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Safeguard Properties continues to expand network

Safeguard Properties is looking to expand its vendor network across the US, as demand soars with the lifting of pandemic-era foreclosure moratoriums. The mortgage field services company works directly with banks and mortgage companies to perform field services on properties as they go through the foreclosure process. They carry out everything from occupancy inspections to securing the property and making sure it is kept in its current condition. Their search for new vendors and inspectors has already begun in earnest – in October alone, the company added more than 275 subcontractors who complete inspections, preservation, and even yard/snow services. As 2022

draws to a close, it has more than 4,200 workers in its network, and is seeking to add 1,500 in the year ahead. “We’ve seen a lot of foreclosure activity, which has definitely picked back up,” said Michael Greenbaum, Safeguard’s COO. We’re starting to see an uptick.” However, when it comes to delinquencies – which he describes as someone getting behind on a loan, which can kick off an inspection process – that part of the market is in a different place entirely. “That is at an all-time low on serious delinquencies,” he said. “I’m talking about multi-decade low.” There is serious talk of a looming recession, and he concedes that “delinquencies are definitely correlated with unemployment. If we start to see an increase in unemployment, then I think you’re going to see that it’ll correlate very strongly” with a rise in delinquencies. However, he is quick to offer caution. “I don’t think we’re going to snap back to the 2007–2008 era, when you started seeing foreclosures going through the ceiling,” he said.

tell their stories through video testimonials. “That’s been wildly successful.” Some workers have built a six-figure or even seven-figure business for themselves within Safeguard’s infrastructure. “Not only is it possible to get started with us, but it’s actually possible to build a million-dollar business with us,” Greenbaum said. Team members So what kind of person is Greenbaum looking to have on the Safeguard team? “When you come into our ecosystem, you have to be a good operator, meaning that you have to be able to control order inflow, work distribution – you have to be a good leader,” he said. “So, if that is who you are, and I bring you inside my network, you have the ability to expand geographically across different service lines. You’re a good operator and you know how to actually get orders turned around and deliver high quality.” The “ecosystem” at Safeguard is a win-win partnership.

There are requirements for the worker, of course. Inspectors need their own vehicles, while property preservation people will also need tools like lawnmowers and trailers. For those who join, there is a system of support waiting for them. “We have the network available to support double the volume we currently have,” said Greenbaum. “Whether additional volume comes from an uptick in foreclosure activity or onboarding new clients, we have vendors who are hungry for it.” Safeguard is America’s largest field service company and has been in operation for more than 30 years. For more details, visit www.safeguardproperties.com.

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Geographic reach The company has a network across the continental US and into Puerto Rico, Guam, and the US Virgin Islands, and is well situated to deal with an expected increase in volume. “We have a solid, robust vendor network ready to take on volume as foreclosure numbers continue to rise,” said Brian Gecewich, Safeguard’s assistant vice president, vendor management. But that doesn’t mean there are no challenges, or areas where the company might like to expand its reach. “Right now, our focus is on trying to build up a denser or more competitive vendor base,” Gecewich said, in more high-cost areas like New England or the west coast. “Those are the areas where it’s probably most difficult to retain people, just because of some of the pricing pressures, and the other opportunities for people to do similar work.” Like for other industries, there are challenges when it comes to finding new workers. “The work requires people to physically go out and visit different properties,” Greenbaum said. “That requires you to actually get to the property itself, which obviously requires gas, so, as gas prices start to go up, and they’ve gone up a little bit, that’s a direct cost to us.” There is also competition from some unlikely sources. “There’s a lot of competition for independent contractors, meaning they can decide to do inspections for us or, conversely, they can decide to be an Uber driver or Lyft driver, or Grub Hub, all those different opportunities,” Greenbaum said. “That competition didn’t really used to exist.” But Safeguard can offer a comfortable lifestyle to workers, if they are willing to put in the time and effort. “The people who have been with us for decades, they’ve made a really good living with us,” he said. Greenbaum has encouraged those workers to

Safeguard was founded in May of 1990 by Robert Klein. It grew from a handful of employees into the largest mortgage field services company in the industry, with an extensive network of contractors throughout the United States. The company was founded with a focus on client satisfaction and strong business relationships. Safeguard is dedicated to building and sharing industry best practices to protect the integrity and value of our nation’s housing stock, to deliver the most efficient and cost-effective services in the industry, and to work on behalf of our clients to comply with all regulatory requirements.

Company Profile

1983

YEAR FOUNDED

100

MANPOWER

43%

PROPORTION OF WOMEN AMONG FUNDSERV EMPLOYEES

60%

PROPORTION OF WOMEN IN LEADERSHIP

63,514,128

NUMBER OF ORDERS PROCESSED IN 2019

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Years of Experience

Tenure at current position

2017 - Present

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Gaining international experience and learning about different people and cultures

Michael Greenbaum

COO at Safeguard Properties

With pandemic-era foreclosure moratoriums lifting, Safeguard Properties is ready to swing into action to maintain and inspect properties by expanding its vendor network across the US

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“I don’t think we’re going to snap back to the 2007–2008 era, when you started seeing foreclosures going through the ceiling”

Michael Greenbaum, Safeguard Properties

“We have a solid, robust vendor network ready to take on volume as foreclosure numbers continue to rise”

Brian Gecewich, Safeguard

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