Foreclosure Trash Outs: Signs Point To More Demand
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In October, it looked as though the record-shattering streak of foreclosures might be finally stopped – not because there weren’t enough in the pipeline, but because some states were threatening to put a freeze on new foreclosures due to improper processing by some mortgage lenders.
When the numbers came in, however, the October foreclosure numbers had set another year-to-year record, up over 20% from October of last year with over 90,000 homes suddenly in need of foreclosure trash outs.
As it looks like there will be an agreement between the major banks and the attorney generals in all 50 states to improve the foreclosure process, it’s clear that there will continue to be a huge demand for property preservation companies.
In some cities, having enough foreclosure trash out professionals can be crucial. In Phoenix, Arizona, for example, 65% of home sales in October involved either new foreclosures or foreclosed homes that were resold. All of those homes required property preservation services to secure, maintain and repair them, so they could be ready for market.
It’s a growth business in a depressed economy – which is the main reason property preservation is such an attractive business to those in need of some income. There are a few other reasons that property preservation is the biggest foreclosure business opportunity:
Easy Start-Up
You only need to have some basic repair skills as well as some minimal tools and a truck. Expert training is also essential in terms of knowing what’s expected on foreclosure trash out jobs, and obtaining the right and most affordable insurance.
Minimal Investment
You can easily run a property preservation business out of your own home and, again, equipment needs are minimal.
Quick Ramp-Up
Once you get on the list of the master contractors and REO Sellers, and if you’re in a high foreclosure area, you’ll find the jobs will come fast and furious. Again, if you have the right expert training, you’ll be appreciated for your professionalism and be instantly “in the loop.”
Incredible Demand
Again, in many areas of the country, untended foreclosures threaten to scar neighborhoods and bring down already-depressed property values. That’s why many local governments are passing legislation designed to force REO owners to either promptly hire property preservation companies or face steep fines. Many communities are also accessing government funds to finance their own foreclosure trash outs when the owner of a vacant home can’t be found.
How does one start a property preservation company?
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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