tag:blogger.com,1999:blog-68085042468223169032024-03-13T11:44:38.629-04:00REO Construction Business ManagementTips, strategies and other related info about the Property Preservation Industry for beginnersChris Millerhttp://www.blogger.com/profile/11071293197968499603noreply@blogger.comBlogger22125tag:blogger.com,1999:blog-6808504246822316903.post-50749546318108944612017-01-13T12:36:00.000-05:002017-05-11T09:50:49.555-04:00Property Preservation Software 2017<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://4.bp.blogspot.com/-yP7GoAgMS9E/WHkLRQU23aI/AAAAAAAACkA/a4gR4zC9iLothyV0rpUqzhL4o1UzdazYACLcB/s1600/P%2526P%2BSoftware%2BBlog%2BPic.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="2017 Property Preservation Software" border="0" height="108" src="https://4.bp.blogspot.com/-yP7GoAgMS9E/WHkLRQU23aI/AAAAAAAACkA/a4gR4zC9iLothyV0rpUqzhL4o1UzdazYACLcB/s200/P%2526P%2BSoftware%2BBlog%2BPic.png" title="2017 Property Preservation Software" width="200" /></a></div>
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Looking for Property Preservation Software to help you manage your work orders? Then check out these 4 popular software solutions so you can operate your REO Vendor business more efficiently:</div>
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<a href="https://4.bp.blogspot.com/-LWwuJfsh0eQ/WCqRWBlLqcI/AAAAAAAAChU/hzgSGEK869Mqby-pZXPBBsHEpjWLqi22gCLcB/s1600/PropPresWizard%2BLogo.PNG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="Property Pres Wizard" border="0" height="62" src="https://4.bp.blogspot.com/-LWwuJfsh0eQ/WCqRWBlLqcI/AAAAAAAAChU/hzgSGEK869Mqby-pZXPBBsHEpjWLqi22gCLcB/s200/PropPresWizard%2BLogo.PNG" title="Property Pres Wizard" width="200" /></a></div>
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According to its website, </div>
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<i>"Property Pres Wizard is a web-based work order management system. You no longer have to be tethered to one computer or device, simply log into our website and you can update your information. We help manage your company’s work orders from the time you receive the work until you are paid. PPW helps you manage workflow, timeliness, communications, bids, property history, photos, invoices and much more."</i></blockquote>
<b>Property Pres Wizard Software Features</b><br />
<ul>
<li>Mobile App for vendors/employees to receive and update work orders while out in the field</li>
<li>Manage your work queues from one screen</li>
<li>Upload multiple files at once and they're automatically resized</li>
<li>Create custom PCR Forms</li>
<li>Attach documents to work orders</li>
<li>Import work orders from multiple clients</li>
<li>Send work orders to field crew</li>
<li>Work order routing</li>
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<b>Property Pres Wizard Pricing</b><br />
Property Pres Wizard has a 'per user' flat fee pricing model. Each office employee, subcontractor or vendor would be considered a 'user'. The first 5 user licenses cost $149/month. Additional user licenses are available for an extra $25/month per user license.<br />
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<a href="https://www.propertypreswizard.com/" target="_blank">Property Pres Wizard Official Website</a><br />
<a href="https://vimeo.com/user22196168" target="_blank">Property Pres Wizard Training Videos</a><br />
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<a href="https://1.bp.blogspot.com/-cfQA85tBY4k/WCqT-AOzEjI/AAAAAAAAChc/3fcirJr_l_s0-dCi-WVGuwOx1AMiy6TvQCLcB/s1600/EZ%2BInspections%2BLogo.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="EZ Inspections" border="0" src="https://1.bp.blogspot.com/-cfQA85tBY4k/WCqT-AOzEjI/AAAAAAAAChc/3fcirJr_l_s0-dCi-WVGuwOx1AMiy6TvQCLcB/s1600/EZ%2BInspections%2BLogo.png" title="EZ Inspections" /></a></div>
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According to its website, EZ Inspections proudly processes over 1 million (1,000,000) work orders each month. They further state,<br />
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<i>"With EZ's cloud and mobile system, you can manage work on any browser and device. No need for extra software or hardware. Our property preservation software is designed for easy-of-use. We can set you up in a matter of days."</i></blockquote>
<b>EZ Inspections Software Features</b><br />
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<li>Free mobile app (Android, iPhone / iPad, Windows)</li>
<li>No special software needed, just internet access an internet browser</li>
<li>Custom form builder plus hundreds of form templates</li>
<li>Automatic client order download / upload</li>
<li>Automatic order dispatch function, based on territory</li>
<li>Mobile app allows your vendors/employees to check-in on-site, upload photos, answer questions about each property per your custom forms</li>
<li>Easily create bids, invoicing and pay from inside the system</li>
<li>Integrated with most mortgage nationals, including Aim Your Way, Altisource, Aspen Grove, Assurant, Auction.com, Five Brothers, IMS, MCS, MSI, NFN, NFR, NPS, Servicelink, Spectrum, Wolverine and more</li>
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<b>EZ Inspections Pricing</b><br />
$0.25 per grass cut or snow removal order and $0.50 per full preservation order. Volume discounts start at 300 orders a month. Each account generously allows unlimited users, free and unlimited online storage of your work order data and photos for 7 years, access to the EZ Inspections Smart Phone App.<br />
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<a href="https://www.ezinspections.com/info/property-preservation-software" target="_blank">EZ Inspections Official Website</a><br />
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<a href="https://1.bp.blogspot.com/-8QG7ZGUqPkQ/WCqbB42IkmI/AAAAAAAAChs/edF4aieGKekNfUljWfvUTdmSpuvqJRpDQCLcB/s1600/East%2BPoint%2BSystems%2BLogo.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="East Point Systems" border="0" height="67" src="https://1.bp.blogspot.com/-8QG7ZGUqPkQ/WCqbB42IkmI/AAAAAAAAChs/edF4aieGKekNfUljWfvUTdmSpuvqJRpDQCLcB/s200/East%2BPoint%2BSystems%2BLogo.png" title="East Point Systems" width="200" /></a></div>
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According to its website,<br />
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<i>"No matter what the size of your business, our field service management software can help you manage your work orders. WE WERE THE FIRST - The rest followed our lead. Isn't it time you do? Since 1996 we have been the leader in property preservation management for the mortgage default service industry. See what makes us the right fir for you."</i></blockquote>
East Point Systems has several software services they offer and they utilize sales reps, thereby adding additional hurdles to the sign-up process. And since they have limited (and slightly confusing) information about the various services/plans they offer, it is best if I direct you to their website for further info.<br />
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<a href="http://www.eastpointsystems.com/preservation-industry.html" target="_blank">East Point Systems Official Website</a><br />
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<img alt="Contractor Estimate Pro" border="0" height="143" src="https://4.bp.blogspot.com/-RLHLGNCUY7M/WEe156xMXYI/AAAAAAAACik/4aQJ0qisQ2MOecAL4mPX6L1xIIBeT2kmQCLcB/s200/ContractorEstimatePro-%2B400x287.jpg" title="Contractor Estimate Pro" width="200" /></div>
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Contractor Estimate Pro was created by a roofing contractor who has sold over $22 million dollars worth of jobs in his career. </div>
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This software provides an efficient way to manage your estimates, invoices, employees, subcontractors and most importantly, your customers.</div>
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<b>Here's what I liked most about <span style="color: black;">Contractor Estimate Pro</span>:</b></div>
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<li>Sold for a 1-time charge of $99.95, it is a reasonably priced alternative for newer businesses who might not yet have it in their budget to take on another monthly bill. </li>
<li>Most of the estimating software products with similar features that I have tested over the years charge a recurring monthly fee to use their products. I prefer buying my software outright.</li>
<li>Contractor Estimate Pro's interface is intuitive and user friendly, making it much easier to implement into your business.</li>
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<b>Here's what Contractor Estimate Pro helps you manage:</b></div>
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<li>Estimates</li>
<li>Invoices</li>
<li>Proposals</li>
<li>Jobs</li>
<li>Customer database</li>
<li>Supplier database to track your subcontractors and their pricing</li>
<li>Scheduling calendar</li>
<li>Pre-formatted contracts</li>
<li>Automatically sends emails to customers</li>
<li>Photos can be attached to specific jobs</li>
<li>Product and services database</li>
<li>Intelligent search function</li>
<li>Google maps integration</li>
<li>Advanced reporting for tracking your estimates, invoices and jobs</li>
<li>Unlimited user accounts for all your employees</li>
<li>Email and letter templates that pre-formats itself with your customers contact and job info</li>
<li>Software is fully supported by the product's seller and even has a built-in help desk function</li>
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<a href="http://20107cmhqf-3vdr9pmozgser9d.hop.clickbank.net/?tid=6-2014BP">You can watch a short video about Contractor Estimate Pro</a> at the software developer's website, where you can see all of the various features included in this piece of software.<br />
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<a href="http://20107cmhqf-3vdr9pmozgser9d.hop.clickbank.net/?tid=6-2014BP" target="_blank">Contractor Estimate Pro Official Website</a></div>
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Chris Millerhttp://www.blogger.com/profile/11071293197968499603noreply@blogger.com0tag:blogger.com,1999:blog-6808504246822316903.post-26447528163920177792016-09-01T00:07:00.001-04:002017-05-11T09:42:02.032-04:00Property Preservation Training Course<div style="text-align: justify;">
