Mowing Foreclosed/Bank Owned Properties...

Discussion in 'Lawn Mowing' started by ADVANCEDOHIO, Nov 7, 2009.


    ADVANCEDOHIO LawnSite Member
    Messages: 92

    Anybody dealt with mowing groups of bank owned foreclosed properties?? What has your experience been? Good, bad, just another job??? Not sure to keep them on board for spring 2010...
    Last edited: Nov 7, 2009
  2. topsites

    topsites LawnSite Fanatic
    Messages: 21,653

    Yeah, I've never gotten a job like that because I'll be glad to give the estimate but beyond that I get paid first.
  3. CapitalLawnGroup

    CapitalLawnGroup LawnSite Member
    Messages: 66

    I wouldn't. I have, and wont anymore. They don't want to pay you for your work, if they pay you at all, they wont pay enough. They are usually very long overgrown first cuts which they will pay you next to nothing for, and expect to keep it up only every two/three weeks, which during the summer months, kills you and your equip. Besides that the homes change hands so frequently that if you invest too much time/dependence on those accounts, you can lose them ALL over night...
  4. cleansweeplawncare

    cleansweeplawncare LawnSite Member
    Messages: 70

    I have been doing foreclosed properties for the last two years and its going great. I generally charge two to three times the average price to cover costs and make sure I am making money off them. Some accounts are a couple months and some are all season long !
  5. Mahoney3223

    Mahoney3223 LawnSite Senior Member
    from midwest
    Messages: 995

    A joke! they are usually 100 feet tall and full of trash and other things...they only want mowed once a month for next to nothing...never again
  6. brucec32

    brucec32 LawnSite Platinum Member
    Messages: 4,403

    I am doing a few for the first time. I get paid by the agent trying to sell them for the bank but I knew him already. He gets the bank to reimburse him.

    I charge more than I typically would due to the temp nature of it, and I charged double that for the first cuts to get them up to standard. They were all weekly accounts. The close proximity to each other also made them profitable.

    But if I didn't get paid up front or know the person involved, I would have passed for the reasons mentioned in previous posts.
  7. AmGreen

    AmGreen LawnSite Senior Member
    Messages: 319

    surprised to hear you "get double what you normally charge", on these properties. have had a few agents call this year. come to find out, the bank will only pay $40 per cut every 2 weeks. from what I gather, size/condition doesn't matter. needless to say, we don't even make an effort to write proposals for these.
    Posted via Mobile Device
  8. Think Green

    Think Green LawnSite Silver Member
    Messages: 2,746

    As you are reading the other posts, it is clear that 50% of the LCO's either are making money on these Asset Recovery properties or they aren't. The majority of the responses are correct in payment procedures and amounts. The mowing is done according to the Assets Recovery Department's team through the bank's presidents.
    Mowing on a two week basis is standard for our foreclosures. Other areas may be more specific upon the turfgrass type. It all depends on the area, as we have engaged to new properties that were not touched in 2-3 months. The Asset Recovery manager is supposed to visit these sites and access the work to be done. They don't have a clue to what it takes to maintain these properties just as a laper couldn't tell what needed to be done to a damaged roof. We would get these properties..........make the initial property inspection.......take photo's of the lawn........take photo's of the interiors of the homes..................make bids for cleaning and disposal of all contents. Once you see these sites and the bank has a trust relationship with you, then payment isn't a big issue. You have to know someone higher up on the financial corporate ladder.
    On to the issue of working for the agent trying to sell the home.........! Well, most of them are struggling to sell the home in a tight market right now. All their efforts and some pocket money, not excluding the advertisements are coming out of their pockets. These salesman are wanting it done for cheap prices. Don't get me wrong as it is area specific and does not reflect all real estate markets. For the majority, sales are down......the lawns have to be kept up by code or HOA. When it comes to working with individual agents making out the checks, they will pay in advance for each month's work. The initial cleanup cost is payable in advance before any work is started. The banking institutions pay just the same way unless someone you know and TRUST is working higher up and payment is received in 30 days. It took about a month for our first payment to clear the Asset Department and then after that it was all good. I just say from deep experience, stay away from the real estate side of the maintenance unless you are well liked and respected. There are a few agents in my city whom still owe petty money for non-rendering of services provided. The homes are still sitting on the market and with no-sales. Agent's are flip flopping these houses in attempts to sell them you can't rely on whom has the home from contract to contract. Your money will float around and no one will assume responsiblity.
    Watch your self and don't sell out short............if the agencies don't want to play by the prepayment rules, then don't undergo a stressfull situation to have something to do!!!

    ADVANCEDOHIO LawnSite Member
    Messages: 92

    All good info to consider. I'm prob going to opt out of these accounts as I don't think they lead you into anything else (as far as work), which is always a goal when providing a quality service. I appreciate the few responses and I will forward any new info about this that I get and how it works or doesnt. Thanks!!!
  10. topsites

    topsites LawnSite Fanatic
    Messages: 21,653

    Awww shucks that's just a whole load of crap because even during good times it's the same song and dance.

    Guess what?
    That is not my problem, same goes for all the rest of these so called reasons why it's supposedly the way it is.

    I believe if it's that hard to come up with the money to pay someone else to do it?
    They should do it themselves.

    Well all right I am sorry it is not all bs, that part is very true.

    But a Realtor isn't exactly on some kind of limited income either, some folks would act like a Realtor is like
    some very used car salesman who, when the cars don't sell has to eat out of garbage cans :laugh:

    The reality is a Realtor comes in right around the same level as doctors and lawyers, these folks
    have Master's degrees with a background in law and are usually nowhere NEAR the poverty level.
    Yet they obviously have no problem F*&%^ng over someone who is!
    Scum of the earth if you ask me.

    Oh no, make no mistake, the person who originally agreed to have the work done is responsible.

    And they can try and gaff it off on the next guy and I do agree ultimately that person does not have to pay because
    there's nothing I can do to force that, but collection agents have a way of making debt a REAL discomfort.

    Yeah, see?
    Soon as they hear me talk, I don't even have to say the half of that...
    They're gone!

    Bunch of stiffing slimeballs act like they can't afford it.
    Oddly enough their nice 1/2 million dollar house in midst of some super rich neighborhood
    and their 40 thousand dollar cars don't make me feel a bit sorry now.

    /rant lol
    Last edited: Nov 8, 2009

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