How to Clean Foreclosure Properties for the Bank

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Foreclosure properties often are in disrepair, so banks will hire cleaning companies to work on foreclosure and eviction properties. If your cleaning company offers a variety of services, this can prove to be a profitable niche. For example, your cleaning business might work on interior rooms by applying fresh coats of paint or making minor repairs. You also might provide trash disposal services to haul off possessions that may have been left by previous tenants.

  • Get appropriate supplies, such as gloves, vacuums, mops, window cleaners and all-purpose cleaning products. In the beginning, you can purchase household items at a local retailer, but consider purchasing commercial cleaning equipment as your business expands, perhaps through a site like wholesaleindustrialsupplies.net. For many foreclosure properties, you can use a truck and trailer to haul away unwanted items like furniture.

  • Contact insurance companies like cbic.com to bond and insure your business. The cost will vary based on the insurance company you select and your geographical location. Expect higher rates for each additional employee you hire. While you can operate a foreclosure cleaning business from your home or office space, many banks will not work with you unless your business is licensed and insured.

  • Charge reasonable rates to avoid losing business. Determine your price structure after evaluating how much your competition charges. Ensure that your business expenses are covered, or you won't be profitable. Banks often establish budgets that highlight how much should be spent to get the property ready for resale.

  • Contact real estate agents, realtors or listing agents who work on behalf of banks---they likely will be your best sources of work. Potential clients also include landlords, mortgage companies and property investors. Introduce yourself, describe your business and hand out business cards.

  • Advertise continuously (e.g., by placing magnetic signs or vinyl lettering on your car). Utilize different marketing strategies to promote your business. For instance, create a website that informs clients about your services and describes the area (e.g., entire metropolitan area or select suburbs) that your business covers.

Tips & Warnings

  • Some clients ask for before-and-after photos. Decide if photos will be included in your basic service or if extra fees will apply.
  • Many websites that offer manuals and books about how to start a foreclosure cleaning business are scams that will take your money and disappear.

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