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<a href="https://3.bp.blogspot.com/-qApW4QIj2_s/WRRphu_ATxI/AAAAAAAADMY/F-bgL8--KzYdb_bHgu_1mJQV8SdTui_6ACLcB/s1600/Energy-Efficient-for-Eco-Friendly-House-Plans.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="Property Preservation Training Course" border="0" height="150" src="https://3.bp.blogspot.com/-qApW4QIj2_s/WRRphu_ATxI/AAAAAAAADMY/F-bgL8--KzYdb_bHgu_1mJQV8SdTui_6ACLcB/s200/Energy-Efficient-for-Eco-Friendly-House-Plans.jpg" title="Property Preservation Training Course" width="200" /></a></div>
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:<br />
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<li style="text-align: justify;">I never purchase anything that does not have some type of "money back guarantee". Even though I probably won't use it, it shows me that the seller feels good enough about his or her product to at least have one.</li>
<li style="text-align: justify;">I never make a purchase from any websites that don't have a link to their "privacy policy", which is a disclaimer that's legally required by the FTC. If a seller is too lazy to "copy and paste" a few simple paragraphs onto their website then I wonder how lazy they were when they put the product together.</li>
<li style="text-align: justify;">I never make a purchase from anyone who hides behind the anonymity of the internet and who doesn't have their name and contact information listed. Sellers like this remind me of something an old friend used to call, "the tail-light warranty". The tail-light warranty is only valid until you can no longer see my tail lights as I drive away with your money.</li>
<li style="text-align: justify;">I never purchase from sellers who brag about themselves and make outlandish income promises without showing any actual proof. There's one self-appointed expert who says on her website that she made a $750 net profit out of a $900 job, that involved removing 15 yards of debris (with 2 laborers and a pickup truck, mind you)and cutting the grass. All I can think of saying is WTF!</li>
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These are my most basic methods for screening out the knuckleheads.</div>
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So anyway, I went ahead and purchased Property Preservation Training Courses from several different product sellers (a few of which I normally would not have) just so I could more accurately recommend a training course for people who are new to the Property Preservation industry.</div>
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So out of everything currently available, I feel that Foreclosure Cleanup Cash is the Property Preservation training course that's most helpful for newbies.</div>
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It's also one of the lesser priced courses, as well. There's a Money Back Guarantee backed up by Clickbank, which is one of the oldest companies providing digital sales/delivery software that's still in business. The product seller has all the necessary compliance pages. And lastly the product creator (whose name is Les Tyler) appears to genuinely care about providing accurate information.</div>
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Now there is 1 thing I don't like that's not directly related to the training course itself but rather an item from the main sales offer page that I find a little silly. I'm specifically referring to the corny-sounding video.</div>
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Thankfully Ms Tyler (or is it Mrs ??) does a very good job of teaching about the Property Preservation business. Click below to check out Les Tyler's Property Preservation Training Course: <a href="http://bbc03fsngg34u114-bq73nkjlx.hop.clickbank.net/?tid=21" target="_blank">Foreclosure Cleanup Cash Program</a></div>
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Chris Millerhttp://www.blogger.com/profile/11071293197968499603noreply@blogger.com0tag:blogger.com,1999:blog-6808504246822316903.post-70934839289013424072016-08-31T20:57:00.000-04:002017-05-11T09:47:25.561-04:00Must Have Insurance Policies For Property Preservation Contractors<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-xL4sfD-ebQ4/WRRfVtXH2II/AAAAAAAADMI/9zjVjRKwXlMwXfeuIjWhM7YbRkzMMAdzgCLcB/s1600/contractreviewpic.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="Property Preservation Insurance" border="0" src="https://1.bp.blogspot.com/-xL4sfD-ebQ4/WRRfVtXH2II/AAAAAAAADMI/9zjVjRKwXlMwXfeuIjWhM7YbRkzMMAdzgCLcB/s1600/contractreviewpic.png" title="Property Preservation Insurance" /></a></div>
One of the most common questions I get asked is, "What kind of insurance policies do I need to be a property preservation contractor?". As a result, here's my blog post entirely about Property Preservation Insurance for anyone new to the REO Vendor business.<br />
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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. <br />
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<u><b>Please Note:</b></u> 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. <br />
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<a name='more'></a><span style="font-size: large;"><b>The 2 Main Property Preservation Insurance Policies</b></span><br />
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<u><b>Policy 1)</b></u> Commercial General Liability in the amount of $1 million per occurrence/ $1 million aggregate including:<br />
- Personal injury/ Advertising injury protection<br />
- Care/ Custody/ Control coverage in the amount of $50,000<br />
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<u><b>Policy 2)</b></u> Errors and Omissions Insurance in the amount of $1 million per occurrence/ $1 million aggregate including:<br />
- Property preservation inspections<br />
- Property preservation estimates<br />
- Property preservation services<br />
- Residential property inspections<br />
- Delinquent borrower interviews<br />
- Commercial property inspections<br />
- Insurance loss inspections<br />
- Eviction services<br />
- Property repair estimates<br />
- Property rehabilitation services<br />
- Merchant site verification<br />
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Now if the above seems like a foreign language to you, don't worry. You just have to send the above specs to your insurance agent with instructions that you need the items exactly as specified. There is a good chance that your current insurance agent will NOT be able to help you out with the Mortgage Field Service Errors and Omissions policy for property preservation work. I had to call 11 different insurance companies until I found the one that specialized in property preservation errors and omissions insurance. Nowadays, your best bet is to search for an insurance company that specializes in mortgage field service insurance.<br />
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If you are in a jamb because you cannot find an insurance company to cover you for the Mortgage Field Services Errors and Omissions policy, you'll find what you need by checking our <a href="http://reoconstructionbusinessmanagement.blogspot.com/p/property-preservation-insurance.html" target="_blank">Property Preservation Insurance</a> page on this website.<br />
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Plus if you are serious about succeeding in this business, you'll want to subscribe to the only newsletter dedicated to the Property Preservation contractors who are out in the field busting their tails.<a href="http://eepurl.com/OYAv5" target="_blank"> You can signup here to receive our Property Preservation Newsletter </a><br />
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<b>P.S.</b> Of course we have to put a disclaimer here to let everyone know we are not attorneys or insurance specialists. The information in this post is based on the requirements we were given at the time that we were signing up to become a vendor for several national property preservation companies. This post should NOT be construed as legal advice. You will have to check with your potential client for their particular requirements regarding property preservation insurance requirements.Chris Millerhttp://www.blogger.com/profile/11071293197968499603noreply@blogger.com2tag:blogger.com,1999:blog-6808504246822316903.post-63123165363673371922016-08-31T20:44:00.000-04:002016-08-31T20:44:45.019-04:00Access Our Free Bank and REO Asset Manager Contact ListOne 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.<br />
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Nonetheless, we decided to provide an updated and more importantly FREE REO Asset Manager Contact List so that <a href="http://reoconstructionbusinessmanagement.blogspot.com/2011/10/forclosure-clean-up-product-review.html">you don't accidentally waste your money at a site like the one mentioned here</a>.<br />
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And lastly, make sure you 'FAVORITE' the following page which is where you'll find a frequently <a href="http://reoconstructionbusinessmanagement.blogspot.com/p/national-property-preservation-companies.html">updated list of the most active National Property Preservation Servicing Companies</a>. This list was updated for 2016.Chris Millerhttp://www.blogger.com/profile/11071293197968499603noreply@blogger.com1tag:blogger.com,1999:blog-6808504246822316903.post-57181219163953388832016-08-31T20:32:00.000-04:002016-08-31T21:27:49.257-04:00Forclosure Clean Up Product Review: Foreclosure Cleanup NetworkI 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 <a href="http://property-preservation.tech/">information about property preservation</a> 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.<br />
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It is quite evident to me that H. Paul has never ran a successful property preservation company. 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.<br />
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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 they understand that giving customers a money back guarantee is just good business.<br />
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Dream Street Investments is operated by an individual named H. Paul, according to information we found while doing a simple domain name lookup using the WhoIs database, which is basically THE top directory of contact info for domain name owners.<br />
