Many smaller foreclosure cleaning companies get work from larger mortgage field service companies. The garbage cleanup and foreclosure industry is on the rise, as evident in foreclosure industry reporting data from sources like RealtyTrac, an online marketplace for foreclosures. According to RealtyTrac, there were 3,825,637 reported foreclosure filings on US properties in 2010. That’s a double-digit increase from 2008.
Foreclosure cleaning companies handle the cleaning, cleaning, and ongoing interior and exterior maintenance of homes that have been foreclosed on by banks and mortgage companies. The services that foreclosure cleaning companies offer can include a wide range of services, well beyond cleaning. Services offered by these companies include cleaning, debris removal, painting, minor repairs, lawn maintenance, roof tarpaulin and full roof repairs, pressure washing, gutter cleaning, one-time and ongoing inspections, vehicle removal. , logging, winterizing, padlock. change, window and door siding, and more.
First, establish your foreclosure cleaning company
Many smaller foreclosure cleaning companies get work from property preservation companies. While there are a large number of property preservation companies, it can be a slow process to register with all of these entities. The best way to start getting a job is to establish your business with the proper license, insurance, and equipment.
Your license: Often what is needed is a business occupational license from your county’s County Clerk’s Office. Each county is unique, so call your government office that handles business licenses in your county to find out what type of license you will need based on the services you choose to offer.
Commercial insurance: Next, contact a local insurance agency and analyze your business so that you can better determine the type of coverage your business will need. At a minimum, you will need liability insurance coverage. Also plan to discuss obtaining workers’ compensation insurance and the proper coverage for your vehicle.
Preparation for the team: There are a few routes you can take when it comes to sourcing 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 your team based on the services you plan to offer in your business.
NOTE: If you select your services or offer one-stop-shop services based on outsourcing or referral, you will need a limited team 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 your equipment needs.
Once you’ve properly researched the industry, planned your business and marketing strategies, obtained the proper license and insurance, and have your equipment needs in order, it’s time to start signing up for work.
The best way to start is to register your business with larger property preservation companies. Below is a list of five great property preservation companies. Contact them to get your vendor packages and start registering your business to be part of their databases.
List of top five property preservation companies to 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 providing property upkeep, inspection, repair, and maintenance services to some of the largest financial organizations, government institutions, asset management corporations, and brokers in the U.S. (Directorate of Internet: cyprexx DOT com)
3. Five brothers: This company has been in business for more than 40 years providing services related to the conservation, inspection and management of real estate properties. (Website: fivebrms DOT com)
4. Field Asset Services, Inc .: Field Asset Services is an REO asset management and property preservation company responsible for more than $ 7.3 billion in residences on behalf of nearly 30 major clients nationwide. They regularly take care of more than 120,000 properties. (Site: fieldassets DOT com)
5. Lenders Asset Management Corp. (“LAMCO”): LAMCO has been around since 1989 and provides residential REO asset management and outsourcing solutions for national lenders, banks, managers and investment firms. (Web: lendersreo DOT com)
Property Conservation Test Planning
When registering your foreclosure cleaning business with these great property preservation companies, be prepared to show proof of insurance, business registration, and quite possibly be prepared to take a property preservation questionnaire. Most of these quizzes are straightforward tests that simply judge your understanding of basic industry terms and tasks. Much of the test information is readily available online, if you don’t already know it.
Foreclosure Cleanup Jobs in the Years to Come
Remember, once you register with these companies and your credentials are verified, these larger entities can provide your business with bulk foreclosure cleanup work for years to come.
Much success registering your REO junk business with these companies for foreclosure cleanup jobs!
For a more comprehensive list of property preservation companies and other key companies to sign up with for REO foreclosure cleanup and trash removal work (with direct vendor job links), see the Hiring Directory and outsourcing to the real estate and property preservation industry.