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Many smaller foreclosure clearing companies get work from larger mortgage servicing companies. The foreclosure and foreclosure industry is on the rise, as evidenced by the reporting of foreclosure industry data from sources such as RealtyTrac, an online foreclosure marketplace. In 2010, according to RealtyTrac, 3,825,637 foreclosures were filed for US properties. This is a double-digit increase from 2008.
Foreclosure clearance companies provide the clearing, tidying, and ongoing interior and exterior maintenance of homes that are foreclosed by banks and mortgage companies. Services offered by foreclosure cleanup companies can encompass a broad spectrum of services, well beyond cleaning. Services offered by these companies include cleaning, debris removal, painting, minor repairs, lawn care, roof tarpaulin and full roof repairs, pressure washing, gutter cleaning, one-time and ongoing inspections, vehicle removal, tree felling, winterizing making, changing locks, window and door fittings and more.
First set up your foreclosure cleaning company
Many smaller foreclosure clearing companies get work from property preservation companies. While there are a plethora of property preservation companies out there, signing up with all of them can be a time consuming process. The best way to get work is to set up your business with the proper license, insurance and equipment.
Your license: A business professional license from your county’s County Clerk Office is often required. Each province is unique, so call your state office that handles business licensing in your province to find out what type of license you need based on the services you plan to provide.
The business insurance: Then, contact a local insurance company and discuss your business so that you can best determine the type of coverage your business needs. At a minimum, you need liability insurance. Also plan to discuss getting occupational injury insurance and the right coverage for your vehicle.
Equipment preparation: There are a few routes you can take when it comes to purchasing equipment for your business. You can a) buy equipment, b) rent equipment or c) use the equipment you already have on hand in your garage or basement to start your business. Plan equipment based on the services you plan to provide in your business.
REMARK: If you niche your services, or offer one-stop-shop services on a subcontracting or referral basis, you’ll need limited equipment to get started. However, if you choose to become a one-stop shop and do everything yourself, you will need more equipment. Keep this in mind when planning your business and equipment needs.
After you’ve properly researched the industry, planned your business and marketing strategies, obtained the proper license and insurance, and got your equipment needs in order, it’s time to apply for work.
The best way to start is to register your business with larger property retention companies. Below is a list of five major property preservation companies. Contact them for their supplier packages and start registering your company so that you are part of their databases.
List of Top Five Property Preservation Companies You Can Register With
1. Mortgage Contracting Services, LLC: A national property preservation and inspection company founded in 1986. (Website: mcs360 DOT com)
2. Cyprexx Services: Cyprexx is a national field service company that provides property custody, inspection, repair and maintenance services to some of the largest financial organizations, government agencies, asset managers and brokers in the US (Internet address: cyprexx DOT com)
3. Five Brothers: This company has been providing property preservation, inspection and REO management related services for over 40 years. (Website: fivebrms DOT com)
4. Field Asset Services, Inc.: Field Asset Services is a REO asset management and property preservation company responsible for more than $7.3 billion in residential properties on behalf of nearly 30 major clients nationwide. They regularly look after more than 120,000 properties. (Site: fieldassets DOT com)
5. Lenders Asset Management Corp. (“LAMCO”): Established in 1989, LAMCO provides residential REO wealth management and outsourcing solutions for national credit institutions, banks, managers and investment companies. (Web: lendersreo DOT com)
Property retention testing planning
When you register your foreclosure clearing business with these major property preservation companies, you must be prepared to show proof of insurance and business registration and may be willing to take a property preservation quiz. Most of these quizzes are simple tests that simply assess your understanding of basic industry terms and tasks. Much of the test information is readily available online – if you don’t already know.
Foreclosure Clean up jobs for years to come
Remember, once you register with these companies and have your credentials checked out, these larger entities can provide your company with large-scale foreclosure cleanups for years to come.
Good luck registering your REO waste company with these foreclosure auction companies!
For a larger list of property preservation companies and other key companies that you can register with for foreclosure and REO trash-out work (with direct links to job opportunities), see the Property Preservation & Real Estate Industry Contracting and Subcontracting Directory.
Five Companies You Can Register With for REO
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