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I found it quite disturbing that H. Paul would frequently post glowing testimonials on Foreclosure Cleanup Network (a site in which she is the owner of record) pretending to be a random website visitor who purchased the site's product(s). The funny thing is that she used her real name on one of the user profiles that was used to spam her own forum with these phony testimonials. I believe there are a total of 3 user profiles she uses for this purpose, based on similarities I uncovered during the short time I was a member.<br />
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Additionally, H. Paul is the only person who gave good reviews on Amazon for a book she is selling, which promises to teach the reader about running a foreclosure cleanup company. However, the actual product is just a hodge-podge of material written by government agencies, that was clearly copied and pasted from their original source. She did NOT add any helpful and/or original content.<br />
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If anyone from Dream Street Investments reads this: Please STOP your ridiculous use of ALL CAPS and BOLD throughout all your sales writings!<br />
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And another thing: It is completely unacceptable for you to deceive the newbies who stumble on one of your sites while looking for truthful and helpful advice and information about the Property Preservation industry. Shame on you. That crap is Not Cool...<br />
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<b>About Me</b><br />
I have worked as a repair vendor within the property preservation industry, starting back in 2007. I'm also the head publisher of this website you're visiting right now as well as <a href="http://property-preservation.tech/">Property-Preservation.tech</a>, which aims to be The Property Preservation Industry's top, unbiased source of information for REO Vendors<br />
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To make sure I am providing accurate information to everyone, I have purchased and review all of the various property preservation training courses. Not only have I reviewed this company's products but I also became a member of their Foreclosure Cleanup Network.Chris Millerhttp://www.blogger.com/profile/11071293197968499603noreply@blogger.com0tag:blogger.com,1999:blog-6808504246822316903.post-82349130908725559412016-08-31T20:27:00.000-04:002017-05-11T09:49:22.421-04:00National Property Preservation Company Vendor Applications<br />
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It seems like every forum related to property preservation that I read is filled with people who want to start a foreclosure cleanup company.<br />
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Believe it or not, getting work is actually one of the easier parts of running a successful property preservation company.<br />
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Most national property preservation companies have online vendor applications that are easily accessible. We have provided direct links to several vendor applications for property preservation and REO asset management companies at the bottom of this report. I suggest that you finish reading this article so that you don't put the carriage in front of the horse, so to speak, so you don't commit the #1 fatal mistake made by most failed Property Preservation business owners.</div>
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Those of us who have been in this business for longer than a few years know that the reason national property preservation companies are always accepting new vendor applications is because the majority of the vendor applicants fail to educate themselves about what providing REO services is all about and they don't last very long. This causes a "revolving door" of contractors who over-estimated their ability to handle this type of work.</div>
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I suspect there's a 75% chance of failure to anyone who attempts to sign up for one of these companies without first paying for some type of property preservation training.<br />
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There are hundreds of stories online and on forums that were posted by people who no longer work within the property preservation industry because they failed to properly educate themselves about not only providing foreclosure services but also the basics of running a business. Of course these people will blame their failed property preservation business on everything and everybody except themselves mostly because it is easier than holding themselves accountable.</div>
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Do yourself a favor and learn from these people's misfortunes and mistakes but don't let them scare you off. This is a multi-billion dollar per year industry and you better believe there's smaller vendor companies doing the work who are absolutely kicking ass and taking names.</div>
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Just remember something very important when you're gathering information about starting a property preservation company: Most of the REO Vendors who are actually successful are way too busy to spend any time hanging out at internet forums.</div>
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As promised, here's where you'll find a <a href="http://reoconstructionbusinessmanagement.blogspot.com/p/national-property-preservation-companies.html">list of the largest and most active Property Preservation Companies who are always looking to hire quality minded vendors</a> (updated in 2016).</div>
Chris Millerhttp://www.blogger.com/profile/11071293197968499603noreply@blogger.com0tag:blogger.com,1999:blog-6808504246822316903.post-76017089070007782112016-01-05T22:34:00.001-05:002016-05-26T00:19:54.475-04:00Property Preservation Business Owner Operators: Evolve or Die...<div>
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.<br />
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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.<br />
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Out of necessity and desperation, my business has evolved into something that I never would have expected. To this day, I have not figured out any easier or better way to manage this operation with as much efficiency. And just a quick FYI. My subcontractors get paid more than 90% of their peers within each of their respective businesses. <br />
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My philosophy is that business owners ABSOLUTELY MUST pay a person enough so that they can support a family, rent or mortgage, insurance, and recreation. Just to give you an idea, a couple years ago when I was running my own crew, I paid my unskilled helper $22.00 per hour and he was simply an unskilled laborer with an automobile and no tools (well actually he had a cordless drill that I gave him). But he was great at what he did and he ALWAYS showed up.<br />
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In fact, ALL of my subcontractors are GREAT at what they do. Here's a little secret. Most people are only moving at 20-30% of their full speed and if you can find a way to motivate them and also pay them quickly, their output will be the same as if you hired 3 regular guys. I'm not kidding, either.<br />
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In order to be able to pay people 'above average' wages and fees, you absolutely must know how to estimate repairs correctly. When I first started in the Property Preservation industry 6 years ago, I was asked by the vendor manager of my first client, "what estimating software do you currently use?". I told the person, "I don't use any software". As I look back, I am surprised that they even called me back.<br />
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Chris Millerhttp://www.blogger.com/profile/11071293197968499603noreply@blogger.com0tag:blogger.com,1999:blog-6808504246822316903.post-10640769536131618482015-08-25T13:10:00.000-04:002017-05-11T10:52:45.635-04:00Property Preservation Definition and Vocabulary List<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-8FvO0w1i8d4/WRR6T3Z3FbI/AAAAAAAADMo/zVK9Ya9TSPIEWvOZDb00W7m4oJSjvwqXwCLcB/s1600/P%2526P%2BGlossary%2BPic.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="Property Preservation Glossary" border="0" src="https://1.bp.blogspot.com/-8FvO0w1i8d4/WRR6T3Z3FbI/AAAAAAAADMo/zVK9Ya9TSPIEWvOZDb00W7m4oJSjvwqXwCLcB/s1600/P%2526P%2BGlossary%2BPic.png" title="Property Preservation Glossary" /></a></div>
<span style="font-family: inherit;">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. </span><br />
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<span style="font-family: inherit;">This is just one of the many components you will need to master in your quest to run your own successful property preservation business.</span><span style="font-family: inherit;"><br /></span><span style="font-family: inherit;"></span><br />
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<a name='more'></a><span style="font-family: inherit;"><b><u>Convey Condition:</u></b> 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.</span><br />
