There has always been a cost to become a preferred REO broker on a network--there should be.If it was free to train and become a preferred broker with an REO network, then every Tom, Dick and can't save a buck to save their life agent would be on there. REO is EXPENSIVE! In any given month, I write checks for $20,000+ for utilities, sewer, garbage, repairs, contractors, rehab, signage, marketing and staff. There were months last year, in the winter, when with snow removal and winter power bills I was spending $50,000. If you have a month with no closings and reimbursements are running 45 days, you need to be prepared as a business person for the costs of doing business. If coming up with $600.00 for training is a hardship, you are probably not the agent for the job.There are a lot of new players in the game--good, strong players--people who are branching out from REO as usual and trying to make a go of asset management in an organized way. Companies that are working to earn accounts from large REO wharehouses in the hopes that they can reduce the file to asset manager ratio and improve the quality of listings and reduce days on market in REO deserve a chance--unfortunately, the best asset managers are just that, asset managers, not corporate financiers. They are looking for a little start up capital.If you buy into a new company thinking that your investment entitles you to assets, you might be mistaken. If you buy into a new company knowing that you are making a capital investment in a group of asset managers that you believe in, make sure that they also believe in you and that you will do whatever it takes (in addition to paying a fee) to make their business succeed. That means staying on top of the assets, maintaining them, pricing them well and getting the transaction done with no drama.There is always the alternative--be such an amazing agent that the asset managers will seek you out and waive the fee. As in all other business ventures, your performance speaks for itself--you can put an ad in every website in the world but if your stats don't back up the ad, you're wasting your money.Get 'em the highest price, the best terms and the lowest liability. Works every time. That's just my two cents--and you don't have to buy it. :).
George, I've managed to get into some "closed" networks for the same reason lately.
Pam, great post as always. I wanna be a REO agent like you when I grow-up!
We have been getting alot of reassignments lately and their mostly from agents that were lucky enought to get a listing but soon realized all the time and money required just to list a house.
Hi Pam,
I took a class, not too long ago, to learn about the ins and outs of the business from a master REO agent. The class was taught by a dynamic instructor/motivator named Pam Eikelberry! ...Thanks for shedding some light on this matter.
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Great post! Thank you for sharing.
Pam, great post as always. I wanna be a REO agent like you when I grow-up!
I took a class, not too long ago, to learn about the ins and outs of the business from a master REO agent. The class was taught by a dynamic instructor/motivator named Pam Eikelberry! ...Thanks for shedding some light on this matter.