Property preservation is the process of maintaining and securing a vacant or foreclosed property to protect its value. This can include tasks like changing the locks, winterizing plumbing systems, removing debris, and performing regular upkeep. The goal is to keep the property in good condition until it can be sold or reoccupied.

There are several factors that might impact the cost of this service, including:

• Property size and condition: Larger properties or those in significant disrepair will require more labor and materials to secure and maintain.

• Scope of work: The specific services you need will play a big role. A basic task like changing locks will cost less than extensive debris removal, boarding up windows, or winterizing the plumbing system.

• Geographic location: Labor rates and the cost of materials can vary quite a bit from one area to another.

• Frequency of visits: A one-time service will cost less than a contract for ongoing maintenance, such as regular lawn care or property inspections.

• Urgency of the request: If you need emergency services, such as securing a property after a break-in, you may pay more for the expedited response.

Before hiring a property preservation pro, be sure to ask these questions:

• What experience do you have with properties like mine, such as foreclosures, REO properties, or vacant homes?

• Are you licensed, bonded, and insured for property preservation work?

• What specific services are included in your standard package, and what would be considered an add-on?

• How do you document the property’s condition before and after your services are complete?

• What is your process for handling unexpected issues, such as discovering significant damage or security breaches?

• How will you communicate updates, and how often can I expect to hear from you?

• Can you provide references from other clients, such as banks, real estate agents, or asset management companies?

Licensing requirements for property preservation vary by state and the scope of work. Pros may need a general contractor's license for significant repairs, along with job-specific licenses for plumbing or electrical tasks. Some smaller jobs might not require a specific license. It's best to check with your local licensing board to understand the rules in your area.

Reason #1 for hiring a professional: They typically have specialized knowledge of local regulations and lender requirements to ensure the property is compliant.

Reason #2 for hiring a professional: A pro can usually manage all maintenance tasks, from securing the building to landscaping, saving you valuable time.

Reason #3 for hiring a professional: They often provide the necessary documentation and photo evidence to prove the property is being properly cared for.

Reason #4 for hiring a professional: Professionals should have the right equipment and a network of contacts to handle any repair or emergency that comes up.

Reason #5 for hiring a professional: They can help protect your investment by securing the property against risks like vandalism, weather damage, and unauthorized occupants.