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<span style="font-family: inherit;"><span style="font-family: inherit;"><b><u>Property Preservation:</u></b> This term refers to the industry of professionals who provide services to banks and asset management companies on their foreclosure houses. Typical services provided are repair, inspection, insurance claim management and maintenance. Also known as Mortgage Field Services. Recently the misnomer "foreclosure cleaning" has been used to refer to the Property Preservation industry even though cleaning is only a very small part of the services provided by professional Property Preservation companies. If you want to be taken seriously, you should never refer to it as "foreclosure cleaning".</span></span><span style="font-family: inherit;"><br /></span><span style="font-family: inherit;"><b><u>Health Hazards:</u></b> Health hazards is a form of debris that has the potential to contaminate and harm humans. Common items in this category include feces (both human and animal), mold, dead bugs, extremely stained carpeting, rotten food, bodily fluids, unknown chemical containers.</span><span style="font-family: inherit;"><br /></span><span style="font-family: inherit;"><br /></span><span style="font-family: inherit;"><b><u>Safety Hazards:</u></b> Safety hazards can be missing handrails, a severely sagging ceiling, flooring that may pose a trip hazard, hanging gutters, broken steps, uncapped gas lines and wires. You can probably think of several more just using common sense.</span><span style="font-family: inherit;"><br /></span><span style="font-family: inherit;"><br /></span><span style="font-family: inherit;"><b><u>Marketable Condition:</u></b> Marketable condition is basically when a property is in “move in” condition.<br /> </span><span style="font-family: inherit;"><br /></span><span style="font-family: inherit;"><b><u>Theft/ Vandalism Damages:</u></b> Damages caused by thieves and/ or vandals such as stolen copper plumbing supply lines, graffiti, holes in walls caused during the theft of electrical wiring or plumbing, broken/ kicked in doors, broken windows, stolen electrical wiring, etc. Some companies prefer that you separate these 2; therefore, theft damage involves some type of theft and vandalism damage is simply damage without any visible theft.</span><span style="font-family: inherit;"><br /></span><span style="font-family: inherit;"><br /></span><span style="font-family: inherit;"><b><u>Water Damage:</u></b> Interior damage such as water stains, water logged carpet, buckled hardwood flooring caused by water intrusion from a leaky roof, freeze damaged plumbing pipes, flood caused by sump pump failure. This does not include the mold damage that appears very soon after.</span><span style="font-family: inherit;"><br /></span><span style="font-family: inherit;"><br /></span><span style="font-family: inherit;"><b><u>Roof Damage:</u></b> Damage to the roof such as missing shingles or missing flashing that is causing an active roof leak. Another example could be a large tree branch that fell on the roof (If this fallen tree branch could be linked to some type of extreme weather event then it would be classified as storm damage).</span><span style="font-family: inherit;"><br /></span><span style="font-family: inherit;"><br /></span><span style="font-family: inherit;"><b><u>Fire Damage:</u></b> Damage caused by fire or smoke. This type of damage can be minimal or it can be so extensive that the entire property needs rebuilt</span><span style="font-family: inherit;"><br /></span><span style="font-family: inherit;"><br /></span><span style="font-family: inherit;"><b><u>Storm Damage:</u></b> Damage caused by flood, hail, wind, fallen trees, etc. An example would be dented aluminum siding, fallen tree branches, roofing shingles that have bent or blown off the roof.</span><span style="font-family: inherit;"><br /></span><span style="font-family: inherit;"><br /></span><span style="font-family: inherit;"><b><u>Trashout:</u></b> Removing interior and exterior debris and abandoned personal belongings. Also known as cleanout, foreclosure cleaning and debris removal.</span><span style="font-family: inherit;"><br /></span><span style="font-family: inherit;"><br /></span><span style="font-family: inherit;"><b><u>Securing:</u></b> This term refers to a number of items that involve door locks replaced, all outbuildings locked, all broken windows properly boarded according to HUD specifications.</span><span style="font-family: inherit;"><br /></span><span style="font-family: inherit;"><br /></span><span style="font-family: inherit;"><b><u>REO:</u></b> “Real estate owned” by the banks, usually after the foreclosure sale.</span><span style="font-family: inherit;"><br /></span><span style="font-family: inherit;"><br /></span><span style="font-family: inherit;"><b><u>Cash For Keys:</u></b> When the bank or servicer is willing to pay the occupant of a property to vacate.</span><span style="font-family: inherit;"><br /></span><span style="font-family: inherit;"><br /></span><span style="font-family: inherit;"><b><u>Adjuster Scope:</u></b> An estimate prepared by an insurance adjuster (estimator) addressing specific damages covered by an insurance policy.</span><span style="font-family: inherit;"><br /></span><span style="font-family: inherit;"><br /></span><span style="font-family: inherit;"><b><u>Maid Service:</u></b> The process of basically “cleaning” the inside of a property including but not limited to vacuuming and mopping all floors, cleaning all windows and light fixtures, kitchens and bathrooms, stoves, ovens and refrigerators. This is basically a thorough cleaning of the whole house; however, most servicing companies require their cleanup contractors to complete a lengthy checklist and take specific photos in order to verify that this cleaning was completed up to their standards.</span><span style="font-family: inherit;"><br /></span><span style="font-family: inherit;"><br /></span><span style="font-family: inherit;"><b><u>Initial Services:</u></b> This is a type of order you will receive where you will be responsible for the trash out, maid service, grass cut or winterization (depending on which season), securing, completing a basic assessment of any damages present, and possibly several other issues that will be specifically requested. Each asset management company is slightly different and will instruct their property preservation contractors on the specific items they require.</span><span style="font-family: inherit;"><br /></span><span style="font-family: inherit;"><br /></span><span style="font-family: inherit;"><b><u>Update:</u></b> The method your client wants you to follow in order to send them information such as progress reports, photos, invoices, estimates, etc. They will either have a secured website or will request that you send the necessary info to them by e-mail.</span><span style="font-family: inherit;"><br /></span><span style="font-family: inherit;">If you want to stay up to date on this ever-changing industry, then you'll want to make sure your subscribed to the only newsletter dedicated to the Property Preservation contractors. <a href="http://eepurl.com/OYAv5">You can signup here to receive our Property Preservation Newsletter </a></span>Chris Millerhttp://www.blogger.com/profile/11071293197968499603noreply@blogger.com0tag:blogger.com,1999:blog-6808504246822316903.post-55434290389018774342014-08-31T20:10:00.000-04:002016-08-31T21:37:08.458-04:00How To Solicit Property Preservation Business From An REO Asset Manager<span class="Apple-style-span" style="background-color: white; font-family: "lucida grande" , "lucida sans unicode" , sans-serif; font-size: 13px;"> Before you attempt to contact any </span><span class="Apple-style-span" style="background-color: white; font-family: "lucida grande" , "lucida sans unicode" , sans-serif; font-size: 13px;"><a href="http://propertypreservationacademy.com/national_property_preservation_companies"></a></span><span class="Apple-style-span" style="background-color: white; font-family: "lucida grande" , "lucida sans unicode" , sans-serif; font-size: 13px;">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 <a href="http://reoconstructionbusinessmanagement.blogspot.com/2011/08/property-preservation-terminology-aka.html">comprehensive list</a></span><span class="Apple-style-span" style="background-color: white; font-family: "lucida grande" , "lucida sans unicode" , sans-serif; font-size: 13px;"><a href="http://reoconstructionbusinessmanagement.blogspot.com/2011/08/property-preservation-terminology-aka.html"> of property preservation industry vocabulary words</a> that you must be familiar with so you don't sound like a total newbie to any potential clients.</span><br />
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<span class="Apple-style-span" style="background-color: white; font-family: "lucida grande" , "lucida sans unicode" , sans-serif; font-size: 13px;"> Keep in mind that the REO asset managers you are going to be cold calling are extremely busy and you will most likely get their voice mail. Do not make the same mistake as most everybody else and leave a long winded voice message for the REO asset manager introducing your company and telling them about all the services you provide. You will sound like an amateur and will probably get hung up on. </span><br />
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<span class="Apple-style-span" style="background-color: white; font-family: "lucida grande" , "lucida sans unicode" , sans-serif; font-size: 13px;"> You must understand that most REO asset managers are employees earning a modest wage who are currently working way more hours than they would like to. Your best chance is to let the REO asset manager know that you are here to serve them and to make their life easier, if at all possible. And you should spend some time thinking about what an average day is like as an REO asset manager so you can truly understand the best way to approach the the person. And you should make sure your approach is different than all of the other annoying contractors who talk to the asset manager like they are doing him (or her) a favor by wasting his time with another boring autobiography about them and their brand new property preservation company. I would suggest that you limit your message or script to less than 10-15 seconds. Start out by creating a spreadsheet with as many REO asset manager contacts you can find. Use the spreadsheet to keep track of the dates and times that you called. </span><br />
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<span class="Apple-style-span" style="background-color: white; font-family: "lucida grande" , "lucida sans unicode" , sans-serif; font-size: 13px;">Here is my recommended phone script:</span><br />
<i><span class="Apple-style-span" style="background-color: white; font-family: "lucida grande" , "lucida sans unicode" , sans-serif; font-size: 13px;">"Good morning Mr. REO Asset Manager (use the asset manager's real name), my name is "John Smith" and I am a </span><span class="Apple-style-span" style="background-color: white; font-family: "lucida grande" , "lucida sans unicode" , sans-serif; font-size: 13px;">property preservation contractor who </span><span class="Apple-style-span" style="background-color: white; font-family: "lucida grande" , "lucida sans unicode" , sans-serif; font-size: 13px;">specializes in working with REO asset managers. I just wanted to let you know that I will make myself available to you, regardless of the day or time, if you ever get into a jamb or have trouble with their current contractor(s) and need an order completed ASAP. I can be reached at area code 123-456-7890 and my email address is johnsmith@gmail.com. Once again my email is J-O-H-N-S-M-I-T-H-@-G-M-A-I-L-.-C-O-M. Thank you for your time." </span></i><br />
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<span class="Apple-style-span" style="background-color: white; font-family: "lucida grande" , "lucida sans unicode" , sans-serif; font-size: 13px;"> Make sure that you speak your phone # and email address slow and very clear (not in a "rushed" manner). And you should have a short, "business-sounding" email address. Do not give out a shared email address that you and your wife both share. That is just unprofessional and you will make an awful first impression on the REO asset manager. </span><br />
