REO/BPO-Related Cleaning Opportunities

Hi Sean:
I became aware of this site after seeing your interview on 60 Minutes last week. What you are doing is really quite impressive.
I am not your typical visitor to this site however. I’m not a realtor, buyer, investor or homeowner. I work for a janitorial company in Riverside County (Southern California) looking for REO/BPO-related cleaning opportunities. I see in your Membership Directory there’s a subcategory under Property Maintenance for “Trash Out / Cleaning” (although currently there are no such listings), so I imagine you anticipate some interest from this sector.
The opportunity for us would be those REO/BPOs that need to be cleaned before going out for sale. Although our interests lie in long-term cleaning engagements (minumum of 3 days per week) and one-time REO/PBO jobs obviously do not meet the criteria, my manager believes there may be sufficient numbers of these one-timers to keep our crews busy on an ongoing basis.
So now the question is how do we find these opportunities… As I see it the process should go as follows: First we call the banks and ask for the person handling foreclosed properties. When we finally speak with that person, we ask who are the preferred real estate brokers with whom they deal on foreclosures. Then we contact the real estate broker to find out who is the property manager. And finally we contact the property manager and offer our services.
At least that’s the way I see it, however I still have a number of questions…
(1) Which banks should we contact? Should we go after the ones with larger portfolios. Which ones are they?
(2) When contacting the banks should we be calling the local branches or should we start at the top, at head office?
(3) Perhaps we should forget about the banks and go straight to the real estate brokers? On the other hand doing it this way we may waste a lot of time calling brokers that are not involved in REO/BPOs.
So, I would be very interested in hearing your comments. Perhaps you can suggest a better way of doing it.
Any suggestions would be greatly appreciated.
Much success in your endeavors with this site.
Pete Miller

Pete -
What geographic areas are you able to handle? Do you have the resources to team up w/ Handyman (Handyperson) to complete minor repairs, as well? Also, it has historically been a big business servicing home builders and the model homes. Is this a segment that you have previously approached?

Let me add to Bob’s comments and say that most of this work either happens through REO Outsourcing companies, or “REO Brokers”. REO Brokers are just real estate agents, or brokers that have specialized in helping the banks resell their properties. Many of these brokers handle 50-100 listings at a time, and often get multiple new listing requiring clean-out per week.
Definitely add yourself to our directory, and be sure to put details about the types of job you are willing to do in your profile. I’d also recommend checking out - they have a directory that just specializes in REO Brokers and services and have been around for quite a while. You might look in both directories for a handful of REO Brokers in your area to solicit.

Keep in mind that many realtors who specialize in foreclosure cleaning may have their own maintenance type company working the foreclosure cleaning business. I see it all the time in our business, Foreclosure Cleanup, LLC, in Atlanta. But they often don’t do everything and will need your service for certain things. Target them often with your marketing, stay in front of them as a professional support company that can be part of their team?when they need you. You have to be consistent and professional with your efforts.
Good luck, go for it!
Foreclosure Cleanup, LLC

Yes, I am also interested in the same type of info in the NC area. Looking to get on a vendor list.

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getting ,in this bussines what kind of insurance do i need ?

Looking to get into this side of the buisness as well.? Is it better to contact real estate agents direct or how is it you get on the vendor list for the banks direct??

Reo and Bpos are what the realtors do for the banks. You would be classified an a property preservation vendor “cleaning reo properties” Here is a website link we found that provides this information
Good luck and I hope this helps!

That BPO site is hilarious if it weren’t so bad.

Apparently Countrywide hasn’t even paid their BPO’s or their driveby gangbangers despite the fact that July was a record month.

Heres a thought. Do you think they get their business model from South Central LA. Gangbangers R Us.