I am just curious! Has anyone else given up yet on becoming an REO Agent for any new banks, servicing companies or third-party asset managers? I have been selling REO for about 3 years now and was fortunate enough to get approved by a few good and long-lasting companies in my initial stages before the storm of other agents realized what a good decision it would be to sell REO Assets. I spent the first few years signing up and selling, signing up and selling, going to REO Events, signing up and selling, going to REO Events. I kept hearing the promises that I would see assets. I kept hearing the experts say, keeping applying, keep showing up to the REO Events and it will happen. Well, it's been about 2 years since I have been approved by any new asset management companies. I have stopped attending the REO Events. I don't want this to be a "Debbie-Downer" blog post, but I'm tired. And, to be honest, it feels like the tide is turning. We are now seeing values beginning to stabilize. We are now seeing Short Sales dominate the market and recently we have also begun to see delinquencies and pending foreclosure actions begin to decline. While I know the flow of REO Inventory will continue for a few more years, in my mind, I feel like the parties over...or at least beginning of "last call".
So, what now? On one hand, I don't want to give up, because that's not in my nature. But on the other hand, I don't want to be short-sighted about my business. I have begun to focus more time and energy on my "normal" (whatever that is) retail business. If the economy continues to push forward, real estate values and the "normal" retail real estate business should push forward as well. I will continue to market for Short Sales in the area's that I farm, but what do I do about the REO business. Has anyone been approved recently by any new companies...AND received new REO Assets?
My message today is to continue to push forward. Continue to find the markets that work for you. Continue to find the products that work for you (REO, Short Sales, "normal" retail). But I have to tell you that this is my own "self-help" blog. Really...I'm not kidding...I needed my own self-motivation today and this is it. Thanks for listening and if anyone has any feedback...I can't wait to hear it.
Comments
I am in Northwest Florida and I have had two companies that are new to me in the last two months contact me and send me listings. I feel the shadow inventory will have to work its way into the market sooner or later.
I haven't given on trying to get new REO business but I have given up on the idea that I can just do REO. Some of my clients are gone and the ones that are still around just don't send as many assignments as they used to. I've started listing short sales. Don't like it as much as REO but it's better than having no business. I've also given up on giving money to every out-sourer, certification program or platform that tells me I'll get more business if I just pay them. I don't mind spending the money but the reality is for the most part it doesn't bring any business. I now stop and think if I put that money into marketing for non REO business will I get a
better return that if I give it to flavor of the month REO. Unfortunately the answer is yes, it will.
HI John,
I have spent much of the past few years signing up and selling myself. While I cannot say that I am giving up, after only 2 listings and a jillion (a bit of an exaggeration) BPOs I am really clear that I can't ever put all my eggs in one basket. The market is so goofy right now ! To stay in the business an agent must have more than avenue to closings.
Hi John,
....me again. I spent $2000 in the last 6 months to get additional certifications and that has gotten me no additional business. I get most of my business through RESNET. Good luck to you.
Hi John,
I would like to respond to your letter if you would add me as your friend. I am an 18 year Principal Broker from Bend Oregon.
Pamela Lester