REO preservation companies have over the past decade become a vital part of the real estate industry. Beginning with the housing market crash of 2008, far too many banks became the owners of REO and foreclosure properties, and found themselves in the unexpected position of having to sell properties. No bank ever wanted this—banks are in the business of helping people buy properties, not selling properties themselves.
Since banks don’t tend to keep a network of construction, landscaping and property maintenance experts on staff, REO companies became important. Still, REO companies don’t always keep all the experts they need on staff, either. Instead, they keep a network of vendors and subcontractors on hand that they can bring in to trust to get the work done. Learn where to find an REO property preservation vendor application, the best REO services company to work with, and how you can get started.
The Demand for Property Preservation
The first step in becoming a vendor, before even filling out an REO property preservation vendor application, is to understand the demand you’re filling. Research your local market and assess the demand level for the services you provide. What do you have to offer? Are you a carpenter? An electrician? A landscaper? Make sure that the service you provide is in demand before moving further.
You can gauge this demand easily enough by accessing data available on any number of websites. You can look for foreclosures in your local market, and compare this number to those that are currently available to buy. Find out which companies are leading the market in preservation and upgrades.
Education and Certification
If you don’t already have a contracting business, this is your first step. Take the courses you need from local institutes of higher education. Get the licensure and certification you need. Learn about the government guidelines that regulate your business. Develop policies and procedures that will enable you to pursue a specialization in REO services.
This cannot be stressed enough: get the education you need. Anyone can set up a website and declare themselves a contractor, but doing it legally and having the right bonding and insurance often requires specific licensure and certifications. Without these, you’re not likely to find the success you seek, nor the respect you crave.
Create an Online Presence
After you complete your education and get your certification, get your contracting business off the ground. Get an online presence. Build a website and set up social media accounts, and be active in the online communities for your field. It’s important to become a respected presence in your industry. The more of a leader you are, the more successful you’ll be as a preservation contractor.
REO Property Preservation Vendor Application
Once you have your company intact and your reputation established, it’s time to look for opportunities to become a vendor. Contact a respected firm like First Freedom Preservation and ask about the procedure to come on board as a trusted vendor. If you’re looking for information on an REO property preservation vendor application, get in touch with us today.