How to Effectively List Bank Owned Properties
Intro
Listing bank-owned properties, often referred to as real estate owned (REO) properties, requires a detailed understanding of both the real estate market and the unique processes involved. As these properties can come from foreclosures or defaulted loans, they carry specific challenges and opportunities for investors and realtors. This guide aims to clarify these complexities while equipping readers with practical strategies for effective listings.
Understanding the REO landscape can be daunting. However, with the right approach, one can effectively navigate this market. In the sections that follow, we will delve into the current market conditions, the intricacies of REO listing procedures, necessary documentation, and marketing strategies. Furthermore, we will address the essential factors investors and realtors must consider. Overall, this article provides a holistic look at the world of bank-owned properties, enabling you to make informed decisions.
Market Overview
Current Market Trends
The market for bank-owned properties has evolved significantly over the past few years. Typically, in a recovering economy, the volume of REO properties decreases as foreclosures decline. However, recent fluctuations in interest rates and housing prices have given rise to new trends. Investors are now showing renewed interest in these properties, often seeking undervalued assets that can be renovated and flipped for profit. Strong demand with limited supply may enhance competition in listing these properties.
Economic Indicators Impacting the Market
Several economic indicators directly influence the performance of bank-owned properties. Unemployment rates, inflation, and overall consumer confidence play a role in determining the health of the real estate market. Fluctuations in these indicators can lead to increased foreclosure rates or, conversely, a stabilization in the market. An in-depth understanding of these indicators allows realtors and investors to assess potential risks and rewards effectively.
Global Influences and Major Events
Global events can also impact the REO market. Economic conditions in major economies, monetary policy changes, and geopolitical tensions can influence real estate markets worldwide. For instance, trade policies could directly affect construction costs and the overall economy, which in turn influences the REO sector. On a more localized level, natural disasters or changes in local legislation can also create opportunities or challenges for bank owners and investors alike.
Understanding the global context in which the REO market operates is essential for making informed decisions.
Listing Process for Bank-Owned Properties
Listing bank-owned properties involves a number of specific steps and considerations. From initial property assessment to marketing strategies, each phase is crucial. By following the outlined processes, professionals can optimize their chances of achieving successful sales.
Steps for Listing
- Property Assessment: Understanding the condition and value of the property is crucial. This involves an inspection of the physical structure and an analysis of comparables in the area.
- Documentation: Ensure all necessary documents are in order, including title records, assessment reports, and property disclosures. Proper documentation enhances the transparency of the listing process.
- Listing Preparation: Create a comprehensive listing that highlights the unique aspects of the property. Use clear language and include high-quality photos to attract potential buyers.
- Marketing Strategies: Leverage various channels to promote the property. Utilizing online platforms, social media, and local real estate networks can widen exposure.
- Negotiation and Sale: Once offers start coming in, effective negotiation strategies are essential to secure favorable terms for the bank.
Essential Considerations
Investors and realtors must consider factors such as financing options, property condition, and local market dynamics. Understanding these elements will enable better decision-making and enhance listing effectiveness.
In summary, the landscape of bank-owned properties is intricate. Mastering the listing process requires diligence, knowledge of the market, and a strategic approach. This guide aims to provide clarity and actionable insights for all stakeholders in the REO market.
Understanding Bank Owned Properties
Understanding bank owned properties, often referred to as real estate owned (REO) properties, is crucial for anyone involved in the home buying or investment market. The significance lies in the unique nature of these properties and the procedures associated with them. By grasping these elements, investors and realtors can navigate the complexities of listing and selling these assets effectively.
Definition and Characteristics
Bank owned properties are homes that have gone through the foreclosure process and are now owned by a bank or lender. This situation arises when a property owner defaults on their mortgage payments, and the bank is forced to reclaim the property. Bank owned properties can vary widely in condition, location, and pricing, presenting both opportunities and challenges for potential buyers. Some key characteristics include:
- Ownership: These properties are technically the bank's assets, meaning they have been repossessed due to default.
- Condition: Often, bank owned properties may require repairs or maintenance. The condition could affect the value and financing options available.
- Listing Process: Banks tend to have specific procedures for listing these properties, typically involving appraisal and sometimes renovation.
Grasping these characteristics allows investors to make informed decisions regarding their investments in such properties, rather than treating them like traditional listings.
