A SOLUTION TO THE “MANCESSION”: THE PROPERTY PRESERVATION BUSINESS OPPORTUNITY
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by: MattCBA
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At the beginning of 2010, the unemployment outlook continues to be bleak – 85,000 more jobs were lost in December of 2009 and the joblessness rate won’t budge below 10%. Not only that, but 661,000 Americans just plain gave up looking for work at all.
Working-age men, however, have been hit hardest of all. Economists have termed this recession a “mancession,” because figures state that the jobless rate for this group is closer to 20% – with just about one out of five males 25-54 unemployed.
The good news is that there are still business opportunities out there, for those willing to give a new skill category a shot. And one of the hottest job categories right now is property preservation.
Property preservation – also known as mortgage field services – involves performing foreclosure trash outs, repairs and doing ongoing maintenance, and is truly the biggest business opportunity in this climate of ever-increasing home foreclosures.
The foreclosure situation, like the unemployment problem, is not expected to improve soon. As a matter of fact, the rising joblessness is helping to continue to fuel foreclosures – experts predict over 10 million of them over the next 2 years, an incredibly high figure.
When a home is hit with foreclosure, the ownership reverts to the bank or financial institution which holds the unpaid mortgage. These kinds of home are frequently left in horrible shape – and the banks must hire companies to perform what are called “trash outs” to clean out the homes, which are often still filled with the previous homeowner’s possessions. In addition, homes must be rekeyed and secured, so no vandalism will take place, and certain maintenance, such as winterization and pool draining and covering, must be performed to keep the homes safe and habitable.
Property preservation work is essential to banks and financial institutions, as it allows them to resell the homes as REO properties, currently one of the biggest-selling sectors of the real estate business. Many start-ups in the mortgage field services industry have found themselves working Monday through Saturday, 12 hours a day, trying to keep up with the demand – and finding themselves making up to $60,000 a month.
$60,000 a month – especially in this economy – is certainly an amazing number. And that’s because the need for property preservation companies is so great.
One nationwide franchise, REO ResQ™, run by property preservation pros Frank and Scott Patrick, is helping entrepreneurs all across the country start up and successfully operate property preservation franchises. With their years of experience, not only are the brothers Patrick able to give new franchisees inside knowledge of how to jump start a property preservation company, but they also can fully train them in just two weeks, so the new franchisee can begin making money in less than a month. A lot of expensive equipment is not required – just a truck and some common tools get the job done.
In difficult times such as these, an incredible business opportunity like property preservation should be considered. Find out more at www.REOResQ.com.
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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