Starting a Property Preservation Company – Sample Business Plan Template
Step 1. Register a Business
Though this step is not mandatory, but banks and financial institutions prefer to have dealings with registered companies that operate as a legal body. To register a company you have to visit the Company Registration Bureau to register a company. Also, you need to get a business permit also known as a business license to operate your business, because you cannot legally operate a business in the United States without a business license.
Step 2. A Business Plan
A business plan is very important in this type business; in fact to succeed in this line of business, you need to have a clearly defined business plan from the start. Your business plan will serve as a guide for your business; and should contain every minor detail of how you plan to operate your business. You may need to present a business plan if you are going to take a loan from the bank. For a Property Preservation company, your business plan should cover different aspects of the business like; amount of capital needed to start and float the business, as well as other vital information.
Step 3. Hire Your Human Resource
You will have to hire employees to help with the duty of clearing of properties from foreclosed properties. Just ensure that you hire employees with the right qualifications to do the job. Some the quality you can look out for are; the physical strength to work in this business. Also they have to learn how to do a neat job anywhere they are contracted to work. Your role as the business owner may be limited to supervisory job. If you don’t have the capacity to hire full – time employees, you can make them contract workers, but ensure that you put plans in place to convert your contract staffs to full – time workers, as soon as possible.
Step 3. Purchase a Truck-: A truck is needed to transport the properties you removed from the foreclosure real estate to any location that is stipulated by clients. The truck has to be a big sized truck to enable you carry more properties and take fewer trips to the location.
Step 4. Get an Office Space-: You need to lease a space that will serve as your office space, where people can come to make inquiries for your business services. You don’t need much office space to serve this purpose.
Step 5. Advertise your Business
Since you know that your major clients will be from financial institutions or banks, you have to contact all the major banks in your location and send them proposals of the property preservation services offered by your company. You need to contact the Real Estate Owed (REO) department in the banks because it is this department that foresee real estate foreclosures. You can also create a business website, where search engines can redirect banks looking for Property Preservation companies to.
Step 6. Incorporate other Services
You can also incorporate other services to your company. You can offer moving service to people moving to a new property, but make sure that you are always available to offer Property foreclosure services, because the bank may have to sublet the job to another company if your company seem indisposed to handle the work instantly.
Lastly, you can offer your service at a cheaper price than other Property foreclosure companies around. However, that does not mean you offer your service at a price that will leave you with no profit. You can choose to offer discount to your loyal clients. Your ability to execute Property preservation jobs fast and neatly will distinguish your company from others and make your services well sort after. Note that it may require a special training to get your employees to learn how to work fast and still do a neat job.
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