subject: Foreclosure Trash Outs: Signs Point To More Demand [print this page] Property Preservation Companies Continue to Prosper
In October, it looked as though the record-shattering streak of foreclosures might be finally stopped - not because there weren't enough in the pipeline, but because some states were threatening to put a freeze on new foreclosures due to improper processing by some mortgage lenders.
When the numbers came in, however, the October foreclosure numbers had set another year-to-year record, up over 20% from October of last year with over 90,000 homes suddenly in need of foreclosure trash outs.
As it looks like there will be an agreement between the major banks and the attorney generals in all 50 states to improve the foreclosure process, it's clear that there will continue to be a huge demand for property preservation companies.
In some cities, having enough foreclosure trash out professionals can be crucial. In Phoenix, Arizona, for example, 65% of home sales in October involved either new foreclosures or foreclosed homes that were resold. All of those homes required property preservation services to secure, maintain and repair them, so they could be ready for market.
It's a growth business in a depressed economy - which is the main reason property preservation is such an attractive business to those in need of some income. There are a few other reasons that property preservation is the biggest foreclosure business opportunity:
Easy Start-Up
You only need to have some basic repair skills as well as some minimal tools and a truck. Expert training is also essential in terms of knowing what's expected on foreclosure trash out jobs, and obtaining the right and most affordable insurance.
Minimal Investment
You can easily run a property preservation business out of your own home and, again, equipment needs are minimal.
Quick Ramp-Up
Once you get on the list of the master contractors and REO Sellers, and if you're in a high foreclosure area, you'll find the jobs will come fast and furious. Again, if you have the right expert training, you'll be appreciated for your professionalism and be instantly "in the loop."
Incredible Demand
Again, in many areas of the country, untended foreclosures threaten to scar neighborhoods and bring down already-depressed property values. That's why many local governments are passing legislation designed to force REO owners to either promptly hire property preservation companies or face steep fines. Many communities are also accessing government funds to finance their own foreclosure trash outs when the owner of a vacant home can't be found.
It's clear that there will continue to be a huge demand for property preservation companies.
