I would like to know from a AM's perspective, what designations do you prefer and do you specifically look them out when you are searching for agents within your property areas? Or is just plain old years of hard work better than any designation you can add to your name?
Hi Michelle,
I was at the REOMAC conference these past few days. I attended one of the events titled "meet the lenders and outsourcers". I asked the same question to them and I included certifications as well. It seemed like I asked a tabu question from the reply I received. All of them basically said that the more certifications and designations they see the better. They said that it shows that an agent is truly educated as well as properly trained, and that knowledge is never a waste. Plus, some companies even have their own certifications or training that needs to be taken by interested agents. Hope this helps! :)
I am not an Asset Manager however, I will share with you my experience when it comes to your question. I posted a blog last week titled, "Why Does 1 Agent Get All The Listings" and my point # 1 is fitting for your question, here it is.....
REO Experience = REO Listings; I know for many of you, this fact is frustrating but, it’s a fact none the less. Why is this the case, you may ask? It boils down to what “Experience” really represents. In other words, if you have REO Experience then you have a direct knowledge through direct exposure to REO and, therefore you have the “know how” or “procedural knowledge” it takes to get the job done. Keep in mind that the rule isn’t REO Training = REO Listings, it is REO Experience = REO Listings.
I have also written more specifically about designations in a blog titled, “Apprenticeship, Experience and Referral” and here is a bit from it…..
So, what specifically do I mean by Apprenticeship. As a new REO Agent, you need to learn from someone who already knows. Now, yes, we have all kinds of “REO Certifications, Designations” and, the like but, the industry has no accepted standard certification! Let me say that again, THE INDUSTRY HAS NO ACCEPTED STANDARD CERTIFICATION! My point is, just like in the dark ages, to become an iron smith, you went and worked for one in exchange for his knowledge. This wasn’t because that was simply the way it was done. It was done this was because no one had set down, wrote a book and said, this is how you become an Iron Smith. So, in many ways, the default real estate industry is much like the dark ages, in that we DON’T HAVE A INDUSTRY STANDARD EDUCATION, when it comes to how to be a REO Agent. So, the next best thing is to learn from someone who is already doing it.
Now, if you really want to learn how to meet an Asset Manager and get in with a REO liquidation company, I wrote a blog a long time ago titled, “REO Schemes You Should Watch Out For” where I give my opinion on the best way to get a REO listing and below is a small excerpt from it…..
Conferences, are the best way to get out in front of the AM’s who make this industry move. These conferences are set up so that the AM’s will have booths, teach a class, offer a FREE seminar, or hand out goodies and marketing materials to all who stop by and say hi! My best advice is to attend these conferences and be ready to interview. Hell man, it’s a captive audience so take advantage of it! Dress to impress, pop in a tic tac, slick back the hair and get those lips ready to schmooze! Walk around, shake some hands, drop off a business card AND RESUME! Look these people in the eye and express your desire to help them by making them look good to their bosses. Tell them you are ready, willing and able to help with the liquidation of their real estate portfolio holdings in your service area. Many times, this interaction is exactly the same thing as an interview. In other words, look at this opportunity as an interview for the job you want and, that is property preservation. Word of caution here, these AM’s don’t have time for you to blow smoke up their skirts or pants, if you please. They are going to know very quickly who they will work well with and who is serious. Don’t forget, everyone else in line as you, ahead and behind you, are doing the same thing as you, so be prepared to make yourself standout and be memorable otherwise, you end up a wash and the experience doesn’t net you anything. These AM’s can and will make decision on the fly and they have the authority to by pass the standard protocol’s when determining if they are going to give you a REO.
Ok so, do I have a certification…yes but, let me explain to you why. At that time, PAS aka Wells Fargo, hired a 3rd party called, www.RealEstateEducate.com to do all their new agent training. In fact, they (Wells Fargo) made it mandatory that before you were considered to be a listing agent, you had to have the RealEstateEducate.com designation, RDCPro. This was because Wells Fargo worked with RealEstateEducate.com to tailor a training program specifically for their agents however, getting the designation still didn’t guarantee you a listing.
In short, Designations and Certifications are only as good as the number of REO’s they PROMISE or GUARANTEE to bring you however, the problem is, now a days, none make that promise so, it really has turned into nothing more than alphabet soup.
So, now your next question is, how does a new agent get experience if they don’t have the ability to partner up with an experienced agent to work with…..well, now that answer is the million dollar answer because, short of spending a lot of money in marketing yourself by getting active in the industry, attending conferences, sending out brochures to Asset Managers, paying for “list” of AM, etc……I really don’t know what to tell you. Truth is, getting active by engineering your success will be the turning point in your default career.
So, is a certification / designation worth it’s time…….well, if you don’t have any other way of getting knowledge about the default industry, then you got to do it however, don’t expect it to make you millions and be very careful where you get it because not all courses are created equally.
