Property Preservation Firms are Hot New Real Estate Service
Property Preservation Firms are a hot new service industry breaking out in the real estate field. As more lenders take on thousands of foreclosed properties, they are enlisting the help of local firms to keep their REO properties in a livable condition, thus preserving the integrity of the neighborhoods.
It is projected that over $1 billion dollars will be paid to property preservation firms in 2008. The firms are hired, with digital camera in hand, to report emergency situations such as plumbing leaks, roof failures, over grown landscape, downed tree’s and any safety issues they find in the vacant property. The companies will also continue to watch over the properties to insure that squatters are not living in the homes, nor are the assets, such as appliances, HVAC, etc. being stolen and resold.
To date, there are no major players in this booming, new field. Reports indicate that there are presently 7000-8000, small “Mom and Pop” business providing these services to lenders. This leaves a lot of opportunity and money on the table for the forward thinking contractor, realtor or home builder looking for a way to survive and thrive in this downturn.
I would like to applaude the proactive, “Win-Win” measures the lenders are taking. As they struggle to keep up with the pace of foreclosures and growing number of vacant properties, they seem to understand that the neighborhood its homeowners suffer.
Funding preservation is a great move which should help neighborhoods remain stable, free of squatters, crime and further deterioration.
April 22nd, 2008 at 11:05 pm
Hi there beautiful Wednesday here in San Francisco. Your site came up on the search engine when I typed in HVAC and tate Preservation Firms Save Lenders, Homeowner and Neighborhoods | Infotube.net: Homes for Sale - For Sale By Owner (FSBO) - Real Estate Listings seemed interesting, here is a link to my site: http://www.gregorygarver.com
December 12th, 2008 at 6:16 pm
Hi,
I help contractors find work through other companies or sub-work from other contractors–let me know if I could help you. Also, I am gathering input on a service I have started and would love your feedback.
I used to be a Property Manager for a nationwide property preservation company. Many of the contractors I used made it obvious that they are frustrated with uploading their photos and invoices to the company’s websites. It is time consuming to say the least.
It is with this in mind that I started a service for uploading photos, invoices, pre-QC stuff like counting debris and hazards, recommending bids, catching mistakes or missing photos, and making sure photos meet requirements, etc. This allows contractors to focus on what they do best, grow their business, and let me deal with the computer/administrative portion of the work. My goal is to improve accuracy and turn times. I am an independent contractor and charge a small percentage (3%-4%) of the invoice. Oftentimes it is less expensive to outsource than it is to pay an in-house employee. I also offer consulting sessions to teach contractors ways to increase revenue.
Since you have experience with this, your opinion is very valuable to me. I would greatly appreciate your thoughts, ideas, and advice you may have. More information can be found at http://www.reovendorservices.com. Thank you for your time!
Respectfully yours,
Pete Van Cleve
REO Vendor Services
pete@reovendorservices.com
512-992-1621