Foreclosure Trash Outs: Property Preservation Can Mean A Whole New Life
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by: MattCBA
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The property preservation business isn’t the most glamorous one around – and performing trash outs on foreclosures isn’t for those who don’t like to get their hands dirty. But in a huge recession that’s heading back downwards, it is economic salvation to a growing number of people looking for a new career.
With the record number of foreclosures not expected to abate until late 2013, according to some housing experts, there has been a corresponding record number of jobs and income available to property preservation companies that know how to take advantage of the current real estate crisis. Start-up costs are low and experience isn’t necessary; proper training is. And some of those who have had that training have found themselves making up to 5 figures a week.
Bill and Donna Hoser are one married couple that found a new life by starting a property preservation company, according to a story this August in “The Bradenton Herald.” The Hosers, who live in Bradenton near the west coast of Florida, opened their own business, BWTC Construction and Remodeling, in early 2007. Their intent was to focus on residential construction.
However, the economy went sour soon after that – and Florida was one of the hardest-hit states, in terms of foreclosures and a lack of new construction. So the Hosers decided that since they were handed lemons, they should make lemonade – and began an REO (real estate-owned) property preservation division, performing foreclosure trash outs on abandoned homes for REO sellers. That division has ended up accounting for most of the couples’ company’s business to date.
Bill Hoser is pragmatic about the need for his services. “Obviously it’s unfortunate that it’s the result of someone else’s personal tragedy,” he told the Herald. “But it’s more a matter of there is a job to be done and someone has to do it.”
The couple has been stunned by what they’ve found left behind in these foreclosures. Recently, the former owner of a foreclosed home had passed away and left two perfectly good cars in the garage. The bank still hasn’t figured out what to do with them.
Building a good reputation, learning what the industry requires and being able to work with the banks has been the key to the Hosers’ ongoing success. “The bank might call and say ‘We’ve got a home with a broken pipe that is flooded right now,’ and we would be there immediately,” Hoser said. “Next thing they (the banks) are saying, ‘These guys aren’t too bad.’”
Having inside knowledge can clearly open doors quickly in the property preservation field. A valuable resource for training those new to the property preservation business is the nationwide franchise, REO ResQ™, run by property preservation experts Frank and Scott Patrick. They’ve already trained many franchisees in foreclosure trash outs and launched incredibly successful property preservation careers for people who had never done that kind of work before.
Visit www.REOResQ.com for more information.
About the Author
Frank Patrick began his real estate career in 2000 after a 12-year stint in corporate America as a sales manager. As a new real estate agent Frank knew that he wanted to find a niche within the real estate industry. After months of research Frank decided to specialize in REO, an acronym for bank owned foreclosed homes. Frank quickly became one of the top REO agents in the nation averaging over 100 transactions per year for the last 8 years. In 2007 Frank’s production soared to over 214 sales. In 2004 Frank and his brother Scott Patrick started a property preservation company to offer maintenance and repair services to banks with foreclosed homes. Frank’s solid understanding of the REO industry and Scott’s 20+ years in the construction business was a recipe for success. This year their property preservation business is on track to gross over one million dollars in revenue. Today Frank manages his REO Real Estate Brokerage, REO Renegades an REO agent training business, his trade association The American Society of REO Specialists and is developing a national Franchise Property Preservation company, REO ResQ. For more information please visit http://www.REORESQ.com
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