How to Work for Banks Renovating Foreclosed Homes

How to Work for Banks Renovating Foreclosed Homes
••• house image by Earl Robbins from Fotolia.com

During periods of economic reversal, the number of homes subject to foreclosure increase dramatically. Homeowners are unable to meet their mortgage obligations and banks seize the home as security on the debt. Often disgruntled homeowners abandon the property or cause intentional damage. To recover their investment, banks must present the property for sale in marketable condition. Cleaning, repair and remodeling of foreclosed homes has fostered business opportunities for the enterprising entrepreneur.

Obtain required business licenses, permits, workmen's compensation insurance and a performance bond. Establish a business phone and e-mail address. Print business cards and advertising fliers.

Prepare a resume of your construction, cleaning and management experience. Provide references and letters of recommendation from satisfied clients. Establish a business reputation by meeting deadlines and exceeding the customer's expectations. Ask clients for referrals to others in need of your services.

Contact local banks and property management companies to solicit their remodeling work. Provide a detailed list of the services you provide. Many foreclosed homes will require cleaning, trash hauling, lawn and yard service, as well as minor repairs and renovation. Pest control, snow removal, property maintenance or demolition services are often needed. Older homes may require termite inspections or lead-based paint stabilization. Clearly state your price for each service.

Submit an application to nation-wide property management companies seeking vendors in your state. The property management firm of Michaelson, Connor, & Boul, Inc. (see resources) is one of several nation-wide firms that may have homes in need of renovation in your area.