Hi all!!I am fairly new here and have been reading some great posts, so, i want to pick your brains...Why is it that there seems to be NO way into the "older" asset management companies/lenders?(Ocwen,Wells Fargo-pas,Homeq,etc...) I mean , does someone on the inside have to die for one of us on the outside to get in????/ I dont get it.... there are quite a few reo realtors out here, with 7-8 yrs of experience...(like me). that can't get a toe in..... yet.... Ive seen some pretty poorly handled properties in my neck of the woods.....bad or no preservation....no ability to even forward an offer because they dont answer their cells or emails....they dont post their addendas,pocket listing and basically make it impossible to get an offer in..... How do these guys stay in and why am I not replacing them .... kills me... really sad.... the best part is... they are the ones that are adament about not letting "other "realtors" in.......meanwhile.... most of these great "lenders-assetmanagement co's" dont even have a waiting list....... Ok--- so what do I have to do to break wells fargo?????HELLLLPPPPPPPPP?
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Hi Tony, Thanks for keeping it real and taking the time and effort to explain how an agent could successfully get into the REO business. Your comments were quite unselfish. After all a single person/agent can't possibly sell everything alone. There are many agents out there who are aware of the ins and outs of the business, but they refuse to share any of the information (“I wonder, I can’t tell you, but you are my competition…”). Sometimes they intentionally mislead you too. Your skills, knowledge and confidence have earned you plenty. That is why you are being called on Sundays by Asset Managers who has never done business with you before. If I were an Asset Manager I would not hesitate to give you my business down there in Florida. Cheers from California! Have a great day!
Tony gives excellent advice. BPO's are key elements. I think it can't be stressed enough to have an experienced staff working with you. You simply cannot be a successful REO broker without a quality staff. Can you examine areas that are lacking with other REO agents in your area? Get noticed by presenting answers to these issues. This will get you noticed as well. Make sure your focus is not on what the long timers in this business are doing, but make sure your own methods in servicing are sharp and crisp.
Back to BPO's. I personally love doing BPO's. To me there is no better way to keep your pulse on your market when listings are slow...which has seemed like forever. I've found that, while appraisals are different, an experienced appraiser (to be specific, one who understands the REO market because some of them don't!), has been a big help, thus adding some depth of quality to your work. It was stated before, but use these BPO to get your foot in the door.
Finally, I've recently found that working in a consulting capacity has led to increased business. We're used to banks and servicers giving us listings, but how about 'consulting' with bulk note buyers on local market issues to help them decide to purchase NPN's and the like? This may mean doing some free work, but if they acquire the asset, likely the listing is yours. Be sure that there are no conflicts of interest with any of your current REO clients. This keeps you sharp because many times, helping someone buy an income producing asset requires as many business marbles as helping someone sell a distressed asset. Your IQ for REO remains intact because it's still ends up being REO if you list it. Can you add this dynamic to your business reportoire?
Hi Rose, to answer the certification question is a tough one, however when I decided on RDCP I think it was because it was the most widely accepted by lenders, I think it still is. The CDPE Cert is “Short Sale” based and I don’t know if that has any weight in the REO world. My thought process is to have the tools in my tool box that asset mgr’s are looking for and believe me nobody will tell you what you need. All asset companies have requirements and if you have 4 of the 5, the 1 you don’t have could cause you to be passed on. I couldn’t tell you for sure if anyone has ever picked me because of this certification, but I did notice Jesse has it and I did listen to his Radio blog the other day when he interviewed the founder of Default School who has also created one of the larger BPO firms “Mark to market” (Great Interview Jesse!) Maybe Jesse will swing by and give us an opinion.
