Structure and Organization
Most Property Preservation manuals available to the public are written for the purpose of educating the reader on the HUD tasks required of a Property Preservation Contractor and with very few exceptions, these manuals are nothing more than a repetition of the HUD regulations. With a little effort put into research on the internet, you can also find a bunch of Property Preservation Contractor Manuals written by mortgage servicing companies and field service companies. These contractor manuals also cover the HUD regulations but with emphasis on that particular company’s interpretation of the regulations – in other words, their way of doing things.
Nothing much is available for the contractor, or any other individual for that matter, that wants to know why or why not a certain task is performed by a Property Preservation Contractor and absolutely nothing is available that discusses the consequences of doing or not doing a task. The bottom line is that the Property Preservation Industry has never had a manual that covers the who, what, when, where, why and how of the business – they cover only the what and when. There has been nothing written from the perspective of a Property Preservation Contractor that wants a full understanding of the business in order to do the job right, with the most profit and the least liability. Property Preservation By The Book hopes to fill that vacancy.
Property Preservation By The Book uses chapter one as an introduction to itself and then moves into the unique business environment of the Property Preservation Industry – chapter two is business requirements, chapter three concerns the legal environment and chapter four lays out an understanding of the Property Preservation Business. Chapter five is concentrates on one thing only – due diligence. The author goes into great detail on why and how Property Preservation Contractors should investigate every company they might intend to apply to. Chapter six discusses how to market your business, how to recognize scams and deceptive practices and helps you work your way around the garbage and the gimmicks used to entice unsuspecting contractors. The chapter then explains how to go about marketing and promoting your business.
The remainder of the book breaks the Property Preservation Business into systems much like an automobile maintenance manual that contains chapters on the fuel system, the electrical system, the brake system and so on. Each chapter is devoted to a specific area of knowledge required of contractors or a task or service to be performed by contractors in the property preservation business.
1. Property Preservation By The Book starts with an introduction to the manual itself. The introduction includes almost two dozen topics including copyright information, how to use the manual and find information, acknowledgements, disclaimer as well as information that explains what you should expect to find in the manual and why you may not find information which you would normally find in a manual of this type.
2. Chapter two is a broad overview and discussion of setting up a property preservation business. The chapter does not include the information you can find just about anywhere – stuff like the different type of incorporations, tax advice and all that stuff. Instead the chapter holds to discussion on requirements that are unique for a property preservation business. Topics covered are insurance, memberships, quality control, vacations, office equipment, types of services to offer, etc. The chapter also contains some very strong warnings about contracts and legal representation.
3. Chapter three is a direct hit on the legal aspects of a property preservation business. The chapter’s original title was to be called “The Game Is Rigged” as it gives examples of the many contracts contractors will be asked to sign and points out how the contracts are by and large all designed to put the contractor on the short end of the stick. All of the discussion is just that, just discussion – from an experienced property preservation contractor that illustrates how the current way of doing business favors the lenders and the mortgage servicing companies. There is no legal advice given. Just opinions.
4. Chapter four is one of the largest chapters and contains discussion explaining the property preservation business, why it exists, who the players are and where the money comes from. Explanation is given about the foreclosure process, how HUD and other agencies participate in foreclosure and the property preservation industry, HUD Mortgagee Letters, a broad overview of services involved in the property preservation business and identifies clients for your property preservation business.
5. Chapter five is dedicated to one of the most important tasks a property preservation contractor needs to perform, due diligence. There are more contractor complaints about the companies they work for than anything else. This chapter gives you the information you need to perform due diligence on the companies you might work for. To get you started on your due diligence efforts, a current list of ABOUT THIRTY companies are listed along with their contact information.
6. Chapter six guides you through the marketing and advertising world of the Property Preservation Industry starting with a lot of information on how to recognize and avoid marketing, advertising and help-wanted ads the author feels is less than ethical and down-right deceiving. Once you have been informed of these things, the chapter introduces you to ways to look for new clients and promote your business.