So, what WAS I thinking when I had a call last week from my managing broker, asking if I had any interest in taking on some REO listings? "Sure, no problem."

I'm starting my 3rd year in real estate, have had two succesful years so far and thought this challenge might be interesting. Uh huh.

Here is the situation: an asset manager from a mortgage bank contacted my broker, said he had just been given an additional state (Virginia) and asked if he wanted REO listings for northern Virginia, where we are located. That's how I ended up in the picture, courtesy of my managing broker.

So before I know it, I have 10 REO listings; 5 are occupied, so they've gone to the eviction attorney to handle and I have 5 vacant properties to get ready to list. I am trying not to panic, because that's not really my nature, BUT I am used to being on top of things and this experience is sort of rocking my world at the moment, so I hope I can find some help here and be able to return to sleeping at night. ;-)

I have managed to get them rekeyed and get them winterized. What I think I need, after reading through posts on here, is a property preservation company that can offer "one stop shopping" in terms of rekeying, trash outs, winterization, repairs, painting, etc. (Do I sound as if I have a clue as to what I am doing? Gee, I hope so!)

Am I on the right track? Is the way to go? Is there anyone out there who can recommend any companies who can do trash outs, repairs, etc?

Thanks, guys, in advance for any help. I am going to need it!

Go to REO network there should be a list of co.s on there that do everything from re-keying to trash outs. Or look on the internet, that is where I found a co. I needed one for an area that no other co. would go and I found them right online.

Angie

Thank you so much! There is just so much to learn. I found one company that services the area - Cyprexx. Anyone know anything about them?

They are used by a lot of banks for REO preservation. I think they sub out work to local contractors in the area.

Yes, from what I know they are good. I have seen alot of their signs in my area from their work. Yes, there is alot to learn but just relax and ask your questions...when I got my first one...I felt overwhelmed. My broker does not do any REO's and I am the only one in the office that does so I had to either learn on my own or ask here. You'll do fine,

Angie

Cyprexx will only do the work if the bank contacts them directly (at least in my area).

Here's a tip if you're stuck finding a trash out company - look in the phone book under "hauling". A lot of the good property preservation companies in my area are listed there.

Auburn, thanks - that explains a lot. This is the 2nd company I've tried to contact, only to be met with total confusion. Daggone! I was hoping there was a "one stop shop" out there to do it all rather than coordinate every piece of it. And that's what I am stuck on - trash out! Thanks!!!

Susan-
We are also in Northern Virginia- The only property preservation team we know comes from Maryland. They are so overloaded it has gotten ridiculous. Wish I could refer you to someone, but they just aren't out there. Part of the reason for that is that up until the end of the summer last year Virginia was ranked 48th in the country for number of foreclosures. There was not a great need for these companies until recently. Many agents have used companies like " Got Junk" for trashouts in our area. We do not, but it has been done.

Cyprexx will not talk to us as agents here in Northern Virginia.

Thanks, A&M...I have spent a couple of very frustrating days trying to figure this out and am very glad to at least have you confirm that it isn't ME! LOL I was beginning to wonder if I was just totally off-base.

Sounds as if there is a business opportunity in northern Virginia!!!

Safeguard is another property preservation company serving the DC Metro Area. I've never used them but saw one of the stickers when I recently did an interior BPO of an REO.

http://www.safeguardproperties.com/

Has anyone here ventured into providing Property Preservation Services?...this seems like it could be a nice little niche market in high demand....it would be so easy to do..... rekey, trash-out, winterize, cleanup, lawn maintenance, etc... have you seen the prices some of these companies mentioned charge? These are not cheap services! I've been strongly considering approaching this angle within the REO/BPO business. I've been doing BPO's for about 2.5 years and have been handling REO listings for approximately 6 months now....I am looking to diversify myself a little and was searching for some opinions/experiences from the MOB!!

A lot of the Preseration companies want you to be a lisenced contractor with 2 years experience as well as general liability, workers comp and e&o insurance. Plus references for other you work for before they send you even 1 order.

Plus - mitch - its not easy money. There are alot of cost involved especially the dumping fees on a clean out, supplies, locks and hired help.

I would be alittle careful saying...it would be so easy...I live in a semi rural area and detrashing a junk yard is not EASY

Trashouts are difficult in many instances. Old computers, batteries, tires, appliances, chemicals, paint, animal carcasses, blood, used syringes, medicines, dog, animal, and human dung, dirty bandages, etc. all present their own set of problems. Dumnping fees for some of tghe items above are tremendously high.

Most of the trashout people I know earn all they get and then some.