how to start a property preservation business
How to Start a Property Preservation Business
Working in the real estate, property, or construction business can not only be interesting, but can also turn out to be a real money spinner, if you how to push the right buttons. This Buzzle article tells you how to start a property preservation business.
- All the debris must be cleared off, especially if the house has been in the same condition since a long time.
- The car should be removed and taken care of.
- Any kind of dangerous material should be very carefully dumped. Please remember to follow appropriate country codes and laws while dumping hazardous material; not doing so may be considered a crime.
- Dispose off all the personal property, like television, stereo, microwave, etc., in storage boxes for a stipulated period. After that, if the items are not claimed, they can be auctioned or dispensed.
- Remember that all the above activities must be done on the instructions of the lender/client.
- All the locks and bolts must be changed according to the regulations. This includes deadbolts, slide bolts, padlocks, etc. If necessary, take permission from the lender and have him accompany you for a change of lock, if need be.
- It would be better if you have lock boxes with an assigned code. This would firmly prevent third-party access.
- Any kind of entryway that allows easy access into the house must be sealed off. This can be done with the help of board-ups to secure windows, doors, and ventilators.
- The terrace and balcony areas must be boarded with extreme caution, for this is an easily accessible, vulnerable entryway. Double-check the locks and see if any extra protection, like grills, can be temporarily installed.
- If a fence surrounds the house, see if it can be boarded up with glass spikes.
- Not maintaining the pool can cause major problems, like spread of certain diseases.
- The pool must be drained, cleaned, and refilled with water periodically.
- Chlorine or any other necessary chemical must also be added regularly.
- This involves the entire cleaning process to be done, including sweeping, dusting, vacuuming, scrubbing, and mopping. Call on some good janitorial services to get all this done.
- Clean out all the bedrooms, bathrooms, hall, dining area, kitchen, the study, the library, and even the garage. The house must not look jaded and old.
- This job has to be carefully done. One of the main and vital duties here is to drain and seal the pipes so that they do not freeze and burst during winter.
- Drain the plumbing and heating systems.
- Shut off the main water supply, disconnect the water meter, and place it in the corner of the garden.
- Also, disconnect the feed pipe leading to the main valve.
- Use air pressure to clear the water system, and use an antifreeze mechanism to protect the system.
- Turn off the gas and electricity.
- This is a huge step. You need to complete a lot of banking formalities before actually getting down to work.
- You will be working with banks and lending institutions, and they will require you to have the essential documents. An important one among them is the general liability insurance policy. This is a must-have when you start this company.
- Next, apply to the REO department of important banks. If you want them to sit up and take notice of you as an independent service provider, you need to establish ties with them.
- A summary needs to be submitted to the REO department to get requests for a proposal (RFPs). The banks can procure this from different sources, but you must first get noticed in order to receive contracts.
- Start learning the tricks of the trade. Ideally, if you are up for starting this company, it indicates that you are already aware of what services are expected of you. However, you need to know this in minute detail.
- Download a training start-up guide, and here, you will be explained every little detail.
- You will come to know about different banks, lending institutions, REO asset management companies, realtors, investors, insurers, the various cleaning services that you will be needing in the course of your work, etc.
- You will learn how to contact the right people, price your service properly, and establish your business effectively.
- Once your self-training period is over (don't take too long!), you can start contacting the companies immediately. Again, these include the major banks, mortgage lenders, realtors, and REO asset management companies.
- Ideally, the banks which you have applied to, might contact you if they come across a proposal. Act on this contract immediately, for this is an ideal opportunity.
- For this, you need to be well prepared with all your services in place, but do not let go of the offer to showcase your business acumen and skills, as there is intense competition in the market, and you may not get a second chance. This is how you will build contacts, and over time, accumulate goodwill and reputation.
- This is the most important step. You need to know how to sell yourself (not literally), I mean, market yourself.
- To start at grassroots level, establish a professional presence on the web. Create a website for your company.
- As the business expands, you can create a personal blog too, through which you can market your company further.
- Join online financial networks and directories, and advertise your business.
- Use social networking and digital media platforms to let people know about your services.
- There are many online forums and sites through which you can communicate to companies and generate contacts, prominent among them being the property preservation directory and the foreclosure cleanup network.
- Through the Internet, you will also understand how much competition you are facing in this business.
- Market yourself beautifully, mention your professional qualifications, depth of knowledge, etc. All this must be worded efficiently enough to attract clients.