Comments
I was at the REOMAC conference these past few days. I attended one of the events titled "meet the lenders and outsourcers". I asked the same question to them and I included certifications as well. It seemed like I asked a tabu question from the reply I received. All of them basically said that the more certifications and designations they see the better. They said that it shows that an agent is truly educated as well as properly trained, and that knowledge is never a waste. Plus, some companies even have their own certifications or training that needs to be taken by interested agents. Hope this helps! :)
I am not an Asset Manager however, I will share with you my experience when it comes to your question. I posted a blog last week titled, "Why Does 1 Agent Get All The Listings" and my point # 1 is fitting for your question, here it is.....
REO Experience = REO Listings; I know for many of you, this fact is frustrating but, it’s a fact none the less. Why is this the case, you may ask? It boils down to what “Experience” really represents. In other words, if you have REO Experience then you have a direct knowledge through direct exposure to REO and, therefore you have the “know how” or “procedural knowledge” it takes to get the job done. Keep in mind that the rule isn’t REO Training = REO Listings, it is REO Experience = REO Listings.
I have also written more specifically about designations in a blog titled, “Apprenticeship, Experience and Referral” and here is a bit from it…..
So, what specifically do I mean by Apprenticeship. As a new REO Agent, you need to learn from someone who already knows. Now, yes, we have all kinds of “REO Certifications, Designations” and, the like but, the industry has no accepted standard certification! Let me say that again, THE INDUSTRY HAS NO ACCEPTED STANDARD CERTIFICATION! My point is, just like in the dark ages, to become an iron smith, you went and worked for one in exchange for his knowledge. This wasn’t because that was simply the way it was done. It was done this was because no one had set down, wrote a book and said, this is how you become an Iron Smith. So, in many ways, the default real estate industry is much like the dark ages, in that we DON’T HAVE A INDUSTRY STANDARD EDUCATION, when it comes to how to be a REO Agent. So, the next best thing is to learn from someone who is already doing it.
Now, if you really want to learn how to meet an Asset Manager and get in with a REO liquidation company, I wrote a blog a long time ago titled, “REO Schemes You Should Watch Out For” where I give my opinion on the best way to get a REO listing and below is a small excerpt from it…..
Conferences, are the best way to get out in front of the AM’s who make this industry move. These conferences are set up so that the AM’s will have booths, teach a class, offer a FREE seminar, or hand out goodies and marketing materials to all who stop by and say hi! My best advice is to attend these conferences and be ready to interview. Hell man, it’s a captive audience so take advantage of it! Dress to impress, pop in a tic tac, slick back the hair and get those lips ready to schmooze! Walk around, shake some hands, drop off a business card AND RESUME! Look these people in the eye and express your desire to help them by making them look good to their bosses. Tell them you are ready, willing and able to help with the liquidation of their real estate portfolio holdings in your service area. Many times, this interaction is exactly the same thing as an interview. In other words, look at this opportunity as an interview for the job you want and, that is property preservation. Word of caution here, these AM’s don’t have time for you to blow smoke up their skirts or pants, if you please. They are going to know very quickly who they will work well with and who is serious. Don’t forget, everyone else in line as you, ahead and behind you, are doing the same thing as you, so be prepared to make yourself standout and be memorable otherwise, you end up a wash and the experience doesn’t net you anything. These AM’s can and will make decision on the fly and they have the authority to by pass the standard protocol’s when determining if they are going to give you a REO.
Ok so, do I have a certification…yes but, let me explain to you why. At that time, PAS aka Wells Fargo, hired a 3rd party called, www.RealEstateEducate.com to do all their new agent training. In fact, they (Wells Fargo) made it mandatory that before you were considered to be a listing agent, you had to have the RealEstateEducate.com designation, RDCPro. This was because Wells Fargo worked with RealEstateEducate.com to tailor a training program specifically for their agents however, getting the designation still didn’t guarantee you a listing.
In short, Designations and Certifications are only as good as the number of REO’s they PROMISE or GUARANTEE to bring you however, the problem is, now a days, none make that promise so, it really has turned into nothing more than alphabet soup.
So, now your next question is, how does a new agent get experience if they don’t have the ability to partner up with an experienced agent to work with…..well, now that answer is the million dollar answer because, short of spending a lot of money in marketing yourself by getting active in the industry, attending conferences, sending out brochures to Asset Managers, paying for “list” of AM, etc……I really don’t know what to tell you. Truth is, getting active by engineering your success will be the turning point in your default career.
So, is a certification / designation worth it’s time…….well, if you don’t have any other way of getting knowledge about the default industry, then you got to do it however, don’t expect it to make you millions and be very careful where you get it because not all courses are created equally.