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<span class="Apple-style-span" style="background-color: white; font-family: "lucida grande" , "lucida sans unicode" , sans-serif; font-size: 13px;"> You should know that you are going to be an annoyance to 90% of the REO asset managers that you will be calling. But the good news is that if you are persistent and continue without giving up, then you will succeed in hooking up with an REO asset manager. And some times all you need is one REO asset management company to supply you with enough property preservation jobs to keep you busy year round. If you continue calling the contacts from your REO asset manager list and use this script you will eventually cross paths with one that is actually looking for someone to save them from their current contractor. </span><br />
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<span class="Apple-style-span" style="background-color: white; font-family: "lucida grande" , "lucida sans unicode" , sans-serif; font-size: 13px;"> Please Note: The process described here should specifically be used for dealing with REO asset managers and REO brokers/real estate agents specializing in REO. This will not work for <a href="http://reoconstructionbusinessmanagement.blogspot.com/p/national-property-preservation-companies.html">national property preservation companies</a> because they have a different recruitment procedure that I will cover in a future article.</span><br />
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</span>Chris Millerhttp://www.blogger.com/profile/11071293197968499603noreply@blogger.com0tag:blogger.com,1999:blog-6808504246822316903.post-11134179159904734332013-11-15T12:31:00.000-05:002016-08-31T21:20:13.518-04:00HUD Chooses New Property Preservation Estimating Software ProviderThe 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.<br />
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How does this help you?<br />
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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.<br />
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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. Plus they'll have access to the same repair line item verbiage or language the clients are used to seeing.<br />
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The property preservation estimating software that HUD has selected to use is called RepairBase. Most vendors agree that it's cost is too expensive for most new Property Preservation Vendors, especially those who started on a shoestring budget and are trying to keep their company's overhead to a bare minimum.<br />
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Fortunately, <a href="http://reo.zaxaa.com/s/5110025737743">here's a cost estimating system for REO Vendors that requires much less of an investment</a>.Chris Millerhttp://www.blogger.com/profile/11071293197968499603noreply@blogger.com0tag:blogger.com,1999:blog-6808504246822316903.post-74959390046212201172013-10-14T08:06:00.000-04:002016-08-31T21:31:54.847-04:00Property Preservation Business Owners: Beware Of The Jack Of All Trades<div style="text-align: justify;">
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.</div>
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Our property preservation business utilizes the services of independent contractors who specialize in specific trades and so we created a screening process so that we could eliminate having our time wasted by unqualified candidates. Even with this recruitment system in place, we have to be careful so that we don't surround our property preservation business with a bunch of "back yard" hooligans. Whenever someone tells me they are a "jack of all trades but a master of none", I immediately classify the person as a "jack-ass" and quickly remove them from our property preservation business vendor list. Experience has proven that the "jack of all trades" really is not good at repairing anything. But he is really good at making us believe him. But at the end of the day, our clients hold our property preservation business accountable for the quality of work we put out and we refuse to ruin our reputation that took 5 years to build.</div>
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There is an old saying that "you need to know what you don't know." I have seen many property preservation businesses go out of business because they "pretended" to know how to fix everything. Real property preservation business professionals tell their customers NO all the time because they are aware of their skills and qualifications. Here is a really important translation that can save your property preservation business from a monstrous headache: When you hear a customer ask you if you know how to do a specialized type of construction job they are really telling you, "I trust you and I would appreciate if you know of a professional quality contractor who specializes in this certain construction task so that I don't have to take the chance on hiring some random scumbag who is going to lie to me and say he can do the job even if he lacks the skills simply because his rent payment is due tomorrow and he really needs my deposit money." Do yourself a favor and re-read the previous translation one more time so that you never ever forget it. If you fail to heed this warning your customer will quickly become your worst enemy. And then you will probably wonder why you ever decided to open up a property preservation business in the first place.</div>
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If any "jack of all trades" people are still reading this then please realize that it is never too late to change. You are creating your own troubles by exaggerating your abilities. Regardless if you are ready to accept this truth or not, doesn't make it any less real. </div>
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I think most people guilty of this are just not used to telling others that they don't do a certain type of work and/or because they haven't stuck around long enough after previous jobs to see the aftermath of their actions, so they might not even know the damage they cause.</div>
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Just because you worked for someone else for a couple months on their roofing crew or just because you helped your uncle install a roof at his house 7 years ago, does not make you qualified to offer roofing services to the general public for money. There are so many things that can and will go wrong if you do this. </div>
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There's plenty of evidence of the disastrous consequences caused by others who are guilty of this same type of behavior on many of the Property Preservation industry forums. Find out lots more about this ever-changing industry at Property-Preservation.tech, where you'll find <a href="http://property-preservation.tech/">Property Preservation jobs in your local area</a>.</div>
Chris Millerhttp://www.blogger.com/profile/11071293197968499603noreply@blogger.com0tag:blogger.com,1999:blog-6808504246822316903.post-63574554963562113532011-11-27T18:13:00.005-05:002011-11-27T18:23:34.393-05:00My Automated Solution To a Broken Hiring ProcessJust 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"?<br />
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<span style="font-size: large;"><b>What The Broken Hiring System Looks Like</b></span> <br />
Try to imagine placing an advertisement so that you could hire 1 employee or 1 independent contractor to be a vendor for your company and you receive over 150 replies. You can't possibly go through them all in a reasonable amount of time. Even if you did somehow manage to review them all, you would find that 70-80% had absolutely no experience in your industry and that they most likely submitted an application out of desperation. After hours and hours of reading applications and resumes you might end up with 5-10 qualified potential candidates out of the 150 that filled out your application, if you're lucky. But most employers will not be able to properly review all of these resumes and applications due to time restraints. And remember that they are hiring because they already don't have enough time to complete their other business tasks. So most of the time they will end up hiring based on personality instead of personality, experience, skills and attitude.<br />
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In today's economy, this is what is happening to many employers. The above numbers are NOT exaggerated. So in order to accomplish the goal of "hiring a qualified candidate in a reasonable amount of time", a business owner cannot continue to do what may have worked a few years ago; he or she must figure out a different method that works in the current economy.<br />
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<span style="font-size: large;"><b>Adding Pre-Screening Hurdles To Your Application</b></span> <br />
Your new hiring application will actually be your previous application along with a few pre-screening hurdles. The first thing I did was to add a few specific actions that need to be completed by the applicant in order to submit the application. These "applicant actions" I have implemented within my application are designed to test the applicant's computer skills instead of relying on them to honestly answer a question about it. I have also added a mandatory insurance requirement along with a few others. Ultimately by adding these "hurdles" to my application process, I am now going to have fewer unqualified people submitting applications so that I will end up with a shorter list of potential qualified candidates. The least qualified individuals will choose to move along to the next potential employer because it will be easier for them.<br />
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My ultimate goal with this hiring process is to focus my screening on the specific human characteristics and skills that I know, from previous experiences, are important in my line of work. I will no longer be relying on simply asking questions and telling the potential candidates about what characteristics I am looking for because it is too easy for them to just ignore it. So instead, we are setting up the entire hiring system so that the applicant cannot even submit the application without using the specific skills I am looking for. It is not wise to rely on the assumption that everyone will be totally honest on the applications. Think about it. If an applicant is struggling to feed his or her family, don't you think they will be trying to do whatever they possibly can in order to get the job?<br />
