Monday, March 21, 2011

The Demand for Property Preservation to Grow Your Business

The Demand for this industry is in full bloom. In this economy, having a foreclosure cleanup business is a smart move, but it first starts with understanding the needs in the industry. The market is wide open and the industry needs individuals to start and maintain successful businesses to help get properties cleaned and ready for the market. Not to mention, these properties also need to be maintained with is additional profit for your bottom line.

A recent RealtyTrac report revealed there are 2,205,040 properties in foreclosure and that 1 out of every 389 U.S. households received a foreclosure filing in October 2010. The report also states that 65% of the nation's biggest metropolitan areas have experiences an increase in foreclosure activity.

Another report posted by the Lender Processing Services (LPS) states that in Quarter 3 2010 "there are more than 7 million home loans in the country going unpaid. Of that number, 2,090,000 have been referred to an attorney for foreclosure. While 4,953,000 are 30 or more days delinquent, but not yet in foreclosure, with 2,238,000 of these being at least 90 days overdue."

The Federal Reserve predicts that there will be 2.25 million foreclosure filings by the end of 2010 and 2011, and about 2 million more in 2012, according to November 2010 statements.

In 2010, the numbers of foreclosures are still extremely high and there is plenty of work that still needs to be done to get these properties cleaned, maintained and ready for resale.

Over the past couple years, the banks have been slowing down on placing properties on the market to avoid an over-flood of foreclosures, but there are millions of properties that are facing foreclosure that are not documented in these numbers. Neither are the vacancies of properties that must be legally maintained bi-monthly by the banks, asset managers and owners. This is the perfect time to get into the foreclosure cleanup business - with little money. If you position your company strategically, from the very beginning, plan and carefully niche market you can build this business on the weekends and in the evenings until you are ready to go full-time.

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