Foreclosure cleaning business has been one of the most rapidly expanding opportunities for entrepreneurs in the past few years. It provides a wonderful opportunity to make additional money without requiring great experience credentials or huge investments. The best part about this business is that it can be undertaken on full-time as well as the part basis for those looking to make an extra buck. A few simple steps will ensure that you go about setting up this business the right way.
- Create a Sound Business Plan
Like any other business, foreclosure cleaning also requires smart planning. You will have to consult the professionals and create a plan that suits your vision and requirements. Decide on whether you would like to create this business as a Sole proprietorship firm, LLC or a partnership unit. You will need to choose a great name that connects and stays in the minds of banks, real estate agents and other parties in this line of business.
- Get the Business Licensed
After having chalked out the plans you will now have to start implementing it efficiently. The first move in this direction is to apply for the required licenses. You may have to deposit a small amount while applying for the license with the local authorities. Additionally, your business will have to be insured adequately before any bank can give you a contract for foreclosure cleaning.
- Get your Team Ready
For commencing the foreclosure cleaning business, you will have to get the right people who shall be involved in the job. This includes plumbers, painters, electricians and several other kinds of contractors. These people will have to be contacted beforehand and suitable business arrangements worked so that they can be engaged as and when you get your first contract to commence work without any delays. It is important that you give such subcontracts to licensed people only through proper agreements so as to avoid unnecessary complications subsequently.
- Contact the Banks
Now that you are ready to get started, you should get your business registered with as many banks as possible so that you have a greater chance of securing a foreclosure cleaning contract at the earliest. Ensure that you contact details are available with everyone who matters, ranging from bank officials to real estate agents. Even the asset management companies are a great source of contracts and hence must also be approached regularly.
- Follow up Business Leads
Having registered with the banks, real estate agencies and asset management firms, you are now ready to take on your first contract.
However, it may take some time before you actually get off the mark. Regular contact with all concerned agencies is vital to bagging the contracts. Through personal rapport, you can create a confidence among the bankers and asset managers of your ability to undertake and complete foreclosure cleaning contracts efficiently and effectively.
The foreclosure cleaning business is on an upward move and on an average you can expect about 10-15 homes for cleaning per week if can establish yourself correctly. Be ready for the paperwork involved in preparing and submitting invoices and bills after completing each job for early release of funds. Staying active on the internet and checking emails regularly will help you stay updated on new projects as well as the status of the completed ones.