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<span style="font-size: large;"><b>Some Pre-screening Ideas For Your Application Process</b></span><br />
- Application Fee<br />
- Background Check Fee<br />
- Technical Skills Test<br />
- Knowledge Test<br />
- Make the applicants conduct a series of actions to test their computer skills such as upload, download, email, etc<br />
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<span style="font-size: large;"><b>My Personal "No-Cost" Automated Application Process</b></span> <br />
I have been using an "automated" application process that I created 3 years ago and it has worked perfectly every single time I needed to hire someone. Each time I need to run my little hiring process, I end up with detailed applications submitted to me from about a dozen extremely qualified candidates so I am then able to conduct a phone or email interview and proceed from there. I designed this system to eliminate the worst part of the hiring process which is sorting through mountains of resumes from unqualified people or having to discuss the same issues over and over again with 100's of people. In fact, the total time invested is about 30 minutes because I have utilized some basic technological tools that take care of a lot of the leg work.<br />
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Setting up my automated application process each time I need to hire someone new only takes about 15-30 minutes of my time. Of course this is after initially setting everything up the first time. Initial set up of this system should take the average person approximately 1-2 hours. I almost forgot to mention that each time I run my automated hiring application system costs me nothing. It is FREE. It was designed using creativity and "no cost" sources of advertising.<br />
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<span style="font-size: large;"><b>Could You Use An Automated Hiring System?</b></span><br />
I have been going through all the systems and processes I use to run my business so that I can get them out on paper. The reason for this is because my goal is to create a detailed operations manual that I can hand over to an office manager so that he or she will be able to operate my business the same exact way that I do. This application process is just one of the several milestones needed to accomplish my goal of having a "business that works for me" instead of "me working for the business". And since I firmly believe in sharing information with other people, I decided to create written reports that detail the exact steps involved in each of these milestones as I accomplish them. So check back within the next few weeks if you are interested in learning about how to implement your own "automated" system for hiring employees or independent contractors.Chris Millerhttp://www.blogger.com/profile/11071293197968499603noreply@blogger.com0tag:blogger.com,1999:blog-6808504246822316903.post-59490083285305244232011-11-25T03:24:00.005-05:002014-03-30T17:44:05.916-04:00REO and P&P Foreclosure Properties: 2 Different Types of Foreclosures In The Property Preservation IndustryRegardless 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 <b>"REO"</b> and <b>"Property Preservation"</b>. 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.<br />
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<a name='more'></a>The reason there are 2 different classifications of foreclosure properties is really quite simple. What is NOT simple is how you as a property preservation business owner is affected by each of these 2 types of foreclosures. The difference is based on whether or not the property owner's mortgage loan was an "FHA guaranteed" loan or not. Government programs means government regulations and a whole lot of them. All of which need to be known and understood by anyone involved in property preservation.<br />
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REO is the term used when the loan was NOT an "FHA guaranteed loan". In this instance, the lender is in charge of the entire foreclosure process as well as disposing (or selling) of the asset. Because this loan was not guaranteed by the Dept of HUD the lender DOES NOT have to follow any additional rules. <b><u>The #1 goal for REO foreclosure property is to get it sold as fast as possible.</u></b><br />
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P&P is the term used when the loan that is delinquent was an "FHA guaranteed loan". This means that the individual who borrowed the money against the property, did so using a special type of bank loan designed for individuals with either very little down payment money or with "less than good credit". The bank utilized the FHA program created and mandated by the Dept of HUD (you know, our government). For simplicity purposes, HUD provides a type of insurance to lenders that protects them from certain "financial losses". <b><u>The #1 goal for the Property Preservation foreclosure property is to comply with HUD regulations.</u></b><br />
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In this case, the Dept of HUD is ultimately in charge of the property at the end of the foreclosure. However, the lender is still in charge of taking the property through the foreclosure process and they must follow very specific requirements in order to comply with HUD and receive reimbursement for their loss. REO foreclosure properties are similar to Property Preservation foreclosure properties in some ways. But the main difference is that P&P is directly dealing with a division of the federal government which causes them to have additional "hoops" to jump through. <br />
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Here is a simplified example to better describe HUD's involvement in a typical FHA loan: Say Mr X buys a house and gets a $100,000 FHA loan from Bank A. Two years later, Mr X loses his job and falls behind on his payments. Let's also say that the current market value dropped from around $100,000 down to $60,000. Well as long as Bank A follows the rules and regulations throughout the entire foreclosure process that are set forth by the Dept of HUD, they (Bank A) will be "reimbursed" the entire amount of the loan including interest. <br />
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So how does this affect you as a contractor? Find out by heading over to the <a href="http://www.property-preservation.us/hud-guidelines.html" target="_blank">HUD Property Preservation</a> Page at our main website.Chris Millerhttp://www.blogger.com/profile/11071293197968499603noreply@blogger.com0tag:blogger.com,1999:blog-6808504246822316903.post-27992787155556683842011-10-28T21:48:00.001-04:002012-01-19T04:45:43.728-05:00Do Not Be Cheap When Learning How To Start a Foreclosure Services Business<span class="Apple-style-span" style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif;">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. </span><br />
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<span class="Apple-style-span" style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif;">Now I'm not saying that you should purchase the first property preservation training course that you find. You need to be aware of certain websites that are selling foreclosure services training information even though they have never even been directly involved in this industry. A little bit of common sense will go a long way. </span><br />
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<span class="Apple-style-span" style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif;">I myself spend approximately $1,000.00 per month on my education. I purchase and consume everything I can get my hand on that is related to foreclosure services, construction techniques and running a business. Anything that will help me become more efficient as a business person. I figured it would be helpful to give you an idea of what an average successful person spends on knowledge and information.</span><br />
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<span class="Apple-style-span" style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif;">But just realize that the secret to success in any business is the speed and quality of the information that you use to build your knowledge base. </span><span class="Apple-style-span" style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif;">The sooner you realize that educating yourself is not free, the sooner that you can start earning money in the profitable field of providing foreclosure services.</span><span class="Apple-style-span" style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif;"> </span>Chris Millerhttp://www.blogger.com/profile/11071293197968499603noreply@blogger.com0tag:blogger.com,1999:blog-6808504246822316903.post-41348447087719769912011-10-28T08:40:00.005-04:002016-05-26T00:44:49.167-04:00How Do I Contact An REO Asset Manager For Property Preservation JobsMany new vendors are clueless about the role of an REO Asset Manager, whose job it is to manage the re-acquisition, maintenance & repair, and ultimately the sale of each and every foreclosure 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.<br />
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They are 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. All this documentation 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.<br />
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Some new foreclosure service providers 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 couldn't be further from the truth. 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 small possibility that the REO asset manager will refer you to the REO broker if you are clever enough.<br />
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So before you head over to the nearest REO property preservation forum asking how to go about locating a list of REO asset managers or start randomly contacting REO brokers and REO asset managers, make 100% certain 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. <a href="http://eepurl.com/OYAv5" target="_blank">You can signup here to receive our Property Preservation Newsletter</a><br />
