Management of REOs?

Question

I am considering opening up a property management company that focuses on foreclosed homes that the banks still own. The plan is this:

-market to banks

-offer estimations on monies needed to make it sell worthy and hiring crews to do the work

-keep grass cut, etc.

-notify when previous owner moves out(the foreclosure process in Minnesota is a year long and they are talking about making two!)

-winterize homes for winter(we are in Minnesota and this is a huge issue here)

My question to all of you is do you think this would be lucrative business and are any of you doing this?

Not to mention this would yield great leads for personnel real estate investments!

Gene Kardos · Answer

Thanks for the tip sniper. I'm actually not finding much in Minneapolis but I'm going to dig deeper. I can almost guarantee that some of the property management companies in the area offer these services for the banks.

George P. · Answer

google Mortgage Field Representatives <your> to see how many competitors are there and what they do

Dave P. · Answer

That sounds like a brilliant idea to me! Unfortunately, I don't see the banks making any brilliant decisions these days. Every REO that I have seen in the past two years has appeared distressed beyond belief. I am amazed that the bank's asset protection departments seem to have no clue what is going on with their properties.

In my opinion, the banks are too overwhelmed to listen to such obvious logic and business acumen.