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Getting contracts (bank foreclosure trashout jobs I am having trouble getting this work, what should I do

My name is Marc Coleman. I started my Clean out/Preservation Business in August, 2010. I have been working my way down a list of asset management companies. So far, I am a approved vendor for about ten of these companies, but I  have not received any work yet. Every time I sign up as a vendor, the company tells me " We have suficient coverage in your area right now, but we will call you when we need you." Where I live in Michigan you can drive into any subdivision or neiborhood and you will see that there are several vacant homes do to foreclosure. 

There is a lot of competiton out there, but like I said Foreclosures are every where and they are gonna keep happening at alarming rates. Did I get in to this business too late?

I find it hard to believe that I am not marketing to the right companies or that I am doing something else wrong. I have all the required insurances and did I metion, that until about a week ago, I was a Licesened Realtor. Well over a hundred local Realtors have my Company contact info.

 

I JUST DONT UNDERSTAND. WHERE I LIVE, FORECLOSURES ARE EVERYWHERE!!!!

and if you go up to the door, you will see that they are being serviced from the same Asset Management Companies that I have been applying to.

 

Any coments or advice would be Greatly Appreciated.

 

Thanks,

Marc Coleman

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Sounds like someone's getting paid off up there!
Don't worry they are gonna be slammed after new years and the new budgets are open.
You should get some work.
Where I live you couldnt throw a rock with out hitting a foreclosure. I appreciate the feed back. Im hoping things pick up.

Thanks Joe,

Marc Coleman
Me too.
Have you heard of Miken Construction in California?

They contacted me to do some work and they are nationwide vendor.

I haven't started with them yet but they said they have tons of work so I'm getting my cont pack back to them today.

Maybe try calling them at909-373-6044
Joe & Marc I read your post and all I can say is hang in there....I've been in business going on 4 years now and with all these new "national" companies with in the last year or so, it's really hurt the business significantly for the companies doing the work. The pay has decreased massively while the requirements and work services have increased. I've spent the better part of my 4 years strictly working for local brokers and that had worked out GREAT for me. These local agents had their commission checks depending on the house showing well so they paid, and paid well. They wanted the house perfect and approved work order immediately. There was a good bond back then. I've been lucky enough to hold on to a VERY small handful of those clients, but for the most part all Realtors are now require to use the national companies by their clients (bank). So unfortunate for you Marc, your in competition with any competitor of yours for those slots.

I still hold on to my small handful of locals vs going to the nationals yet because of the pay. I might work less but i still do alright vs working ALOT with the nationals to break even or profit shortly. I remember two years ago I would actually turn down work if I was going to make at least 60-70% profit. now i'm settling for 20-25% profit. Unfortunately with the national price sheet after discounts it'll show approx 5-7% profit depending on your overhead and debt ratio. All I can say is I'm still gung-ho advertising for small local realtor brokers and agents that still have the ability to choice their over vendors and then I do everything I can to make them family. I find this better then applying to all these national companies, getting the extra very expensive e/o insurance, and then never hearing from them because they already have their go-to vendors in every area. I got quoted$2500.00 annual premiums for e/o insurance, which after putting half down it still leaves 105.00 a month extra debt, and as you two mention, as many forum members from many sites mention, they apply to companies but never get any work....I can attest to this. About half a year ago I applied to Altisource, and I never once got a call,email, or anything, and when you call them to ask about it they kind of get nasty. See to national companies a piece of property is a number vs a local reatlor it's a commission check....hope this helps
Done Right Property Clean up.

Thanks for the reply. I agree with marketing to realtors but it seems like they all have a company they allredy use. I worked for Real Estate One as a Realtor, We would receive memos from the main office telling us to use a certain big shot company for any Clean out/Preservation work ( kick backs).
The realtors that had thier own preservation team would not talk to me because they thought I would end up stealing thier listing conections or low bid thier preservation work. I am finding that some realtors that have a good flow of listings will use one preservation company as part of thier team, and come to find out its ran by thier brother or friend, etc.
I totally understand. I actually worked for my parent-in-laws when i first started my company. Come to find out I had competition. A office employee of theirs was subbing out work to a boyfriend of hers that also had a company like mine. I made sure that stopped right away, but goes to show you that favoritism plays a big part in this game. So my advise to you is when you get one, treat them like family. Stop in with cookies or something on EVERY holiday. And sometime this also means being available at nights, you have to show them ur there to make their job easier
I agree, once I ACTUALLY DO get work, I will do the best I can and hopefully ill get more.
good luck. It's slow right now for everyone. It always is around the holidays, it'll start to pick back up end of January.
Thats what I have been hearing, I am just anxious and ready to get rolling with this.

thanks,

Marc
Have any of you tried these lists that they are selling on here?

If so are they good?
thanks again..
Yes, I bought both the foreclosure cleaning contracts one and the reo asset managers list they have. They were both really helpful to us. The foreclosure cleaning contracts one contains the direct bank websites to sign up to be an reo vendor for the banks, it is just the website links, so I got the other one also so I would have the bank's phone numbers so I could follow up with them by phone. There are a lot of asset management companies to sign up with and it took us almost two days to register with them all when we were getting started. However, we were surprised, we receiving our first property work request only two days later, we submitted our bid and we were so happy we got it. We have been doing trashouts for quite awhile now, but getting registered with all of the asset management companies and banks is the most important aspect to your success!

We use the Reo asset managers list regularly, about once a month we make phone calls to our current companies we work for and remind them we are available and can handle more work as well as call the other asset management companies to try to get work from them. Most of the asset managers know each other for the different banks, once you do a good job, other asset managers can see your performance rating. Many people do not know that they score your work, the faster and the best job you do, the more work you will get. We now receive work from most of the banks, pretty much every month we pick up another lender that uses us. We got our bank contact lists from www.listbankrepos.com

We are also members of the property preservation directory and have gotten quite a bit of work from there, too. Last week an asset manager called us and asked us if we were available for work and they said they found us from the property preservation directory. This is a good feeling and it makes you feel good all of your marketing efforts are paying of. Keep your head up, be diligent, and continue working hard-it always pays off!

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