When you think about realtors starting foreclosure cleanup businesses, it makes perfect sense for a number of reasons, five of which we’ll discuss here.
1. Love of Real Estate: Many real estate agents enter the industry because they have an innate love of real estate. Their passion may start simple, eg, “I love to look at houses.” The more they learn about the business, the more they fall in love with it.
And, as it’s a career that can be started in a very short period of time – literally weeks – once they have license in hand, they’re ready to go. This leads us to the second reason realtors make great candidates to start foreclosure cleaning businesses . . .
2. Entrepreneurs at Heart: Real estate agents are entrepreneurs at heart. As a realtor, you work for yourself. This means you have to know how to read and write contracts, do your own billing, keep great records, market yourself, network, etc.
All of these are the exact same qualities needed when you own a business cleaning foreclosures as well. Hence, you have a natural leg up on the competition.
3. Industry Contacts: A natural part of being a realtor is dealing with handymen, locksmiths, general contractors, home builders, loan officers, bank executives, other realtors etc. Every single one of these contacts come in handy when you own a foreclosure cleaning business. You will use the contacts to either get business from, or to help you in your business.
For example, loan officers, mortgage brokers and other realtors are excellent sources to tap to bring in business. Handymen, homebuilders and general contractors can be used to subcontract work to.
Again, this puts you miles ahead of other foreclosure cleanup companies because you already come with a full industry contact list. Others have to go out and find them.
4. Natural Jugglers: Real estate agents are natural jugglers of responsibility. Piggybacking off the last point, they deal with a multitude of people to close a deal. There are contracts to be written and revised, earnest money to get to your broker, subcontractors to call to finish getting a house ready so that a buyer is happy, the closing attorney to call to find out when the closing date is . . . and on and on and on.
Foreclosure cleanup company owners face the same set of juggling responsibilities. There are subcontractors to deal with, contracts to be revised, invoicing to be done . . . and on and on and on.
5. They Know Where the Deals Are: This is perhaps the best reason for realtors to start foreclosure cleaning companies. They have access to inside info on a property to know if it’s a good deal or not, ie, what it last sold for, when, what the property taxes are, etc.
The Effect of the Mortgage Crisis on Realtor Careers
The mortgage crisis has forced many realtors to look for other careers; some for the first time.
But, if you are a realtor who has a love of real estate, and don’t want to leave the profession altogether, owning a foreclosure cleaning business presents a perfect opportunity to you’re your entrepreneurial dream alive – doing what you love to do.
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