Chapter 3 Understanding Financial Statements And Cash Flows Test Bank Five Companies With Which to Register for REO Trash-Out and Foreclosure Clean Up Jobs

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Five Companies With Which to Register for REO Trash-Out and Foreclosure Clean Up Jobs

Many smaller foreclosure cleaning companies get work from larger mortgage servicing companies. The junk removal and foreclosure cleanup industry is on the rise, as evidenced by the foreclosure industry reporting data from sources such as RealtyTrac, an online foreclosure marketplace. According to RealtyTrac, there were 3,825,637 foreclosure filings in the U.S. in 2010. This is a double-digit increase compared to 2008.

Real estate cleaning companies deal with cleaning, cleaning and ongoing interior and exterior maintenance of homes that have been foreclosed by banks and mortgage companies. Services offered by foreclosure cleaning companies can include a wide range of services that go beyond just cleaning. Services offered by these companies include cleaning, debris removal, painting, minor repairs, lawn maintenance, roofing and full roof repairs, pressure washing, gutter cleaning, one-off and regular inspections, vehicle removal, tree trimming, preparation for winter period, lock wrapping, window and door insertion and more.

First, start your own land clearing business

Many smaller property cleaning companies get work from property maintenance companies. Although there are a multitude of asset preservation companies, signing up with all of these entities can be time-consuming. The best way to start your job search is to start a business with the proper license, insurance, and equipment.

Your license: An occupational license from your county’s county office is often required. Each county is unique, so call the government office that handles business licensing in your county to find out what type of license you need based on the services you’ll be offering.

Business insurance: Next, contact your local insurance agency and discuss your business to best determine the type of coverage your business needs. At a minimum, you will need liability insurance. Also plan to discuss workers’ compensation insurance and the appropriate coverage for your vehicle.

Preparation for equipment: There are a few routes you can take when it comes to getting equipment for your business. You can a) buy equipment, b) rent equipment, or c) use equipment you already have on hand in your garage or basement to start your business. Plan the equipment based on the services you plan to offer in your business.

FOOTNOTE: If you’re targeting a niche or offering one-stop services based on subcontracting or referral services, you’ll need limited equipment to get started. However, if you decide to become a one-stop shop and do everything yourself, you will need more equipment. Keep this in mind when planning your business and equipment needs.

Once you’ve properly researched the industry, planned your business and marketing strategies, secured the proper license and insurance, and sorted out your equipment needs, it’s time to start applying for jobs.

The best way to get started is to register your business with the major property preservation companies. Below is a list of five great property preservation companies. Contact them for their reseller packages and start submitting your business to be part of their databases.

A list of the top five property preservation companies to register with

1. Mortgage Contracting Services, LLC: A national property conservation and inspection company founded in 1986. (Website: mcs360 DOT com)

2. Cyprexx services: Cyprexx is a national field company providing property preservation, inspection, repair and maintenance services to some of the largest financial organizations, government institutions, asset management companies and brokers in the US (Internet address: cyprexx DOT com)

3. Five brothers: This company has been in business for over 40 years and offers services related to property preservation, inspections and REO management. (Website: fivebrms DOT com)

4. Field Asset Services, Inc.: Field Asset Services is an REO asset management and property preservation company responsible for more than $7.3 billion in residences on behalf of nearly 30 major clients nationwide. They regularly take care of more than 120,000 properties. (Website: fieldassets DOT com)

5. Lenders Asset Management Corp. (“LAMCO”): LAMCO has been around since 1989, providing residential REO asset management and outsourcing solutions to national lending institutions, banks, servicers and investment firms. (Web: lendersreo DOT com)

Designing property retention tests

When you register your property cleaning business with these large property preservation companies, be prepared to show proof of insurance, business registration, and very likely be prepared to take a property preservation quiz. Most of these quizzes are straightforward tests that simply assess your understanding of basic industry terms and tasks. A lot of information about the test is readily available online – if you don’t already know it.

Execution Cleaning jobs for the coming years

Remember that once you register with these companies and verify your credentials, these larger entities can provide your company with massive foreclosure cleanup work for years to come.

Good luck registering your REO trash-out business with these foreclosure cleanup companies!

For a larger list of property preservation companies and other key companies you can sign up with for foreclosure cleanup and REO junk removal work (with direct links to seller jobs), see the Property Preservation Contractors and Subcontractors directory.

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