Building Your Plan B

Building Your Plan B

Be smart. Plan from day one to be independent and build a business that offers services to a variety of clients, not just mortgage servicing companies. Most contractors think and act as if receiving work from a national or regional servicing firm is the primary goal of their business. It is not! Your primary goal should be to provide a secure income for your family.

Receiving work from mortgage servicing companies is not secure. Your work orders can end tomorrow and there is absolutely nothing you can do about it. Companies change contractors on a whim and your needs are at the very bottom of their concerns. You would not believe how many phone calls I’ve received from contractors asking for advice when their total income was cut off overnight.

Be smart. Start working on Plan B when you begin your property preservation business – not afterwards. After all, the search for the property preservation contractor that is going to replace you started when they sent you your first work order.

Okay, now that all of the preliminaries are done, let’s start on your Plan B. The very first step is to begin with a truthful evaluation  of your value to the industry and society in general. If you know deep down inside that you’re a swindler or lazy then okay, maybe you are not worth that much to the industry or to society in general and then it would be okay just to be happy with what is parceled out to you by others; but if you are like the majority of contractors you have talents, knowledge and experience of value. It also goes without saying that you are probably somewhat motivated. What I’m trying to say here is you should start with a truthful evaluation of the value of your services, your experience and your character. Don’t cut yourself short. Your capabilities are worth plenty to the right people in the right circumstances.

Let’s begin building your Plan B by looking at some other sources of income you can add to your property preservation business services or possibly use to totally replace income generated from working for mortgage servicing companies and their clients, the lenders.