1. Unemployment: Until people have the income to afford their mortgages, we will not see a recovery in the housing market. I believe a direct correlation exist between unemployment and mortgage defaults, the higher unemployment gets the more defaults we will see. This ultimately leads to more inventory and of course, lower home prices.
2. Tightening Credit Standards: The harder it gets for people to obtain the necessary credit to purchase a home the slower it will take to reduce the inventory we have. Make no mistake, I don’t believe in loosening credit standards for the sake of it but, it’s a fact that if people can’t get credit, inventory won’t reduce quickly and therefore slowing if not halting a housing recovery.
3. Artificial Government Inventory Control: In other words, arbitrary influence by the Government to keep unworthy homeowners in their homes at all cost. Make no mistake, this is housing inventory control in the most negative way. I have GSE Investor loan reinstatements after foreclosure on my desk right now where Fannie / Freddie is offering to reinstate a homeowners loan where they will consider unemployment benefits as income……..seriously!
4. Energy Prices: Did you realize that you are paying .86 cents more for gas this week than you were this same week last year? Most likely you haven’t noticed because we have all been pre-occupied with the nations job losses, underwear bombers, Massachusetts election, and Washington bleeding red ink. You may not have actively noticed it but, if energy prices continue to rise people will have less discretionary spending and that pulls buyers out of the market and couple this with Great Depression level unemployment and we end up with more housing inventory.
5. Risk of Hyperinflation: As the US currency continues to looses value against it’s competitors we find ourselves having no other choice but to increase inflation. If the Government continues to spend / make money with less and less value people refuse to hold onto the Dollar and start to move their assets into other currencies or metals and therefore an uncontrollable rise of inflation begins.
Read more…
There have been several posts regarding the Five Star Conference and how worthwhile it may or may not have been for the attendees so I thought I would throw in a few of my thoughts and tips.My experience is that, like everything in life, what you get out of a conference is in direct proportion to what you put in.For me, the conference was a huge success. I was a panel member discussing advanced valuations. This put me in direct contact with some of most dynamic people one could ever hope to meet in our business. (Did I mention that most are potential clients?)I met with a new client and received our first listings from them before I left the conference. In the current environment of closed broker lists, that alone made the trip worthwhile. For me, it usually takes no more than three listings to pay for a conference trip. I have not attended a conference that did not pay for itself in less than 90 days.I do have some suggestions to make. Go with an agenda and a plan. Make it specific. Weather it is a client or an agent or broker whose brain you want to pick, target specific people and clients you want to get “face time” with and make appointments to meet with them at a specific time and place. “Stop by the booth and see me” does not cut it. An appointment, even if it is for five minutes in the hall to say hello does. Make sure you follow up with EVERY new client contact you make after you get home. Make sure you stay in touch with those agents and brokers you met and shared ideas with.Do you have other clients in the area? I usually arrange to see at least two of my other clients that are in the area. I start setting up appointments sometimes weeks or months in advance. Not all of our clients are at every conference and most likely the AMs and Pre-Marketers we talk to on a daily basis will not be there. Show them some love, too.Sure, it seems to be just common sense to combine a conference trip with client visits but I would guess that the vast majority of attendee’s flew into town, sat through some classes and lender open house sessions, went to a sponsored party and flew out of town. Hopefully, when they left it was with some new knowledge and education, but probably it was also with the sinking feeling that it could have been better.Remember: Don’t just show up hoping you will run into an opportunity, create the opportunity. Make a plan for a rewarding conference trip and then execute your plan. Make every trip worthwhile for YOU!
Read more…
Let start off by telling you that before I decided to go to 5 Star, I was apprehensive about the conference because, I really didn't want to leave my business here in Nashville. Not to mention, the cost was going to be extreme when you calculate, $900.00 for the conference ticket, $350.00 for 3 night hotel stay....and that can vary depending on where you stay, along with at least $200.00 in air fare, $200.00 in rental car, $150.00 in food and drink as well as about 200.00 in entertainment (parties every night)....it adds up to about a $2000.00 trip!