Differences Between REO and Foreclosure
Although REO and foreclosure are frequently mentioned in the same context, understanding their distinctions is vital. Foreclosure is the legal process that a bank follows to recover the amount owed on a defaulted loan by selling the property. In contrast, once the foreclosure process is completed and a bank has repossessed the property, it is termed as a bank owned property or REO.
The implications of this difference are significant:
- Ownership Clarity: During foreclosure, the original owner still retains some rights until the process completes. After the bank takes ownership, those rights are nullified.
- Marketability: REO properties are usually marketed by the banks with specific guidelines, whereas foreclosures typically are not yet available for sale.
- Responsibility: Banks must maintain these properties, which adds another layer to their management as opposed to the original homeowner who may be vacating the premises.
Market Dynamics of Bank Owned Properties
The market dynamics surrounding bank owned properties vary considerably from traditional real estate transactions. Understanding these dynamics can help investors assess the broader market trends and the potential for profit.
Several factors shape this market:
- Supply vs. Demand: Bank owned properties often flood the market following economic downturns or local market declines. Increased inventory can lead to price competition among banks trying to offload these properties.
- Pricing Strategies: Banks may set aggressive pricing to attract buyers, especially in challenging markets. This creates opportunities as investors can purchase below market value if they quickly act.
- Legal and Compliance Factors: The selling process for REO properties needs to comply with regulations. Buyers must be aware of rules governing disclosures and contracts, which can differ significantly from traditional sales.
Understanding the market dynamics of bank-owned properties is essential for anyone looking to invest or sell. It requires an awareness of timing, pricing strategies, and the broader economic landscape.
In summary, a comprehensive understanding of bank owned properties forms the foundation to navigate the listing and buying process successfully. This knowledge equips potential investors and realtors with the tools necessary to capitalize on the unique offerings of these properties.
The Process of Listing Bank Owned Properties
Understanding the process of listing bank owned properties is essential for anyone involved in real estate. This section explores important aspects that can influence the success of such listings. The listing process includes several stages that can have significant effects on sale outcomes.
Initial Steps in Listing
Before anything else, it is vital to gather relevant information about the property. This means collecting details such as the property’s history, condition, and any existing liens. Understanding the financial institution’s objectives will set the stage for the listing. Conduct an evaluation to determine a competitive price, considering local market conditions. In addition, having a clear understanding of the property’s unique features can increase its appeal.
Next, prepare a strategic plan. This plan should address the timelines and resources needed for effective listing. Setting clear goals will also aid in measuring success. Additionally, collaborating with experienced real estate professionals can enhance the listing process. Their insights and expertise are invaluable for navigating the complexities of bank owned properties.
Collaborating with Financial Institutions
Collaboration with financial institutions is paramount. Real estate professionals need to establish strong lines of communication. This includes understanding the bank’s requirements and expectations from the listing. Engaging in regular discussions helps ensure that the needs of both parties are met.
Moreover, having a clear understanding of the pricing strategies employed by the financial institution can lead to a successful sale. Banks may have specific price brackets given the nature of the property’s market. Knowledge of these guidelines can help in positioning the property effectively.
Being aware of the bank's marketing materials and investor relations can also be advantageous. Working jointly ensures marketing strategies align with the institution’s branding, enhancing visibility in the competitive market.
Obtaining the Necessary Approvals
The process of obtaining the necessary approvals is critical and can often be time-consuming. Each financial institution may have a different process for approving property listings. It’s important to understand these protocols to avoid unnecessary delays.
This involves submitting required documentation like ownership records, appraisal reports, and condition assessments. Banks may want specific information on past repairs or forced improvements. Thus, preparing a comprehensive list of documents is essential.
In addition, make sure to follow up on submitted requests. Efficient communication with the bank can speed up the approval process. Delays during this phase can impact the listing timeframe, influencing potential buyers' perceptions of the property.
Regularly update all stakeholders on the progress of approvals. Transparent communication builds trust and eases uncertainties.
In summary, the process of listing bank owned properties requires attention to detail and collaborative efforts. Understanding initial steps, building strong relationships with financial institutions, and effectively navigating the approvals process are key elements. Each step plays a part in how quickly and successfully a property can be sold.