The one thing that I can impress on you is that simply being active on any platform whether it be Equator or Res.net is not enough. Try this…… and use this formula over and over. Find out where the BPO originated ….or the listing, doesn’t necessarily mean only the ones you have done, any will do. I’ll give you an example, I do BPO’s for “Core Logic” CL is a BPO factory and cannot assign listings….BUT! One of CL’s largest client is Suntrust Bank, Most but not every BPO will list the Client. Now that you know who the client is go direct to their website and register. Kinda simple huh, I will say that I have never been able to break into the Suntrust REO vault and simply used them as an example. I have had much success with this and without throwing my secrets out there anybody that does this will have a better chance because for example if Suntrust uses Equator as their platform (which they don’t) and you are registered and approved in both places you might just be the obvious choice.
Back to Realtrans, 800 views is a lot of folks passing on you, here’s my opinion on this, maybe it was because you had 4 of the 5 requirements and someone next on the list had 5 of 5. Choosing an agent is not a personal thing for an AM and if an AM has taken the time to look at your info it means that they did not have a favorite in place, once you get an AM that knows and loves you they will assign you properties without perusing the list, making yourself the obvious choice is the key. Is it certification? Experience? You have to figure that out. Very very very important to keep current on all info, you have had 2 successful REO listings and sales, that is very important and you MUST!!! Go back and update all your info to reflect your experience and more importantly current referral info from the AM’s you worked with.
I gotta tell you a story on how easy it is to get overlooked and how important it is to keep current. I mention earlier that I recently signed up with Res.net, I received an e-mail from an asset mgr. about a week later, in the subject box of the e-mail was a property address, the message read as follows “Please remove the quotation marks from your name, the system will not allow us to assign a property to you because of this” Now the reason I registered that way is because I go by my middle name and when I register I do as follows William “Tony” so they can verify my license info and still call me by my correct name. It took me all of 30 seconds to correct and reply to the AM but I never got the property, she simply went to the next on the list, I still don’t know if it was o BPO or other but you can believe I spent most of the day removing quotation marks on various sites and what if she had not taken the time to write that note to me? Expired E&O and license info will stop assignments just as fast.
K….I’m done, hope this helps.
Rose Mencia > Tony LintonJanuary 24, 2010 at 4:33am
OMG!!! THANK YOU!!!-----I know your time is VALUABLE, specially on Sun. Morning!!!.. Also... will be bold and thank you for everyone else in here..... your response has changed everything for me...!!! THANK YOU!!!
will re-read this many times!!!!
Warm Regards, Rose
Tony Linton > Rose MenciaJanuary 24, 2010 at 5:42am
Awesome Rose! your response has made the time spent well worth it!
I am just seeing your remarks and I too thank you. Very helpful information. It is hard to get agents to be so helpful. God bless.
Tony Linton > Rosemary BrooksFebruary 24, 2010 at 9:56am
Hi Rosemary, you are very welcome. I have been meaning to add many things to this blog but I haven't had time, there are sooo many things that agents can add to this. We had a conversation on another forum that I have been thinking about quite a bit, I am still trying hard hard to understand what exactly that will make an AM not go to the next person on the list when looking at my info on Equator, Dispo or ResNet.
I did read one of Neds recent post in the "Ask the AM" section that I thought was very well put. He basically said that when he looks for agents that he will pass on someone who does not have an REO dedicated website or e-mail and that an aol or yahoo e-mail address is not real fitting for a serious REO agent. I got a real kick outta this and I actually do have a dedicated REO site and a real e-mail address, but the site is not posted with all the companies I have registered with because the site came way after I signed up.............
We get so much good info here.....just more tools for our box. I still go by the saying " I aint the sharpest tool in the shed, but I am usually the one pulled out to get the job done" LOL, I just keep working on the little things looking for the big things to happen.
