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Can you make money being a Foreclosure Reo vendor for banks?

Hello everyone. I have a cleaning business in Las Vegas. I am licensed and insured for 7 years now. I want to get into being a vendor for the banks. I have had no problem with getting contact and filling out vendor packs. Some are looking for you to have e & o insurance also... So my question is there money to be made doing this work?? I have a bank that I just signed with today. Their price for reo intial secure (debris, cleaning,grass and any lock work) is $325.00 and that would be on a house 2000 sq ft and under less than 6 lock changes. I am just wondering because isnt it a lot just to pay to do the dump? Any information would be greatly appreciated. I just dont want to get the extra added insurance of e/o and buy locks, have to pay people, and do the extra work of all those wonderful pictures and then relize "am I even making money"

Tags: banks, clean, cleaning, cleanout, cleanup, foreclosures, home, house, housing, money, More…out, reo, trash

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This fee seems very low, also-all the different services you add you can charge separately for, for instant-trash out $850, rekey $100, initial lawn maintenance $125, reoccurring law maintenance every two weeks $50, the trash out is not a deep clean-it is just a broom cleaning, however if you do a good job-you will get repeat business over and over. Other items you can charge for are winterization, window and door board ups, and there are many more.  If you do 15 properties per week, each property can easily gross you $500 to $2500 on average, this totals $7500-$37500. We have one property we earned $8,976 on and it only took our crew a day and a half. Also, once you get one bank to start assigning you work, they will continually send you more and more properties if you do a good job.  Dump fees are actually not very much, in some places you usually have to take the paint and hazardous materials to a different location to dispose of.  Can you local dump in your area and ask them what the rates are, they are usually very helpful.
That is lock work and grass cut.......and intial clean... I thought it was low also, but I guess I can get other add on's... Just trying to get started in the business. I have been cleaning for 7 years, but just the cleanings

You will want to get a copy of the Hud guidelines, majority of the banks use them for setting their pricing standards, they are very detailed on how much is allowable for the different services and areas, also-these are just a guideline, majority of the time if you have sufficient pictures to show the work needed you can charge more. 


Where do I get those? I have anther question... I am just filling out anther vendor packet and it asks what is the preservation discount I will be offering? What is that? Thank You!

One of our affiliate companies provides them and a guide on how to price your foreclosure cleaning bids, here is the website:

In a word yes, you can.  We expanded our cleaning company to offer foreclosure cleaning services about a year ago, this is now the bulk of our work, we still handle all of our original contracts plus a few new ones, but cleaning foreclosures is about 85% of our business now.  I would look to other companies to work for, who ever is saying they will have you do all that work for that amount of money is ripping you off.  When we do lawn maintenance, lock changes, and a trash out, for a property that is just average we earn about $1500-$1800, larger jobs are much higher.  Register with as many asset management companies as you can, we are getting a lot more work directly from them then realtors nowadays.  I would also recommend getting a little training, this industry has very specific standards and requirements, it will definitely pay off in the future for you as you will beat out your competition.

Wow! Your fee sounds more like it... What state are you in? What companies do you do work for? Are they nationwide? Thank you for all the info.



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