Documentation Requirements
Understanding the documentation requirements for listing bank-owned properties is crucial for ensuring a smooth transaction process. Adequate documentation streamlines communication between parties involved, from the sellers to potential buyers. In the real estate market, especially for REO properties, having the right documents can significantly influence the outcome of a listing. Failing to prepare the necessary paperwork can lead to delays or even complications that may jeopardize a sale.
Key Documents for Listing
When listing bank-owned properties, several key documents are necessary. These typically include:
- Title Deed: This confirms the bank's ownership and outlines any existing liens or encumbrances.
- Property Appraisal: An independent assessment of the property's value helps set a realistic listing price.
- Listing Agreement: This document formalizes the relationship between the bank and the listing agent, outlining responsibilities and commissions.
- Property Condition Disclosure: This provides essential information on the state of the property, including any existing issues.
- Inspections Reports: These documents summarize any previous inspections, revealing critical details about the property's condition.
Together, these documents not only validate the bank's claim to the property but also protect all parties involved.
Legal Considerations
Legal considerations are integral when dealing with bank-owned properties. Regulations governing real estate transactions can differ based on location and the nature of the property. It is important to adhere to local laws to avoid legal repercussions. For example:
- Compliance with State Laws: Different states have different mandates for disclosures and agreements.
- Title Issues: Guaranteeing that the title is clear and transferable is essential. Any disputes over ownership can cause delays.
- Regulations on Marketing: Ensure that marketing practices comply with state and federal laws, including advertising guidelines for distressed properties.
Working closely with legal professionals familiar with real estate can help navigate these complexities.
Property Disclosure Requirements
Disclosure requirements are vital to fostering transparency in the sale process. Buyers need to be informed about crucial aspects of the property before purchase. Common disclosure requirements include:
- Known Defects: Any known issues with the property must be disclosed to potential buyers. This could include structural damages or pest infestations.
- Neighborhood Information: Details regarding the surrounding community, schools, and amenities can influence buyer decisions.
- History of the Property: Providing a brief history, including previous owners and use, can help clarify any potential risks or benefits.
Complete and accurate disclosures protect against future legal battles and enhance buyer confidence.
"Transparency in documentation and disclosure can significantly bolster buyer trust in bank-owned properties."
Meeting these documentation and disclosure requirements is not only beneficial; it is often a legal necessity. Ensuring compliance these aspects of the listing process will lead to a smoother transaction and ultimately more successful listings.
Marketing Strategies for REO Properties
Effective marketing strategies are essential for successfully listing bank-owned properties, also recognized as real estate owned (REO) properties. These strategies not only enhance visibility in a competitive market but also ensure that potential buyers have the relevant information to make informed decisions. The goal here is to create targeted outreach that resonates with the identified audience, drives interest, and fosters faster sales.
Target Audience Identification
Identifying the target audience is crucial when marketing REO properties. Unlike traditional real estate transactions, REO properties often attract a specific segment of buyers, such as investors looking for discounted properties or first-time homebuyers interested in more affordable options.
To determine the right audience, consider the following factors:
- Price Range: Identify buyers who search in a specific price band typical for REO properties.
- Property Type: Understand if the audience prefers single-family homes, townhouses, or multi-family units.
- Location Preferences: Tailor marketing efforts to regional buyers or those looking for investment opportunities in specific areas.
It is beneficial to create buyer personas that encompass these factors. This results in a more precise approach to tailoring marketing messages.
Effective Use of MLS Listings
The Multiple Listing Service (MLS) is a powerful tool in real estate marketing. For bank-owned properties, utilizing MLS properly can enhance visibility and attract serious buyers. When listing REO properties on MLS, it is important to include detailed descriptions and high-quality images.
Key components to include are:
- Accurate Pricing: Set a competitive price based on market analysis to attract offers.
- Property Details: Highlight unique features or upgrades that make the property stand out.
- Clear Conditions: Specify any particular conditions tied to the sale, such as disputes regarding property taxes or liens.
Using the MLS effectively can aid in reaching a wider audience and facilitating quicker sales.
Online Marketing Techniques
In today's digital age, leveraging online marketing techniques is vital. Here are some methods to enhance the online presence of REO properties:
- Social Media Advertising: Platforms like Facebook can be utilized for targeted advertisements aimed at specific audiences. Create engaging posts that include images and relevant information about the properties.
- Property Websites: Develop a dedicated website or landing page for the REO properties, providing comprehensive details, virtual tours, and contact information.
