secured, real property taxes are updated, and connection to critical power and utility services are reinstated. This benefits the neighborhood too where idle assets otherwise affect homeowners’ property values and erode property tax bases, many times spelling a reduction in services for the community.

Properly maintained and administered BFS properties become attractive to new residential buyers. With the introduction of new property homeowner occupants upon sale, neighborhoods are reinvigorated as properties become productive again.

“We realize that in the course of doing our property management tasks in these subdivisions where our accounts are, we invariably affect the communities positively. There is definitely an economic impact as abandoned assets are made productive again, as employment is generated, as new owners resume tax payments. And because we exert every effort to preserve these homes and keep them clean until the next occupants come along, there is a social impact too as the communities thrive,” shares Atty. Emmanuel Baguioro, BFS Head of Property Management Unit.

BFS has since expanded its property management operations to the south starting in Davao, Tagum, and Panabo in Mindanao in 2011, and shall extend further from there.

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