A property tax servicer can be extremely beneficial, as it can help protect you from potential errors and ensure compliance with complicated regulations. Property tax vendors provide real estate tracking, delinquency monitoring, and escrow processing to lenders. The right vendor will help you focus on risk mitigation and information management while improving efficiency and increasing profitability.
Finding the best vendor for your business can be difficult, but there are a few qualities you shouldn’t sacrifice when finding your next tax servicer. Read on to learn about the must-have qualities of your next property tax vendor.
Great customer service
Are you being charged extra for basic services or does your tax vendor go above and beyond for you? Your tax vendor shouldn’t be billing you for every phone call and you shouldn’t have to be the one to reach out every time.
Your vendor should be proactive in letting you know about new requirements and upcoming deadlines. Additionally, your vendor should be available when necessary to provide clarification on any questions you have. Look for a vendor that has your best interests in mind and isn’t just worried about billable hours.
Timeliness
Timely information is vital when it comes to real estate taxes (and delinquencies) and is the only way lenders can offer the highest level of service to their borrowers. But some lender services vendors don’t prioritize timeliness in reporting tax amounts and due dates, leaving the financial institution to scramble and potentially causing delinquencies.
If your borrowers are missing tax deadlines as a result of your property tax vendor’s lack of speed, that’s a big indicator that it’s time to look for another vendor with an increased focus on timeliness.
Accuracy
When dealing with taxes, or anything related to financials, accuracy is imperative. Portfolio and tax data accuracy is critical to ensure borrowers do not go delinquent and that institutions remain in compliance.
Your property tax vendor should be taking the time to verify each piece of information to ensure total data integrity. Look for a property tax vendor with accuracy at the forefront of their focus—and be sure to ask about their process for verifying information to ensure accuracy.
Evaluating a property tax vendor
Are you unsure if your current property tax vendor is the best fit for your organization? If your current property tax vendor doesn’t focus on accuracy, timeliness, and providing excellent customer service, it might be time to make a change.
Feeling hesitations after this article? It might be time to switch vendors. Use this checklist to decide if it’s time to start looking for a new tax servicer for your institution.