- Email Campaigns: Use email marketing to reach potential buyers and investors. Share updates regarding available properties, price reductions or upcoming open houses to keep your audience engaged.
The combination of social media, targeted email campaigns, and informative websites significantly boosts the reach of your marketing efforts.
By employing these diverse marketing strategies, real estate professionals can significantly boost the attractiveness and visibility of bank-owned properties. This makes it crucial to adapt these strategies to meet the distinct characteristics of the REO market, ultimately leading to a more efficient selling process.
Pricing Strategies for Bank Owned Properties
An effective pricing strategy is crucial for the successful listing of bank-owned properties. It influences not only the speed of sale but also the final sale price. Setting the right price can help attract serious buyers while ensuring a reasonable return for the financial institution. Investors and realtors must consider several factors to determine the most effective pricing strategy in this unique market.
Market Analysis for Pricing
Conducting a thorough market analysis is an essential first step in establishing an appropriate price for bank-owned properties. This involves studying current market conditions, recent sales data, and comparable properties in the area. Key considerations include:
- Local Real Estate Trends: Understanding current buyer sentiment and demand can guide pricing strategies. Higher demand may suggest a premium price, while a slower market could require adjustments.
- Sale Prices of Comparable Properties: Analyzing similar properties that have recently sold can provide insight into what buyers may be willing to pay. Focus on properties within a close geographic proximity and similar condition.
- Time on Market: Review how long other bank-owned properties have been available. This metric can indicate whether properties priced too high may languish, necessitating a price adjustment later.
Using this data, realtors and investors can establish a well-rounded price point that reflects the property's actual market value and stands out in the current market.
Evaluating Competing Listings
Evaluating competing listings is vital for developing a competitive pricing strategy. It means closely examining similar properties that are currently on the market. Critical factors to analyze include:
- Listing Features: Notate the distinctive features of competing properties. This can include amenities, square footage, and overall condition. A property with superior features may justify a higher price.
- Location Analysis: Properties in desirable areas often command higher prices. Consider the school's quality, local amenities, and neighborhood reputation in pricing.
- Marketing Efforts: Assess the marketing methods used for local listings. An effective marketing strategy may influence how quickly a property sells.
By carefully analyzing these factors, investors can position their bank-owned properties competitively, increasing the chances of a good sale.
Pricing Adjustments Based on Market Conditions
As market conditions change, so too should pricing strategies for bank-owned properties. Flexibility is key. Reasons for adjusting prices may include:
- Economic Shifts: Economic downturns often lead to reduced buyer budgets. Keeping prices relatable during these times is necessary to attract interest.
- Seasonal Changes: Real estate markets fluctuate through the year. It may be necessary to lower prices in slow seasons to maintain activity and visibility.
- Feedback from Showings: After showings, feedback from potential buyers can provide insight into price perceptions. If many showings occur but no offers, consider lowering the price to encourage bids.
Adjusting prices in response to these dynamics ensures that listings remain competitive and aligned with current market demands.
Setting the right price is as crucial as the property itself. It draws attention, builds interest, and ultimately determines the success of the sale.
By implementing a rigorous pricing strategy, realtors and investors can enhance their position when listing bank-owned properties.
Conducting Property Inspections
Importance of Inspections
Conducting property inspections is a critical element in the process of listing bank-owned properties. Inspections allow for a comprehensive understanding of the property’s condition, which is especially important for real estate owned (REO) properties. These properties often have a history of neglect or disrepair, making it vital to assess their current state. Without a thorough inspection, sellers and potential buyers might miss significant issues that could undermine the sale.
Inspections not only uncover physical problems but also provide detailed insights into necessary repairs or renovations. This knowledge can significantly influence the pricing strategy. A well-documented inspection report can enhance buyer confidence and expedite the selling process.
Properly conducted inspections can also help mitigate legal liability. If undisclosed problems surface post-sale, sellers could face litigation from buyers. Therefore, ensuring thorough inspections is not just beneficial; it’s a necessity in protecting the interests of both realtors and sellers.
Finding Qualified Inspectors
Choosing the right inspector is paramount. Not all inspectors have the same level of expertise or the necessary certifications. Start by looking for inspectors who specialize in bank-owned properties or REO transactions. They would be familiar with the unique issues that often arise with these properties.
