Mowing Foreclosed/Bank Owned Properties...

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

  1. ccmark

    ccmark LawnSite Member
    Messages: 11

    I have been doing a few this year and they have been great. I get paid like clock work 2 times per month. I am able to charge my normal amount. No complaints from me.
  2. Pietro

    Pietro LawnSite Senior Member
    Messages: 855

    We will do them but must be paid in advance.
  3. RDA

    RDA LawnSite Member
    Messages: 177

    I had no idea that Realtors in your area were so well educated and wealthy, that sure isn't the case in my experience.


    Rich - knows plenty of Realtors, not one has a Masters degree and I don't think I would consider any of them wealthy although President Obama might....
  4. envy

    envy LawnSite Member
    from S.C.S.
    Messages: 3

    I am doing it now 4 days a week this is my first year in the biz I worked in landscaping for over 10 years. It is good I get paid but think that I am working to hard for what I am getting paid. The lawns are about $20 a peace if I was cutting for a res weekly with banks the houses are real bad and only getting 65 per house I think that I should be getting 100 per. Because it is just like doing a clean up and I charge hourly and 35 per hour
  5. Fresh_Cut

    Fresh_Cut LawnSite Senior Member
    Messages: 346

    You say work is payable in advance? With what bank? or FSM company?

    I don't doubt you, I'm just asking questions to get a better understanding.

    From what I understand, national banks sub the duty of managing the bank-owned properties to Field Service Management companies. These FSM's get a cut, called a "discount", and have the work done by local or regional outfits/contractors.
    I have a good buddy that's also an LCO and he's been doing this exclusively for about 4 years(he loathes dealing with residential customers). He hates the way they handle him. He was doing cleanouts, trashouts, inspections, HPIR(hud property inspection reports), initial grass cuts, and grass recuts.
    He works with Safeguard Properties, and Snow Enterprises. He's since stopped doing the clean-outs and trash-outs, and focused on the inspections and grass cuts, but here lately, through networking with other contractors, he's realized that one of the companies has been BS'n him on what they pay him for inspections. He talks to another contractor doing the same kind of inspections for the same company and they are paying the other contractor more per inspection! SMH
    My buddy always has a cash flow problem because of getting paid net 30 and having to basically finance the FSM's operations upfront, and gets next to nothing for grass cuts.

    I want to get into cutting bank owned properties for the stability of it, but not at the cost of losing revenue or even having a small profit margin. I want to make money!

    How do I get in with doing them directly for the banks? At what level should I be looking to make contacts?
  6. Fresh_Cut

    Fresh_Cut LawnSite Senior Member
    Messages: 346

  7. envy

    envy LawnSite Member
    from S.C.S.
    Messages: 3

    i do first time cuts and weeding gutters but i get my work frome GTJ i live by detroit trere are big here
  8. vencops

    vencops LawnSite Bronze Member
    from NC
    Messages: 1,537

    You need to find out which agents/brokers in your area are handling REO properties......and work for them, directly.

    I don't deal with national chains. They're my competitors.
  9. maserati58

    maserati58 LawnSite Member
    Messages: 3

    who are you contracted with
  10. vencops

    vencops LawnSite Bronze Member
    from NC
    Messages: 1,537

    I currently do work for one national and two local lending institutions. I didn't like the idea of waiting for an agent or broker to ask me to the dance. So, I put together my own "team"; picked the broker/agent I wanted to work with....and "I" took the package to the lender.

    I don't sub out LCO work. I do it, myself. The numbers I see posted in these threads are laughable. I get "up to" $200 for an initial lawn maintenance. I get $60/wk/asset to maintain the lawns.

    Your mileage may vary.

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