I use to get REO's from Land America, IAS, Servicelink, USRES, LAMCO. It seems now everyone wants you to pay a membership fee in hope of receiving REO listings. For several years, I've paid from $200-$500 in fees and have not received one REO. But, I continue to see REO's all around Colorado. I know IAS and Land America are out of business. I feel, I'm being hassled when I'm required to pay a fee in hope of getting an REO. I have an excellent track record. I've even run adds in DS News to no avail. I use to manage all preservation task (trash out, rekey, clean, lawn cut, cash for keys, winterization, board/secure, etcetera), for all my clients with REO properties in Colorado. Every REO, I received went under contract within days of the listing and closed accordingly. I specialize in getting the highest possible market value for REO properties. Ninety percent of my business was REO and now, I don't receive any REO properties. I went from receiving 20-25 properties per year to nothing.What am I doing wrong? Most of my old asset manager contacts are gone and/or the company closed. Who has some good advice??????
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For 7 years I worked with IAS, during that time only getting 4 REO listings. Go to google.com and type in Integrated Asset Services and see the lawsuits, and bankruptcy reports on them. I don't care if they do restructure, I'd never do another think for them and many others are in the same boat. Always go to google.com and type in the company you are considering doing work for before you start anything. Even on this site IAS is still listed with 3 stars and they shouldn't be. I tried to get their stars off, but they said they couldn't do it, so beware of the REO companies on this site and go directly to google.com and type in any new ones you are considering.
You are doing nothing wrong, but sorry to say, the "train has left the station", and we have a new market that will have minimal REO business. Best to keep your cash in the bank, and not pay up front. Agree to pay any fees at closing.
Michael - You are dead on correct!
Will anyone listen? Afraid not! Mot will keep slipping deeper and deeper into the REO hole until it dries up and they are left with no business.
I don't know if I totally agree with that. I think in some areas, yes, however there are new REO clients that are focusing in different areas. REO is just changing and you have to know where to go. I do agree that you should be careful of paying out to certain vendors. but sites like REO Network and RESNET do help.
I had that problem too for awhile. I still have some that have fallen by the wayside. In fact you have to really keep in contact with certain people. I know that many companies change contacts and they do not know who you are. Also, you may have to sign up for more websites ( a necessary evil) and a lot of them. Some are free, some are not. REO Network, Resnet and Dispo are some of them. Send emails to your old asset managers and find out what the issue is. It may be as simple as you have not updated your profile. Also, some are outsourcing to new companies and the new servicers may not know who you are. I have also found that it is slower. Just look at the number of Freddie Mac, Fannie Mae and Hud listings. They are down dramatically. In 2009 and 2010 I went from 100 sales a year to about 30 (average commission was $1000 a property, very bad years) and then started to pick up again in late 2010. I found that not having premium memberships hurt and also there were more REO agents or wannabe REO agents crowding the business. I have picked up dramatically in the last year and have reached out to new companies. In the last month I have had new listings from companies I had not heard from in several years. I think if you can afford to pay for some of these websites. and be careful, not just any website, you should pick up. That and reaching out to people will help. I would also suggest signing up for BPO companies because I have gotten listings from banks and REO clients who liked my bpo reports. I hope this helps.
Hernab, The market is changing. My business is way up over 4 years ago. Several things, never be content with today's clients. Here today gone in the morning. Knowledge is power. I know who has what in my market and I go after it. I execute to a T. My score cards are perfect. I have watched many others in my market go by the way side and I have taken their clients. They miss a deadline I am next on that asset managers list and have that listing. I picked up Fannie Mae last year for their RMS program, I am the back up on HUD for several counties. I watch every player and every amc in my market. I can tell you if Jeff was sick and missed a deadline. I emailed to call on "his accounts' because since he was sick he got behind. I am a broker owner and I have employees who I pay very well and as a team we execute.
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