Foreclosures: A Good Time for Property Management Companies
September 29th, 2008
The huge rate of foreclosures in Michigan is indeed good news for the property management companies. These real estate companies that look after the maintenance of broken doors and windows, and doing other repair works, are happy as they are getting more and more properties for maintenance.
Many of these companies like Five Brothers Mortgage Co., based in Warren, have observed that their business has almost tripled over the past 5 years. They manage a large number of repossessed and vacant properties. RJS Property Management has been hired by Joe Bada’s company to make an inspection of a home that is facing foreclosure in Warren. According to Five Brothers Mortgage Co., “Our job is protecting the mortgage company’s interest in the properties … clean the front yard, mow the grass, make sure there are no squatters. We do all these things to make sure the property stays whole. We do minor repairs, keeping it from deteriorating.”
According to Bada, his team makes an inspection of nearly 40,000 properties in a month in Michigan. Not only that, he also provides services in other states such as California and Nevada. Though their company is making a huge profit due to foreclosures, but Bada has also expressed his deep concern about this situation. He has his full sympathy with the people who are loosing their real estate properties. He has said that they find homes with even trunks filled up with the belongings of the last occupant. Some also leave toys and pictures on their way out.
Bada has said, “We have a really bad situation. It’s nationwide. It’s the rich and it’s the poor. It’s hit every section of our society. Many people are losing jobs and can’t get a comparable job to what they had.” It has been put forward by the president of the Warren Bank Mortgage Co. LLC Margie Drewes that the cost of services on the homes facing foreclosure can vary from $1,000 to $50,000 per year depending on the state of the property.
The business of the property management companies are also keeping great at Florida, California, Nevada, and Ohio. Another property management company that is enjoying a huge profit in Michigan is the Safeguard Properties. Drewes has said, “We have to maintain the properties to make sure they’re in good condition so we can sell them. We have to keep the grass cut so we don’t get fined.”
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October 20th, 2008 at 4:19 pm
We have seen a huge increase in business from homeowners that can’t sell their home in the Las Vegas Real Estate market. They have few choices, either foreclose, short sale or rent out their home as they wait for the market to change.