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.

Tuesday, 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?

A property preservation company can benefit in several ways. If you have access to the same database of repair costs used by HUD then you know precisely the highest price you can charge for each individual task included in typical property preservation repair jobs.

A savvy property preservation company will utilize this database to make sure they are maximizing each estimate or bid by charging the highest allowable amount for each repair item. Another benefit to property preservation companies is that by using the same property preservation estimating software as HUD they will have more of their estimates approved.

The property preservation estimating software is a little pricey. But with a little creativity, you could assemble a database of estimating templates that includes every single repair you will typically encounter as a property preservation contractor, like I did.

Friday, October 28

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 have figured out that is NOT the case. Nonetheless, we decided to give away a free REO asset management contact list so that you do not have to invest any money learning what we already know to be true. Feel free to check out the page where we keep a frequently updated list of the most active National Property Preservation Servicing Companies.

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. 

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.

It is quite evident that H. Paul has never ran a successful property preservation company or as she calls it, a foreclosure clean up business. This is reflected in the content I reviewed within her products about foreclosure clean up as well as her articles about becoming an REO broker. Further evidence can be found in her lack of a return policy and missing contact info on all of her foreclosure business related websites. All website owners know that they must include accurate contact info on their website. And all internet marketers understand that giving customers a money back guarantee is just good business.

How Do I Contact An REO Asset Manager For Property Preservation Jobs

Understanding The Role Of REO Asset Managers
I have a few words of wisdom for anyone who new to the property preservation industry. You will never succeed unless you first educate yourself about the individuals whose job it is to arrange for the work to get done; the REO asset manager. When a bank forecloses on a property, their goal is to get the property "off their books" as soon as possible because they are not in the business of owning property. Some banks have their own in-house REO asset manager department to expedite this process and other banks outsource the asset management of their REO properties to a completely different company.

Typical Duties of an REO Asset Manager
It is important to know that an REO asset manager has several important issues to deal with for each individual foreclosure property. The most important of which is selling the property. An REO asset manager is required by law to document and keep records of every single action and transfer of information, no matter how unimportant it may seem to be. It takes up an enormous amount of their time to properly comply with all of these requirements because of the large amount of time consuming paperwork and data entry that is involved. Additionally, most asset managers receive an average salary for taking on an above-average amount of responsibility. And contrary to what some people think, most REO asset managers do not directly work with contractors who provide foreclosure services; instead, they pass that duty off to the real estate agent or REO broker.

REO Asset Managers Are Not Anxiously Waiting For You To Call
Most newly formed companies who want to provide foreclosure services have been led to believe that these REO asset managers are waiting by the phone for them to call and will welcome the foreclosure services business owner with open arms. This is definitely not the case. In fact, most REO asset managers do not directly work with contractors who provide foreclosure services; instead, they pass that duty off to the real estate agent or REO broker who is also in charge of listing the property for sale. There is a possibility that the REO asset manager will refer you to the REO broker if you are clever enough.

Do Your Homework Before Contacting Any REO Asset Managers Or REO Brokers
I have found way too many people on various REO property preservation forums asking how they should go about locating a list of REO asset managers and how to ask them for property preservation jobs. You would be putting the carriage in front of the horse if you start randomly contacting REO brokers and REO asset managers before you are really ready to carry on an intelligent conversation with them. It would be a terrible mistake to attempt to contact any REO brokers and REO asset managers until you can honestly say to yourself that you know what you are talking about. Stay on top of this ever-changing industry by subscribing to the only newsletter dedicated to the Property Preservation contractors. You can signup here to receive our Property Preservation Newsletter

For those of you who truly believe you are ready to begin accepting property preservation jobs and are not scared by the preceding information, you can access an article we published about our own customized REO asset manager phone script that has been working very well for the past 5 years now and I hope somebody finds it helpful.

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