Hello All,I am looking for feedback from those who attended the Five Star Conference this year. The conference has grown larger each year. I know that REO agents look for ways to increase their business in these times when the listing volume is much lower. Contact must be made with those in a position to bring you on, and add you as a new vendor. New accounts must be sought out. I know there are accounts that we don't have, but would love to have. So I ask, did you feel that the trip to Fort Wort was worth the investment? Were you able to make the contacts you hoped, and see a return for the dollars spent? I know this is not an inexpensive trip. However Five Star is a quality organization, and makes a serious effort to bring Asset Managers, and reo agents together.Looking forward to hearing from you, and establishing a dialogue.Best,Dianne Langston
Hi Michael,
Thank you, for posting. Do you think the conference is a good investment? Would you encourage agents to attend who would like to make contact with lenders, and asset managers? Also, REOMAC is next, will you be attending?
The conference was much better laid out than in previous years, I have attended most every one since the beginning. The conference is for learning and networking. And despite popular belief, asset managers rarely assign properties, reo vice presidents, vendor managers, pre-marketers, valuation departments, even eviction departments have more say in assigning an agent to a file. Agents can chase them all over the conference center in vain and come back with a bad taste about the conference. We had offsite meetings with 8 reo lenders, several of which lasted up to three hours, and we met with asset managers, vendor managers, pre-marketers, valuation departments.
Hi Carolyn,
Thank you for such a well thought out, and informative response. I agree with most of your perceptions. I have attended Five Star for the past three years. The conference is about more than making contact with asset managers. However, I must admit I usually manage to make a significant contact even if it is not directly account related.
We sent one person from our team down there at the last minute. Literally, we purchased the ticket and booked the room that Friday. We sent him because he's a networking maniac and if anybody would make any progress there it would be him. He said it was a good experience but mainly just a big sales pitch from companies promoting their new products. Most of my AM's said they wouldn't attend but the higher ups in their companies would be there and that it would mostly be new agents there searching for AM's. He said there was alot of good info to be taken from there but if your intent was strictly to gain new accounts then that probably wasn't the best forum. So I would have to agree with Carolyn that the best thing about that event would be the education gained.
This past week I had the opportunity to attend the 5 Star Default Servicing Conference. The 5 Star Conference, to me, is about education. How can we do our business if we do not have the necessary cutting edge information to support and service the default community? Many banks and outsourcers recognize the agents that come to 5 Star in order to learn and keep current. The information at 5 Star was excellent. Steve Forbes' keynote address hit home with me. It was an opportunity to catch a glimpse of this amazing visionary's economic forecast and viewpoint. His message was one for allowing markets to correct on their own without large scale intervention. Interventions he said would lead to an extended and slower recovery. From my conversation with other agents and attendees, shadow inventory is growing. There are many vacant homes around the Country just sitting out there deteriorating. This is a shame and a waste. In my local market, we have a dire inventory shortfall. Yet, 8% of all mortgages in my County are 90+ days delinquent, ~3% of those mortgages are in foreclosure and less than 1% of that is becoming bank inventory. Last year at this time, Prince William County Virginia saw the same delinquency rates; however, REO rate was 3% versus .8%. Where is this inventory going? First time home buyers are anxious to enjoy an $8000 tax credit. Unfortunately, due to low inventories they may be forced out of the current market. I heard from several sources that the banks are waiting until the first quarter of 2010 to start marketing building inventories. This large build up could once again set the market into a downward spiral. Perhaps the banks recognize this and will release their building inventory slowly; however, non-performing assets will still need to be addressed. I also heard from several sources that the banks are looking for the government to change a line item on the mark to market accounting guidelines. This will help them better manage their required reserves, and provide them the ability to deal with more non-performing assets. The panels at 5 Star were also an excellent opportunity to learn from the best. Our industry and our markets are constantly changing. Keeping current is the way to keep one step ahead and an opportunity to meet our clients and gain a better understanding of our client's perspectives and needs. Ultimately, it is all about them and what we can do to better serve them.
Comments
Thank you, for posting. Do you think the conference is a good investment? Would you encourage agents to attend who would like to make contact with lenders, and asset managers? Also, REOMAC is next, will you be attending?
Thank you for such a well thought out, and informative response. I agree with most of your perceptions. I have attended Five Star for the past three years. The conference is about more than making contact with asset managers. However, I must admit I usually manage to make a significant contact even if it is not directly account related.