Frequently Asked Questions about Property Preservation
What is Property Preservation?
Property Preservation covers different jobs related to maintaining foreclosed houses. Banks who own these properties will hire Property Preservation companies to go out and complete work orders. For examples of these types of jobs check out our Services page.
How Can I Start a Property Preservation Company?
Before you start your own Property Preservation company, you need to figure out how much of a work load you can take on. If you plan on having a large team of employees (20+) then you may be able to get work orders directly from banks and other REO companies. Typically what people do is apply for independent contractor work with already established Property Preservation companies like Swift Resolutions. These companies already have relationships with banks, and tend to get chosen more often for work orders. If you are new in Property Preservation, it might be a good idea to start out doing contract work for an already established company, and then grow your business from there. Feel free to apply for work with Swift Resolutions, or call/email us to learn more.
What Do I Need To Get Started?
For almost every company who hires independent contractors, the main thing you will need is $1,000,000 in liability insurance. This is easy to obtain and not nearly as expensive at is sounds; depending on how much work you do it can cost between $50 - $1,000 per year. After you have your liability insurance, you will need equipment in order to complete jobs. Common work orders include lawn mowing, tree trimming, debris (or junk) removal from inside the house, cleaning out cupboards and appliances, and cleaning bathrooms. This means you might need a lawnmower, trimmers, garbage bags, cleaning sprays, or a truck to remove waste.
How Much Money Can I Make Doing Property Preservation?
Like most entrepreneurial endeavors, the amount of money you make depends on the quantity and quality of your work! If you want to do Property Preservation as a full-time job, you will probably need to have multiple companies that you do independent contract work for. Many people also do Property Preservation for secondary income, or a "side hustle." You can make anywhere between $500/week up to $2,000/week depending on how many jobs you get.