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How to Price Foreclosure Cleanup Jobs
If you own a foreclosure cleanup company, you already know that prices for services are all over the place, as services can include many things. With a foreclosure cleanup business, you can offer everything from simple trash to lawn maintenance, gutter cleaning and pressure washing, painting, minor repairs, and more. You can offer any of these services alone or in combination with other services, making it somewhat difficult to price effectively.
According to Cassandra Black, owner of Foreclosure Cleanup, LLC in Atlanta, “We get calls all the time from foreclosure cleanup start-up companies who want to know how much to charge for debris removal, repairs, etc. They want a simple formula that includes a few ingredients that include quick pricing. Unfortunately, there are no cookie-cutter answers because many factors determine effective pricing, especially for a new, small foreclosure cleanup company.”
Ms. Black continues, “On the flip side, potential clients often call and ask for estimates over the phone, Just an ideaThey can expect to pay foreclosure cleanup services. Often times they are looking to buy a foreclosure and want to know what they are facing after closing to get the home in a move-in condition, or the realtor will call because he or she has taken out too many foreclosures from the bank. market. We tell them that we have to look at the properties before pricing.”
As with most things, rushing into pricing leads to waste. New foreclosure cleanup companies almost always serve themselves by paying a quick price over the phone to appease the caller. There are many factors that need to be considered before giving an estimate to make a profit in this industry.
There are many schools of thought on foreclosure cleanup pricing. Below are some soft factors to consider before making hard and fast numbers on foreclosure cleanup estimates.
1. What is someone in the subject county, city or zip code willing and able to pay for foreclosure cleanup services? Customers in a metropolitan area like Chicago expect to pay more than someone in a small town like Selma, Alabama. Call other companies to see what new companies charge for services. New foreclosure cleanup companies can’t call existing foreclosure cleanup companies because they might be the only ones in town. Foreclosure cleanup is a new, growing business, per Entrepreneur magazine, the show on Oprah, and many news outlets, but with foreclosure rates at record highs, there’s still room for new companies in many areas across the United States.
To help determine pricing, new companies should call existing companies that offer some of the services they plan to offer in their new business. For example, calling domestic and commercial cleaning companies, lawn companies, gutter cleaning companies, painters, etc. will help small start-ups to create their own pricing structure based on their services and their area.
2. Who Will Pay Your Foreclosure Cleanup Company? You need to know who is writing the check to your company. This small piece of information will help you price effectively Make a profit. Here’s why:
Realtors who specialize in listing REO (real estate owned) properties are often financially out of pocket to maintain the property and wait for banks to reimburse them for their expenses for lawn care, trash-outs, minor repairs, etc. In this period of Low and slow Commission, paying you directly, will require you to lower your estimate a bit to secure a garbage removal job so they can afford you – again and again! This is how you make your money in bulk from these realtors.
On the other hand, if you tell the realtor you’ll move out the garbage and wait 60+ days to get paid from the bank, your estimate should be higher. why Because you have to realize that you are waiting to get paid; Someone else will be holding money in your bank account to earn interest or keeping you in the black when it comes to your business cash flow.
If you decide to stop at the bank, you’ll need to include that invoice to get your money immediately. If you “factor” that invoice (sell it to a company that pays you a percentage of the invoice value in exchange for immediate payment), you’ll have to spend a percentage of your profit. Obviously, you’ll pass that cost on to the bank by charging more.
3. In pricing foreclosure cleanup jobs, you should also consider the overall condition of the property. For example, does the realtor have a large lot for you to handle or is it a 1-home dump? Again, lend at a much lower cost. (Instant bulk, not “promised” bulk.)
If the buyer is looking for an estimate to take out the trash themselves, consider whether the buyer has already closed on the home, whether they are in the offer phase. If the buyer has already closed on the home, schedule an estimate meeting at the property and a walk-through to evaluate the contents. why Because if they just bought a foreclosure, they have a lot of other things to do.
Foreclosures are almost always sold “as-is,” so the buyer will need a white-glove move-in clean, painting, gutter cleaning, pressure washing, minor repairs, or a combination thereof. Ask the buyer if you should add this or that to the estimate when you do a walk-through based on the services you decide to offer at your foreclosure cleanup company. By the time it’s all said and done, taking out the trash will likely be the least cost-effective part of your budget.
If the buyer has not closed on the home, they may be asking for multiple estimates from multiple sellers so that they can gauge which estimate to use as part of the offer agreement in an attempt to lower the foreclosure price based on the amount the seller is selling. Estimation of waste removal (“Vendor Discount”). In this situation, you probably don’t want to bid the lowest.
4. Will you be subcontracting the work you are budgeting for? Are you working for a large vendor? Small foreclosure cleanup companies are often used by large property protection companies. Expect to underbid on these jobs if you’re a sub, as the primary vendor is often working within budget constraints set by hard and fast HUD-type guidelines. Big sellers know they can’t go over a certain amount and a certain service can’t be completed without approval. Try to figure out what those price guidelines are for your seller and price accordingly.
There are many factors to consider when pricing foreclosure cleanup jobs. Before giving a hard and fast number you have to weigh everything and, at the very least, weigh the soft factors above so that your company can effectively price to make a profit.
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