Where to Find Foreclosure Cleanup Clients for Your Business
Where to Find Foreclosure Cleanup Clients for Your Foreclosure Cleanup & REO Trashout Business
A fertile client base for new foreclosure cleanup businesses / REO trash out businesses can be the large property preservation company -- specifically those companies that handle several states. These businesses will be larger companies that already have the business. You will be contacting them in an effort to seek subcontracting work.
Many of these companies perform a host of property preservation activities such as the following:
- Trash Removal
- Yard Work and Tree Service
- House Cleaning
- Debris Removal and Trashouts (Interior and Exterior)
- Pool Service
- Hazardous Material Removal and Pest Control Services
- Mold Removal and Inspection Services
- General Inspection Services
- Carpet Repair and Installation
- Flooring/Tile, Repair and Installation
- General Contractor, Drywall and Stucco Repair
- Cabinetry Services
- Electrical and Plumbing Services
- Roofing, Masonry and Concrete Work
- Window and Door Repair/Installation
- Heating, Ventilation and Air Conditioning
Services for Which You
Should Sign Up: As a smaller foreclosure cleanup company, you may
only offer some of the services for which the larger companies seek contractors. For example, you might not offer winterization or lock
changing, but you may specialize in debris
removal and lawn care, or interior foreclosure cleaning. That's okay; you can still apply to become a
vendor offering only the services for which you are set up to perform.
Many of the foreclosure cleanup online applications have checklists where you can simply indicate which services you are
interested in handling for the larger company.
What's in a ZIP Code? Most of the larger, formal companies will ask you to specify which areas you
service based on zip codes in your area. It may be tempting to list all of the zip
your surrounding counties. But don't. Only list the zip codes you know you can comfortably service, or you may get overwhelmed.
Go to the United States Postal Service's website and click on ZIP Code Lookup (by City) to find all the ZIP codes in your
city and narrow down those areas you want to service. Once you have your
ZIP code service list, you will need to refer to it often, so keep it in a file on your computer for easy access when filling out foreclosure
License and Tax ID? Are you all set up to target the larger companies for foreclosure cleanup work?
You will need to be properly licensed as a business and will have to submit tax
ID information to the larger company to be considered as a vendor.
Business Insurance: Also, there are often strict insurance guidelines when you are seeking to become
a subcontractor for a larger property preservation company, so pay close
attention to the individual requirements.
Liability Coverage: At the outset, here are some basic liability insurance limits to consider, at minimum:
- Each Occurrence: $1,000,000
- General Aggregate: $2,000,000
- Product/Completed Operations Aggregate: $2,000,000
Workmen's Compensation: Many of these larger companies will also require workmen's compensation
insurance, which can be expensive for a new business owner, but many will
not require proof of workmen's compensation until they are considering sending you foreclosure cleanup work.
How to Find Larger Property Preservation Companies: Below are some key phrases to research in
Internet search engines that will help you find larger contractors who specialize in
foreclosure cleanup work. Go to search engines like Google, Yahoo, Dogpile, AltaVista, etc. Start out searching these keyword phrases:
- property management
- property preservation companies
- asset management companies
- mortgage field services companies
- real estate management companies
- property management companies
- maintenance and management companies
- REO management companies
- field services companies
- private mortgage insurance companies
- bank REO departments
- asset management departments
- mortgage servicers
- REO departments
- asset management branch
- property disposition companies
As you search, you will have to sift through a lot of non-relative websites, but you will eventually come across some viable companies to target.
It's a Numbers Game: Don't stop at one or two foreclosure cleanup vendor applications. Sign up with as many larger companies as you can find so you are greasing the pipes for future business.
Good luck with your foreclosure cleaning business / REO trash out business.
NOTE: Throughout the web/internet and in real estate industry literature, you may see the names mortgage field services, property preservation business, foreclosure cleanup, foreclosure cleaning, foreclosure clean-outs, foreclosure clean, clean foreclosures, cleaning foreclosures, REO trashout, REO trashouts, field asset services, property field services, field service, and field services used interchangeable. The main thing to remember is foreclosure cleaning and foreclosure cleanup generally refer to smaller entities; while property preservation generally refers to larger entities.