It is no secret; many people believe a housing collapse is on its way and the REO niche will once again step out into the spotlight. Like moths to a flame, would be REO Professionals are asking, “How do I get my foot in the door?” Dollar dazed and confused, they chase the dream of making fast cash in an industry believed to be a side hustle for stay at home moms and college students. I will admit, for some, good looks, bright smiles, and a flashy personality will go a long way however, as with anything else in life, it is not always that simple.
The REO industry is a relationship industry. It is built on trust, transparency, and accountability. At the end of the day, people do not want to work with people they either do not know, have not heard of or can’t find active in the community. I know this to be true because in my own career I was referred into each lender I worked with by a friend or colleague. During the Great Recession, I had listing agreements with 32 different national, regional, and local banks all of which came because of someone saying to someone else, “I know a guy.”
If you want to get into the REO niche, the question you should be asking yourself is not, “how do I get my foot in the door” or “How do I grow my REO business” but, instead ask how you develop relationships in this industry. By doing so, the paradigm shifts just enough to make you start thinking differently. Instead of concerning yourself with which certification is best, you should start asking yourself what information I can put out weekly on REOProNetwork that will attract Asset Managers to me. Instead of asking questions like, “Where do I advertise my services to Asset Managers” ask questions like, “What information can I give about my market that proves I’m on top of it daily?”
Let me phrase this a different way. The REOProNetwork provides its members with social media tools that allows them to publish relevant and timely information that is keyword centric for SEO optimization. REOProNetwork members have a REO niche SEO HUB that gives their self-published content the ability to become relevant and indispensable in local market conditions attracting not just industry insiders but, retail customers that can be targeted to build individual brand awareness.
Social networks are powerful tools for establishing local expertise. They are powerful tools for attracting business that too often are overlooked because they do involve a lot of commitment and time. Social networks are not something you can just throw a few hundred dollars at and expect results as they are built around intangible but powerful ideologies like, trust, commitment, transparency, relevance, etc…. I will leave you with a simple question. You say you want to be a REOPro, then tell us who you are and commit to being the local expert we can all trust.