THE PROPERTY PRESERVATION BUSINESS OPPORTUNITY: 6 REASONS WHY IT’S HOTTER THAN EVER
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Foreclosure Clean Out Jobs Continue to Increase
Imagine making as much as $10,000 a week cleaning homes.
Okay, it isn’t the kind of housecleaning you normally think of – where you dust and vacuum for an hour and call it a day. It’s all about cleaning out foreclosed homes – what’s called property preservation or mortgage field services – and some newbies to the field have found amazing success in recent years. Foreclosures, as you probably already know, are rampant in the U.S. – and show no signs of slowing down.
Here are 6 reasons why property preservation will continue to be the biggest foreclosure business opportunity around – and will grow even faster in the months to come.
1) It’s cheap and fast to get into the business.
If you get expert training from people who know the ins and outs of the business, you can start doing foreclosure trash-outs in as few as two weeks. In addition, you’ll only need a truck and some basic tools to begin your business.
2) The banks have a huge shadow inventory of foreclosed homes.
Housing experts know that the banks and other REO sellers have a massive amount of homes they still haven’t formally processed as foreclosures. In Las Vegas, the Bank of America is currently trying to decide what to do with the 6000 homes they have yet to put on the market and that will require property preservation services. The number of current property preservation companies will not be able to handle the extra load.
3) You can work as much – and make as much money – as you are willing.
If you live near a high-foreclosure area, you will find yourself in immediate demand if you establish yourself as a professional, responsible property preservation company. That comes from having the proper training – and once the national master contractors who hire mortgage field service companies are aware of your reputation, you could find yourself working from Sunday through Saturday if you want, just to handle all the properties that require servicing.
4) The foreclosure rate is about to get higher.
In addition to the shadow inventory, the amount of new foreclosures is going to continue to skyrocket. Because of continued unemployment, more homeowners are getting behind in payments. The Federal Housing Administration (FHA) has determined that over a third of the mortgages it backs are in default. That’s an ominous sign.
5) The real estate market is not recovering.
As housing prices continue to sag, more and more homeowners find themselves “underwater” (owing more than on their home than it is now worth), meaning they can’t sell or refinance. That motivates them to simply walk away from the property and allow the bank to foreclose.
6) It’s easy work.
Once you learn the basics from a trained professional, foreclosure trash-outs are easy – and you can also hire and train additional crews to do your work for you and expand your business quickly.
What makes all the difference is having the proper training to successfully start a property preservation business. Matters of licensing, insurance and how to deal with financial institutions and master contractors are critical, as well as meeting their expectations when they hire you for a job. They want property preservation specialists who already know what to do and how to do it.
One of the leading companies in the property preservation industry, REO ResQ™, is run by property preservation experts Frank and Scott Patrick. They’ve already trained many franchisees and launched incredibly successful property preservation careers for people who had never done that kind of work before.
Visit www.REOResQ.com for more on this big business opportunity.
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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