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And 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 <a href="http://reoconstructionbusinessmanagement.blogspot.com/2011/10/how-to-solicit-property-preservation.html">REO asset manager phone script</a> that has been working very well for the past 5 years now and I hope somebody finds it helpful.Chris Millerhttp://www.blogger.com/profile/11071293197968499603noreply@blogger.com0tag:blogger.com,1999:blog-6808504246822316903.post-81979243934000298392011-10-23T00:46:00.007-04:002014-03-30T23:31:33.188-04:00Property Preservation Company Cash Flow: Failure Is Certain If You Are Guilty Of This<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
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<span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span style="color: black;">Some call this the "robbing Peter to pay Paul" syndrome. Property preservation business owners are sure to fail when they start their foreclosure business without adequate operating capital and are forced to make decisions based on how much money they don't have. When the choice is made to start a property preservation company, you are officially giving up your right to receive a weekly paycheck for at least the first year. You will increase your chances of success if you start your property preservation company with at least 3-6 months worth of cash reserves or you have a decent sized line of credit to fall back on and also if you have educated yourself about managing cash flow.</span><span style="color: black;"><o:p></o:p></span></span></div>
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<span style="color: black; font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">Experience has proven that most technicians who make the decision to start their own property preservation company don't realize that their "cut" or the profit from a typical property preservation job will be whatever is left at the very end, after everyone else is paid. And they always seem to overlook the fact that sometimes there is nothing left because occasionally a property preservation job actually loses money. Do not operate your property preservation company with the mindset of an employee.</span><br />
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<span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span style="color: black;">In my own experiences of operating a property preservation company we have lost money on approximately 15% of all jobs over the past 5 years. These losses occur when we make a mistake such as under estimating a job type that we are not familiar with or by not keeping a close enough eye on each job's outgoing expenses. The banks and asset management companies that supply our property preservation company with all of the work do not pay for our mistakes. They hold us accountable for our own decisions and actions. BTW, even with these losses our property preservation company still produces a net profit of around 10%-20% of the gross. Educate yourself about cash flow and useful technology so you can start your <o:p></o:p></span><a href="http://www.property-preservation.us/education--training.html" target="">property preservation company</a> the right way.</span></div>
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<span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span style="color: black;">Do not fool yourself into thinking that you can "borrow" some of the upfront draw payments for personal use only to later find that you don't have enough money to complete the job. REO asset managers are constantly on the lookout for this type of behavior and they will never willingly hire a local property preservation company who is not financially stable enough to complete a job. </span><span style="color: black;"><o:p></o:p></span></span></div>
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<span class="Apple-style-span" style="line-height: 18px;"><span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">We have all heard stories about construction company owners (not just property preservation companies) who started a job only to later simply just walk away. Over time I have learned that this is most often caused when the contractor has spent more of his or her customer's money on personal items instead of spending it on getting the job done and then there always comes the time when the remaining work exceeds the amount still owed the contractor so they just walk away. If you fall into this trap you no better than a thief who's out robbing elderly people.</span></span><br />
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Chris Millerhttp://www.blogger.com/profile/11071293197968499603noreply@blogger.com0tag:blogger.com,1999:blog-6808504246822316903.post-45207433320582589982011-09-04T11:25:00.001-04:002016-05-26T00:51:00.120-04:00Foreclosure Cleanup Scam- Part 2I have purchased just about every single property preservation training book that is currently available for sale. Some of you will know it better if I use the term foreclosure cleaning business. Most of the courses were worse than I ever imagined. A couple were decent and one was really helpful. I figured that instead of considering it a financial loss the least I can do is try to save someone else from wasting their money by writing about my experience. Because unfortunately, most of the training courses that were written specifically about the foreclosure cleanup business are based on complete and utter lies. Just complete garbage. Now there are a few that provided real information about property preservation. The only problem is that the average person probably couldn't tell the courses apart solely based on the marketing messages that are presented to them.<br />
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And before I forget, PLEASE DO NOT WASTE YOUR MONEY ON A NATIONWIDE BANK AND ASSET MANAGER CONTACT LIST. You can access a <a href="http://reoconstructionbusinessmanagement.blogspot.com/p/national-property-preservation-companies.html">FREE list of property preservation companies who have online vendor applications</a>. The lists these other people are selling were designed for city code enforcement workers to locate and contact the people at the banks and asset management companies who specifically deal with code enforcement issues. Ever wonder why they don't have an unconditional money back guarantee? I can tell you why. Because they know they are selling crap. For those who missed yesterday's post about these phony gurus, here is a link:<br />
<a href="http://reoconstructionbusinessmanagement.blogspot.com/2011/08/cleanout-course-reviews-do-not-purchase.html">Foreclosure Cleaning Scam Part 1</a><br />
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I am officially challenging several of the foreclosure cleaning phony gurus to provide evidence backing up their outrageous financial claims and promises they made about profits and cash flow. I also want evidence that you even work in this industry because your writings tell me otherwise. I have a feeling I will be called names such as "hater" and even worse. Call me what you will but I refuse to sit back and let you sell this BS to unsuspecting, potential REO contractors. You are taking advantage of innocent people by selling your hyped up empty promises of getting rich in the foreclosure services business. (I am specifically talking about the ones promising customers that they can make $20,000 per month or that they can start a business without any money)<br />
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P.S. Yes, I decided to be the guinea pig for this experiment. I did not want my reviews to be based on just these people's second rate marketing. Instead, I wanted to make sure I gave everyone of the self proclaimed gurus a fair chance. And I also decided that I am going to post all of my reviews at the same time.<br />
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P.S.S. I currently operate an REO construction company that was started in early 2007 and has experienced a 300% increase in gross sales, every single year since it was created. Plus I have been self employed since 1996 in related fields. I can verify this. What about you?Chris Millerhttp://www.blogger.com/profile/11071293197968499603noreply@blogger.com1tag:blogger.com,1999:blog-6808504246822316903.post-52529129611008930082011-08-25T13:55:00.002-04:002012-01-19T04:42:46.218-05:00Foreclosure Cleanout- Do Not Purchase Another Trashout Course Until You Read ThisI frequently spend my nights educating myself about running a successful business. I also spend a considerable amount of time testing out new business management software along with other people's coaching programs and training courses, mostly because I am convinced that the right software can make the difference between success and failure, in not just the foreclosure cleaning field but in any business. I have been most disappointed by the courses that my fellow colleagues have been selling. I am referring to the authors writing about the property preservation and mortgage field services industry. I cannot help but to get angry when I see the "wannabe gurus" aka foreclosure cleanup queens and kings screaming about how rich people can get if they just follow the guru's advice. I haven't heard so much BS hype since Don King was promoting Mike Tyson. Being that I am a student and practitioner of the REO contracting business and also a student of the internet and technology , I can clearly see that these people do not know what they are talking about. I mean, if you read through their blogs and online sales advertisements you will find all kinds of contradicting statements. The part that makes me most upset is that I feel like the only people who believe this nonsense are the ones that are most likely to get hurt by the misinformation. As far as I'm concerned, people have to actually EARN the guru status.<br />
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Please, please, please if anyone else out here is thinking the same things about these unsavory characters, please let me know by posting a quick comment on this blog. Or if you have purchased one of these bogus courses and are unhappy, please post a comment. <br />