You can derive potential candidates from various sources:
- Referrals: Ask fellow real estate agents or colleagues for recommendations.
- Online Directories: Websites like Angie’s List or HomeAdvisor provide listings of qualified inspectors.
- Professional Associations: Organizations like the American Society of Home Inspectors (ASHI) can help you find certified professionals.
Once you have a list, verify each inspector's credentials. Inquire about their experience specifically with bank-owned properties and request sample inspection reports. Understanding the scope of their work will further inform your decision.
Handling Inspection Reports
Once the inspection is complete, the report will be your reference point for next steps. A good inspection report should be clear and detailed, presenting photographs alongside written notes. Focus on the major findings and any immediate concerns highlighted in the report.
When reviewing the report, consider the following:
- Addressing Major Issues: Certain findings might require immediate action. You should prioritize these before listing the property.
- Repair Costs: Obtain estimates for necessary repairs to inform your pricing strategy.
- Negotiating Terms: Use the inspection results to negotiate terms with potential buyers. This can include making necessary repairs before the sale or adjusting the property's price based on its condition.
Legal and Ethical Considerations
Legal and ethical considerations are crucial in the realm of bank owned properties, also known as REO properties. Understanding these elements is essential for anyone involved in the listing process. They not only safeguard the interests of various stakeholders, but also promote fair practices within the real estate market.
Understanding Compliance Obligations
Compliance obligations refer to the legal requirements that govern the listing and sale of bank-owned properties. It is vital for realtors and investors to familiarize themselves with these regulations. Failure to adhere to compliance obligations can lead to severe penalties, including fines or legal action.
Key areas of compliance include:
- Disclosure Requirements: Sellers must fully disclose all relevant information regarding a property's condition.
- Fair Practices: Compliance with fair housing laws is essential to avoid discriminatory practices in listing and selling properties.
- Advertising Standards: All advertising must be truthful, without misleading statements.
Being aware of these obligations fosters trust amongst buyers, sellers, and financial institutions, and ultimately contributes to a stable real estate environment.
Avoiding Conflicts of Interest
Conflicts of interest arise when personal interests interfere with professional duties. This situation can significantly impact the reputation and integrity of realty professionals. It is crucial for those involved in listing bank-owned properties to recognize and manage these conflicts effectively.
Strategies for avoiding conflicts of interest include:
- Full Transparency: Inform all parties involved when personal stakes are present in a transaction.
- Separate Parties: When possible, involve different agents or representatives to handle sales and listings.
- Strict Code of Ethics: Adhere to the ethical guidelines established by professional organizations to ensure trustworthiness.
Minimizing conflicts not only protects individuals from potential legal issues, but it also preserves the confidence of clients, which is vital in any transaction.
Fair Housing Laws and their Implications
Fair Housing laws exist to ensure equal treatment for all individuals in the housing market. These laws aim to eliminate discrimination based on race, color, national origin, religion, sex, familial status, or disability. Understanding these laws is essential when listing bank-owned properties.
Implications include:
- Inclusive Marketing: Listings must be designed to appeal to a diverse audience, ensuring no group feels excluded.
- Equal Treatment: All potential buyers must receive the same opportunities regardless of their background.
- Training and Education: Realtors should be educated about bias and discrimination to cultivate inclusivity.
Failing to comply with fair housing laws can lead to lawsuits, financial losses, and reputational damage. By adhering to these laws, realtors contribute to a more just society while securing themselves against potential legal repercussions.
Legal and ethical considerations form the bedrock of successful property listings. By mastering these aspects, professionals can create a more equitable and trustworthy real estate market.
Common Challenges in Listing Bank Owned Properties
Listing bank owned properties presents a unique set of challenges that can significantly impact the process. Understanding these challenges is essential for investors and realtors alike. This section will dissect the common obstacles one might encounter when dealing with bank owned properties. Addressing these issues effectively can lead to successful transactions and better client relationships.
Managing Time Constraints
Time constraints are often a significant challenge in this market. Bank owned properties usually demand quick action. Delays can lead to loss of potential buyers and ultimately reduce the property’s market value. Thus, realtors must prioritize time management. Effective scheduling and prompt communication with banks can alleviate such pressure. Setting deadlines for each step helps keep the listing process smooth.
