Here's what you need to know about the Property Preservation Business in a nutshell.
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.
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.
These banks do not want just any contractor with a liability insurance policy to work on their foreclosure properties. 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.
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.
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.
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".
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.
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.
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.
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