Rose Mencia > Tony LintonFebruary 24, 2010 at 10:11am
Hi Tony, I have a company website... and its dedicated to buyers, sellers, shortsales and reo's... cept... I have no listings rt now...... what do u think they mean by a dedicated web site.... explanations about reos?? marketing them specifically?? maybe a section that says "HEY U ASSET MANAGER>>>>LOOKEE HERE????? lololol.... shoot, maybe I'll add that?????? what are your thoughts?????
warmest regards!!!! Rose
Tony Linton > Rose MenciaFebruary 24, 2010 at 6:00pm
Hi Rose, you are so funny...I'll bet you are a hoot to work with! I tried to go back and link the "ask the AM" forum that I was referring to but it seems we are missing anything after mid December in the archives. I think...but not absolutely sure that Ned was referring to a dedicated REO site, one that he could simply click a link and see reo activity whether it is listings sales or a general outcry specifically for the foreclosure market…..My take on this is he wanted to see the agent active in the business and not necessarily referring to a general company site. If you have ever had any experience with add words with google…yahoo you would pick a name such as SouthFloridaForeclosure.com or QueenRoseReo.com or any version that is not already taken and directs anyone doing a search to your area and expertise. This in itself would lead him to believe that you are…without a doubt….an existing, serious REO agent, If you back that up with an e-mail such as ReMaxRose@aol.com he might “go on past”, but if it were ReoRose@SouthFloridaForeclosure.com he just might stop the search and pull the trigger on your name….and you get the listing….and future listings.
Rose, I’m not sure by any means what will make an AM choose you or I, but I have to always go back to the 600 plus times that I have been looked at on Equator and try to figure out why I don’t have 600 listings or 600 BPO’s. It still goes back to the tools in the toolbox, we talked about 4 out of 5….maybe it is 18 out of 20……who knows, but we all have to keep pushing for the payday, at some point the effort will surpass the many that have less tools and we will be the choice.
Take a look at the xsites that Jesse has worked a discount with for REOPro members if you want a more dedicated site to your REO business, I settled on Z57 because they offer lead generation and post your listings on many sites but more importantly they offer a built in drip campaign and individual property websites and postcards and the average person can maintain it without HTML experience.
BTW. I will send info on your e-mail that might help you get an edge with some companies I do business with…I have been meaning to do that anyway. Talk to you soon. T.
http://SouthFloridaForeclosure.com/
Rose Mencia > Tony LintonFebruary 25, 2010 at 2:03am
Morning Tony---- well, I had a thought----I think I will purchase another domain, like--reorose.com....(lol) and point it at my company site..... then, I will tweak the home page a little more. Right now its geared towards sellers,shortsales, and buyers.... I 'm going to add "REO buttons on the top.... and maybe a few listings that are "borrowed" from a few reo brokers ( friends of mine)..... I'll write a blog or two under reo.rose,,,,,,,,can't hurt....
ahhh... better yet... am going to see if one of my satellite sites can be all about reo's....ahhhhh........ geez.....I'm already tired...... I was with alamode before it was picked up here..... but they too offer "add'l sites, etc.. I can drip my asset managers from there..... oooohhhh,,,,, they'll either hate me or date me.....lolol....hmmmmm.... will think about this- gotta do some research!! as usual!!! THANK YOU TONY!!!!
Replies
Back to BPO's. I personally love doing BPO's. To me there is no better way to keep your pulse on your market when listings are slow...which has seemed like forever. I've found that, while appraisals are different, an experienced appraiser (to be specific, one who understands the REO market because some of them don't!), has been a big help, thus adding some depth of quality to your work. It was stated before, but use these BPO to get your foot in the door.
Finally, I've recently found that working in a consulting capacity has led to increased business. We're used to banks and servicers giving us listings, but how about 'consulting' with bulk note buyers on local market issues to help them decide to purchase NPN's and the like? This may mean doing some free work, but if they acquire the asset, likely the listing is yours. Be sure that there are no conflicts of interest with any of your current REO clients. This keeps you sharp because many times, helping someone buy an income producing asset requires as many business marbles as helping someone sell a distressed asset. Your IQ for REO remains intact because it's still ends up being REO if you list it. Can you add this dynamic to your business reportoire?
Just some thoughts...
