Foreclosure Trash Outs: The Huge Property Preservation Business Opportunity Continues
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by: MattCBA
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JPMorgan Chase has $43 and a half billion of them. Bank of America has $54.6 billion of them. Wells Fargo? Well, they’ve got $68.6 billion, while Citibank has $25.6 billion.
We’re not talking about the amounts they’re holding in investor accounts or IRA funds. We’re talking about properties in foreclosure or with mortgages past due.
That’s right, the banks still have hundreds of billions of dollars worth of homes somewhere in the foreclosure process – which means an incredible amount of work still to come for all property preservation and foreclosure trashout companies.
With the peak of the foreclosure crisis still not at hand (September of this year saw yet another monthly record shattered with over 100,000 new foreclosures), neighborhoods all across America are desperately in need of property preservation specialists.
And those in need of a new career in this still-depressed economy need look no further than foreclosure trashouts as a way to generate some much-needed cash. One of the few real growth industries out there, property preservation (the cleaning, repairing and maintaining of foreclosed homes) continues to be the biggest foreclosure business opportunity around.
What happens when property preservation isn’t promptly performed on vacant homes? Well, in Lynn, Massachusetts, you end up paying $30,000 for rat control. They’ve had an unprecedented number of the four-legged rodents in recent months – and the city pretty much knows why.
“It’s driven by abandoned properties,” said Inspectional Services Chief Michael Donovan, referring to the mortgage foreclosure crisis. In Wyoming, they’ve got even more animals to deal with when it comes to abandoned foreclosures – raccoons and crows also tend to make their homes there.
Meanwhile, in Chicago, a multi-residential unit is finding that a lack of mortgage field services hits closer to home. One unit in the building has been in foreclosure for two years – the former owner passed away awhile ago and the rest of the residents have been forced to deal with the aftermath.
For the past two years, the homeowners’ association has had to pay to keep the heat and water running in the empty unit, so the pipes didn’t burst. In spite of that expense and effort, a pipe broke in the bathroom. Mold ended up covering the floor, part of the kitchen and a lot of the basement – where a giant mushroom farm took hold in the carpet.
“I only got half-way down the stairs to the basement, when I had to stop,” Matt Duffey, one of the building’s residents, said. “I was blown back by the stench of mildew.”
America, there’s a lot of cleaning up to do. And property preservation pros are ready to get it done.
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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