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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.

This entry was posted on Tuesday, February 19th, 2008 at 2:29 pm and is filed under Mortages and Loans, Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.