What type of business is property preservation?

Property preservation is the process of caring for the inside and outside of a foreclosed property, be it vacant or occupied. Property preservation businesses work with banks and asset management companies to provide services such as repair, inspection, insurance claim management, and maintenance.

What industry does property preservation fall under?

mortgage field service industry
Property Preservation is a term used to refer to the mortgage field service industry. Some people will tell you that it also refers to foreclosure cleaning but those of us actively working in this industry know that there’s so much more involved than cleaning.

What is a preservation contractor?

Property preservation contractors or specialists foreclose properties for property management companies and banks. It is the primary task of a property preservation contractor to clean interiors and perform repairs. The bank contract this work, so the property maintains its resale value.

How do I become a property preservation repair vendor?

Establish your property preservation company

1. Seek certification by taking courses or programs with learning institutions.
2. Inform yourself about government guidelines.
3. Approach major banks and apply with the REO department.
4. Develop a preservation contract.

How do I find property preservation jobs?

Contacting the Real Estate Owned department of lenders in your area is a good way to find property preservation jobs. If a bank has already hired someone for their property preservation needs, you can request that they place you on a waiting list for future opportunities.

Is property preservation the same as property management?

Property Preservation vs. Property management differs from property preservation, therefore it is important to let an expert determine which plan suits your property best.

How do I become a property preservation contractor?

Can you make money doing property preservation?

The challenges in this industry are quite normal and some are fairly easy to resolve. A lot of entrepreneurs in the field of property preservation to turn around these challenges and earn a profit instead. Property Preservation is indeed a lucrative business once you do it through the right measures.

What kind of Business is a property preservation company?

What is a Property Preservation Business? A property preservation company helps lenders, banks and financial institutions who have foreclosed properties to clean and maintain services on such properties on behalf of these institutions.

Can a bank use a property preservation manager?

While investors may be interested in purchasing foreclosures for rentals, banks prefer selling rather than managing properties. Some lenders employ their own property preservation managers, while many outsource to experts for repair work involving floors, walls, roofs, kitchen, plumbing and a variety of other specialties.

How to become a top property preservation vendor?

You don’t need a college education or any formal education beyond a high school diploma to become a property preservation contractor that fixes and maintains REO assets and other properties. It does require some research and reaching out to people that are in the business and to property preservation companies that are actively hiring vendors.

Who are the major competitors in property preservation?

Know Your Major Competitors in the Industry 1 Dynamite property preservation 2 Hud property Preservation 3 Five Brothers Property Preservation 4 Carrington Property Services 5 Mortgage Contracting Services 6 Cyprexx Services 7 Field Asset Services 8 Lenders Asset Management Corporation