The one thing that I can impress on you is that simply being active on any platform whether it be Equator or Res.net is not enough. Try this…… and use this formula over and over. Find out where the BPO originated ….or the listing, doesn’t necessarily mean only the ones you have done, any will do. I’ll give you an example, I do BPO’s for “Core Logic” CL is a BPO factory and cannot assign listings….BUT! One of CL’s largest client is Suntrust Bank, Most but not every BPO will list the Client. Now that you know who the client is go direct to their website and register. Kinda simple huh, I will say that I have never been able to break into the Suntrust REO vault and simply used them as an example. I have had much success with this and without throwing my secrets out there anybody that does this will have a better chance because for example if Suntrust uses Equator as their platform (which they don’t) and you are registered and approved in both places you might just be the obvious choice.
Back to Realtrans, 800 views is a lot of folks passing on you, here’s my opinion on this, maybe it was because you had 4 of the 5 requirements and someone next on the list had 5 of 5. Choosing an agent is not a personal thing for an AM and if an AM has taken the time to look at your info it means that they did not have a favorite in place, once you get an AM that knows and loves you they will assign you properties without perusing the list, making yourself the obvious choice is the key. Is it certification? Experience? You have to figure that out. Very very very important to keep current on all info, you have had 2 successful REO listings and sales, that is very important and you MUST!!! Go back and update all your info to reflect your experience and more importantly current referral info from the AM’s you worked with.
I gotta tell you a story on how easy it is to get overlooked and how important it is to keep current. I mention earlier that I recently signed up with Res.net, I received an e-mail from an asset mgr. about a week later, in the subject box of the e-mail was a property address, the message read as follows “Please remove the quotation marks from your name, the system will not allow us to assign a property to you because of this” Now the reason I registered that way is because I go by my middle name and when I register I do as follows William “Tony” so they can verify my license info and still call me by my correct name. It took me all of 30 seconds to correct and reply to the AM but I never got the property, she simply went to the next on the list, I still don’t know if it was o BPO or other but you can believe I spent most of the day removing quotation marks on various sites and what if she had not taken the time to write that note to me? Expired E&O and license info will stop assignments just as fast.
K….I’m done, hope this helps.
will re-read this many times!!!!
Warm Regards, Rose
I did read one of Neds recent post in the "Ask the AM" section that I thought was very well put. He basically said that when he looks for agents that he will pass on someone who does not have an REO dedicated website or e-mail and that an aol or yahoo e-mail address is not real fitting for a serious REO agent. I got a real kick outta this and I actually do have a dedicated REO site and a real e-mail address, but the site is not posted with all the companies I have registered with because the site came way after I signed up.............
We get so much good info here.....just more tools for our box. I still go by the saying " I aint the sharpest tool in the shed, but I am usually the one pulled out to get the job done" LOL, I just keep working on the little things looking for the big things to happen.
warmest regards!!!! Rose
Rose, I’m not sure by any means what will make an AM choose you or I, but I have to always go back to the 600 plus times that I have been looked at on Equator and try to figure out why I don’t have 600 listings or 600 BPO’s. It still goes back to the tools in the toolbox, we talked about 4 out of 5….maybe it is 18 out of 20……who knows, but we all have to keep pushing for the payday, at some point the effort will surpass the many that have less tools and we will be the choice.
Take a look at the xsites that Jesse has worked a discount with for REOPro members if you want a more dedicated site to your REO business, I settled on Z57 because they offer lead generation and post your listings on many sites but more importantly they offer a built in drip campaign and individual property websites and postcards and the average person can maintain it without HTML experience.
BTW. I will send info on your e-mail that might help you get an edge with some companies I do business with…I have been meaning to do that anyway. Talk to you soon. T.
ahhh... better yet... am going to see if one of my satellite sites can be all about reo's....ahhhhh........ geez.....I'm already tired...... I was with alamode before it was picked up here..... but they too offer "add'l sites, etc.. I can drip my asset managers from there..... oooohhhh,,,,, they'll either hate me or date me.....lolol....hmmmmm.... will think about this- gotta do some research!! as usual!!! THANK YOU TONY!!!!
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