I have been laid off from the construction industry and am trying to start a little business with my mom doing property preservation, handyman, rehabbing foreclosures kind of stuff. I am hitting a bunch of dead ends when calling the banks. I know Memphis is a big word of mouth city, but you have to get your name out there somehow. My parents co-own a large window, door, and millwork company and I hope to use this to my advantadge when bidding jobs. I am just wanting to utilize my time and effort to the fullest right now and make sure I am headed in the right direction. Should I be contacting banks? Maybe real estate investment guys, real estate agents, or firms, or all of the above. Any input will be greatly appreciated.
Hi Jim,
Marilyn is right about contacting the banks and checking out Realtors with the bulk of the listings. The extremely large REO departments have their list and they are not prone to want to change unless, God forbid, they start slacking. We, my team, have been doing REO properties for about 10 years now and the guys who doing the repairs are also doing the trash out, mowing, rekeying etc. as a package deal.
Now the small secondary foreclosure companies (the ones that usually buy in bulk from the big banks), they usually put those duties on our back - the agents. To be frank, I am not as thrilled to get those listings.....but you do what you have to do. That's where we have to get 3 bids for repairs - if you come in on a consistantly low bid - after awhile you are the guy top on the list.
Now, another approach you might want to look at is getting in with Realtors to be their handyman of choice. When we sell the foreclosures, normal sales(whatever that is- just kidding) getting them ready for the listing, or repairs required through inspections.
Best of luck,
Jo Shaner
Look online for the foreclosure listings in your area. You'll find agents that will have large amounts of foreclosure listings. Often, that listing agent will be in charge of ordering the winterization, locks changing and trash outs. Some of the REO companies have list of vendors they must use, but the listing agent can tell you if that's the case, and if it is see if the agent would mind giving you the company's information.
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