Moreover, clients often have their expectations regarding timelines. It is crucial to keep them informed about the potential delays in the process due to bank procedures. Managing expectations and clearly communicating timelines fosters trust and improves overall client satisfaction.
Dealing with Property Condition Issues
Another challenge revolves around the condition of bank owned properties. These properties can range from relatively well-maintained to extensively damaged. Each property requires a thorough inspection. Identifying issues, such as structural problems, mold, or plumbing issues, is vital for accurate pricing and marketing.
Furthermore, repair costs can affect marketability and pricing. Transparency about property conditions can build credibility with potential buyers. Providing detailed inspection reports can support honest marketing practices. Thus, addressing property condition issues directly impacts the effectiveness of the listing process.
Navigating Client Expectations
Client expectations play a crucial role in the success of listing bank owned properties. Investors and realtors must understand that buyers often have high hopes when dealing with these types of properties. It's vital to educate clients about the typical pitfalls associated with bank owned listings, such as longer negotiation times or unexpected maintenance issues.
Communicating openly about what clients can realistically expect throughout the process keeps frustration at bay. Regular updates and honest assessments can help maintain a positive relationship. Furthermore, understanding buyer behavior and their purchasing motivations can guide realtors in addressing concerns effectively.
Establishing clear lines of communication with clients is not just necessary; it is the foundation of successful transactions in the bank owned property market.
Post-Listing Considerations
Post-listing considerations are the final phase in the process of handling bank-owned properties. Managing what happens after the listing is crucial. If the listing is done well, it can lead to successful sales and satisfied clients. Therefore, strategies for following up, managing offers, and closing sales are essential to master.
Follow-Up Strategies
After the property is listed, effective follow-up becomes vital. This is not just about checking in on interested buyers; it involves providing updates and addressing questions. Clear follow-up can greatly influence potential buyers' decisions. Here are key points to focus on:
- Regular Updates: Send updates on property status or changes in the market.
- Respond Promptly: Quick responses to inquiries show professionalism and build trust.
- Personalize Communication: Tailoring messages to individual buyers helps in establishing rapport.
Continuously engage with potential buyers. A proactive approach can differentiate you from the competition.
Managing Offers and Negotiations
Once interest is there, managing offers becomes the next step. Handling offers professionally is crucial. Do not rush the process, as it can lead to suboptimal deals. Consider these aspects:
- Evaluate Each Offer: Look closely at terms, contingencies, and buyer qualifications.
- Negotiate Effectively: Use negotiation techniques to get the best terms. Understanding the buyer's position can help.
- Stay Transparent: Inform all parties about what is happening. Transparency avoids misunderstandings.
Negotiation is an art. Striking the right balance ensures a favorable outcome for both parties.
Closing the Sale Efficiently
Efficiency in closing the sale can make or break the process. A smooth closing fosters good relationships and enhances reputation. Here are steps to consider:
- Prepare Documentation: Ensure that all necessary documents are ready ahead of time to prevent delays.
- Work Closely With the Title Company: Collaborating with a title company can ensure that the closing process goes smoothly.
- Communicate Clearly: Keep all parties updated on next steps and expectations.
A focus on efficiency during closing not only facilitates a successful transaction but also encourages positive referrals.
Mastering post-listing considerations is essential to achieving optimal outcomes in bank-owned property transactions.
Closure
The conclusion of this article provides a necessary reflection on the processes involved in listing bank owned properties, which are commonly referred to as REO properties. Understanding the multifaceted nature of this market is crucial for investors and real estate agents alike. As discussed, navigating bank owned properties entails careful attention to documentation, collaboration with financial institutions, and the application of effective marketing strategies.
Summary of Key Points
- Definition of Bank Owned Properties: Recognizing what REO properties are is step one. Owning a clear comprehension of their characteristics can inform decisions.
- Listing Process: A thorough understanding of both initial steps and approvals required enhances the chances of a successful listing.
- Documentation: Key documents shape the foundation of the listing process. Make sure to be diligent in gathering and reviewing them.
- Marketing: Utilizing effective marketing channels can draw potential buyers to available properties. Aligning marketing efforts with audience needs is paramount.
- Pricing Strategies: Employing strategic pricing based on market conditions aids in achieving optimal sale prices.
- Post-Listing Management: Lastly, managing offers and closing sales requires focused attention to detail for successful outcomes.
