Thursday, September 1

Property Preservation Training Course

Before I let you know which Property Preservation Training Course I recommend for beginners, I'd like to share a few quick tips about how I go about protecting myself when I purchase specialized information (like this) off the internet:

Wednesday, August 31

Must Have Insurance Policies For Property Preservation Contractors

An extremely common question I get asked is, "what kind of insurance policy do I need to be a property preservation contractor?" I figured that I may as well post it here.

All of the clients that you will work for will require that you have at least the following 2 business insurance policies. However, most banks and REO asset management companies will allow you to begin working them as long as you have the first listed policy and they will give you a deadline to have the second policy, which will most likely be 30 or 60 days from when you begin working with them.

Please Note: This list only mentions the two main insurance policies that are specific to the Property Preservation industry and will most likely be required by any Property Preservation client companies you sign up for. This list does not include any other typical types of insurance such as auto, workers comp, unemployment, health, etc. You need to check with your state and local city to find out about any specific requirements regarding insurance coverage.

Access Our Free Bank and REO Asset Manager Contact List

One of the easiest parts of running a property preservation business is getting work. Most of the websites out there want people to believe that cold calling REO asset management contacts is the best way to go about attaining new business. Based on our 5+ years experience as a property preservation business and 14+ years experience in other related businesses, we strongly believe otherwise.

Nonetheless, we decided to provide an updated and more importantly FREE REO Asset Manager Contact List so that you don't accidentally waste your money at a site like the one mentioned here.

And lastly, make sure you 'FAVORITE' the following page which is where you'll find a frequently updated list of the most active National Property Preservation Servicing Companies. This list was updated for 2016.

Forclosure Clean Up Product Review: Foreclosure Cleanup Network

I really dislike saying anything negative about people. But I have no choice in this case as I really feel the need to warn everyone who might be searching for information about property preservation so that they don't make the mistake of purchasing any of the useless products about property preservation that are currently offered for sale by the Dream Street group.

National Property Preservation Company Vendor Applications

It seems like every forum related to property preservation that I read is filled with people who want to start a foreclosure cleanup company and who frequently ask, "how do I market my REO services company" or "how do I start a property preservation business".

Believe it or not, getting work is actually one of the easier parts of running a successful property preservation company.

Tuesday, January 5

Property Preservation Business Owner Operators: Evolve or Die...

As some of you may know, our Property Preservation repair business currently does $2+ million worth of Property Preservation repair work each year. Our office/ management work is efficiently taken care of by 1 full time and 2 part time employees and then we outsource 100% of all the actual repair work to our network of subcontractors.

This is not the management system I initially started out with. Like most small construction businesses, I was wearing several hats - hell, when I first started I wore ALL the hats: owner-operator/ accountant/ inspector/ estimator/ contractor/ subcontractor liaison/ babysitter/ etc. Many years later, I realize that type of business management where the owner does everything, is a recipe for failure.

Tuesday, August 25

Property Preservation Definition and Vocabulary List

Banks and mortgage servicing companies frequently use terms and vocabulary that may be unfamiliar for you at first. It sure was for me when I first started. You will need to know the following words and their meanings and be able to "fluently" use them while talking to your potential clients. 

This is just one of the many components you will need to master in your quest to run your own successful property preservation business.


Convey Condition: Many of the properties you will be working on are HUD guaranteed loans. The Dept of HUD requires a property to be in convey condition before they will take the house back from the bank. For a property to be in convey condition, the house and any outbuildings (garage, shed) must be secured with locksets that are coded to the proper key codes which are determined by which bank you are dealing with, all windows must either have all glass reglazed or be properly boarded (more on correct bank boarding techniques later), all exterior debris and health hazards must be removed (see definition of health hazards later in this section), any damages to the property which can cause future damage have been repaired, grass needs to be cut if it is grass cut season, the house must be properly winterized (if in season), no safety hazards, and there can be no known code violations. This is one of the most confusing areas of the entire business. I suggest that you spend some time researching the Dept of HUD's website for additional information about this very important term.

Sunday, August 31

How To Solicit Property Preservation Business From An REO Asset Manager

     Before you attempt to contact any REO asset managers or REO brokers you will want to review some of the terminology that these people are used to hearing. Here's a link to a page where we compiled a comprehensive list of property preservation industry vocabulary words that you must be familiar with so you don't sound like a total newbie to any potential clients.
   

Friday, November 15

HUD Chooses New Property Preservation Estimating Software Provider

The Dept of HUD has just adopted a new online property preservation estimating software provider to verify pricing on bids they receive for property preservation, maintenance, and repair costs on all FHA single family homes.

How does this help you?

Monday, October 14

Property Preservation Business Owners: Beware Of The Jack Of All Trades

Avoid hiring the "Jack of All Trades" contractor into your property preservation business even though he tells you that he can repair anything and everything. You will not figure out which types of jobs that he is NOT qualified to complete until it is too late.

Here's why...

Sunday, November 27

My Automated Solution To a Broken Hiring Process

Just about everyone who has owned a small business has had to deal with hiring other people. One of the most frequently used phrases I'm sure you have heard is that "it is hard finding good help these days". I used to say this quite often until I finally learned that I was using a broken hiring system. What do I mean by a "broken hiring system"?

Friday, November 25

REO and P&P Foreclosure Properties: 2 Different Types of Foreclosures In The Property Preservation Industry

Regardless of how it may appear on the surface, there is an extremely important issue that property preservation company owners need to know about, regarding the terms "REO" and "Property Preservation". These are two completely different categories of foreclosure properties within the property preservation industry. Most national property preservation companies only specialize in either one or the other or they will separate the jobs by using two totally different departments within the same company; i.e. 1 for REO property work orders and the other for the Property Preservation work orders. If you are thinking about starting a property preservation business, you better do your homework and learn about each of these 2 categories of foreclosure properties. Otherwise, you will be quickly introduced to the most aggravating thing in the world,... the Charge-back.

Friday, October 28

Do Not Be Cheap When Learning How To Start a Foreclosure Services Business

I have met a lot of people who think that they can be cheap when it comes to educating themselves about what it takes to start a foreclosure services company. Even though the property preservation business is booming right now, the only way to succeed is to arm yourself with good quality knowledge about running a business and about the more specific duties that you will be expected to provide. Your ultimate goal should be to speed up your learning process so you can condense decades of knowledge into days.