| By :
Frank Patrick
Higher Property Preservation Standards Means More Business Opportunity. More foreclosures on the market and more competition in this home category means a whole lot more business opportunity for property preservation companies, the firms that perform foreclosure trash outs to prepare these abandoned homes for resale. The inventory of foreclosures continues to increase and to reach more record-breaking heights in 2010. Banks are still dealing with their huge backlog of these vacant homes, as well as all the many new foreclosures still occurring due to the weak economy. That’s added up to a “perfect storm” when it comes to the incredible number of vacant homes that require foreclosure trash outs. And, interestingly enough, it’s also become about more than performing those basic foreclosure trash outs. With REO (Real Estate Owned) properties becoming more and more prevalent – and distressed properties comprising almost a third of all real estate sales so far in 2010 – it’s no longer enough to market a foreclosure whose main selling point is the fact that it’s cheaper than a comparable home being sold by its owner. Recently, at a property loss mitigation conference, Robert Klein, founder and chairman of property preservation company Safeguard Properties, told a panel that the stakes are much higher now when it comes to getting REO properties ready for sale. The process is edging closer and closer to what’s required for conventional real estate. Klein believes that REO sellers have to make their homes comparable to others on the market – and that means upping foreclosure trash outs and property preservation services. His company has upped the ante – with very positive results. “They’re doing white glove inspections on these homes, and I tell you what, it pays off,” Klein said. “Every cobweb is going to cost you $5,000. If the potential buyer comes in, they’re going to come up with every excuse to lower the price.” And sometimes it’s not just what you see…but what you smell. Any real estate agent knows how a potential home buyer “noses out” a property. It’s what Klein calls the “making a house smell like fresh baked cookies” concept. “What we want to create is something that a young couple can visualize taking the property and building a future in the home.” This upgrade of services obviously requires more from property preservation companies, already enjoying an incredible surge in demand due to the real estate crash and foreclosure crisis. While many search in vain for employment, property preservation remains the biggest foreclosure business opportunity for anyone searching for a new career direction.
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