Here are links to each of the individual topics on our website. Just click any of the section titles to review the training materials for that topic.
I’ve found property preservation to be a lucrative, reliable, and excellent business to be in. In this article I’ll tell you how you can start and succeed in the property preservation business.
What does it mean that a home is being foreclosured. How does the foreclosure market work and how can you make money with foreclosured homes.
If you plan to become a Property Preservation Repair Vendor or an REO Repair Vendor, you will be expected to complete itemized repair estimates, or “bids” as they are frequently referred to in this industry. You will also be expected to use some type of estimating software.
A big decision you will face at an early stage of your operation will be whether to recruit your own full-time employees or use independent contractors, or sub-contractors.
Before you start any work whatsoever, it is critical that you have appropriate insurance in place to protect yourself, the property you work on, and anyone you hire.
It’s one thing to win business and even deliver a service, but being profitable also means managing your finances properly. You need to make sure you keep track of who owes you money and how much.
If you have an established property preservation business, you may still be looking to get more clients or projects. Like any business, this lucrative and reliable business still requires marketing, especially in the first few years.
If you are new to the Property Preservation Industry, this would be a great page to start your education. Just like every other construction related industry, ours has its own specialized terminology and if you fail to understand it, there’s a good chance you will not even get into this business. We have a vast glossary for Property Preservation, landscaping, construction and OSHA construction safety terminology.
Gone are the days when you could just pull up to a property and slap some boards up. Nowadays, many servicing of the companies have to follow strict rules about when and where they are allowed to use boarding as a way to secure a property. Many local communities have recently passed new rules about boarding, as well.
Debris Removal is one of the most vitally important tasks. Few people outside this industry realize that trashing out a property involves much more than simply renting a dumpster and tossing out trash. Many of the recent news stories have involved REO vendors who have completed debris removal work orders at the wrong property. Just getting to the right house is only half the battle. Check out this page to learn more about it.
Property Inspectors have a very important job within the Property Preservation industry. Most insurance policies have strict rules in regards to a property’s vacancy. The property inspector is the key player in the field whose work allows banks and servicing companies to stay in compliance.
Seasonal lawn maintenance is another very important aspect of this business because most cities across the United States have been really cracking down on banks and servicing companies for not adequately maintaining properties when they are supposed to be taking care of them. Many local communities have been imposing fines as large as $1,000 per day for maintenance violations.
This is the process of thoroughly “cleaning” the entire 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. Depending on the client who orders the maid service work order, there may be additional tasks related to cleaning that you need to complete.
Believe it or not, many banks are actively renovating their foreclosure houses in an attempt to sell them for the most amount of money in the least amount of time. Banks are also forced to complete repairs to cure city code violations and to address damages related to an insurance claim.
Securing a property is typically part of a Initial Services Work Order. An Initial Services Work Order starts off by gaining access to a property by removing one of the existing locksets and then installing a new one in it’s place along with a lockbox.
There are two types of winterizations, dry and wet. Dry Heat systems are forced hot air, they will have furnaces, vents and/ or registers. Wet heat systems can either be “Steam Heat” or “Radiant Heat”. “Steam Heat” will have a steam boiler and steam running through the system, generally radiators. “Radiant Heat” will have a hot water boiler, expansion tank, and hot water running through radiators or copper tubing located in the floor, walls, and sometimes ceilings. Radiant heat may also be referred to as a “wet system” or “hot water baseboard heat.”
Latest news and stories from the world of property preservation.
Current list of the Property Preservation Companies who are always recruiting new vendors with links to their online vendor applications.
Find out property preservation companies in your state who are currently looking to hire vendors, HUD pricing, foreclosure trends and much more!