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Chris Millerhttp://www.blogger.com/profile/11071293197968499603noreply@blogger.com2tag:blogger.com,1999:blog-6808504246822316903.post-31396290150840623762011-08-25T07:26:00.000-04:002012-01-19T04:45:43.728-05:00Foreclosures decline, while foreclosure businesses thrive<div>This morning, I came across an online article that mentions a couple of the really successful property preservation companies that are out there, and have included a link below. Articles like this one are inspiring to me because it provides more evidence of how rapidly an REO business can grow within this little construction niche of ours. I make it a point to read something inspiring first thing in the morning (every day) so that I can begin the day with a feeling of gratitude. </div><div>
<br /></div><div>Most people cannot believe that a daily morning routine (as seemingly small as it appears) could have such a profoundly positive effect on one's attitude. Do yourself a favor and force yourself (first thing in the morning, for the next 5 days in a row) to either watch an inspiring video or read an uplifting story instead of polluting your mind with the typical negative craziness (aka your regular daily news). Although this article wasn't designed to be inspiring, it is to those of us working on big things in the property preservation world (aka the trashout business). I forget who said it but if you keep doing the same thing all the time you are going to get the same results. This is a very small change (that is free and most likely will not take you any extra time). But it will return so much more.</div><div>
<br /></div><div>Link to article: <a href="http://www.wbez.org/episode-segments/2011-08-24/foreclosures-decline-while-foreclosure-businesses-thrive-90952#">Foreclosures decline, while foreclosure businesses thrive</a></div>Chris Millerhttp://www.blogger.com/profile/11071293197968499603noreply@blogger.com0tag:blogger.com,1999:blog-6808504246822316903.post-15622005505743893272011-08-02T08:37:00.000-04:002016-05-26T01:14:29.514-04:00Property Preservation Business<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-layout-grid-align: none; mso-pagination: none; mso-pattern: solid white; mso-shading: white; punctuation-wrap: simple; text-autospace: none;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Here's what you need to know about the Property Preservation Business in a nutshell. </span><br />
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Most banks have many of the same problems that plague regular homeowners such as city code violations, leaking roofs, frozen plumbing pipes, damages caused by fire, water, theft damages, etc and they are forced to hire new firms to complete repairs on their unbelievably large stock of houses.<o:p></o:p></span></div>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">These banks do not want just any contractor with a liability insurance policy to work on their foreclosure properties.<span style="mso-spacerun: yes;"> </span>They want a property preservation business who's knowledgeable about the entire foreclosure process, and that can complete any necessary repairs that arise or that might be required by their insurers. </span><br />
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">The banks and asset management companies who control the management cycle of foreclosure properties are responsible for the upkeep during this process and they're penalized if certain procedures are not followed. Because of how quickly the avalanche of defaulted mortgages started coming back to them, the large P&P businesses who control 90% of the work (nationally) assume that the local vendors they hire have already educated themselves and already know what to expect. </span></div>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">The good news is that there is still a ton of opportunity and most likely will be for years to come for your property preservation business. The bad news (which is something I see over and over) is that most new vendors go through the process of getting approved to work for property preservation companies BEFORE they spend adequate time learning the basics. So they end up receiving a lucrative account, but very soon thereafter, they find out about the consequences of not educating themselves, which are called "chargebacks".</span><br />
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">And ultimately this is why there's so many ex- property preservation business owners hanging out online in the industry forums posting comments about how a certain company doesn't pay their contractors. And all because they believe it is unnecessary to spend a little money on education. <o:p></o:p></span></div>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">FYI, I myself spend hundreds of dollars each and every month on new books, training courses, and other online information. I have been doing this for many years and I truly believe this is one of the top 3 reasons everything is going so well for us right now.</span></div>
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<span style="font-family: "times new roman" , serif;">There are currently 3 different areas you can specialize in, while working within the property preservation world. They are...</span><br />
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<span style="font-family: "times new roman" , serif;">You can either complete brief physical inspections of foreclosure properties for your bank client(s). Or you can do what I do and that is specializing on the larger repair jobs by being one of their repair contractors. Or finally, you can work as a maintenance contractor. Descriptions of each field are as follows:<o:p></o:p></span></div>
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<span style="font-family: "times new roman" , serif;"><b>Inspection Services</b><u><o:p></o:p></u></span></div>
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<span style="font-family: "times new roman" , serif;">As an REO inspector or property preservation inspector, you will be responsible for weekly or monthly inspections of the bank’s foreclosure properties to determine such things as occupancy status (Is the property vacant or occupied?) current condition of the property (Are there any new damages to report?), check the progress of current repair orders the bank or field service company has hired another independent contractor for.<span style="mso-spacerun: yes;"> </span>You do not need any construction background to complete inspections, but it would be helpful. <o:p></o:p></span></div>
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<span style="font-family: "times new roman" , serif;"><b>Repair Contractor</b><u><o:p></o:p></u></span></div>
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<span style="font-family: "times new roman" , serif;">As a repair contractor, you will be responsible to estimate, and if your bid is approved, to complete or arrange to have completed various repairs at residential properties.<span style="mso-spacerun: yes;"> </span>These repairs can include but are not limited to roof repairs or replacement, total rehabs, repairs to correct damages such as theft damage, water damage, vandalism damage, disaster damages, etc.<span style="mso-spacerun: yes;"> </span>Lately, I have been receiving quite a few repairs to repair water and mold damage such as drywall, carpeting.<span style="mso-spacerun: yes;"> </span>Believe it or not, many banks are renovating their housing stock in the better neighborhoods as they are proactively trying to reduce market times, which is the length of time a house is for sale.<span style="mso-spacerun: yes;"> </span>As a repair contractor, you will be required to know how to use basic estimating software, be able to give accurate start and finish dates, and have all the necessary the equipment and crew (or "sub-contractors") to complete these repairs as quickly as possible.<span style="mso-spacerun: yes;"> </span>Construction knowledge is a must to be a successful repair contractor.<o:p></o:p></span></div>
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<span style="font-family: "times new roman" , serif;"><b>Maintenance Contractor</b><u><o:p></o:p></u></span></div>
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<span style="font-family: "times new roman" , serif;">As a maintenance contractor, you will be completing mostly smaller jobs that do NOT require you to have any specialized construction background. Typical property preservation maintenance jobs include boarding up broken windows, winterizing, trashouts (aka clean-outs or simply, removing debris), maid services (typical cleaning services), </span><span class="Apple-style-span" style="font-family: "times new roman" , serif;">lawn maintenance (grass cutting and weed eating).</span><span class="Apple-style-span" style="font-family: "times new roman" , serif;"> You will also have to complete some inspection type tasks such as noting the current condition of the properties that you are working on as well as basic estimating of minor property repairs. Although you do not need any extensive construction background to complete these basic property maintenance jobs, but it would be helpful if you wanted to accept the larger repair jobs along with these maintenance jobs.</span></div>
Chris Millerhttp://www.blogger.com/profile/11071293197968499603noreply@blogger.com0tag:blogger.com,1999:blog-6808504246822316903.post-84439246601684200542011-07-22T15:16:00.000-04:002016-08-31T20:53:49.733-04:00Property Preservation and REO Construction: A Secret No MoreRunning a property preservation business as well as specializing in REO contracting type work is a specialized field that is very much in hot demand these days. Even though this field has been around for many, many years, there are only a small percentage of construction contractors that truly understand everything that is involved.<br /><br />I have been actively involved as an REO contractor since 2007, which is the reason I actively educate myself and research everything I can about not only the property preservation industry, but also about general business management, implementing new software technology and correctly completing the work.<br /><br />When I first created this site, there was very little accurate info for new property preservation vendors. Because of this, I decided to dedicate some of my free time to create a website that provides this missing information.<br /><br />This website has been live since 2009, and even though I've been slacking off on my webmaster duties for the past couple years, it is nowhere near finished. I have recently been trying to dedicate at least one hour per day to researching new content and helpful resources to add this website, so please check back often.Chris Millerhttp://www.blogger.com/profile/11071293197968499603noreply@blogger.com0