Property Preservation needs have grown ten fold. Property Preservation work & Foreclosure Property Maintenance and Inspections Jobs abound! Get started in Property Preservation and start your own Property Preservation Foreclosure Maintenance Business
Property Preservation needs have grown ten fold with the current flood of foreclosures and it seems there is no end in site of the demand for Property Preservation services.
What is Property Preservation?
Property Preservation is a term the Banks and Mortgage Reo Asset Management Companies refer to for their vendors that come in and clean up, repair, and maintenance their bank Reo Foreclosure Properties. Reo means Real Estate Owned or better known as a foreclosure property.
When a home forecloses on, the Banks, Mortgage Lenders, and Reo Asset Management Companies call in Property Preservation Companies to come in and clean, repair, and maintain their bank foreclosures so they can quickly put them on the market for resale. The banks have lost millions of dollars on these properties and the longer these properties do not get cleaned up and prepared for resale, the more money the banks stand to lose.
With this comes a Huge and Booming Niche Business called Property Preservation. 95% of the bank owned homes and foreclosures have personal belonging, debris, and trash that needs to be cleaned up before these foreclosed bank owned homes can hit the market again. This is where the Property Preservation owners come in. Once a property forecloses on, the banks immediately call Property Preservation businesses that specialize in cleaning foreclosures & cleaning bank owned properties to come out and clean up (remove all items left at the property- also referred to as a "trashout"), changes the locks and secure the property, mow and maintain the lawn, perform winterization on the homes in colder climates, and much more. Many of these Property Preservation Companies are literally working 7 days a week to keep up with the demand!
How do I Start a Property Preservation Business working for the Banks and Real Estate Agents?
This is actually one of the easiest and fastest businesses to start! You can even start this business usually for under $500. Your first step will be to get a business license for your Property Preservation and Property Maintenance Business, they are usually less than a $100 and can be obtained from your local City Hall or County Department. Next you will want to get General Liability Insurance quotes for Property Preservation services, we always recommend to get at least 3 quotes, General Liability insurance ranges for Property Preservation vendors from around $450 to upwards of $1000 per year, however majority of insurance companies allow you to make a down payment and then spread the remainder of the costs over the year. Shop around for your Property Preservation insurance, it will definitely save you money in the long run!!