| By :
Frank Patrick
Lucrative Careers Await Those Who Learn the Ropes Many Master Contractors and larger property preservation companies are now requiring prospective contractors take a quiz to make sure they know what’s required from a foreclosure contractor. Business is huge for those in the property preservation business; the continuing overwhelming amount of foreclosures combined with the forthcoming “shadow inventory” of millions of homes yet to be converted into REO homes means there will be for years to come an overload of properties requiring clean outs, repairs and maintenance before being put back on the market. Some new property preservation contractors currently report making as much as $10,000 a week and working 7 days a week to keep up with the demand. That surely makes property preservation the biggest foreclosure business opportunity out there. But while it doesn’t take a lot of experience, skills or equipment to get started in this suddenly very-profitable occupation, it does take a certain level of training and knowledge before a new vendor will be hired by “the big boys.” Before hiring a new company, many bigger mortgage field service companies will administer a quiz or exam to the newbies, to make sure they know the ins and outs of the profession. Obviously, they want to ensure that a foreclosure clean out and repair is done correctly and doesn’t harm their overall reputation. A lot of the questions will involve a provider’s understanding of the HUD government guidelines for property preservation, since many of the properties currently needing these services come directly from HUD Management. Questions can range from the simple to the very complex. You could be asked: • What’s the definition of Conveyance Condition when it comes to a HUD property? • What are the steps requiring in winterizing a home with a dry heat system? • When is the lawn mowing season start and end dates in your local area? • What steps do you take during a formal foreclosure clean-out? • What do you do if you arrive to perform property preservation services and find that the property is occupied? • What if you found a perfectly good boat left in a detached garage on the property? Your ability to answer these questions quickly and in detail will determine whether you’re assigned property preservation jobs – or not. So, before you attempt to start a property preservation company, make sure you’ve learned what you need to know from someone who’s had a lot of experience in the industry. The work itself isn’t hard to do – but knowing what you need to do is critical to getting off on the right foot and experiencing the ongoing success that so many others who have entered this business have had.
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