Many small foreclosure cleaning companies obtain work from large mortgage service companies. The trash and foreclosure cleanup industry is on the rise, as evidenced by foreclosure industry data from sources such as RealtyTrac, an online marketplace for foreclosures. According to RealtyTrac, 3,825,637 foreclosure filings were reported in 2010 on US properties. This is a double digit increase from 2008.
Foreclosure cleanup companies deal with the cleaning, cleaning and ongoing interior and exterior maintenance of homes that have been foreclosed by banks and mortgage companies. The services offered by foreclosure cleaning companies can include a wide range of services, well beyond cleaning. Services offered by these companies include cleaning, debris removal, painting, minor repairs, lawn maintenance, application of tarps to roofs and complete roof repairs, pressure washing, gutter cleaning, one-time and ongoing inspections, vehicle removal, tree felling, winterization, change locks, window and door boarding, and more.
Establish Your Foreclosure Cleaning Business First
Many small foreclosure cleanup companies get work from property preservation companies. Although there are a plethora of property preservation companies out there, it can be time consuming to register with all of them. The best way to start finding work is to set up your business with the proper license, insurance, and equipment.
Your license: Often, a professional license issued by your county’s county clerk’s office is what is needed. Each county is unique, so call your government office that handles business licensing in your county to find out what type of license you’ll need depending on the services you choose to offer.
Business insurance: Next, contact a local insurance agency and discuss your business to best determine the type of coverage your business will need. At a minimum, you will need liability insurance. Also plan to discuss obtaining workers’ compensation insurance and the appropriate coverage for your vehicle.
Equipment preparation: There are several paths you can follow to obtain equipment for your business. You can either a) buy equipment, b) rent equipment, or c) use the equipment you already have on hand in your garage or basement to start your business. Plan equipment based on the services you plan to offer in your business.
NOTE: If you niche your services or offer one-stop services based on outsourcing or service referral, you will need limited equipment to get started. However, if you choose to become a one-stop shop and do everything yourself, you will need more equipment. Keep this in mind when planning your business and equipment needs.
Once you’ve properly researched the industry, planned your business and marketing strategies, obtained the appropriate license and insurance, and your equipment needs are in order, it’s time to start registering for work.
The best way to start is to register your business with major property preservation companies. Below is a list of five major property preservation companies. Contact them for their supplier packages and start registering your business to be part of their databases.
List of Top Five Property Preservation Companies to Register With
1. Mortgage Agreement Services, LLC: A national property preservation and inspection company founded in 1986. (Website: mcs360 DOT com)
2. Cyprexx Services: Cyprexx is a national field service company that provides property preservation, inspection, repair and maintenance services to some of the largest financial organizations, government institutions, asset management companies and brokers in the States. United States (Internet address: cyprexx DOT com)
3. Five brothers: This company has been in business for over 40 years and provides services related to property preservation, inspection and management of REOs. (Website: fivebrms DOT com)
4. Field Asset Services, Inc.: Field Asset Services is an REO asset management and property preservation services company responsible for over $7.3 billion in residences on behalf of nearly 30 major national clients. They regularly look after over 120,000 properties. (Website: fieldassets DOT com)
5.Lenders Asset Management Corp. (“LAMCO”): LAMCO has been around since 1989 and provides residential REO asset management and outsourcing solutions for national lending institutions, banks, services and investment firms. (Web: lendersreo DOT com)
Planning property preservation tests
When you register your foreclosure cleanup business with these top property preservation companies, be prepared to show proof of insurance, business registration and, most likely, be prepared to take a preservation quiz. goods. Most of these quizzes are simple tests that simply assess your understanding of basic industry terms and tasks. Most testing information is readily available online, if you don’t already know it.
Foreclosure Clean up jobs for years to come
Remember that once you register with these companies and have your credentials verified, these larger entities can provide your business with mass cleaning jobs for years to come.
Much success registering your REO junk business with these companies for foreclosure cleanup work!
For a more comprehensive list of property preservation companies and other key companies to register with for foreclosure cleanup and REO waste disposal work (with direct employment links to vendors), consult the Directory of Contracts and Subcontracts for the Property Preservation and Real Estate Industry.