| By :
Frank Patrick
Property Preservation Companies Continue to Boom With a high percentage of joblessness persisting, with fears of a double-dip recession continuing, one business sector continues to thrive – property preservation. The property preservation business, for those who don’t know, involves performing repairs and maintenance on vacant homes, which have usually been foreclosed upon by the bank or financial institution that holds the mortgage. These homes frequently have overgrown lawns, broken windows, and other cosmetic damage – they are also often victims of vandalism and break-ins, since the properties are generally unsecured. The property preservation company will prepare the home, which has usually become an REO (Real Estate Owned) property, to be put back on the market so the REO seller can recoup some of their costs. Because foreclosures still reaching record highs, property perseveration companies find themselves more in demand than ever. This trend will continue, as more mortgages are in delinquency than ever before during this unprecedented real estate crash – and the huge foreclosure backlog is finally finding its way to market. The plain fact is that these millions of vacant properties – all across the country, spanning every socio-economic category – will all require property preservation services. This involves securing the property, performing what’s called a “foreclosure trash out” (removing all the debris and garbage left behind in the home), and doing all necessary repairs and yard work necessary. In cold weather areas, winterization is another necessary service, which involves, among other things, draining all water from the plumbing to prevent damage from freezing. Housing experts are expecting to see a massive amount of foreclosures happen in the final six months of 2010 – a trend expected to continue for the next two years at least. And, as property preservation is the biggest foreclosure business opportunity available, many people are anxious to start a property preservation company of their own, either to start a new career or for extra income. The reason? It’s a fairly easy business to get started in and it can be incredibly lucrative, grossing some property preservation companies tens of thousands of dollars a month. Start-up costs are small (a truck and some basic tools) and experience isn’t necessary. What is necessary is expert training to enable the beginner to know what is expected from them by the company that owns the foreclosure. Most often, these are huge financial institutions that expect a property preservation company to understand what they need to do without any hand-holding. Also, the foreclosure trash out firm needs to know the ins and outs of such critical matters as insurance, documentation and licensing. While the opportunity is huge, this training is necessary to ensure success in this incredibly in-demand field.
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