How To Earn More Money In Your Foreclosure Cleanup Business
With more and more banks closing each day across the U.S.
, failed banks can be a huge source of new contracts for smaller foreclosure cleanup businesses; but many smaller businesses simply are not taking advantage of this gold mine. Read on and learn how to reach out to these companies so you can grow your business.In a meeting with an FDIC executive some time back, I was urged to make direct contact with failed banks for foreclosure cleanup work in my geographic area. I was modifying one of my investment property loans ... the mortgage company had been taken over by the FDIC (a noted Atlanta bank).
My personality is simply to ask questions, so we started talking shop as I was awaiting the new loan papers. The executive indicated many of the "acquiring institutions" (banks that ultimately takeover a failed bank's assets) are simply overwhelmed. The FDIC is the receiver of these failed financial institutions, but they are ultimately acquired by other banks because everyday banking business must continue for a failed organization's customers.
Can't Handle the Volume
He said often the FDIC and these acquiring institutions use larger property preservation companies to handle maintenance of the failed bank's real estate assets. But these big property preservation companies are, in many cases, simply taking too long to handle all the requests for foreclosure cleanup work because they are overwhelmed with the number of properties.
Smaller Companies Needed
These larger companies are increasingly behind on inspections, appraisals, yard maintenance, cleanup and the like. That's good news for the smaller foreclosure cleanup company that has its ducks in a row: proper registration, license and insurance.
Where to Find Failed Financial Institutions
To find failed financial institutions throughout the U.S. (with complete contact info for the acquiring banks), visit the FDIC's website (FDIC dot gov), which lists failed financial companies and the details of the bank failures.
Locate the ACQUIRING INSTITUTION of the failed bank. Make contact with them and ask them if you can send them some info about your company. Tell them what you do and how you can begin helping the acquiring bank immediately with their foreclosure cleanup needs. In some instances you will not readily see the acquiring bank's information, but poke around the website a little and find what you need.
Build Your Roster to Grow Your Business
Start building a roster of failed banks and their acquiring institutions in not just your geographic area, but other areas of the country as well. Many of them have tons of foreclosure inventory across the U.S. Stay in touch with them to grow your business (win "mind share," remember). Visit the FDIC's website often to find newly closed banks and send the acquiring company your business' info.
Continued success with your foreclosure cleanup business!
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