However, I have to admit, in my opinion, it was worth it and, soon....each of my REOPro members are going to know why! I am not going to make any announcements in this blog but, you might want to keep an eye on REOPro because, it's about to get hot, hot, hot!
Now, back to 5 Star. Granted, 5 Star was crowded.....and that really is an understatement however, I do feel that 5 Star attempted to really control crowds by offering a mixtures of classes during the same time the expo hall was open. The nice thing, the facilities were adequate this year, may have been crowded but, I could always find water or coffee and never had to wait for a bathroom. I never noticed a bathroom line outside any womans facilities either.
It was an excelent networking event however, let's face it, the real business wasn't conducted at the conference...it was the parties afterwards and, if you didn't attend a single party after the conference.....you missed at least half the conference. In fact, all the exciting news I have to share, is coming directly from just the parties.
Overall, a good event. If I could be so bold to make a suggestion, I would suggest that 5 Star do what they can to attract more exhibitors and more participants for the lender open house.
Read more…
Posted by Shawn Bradford on September 14, 2009 at 11:10am
The Hottest Place to be at the 5 Star Conference.....Club TsunamiIf you're going to the 5 Star Conference in Texas you don't want to miss the place to be.....Club Tsunami. The 5 Star, http://www.fivestarconference.com is the largest conference in the default servicing industry and a place for REO agents to network, increase their knowledge of the industry through educational sessions and build new client relationships.So, what is Club Tsunami? http://www.clubtsunami.net/ Club Tsunami is the world's largest networking party and charity event. Club Tsunami is Monday, September 21, 2009 at City Streets Night Club.Everyone is talking about Club Tsunami and all it has to offer: 3 D.J.'s, Casino, 2 Night Club Dance Floors, VIP room, Cigar and Scotch Lounge, and a Top Shelf Bar.Don't miss this chance to make new contacts, have fun, build relationships with clients, and best of all benefit a great charity: Foreclosure Angel Foundation. https://www.foreclosureangelfoundation.com/Make sure you're at the hottest event at the 5 Star. See you there!http://www.shawnbradfordteam.comRead more…
Posted by Dawn Lewis on September 8, 2009 at 9:32am
San Diego REO News BlogFive Star Fort Worth Texas Club Tsunami REO Party and Charity EventThe next Five Star Default Servicing Conference and Expo will be held in Fort Worth, Texas at the Fort Worth Convention Center. The 2009 Fort Worth 5 Star runs from September 19th to the 23rd. The Five Star is the largest conference in the default servicing industry and is the most well known networking opportunity for real estate agents, real estate brokers, attorneys, title companies, servicers, lenders, service providers, investors, vendors and asset managers. This networking event allows all parties in the REO field to meet and network in one location and share ideas on how to get through the many REO’s on the market and the wave of REO’s to come. It’s where all the parts of the puzzle briefly come together and put together a plan for what to do next. The most powerful people in the REO filed attend and share ideas to better serve everyone involved.At this 2009 Five Star Event in Fort Worth there is a Tsunami Party and Charity Event hosted by REOMasters Network. REOMasters Network is raising heads in the REO Industry as the fastest growing REO Networking Group in the business.About REOMasters Network from their web site:
The REOMasters™ Network is the nation’s newest marketing and business development association for REO Agents and Brokers who want it all. The REOMasters™ Network has partnered with the nation’s top REO coaches and industry leaders to engineer a life and business success REO coaching and marketing association … being built by agents, designed for agents, and owned by agents. Scott McLaine, Founder and CEO of REOMasters™ Network.
The Tsunami REO Party and Charity Event will be the “Biggest and Don’t Miss Event” of the Fort Worth Five Star. The event is on Monday Night September 21st at the City Street Night Club 3 blocks from the Five Star Convention. The Tsunami REO Party opens at 8:00 P.M. and ends at 2:00 A.M. complete with a red carpet walk into the 22,000 square foot mega club. Networking and dancing recommended and encouraged. Busses will take you from the Forth Worth Convention Center, Main Street entrance to Club Tsunami and back. Busses will travel back and forth from 8:00 P.M. to 1:00 A.M. Now you have the place and you have the ride “both ways” now grab a date or a partner or your whole team and get some tickets before they’re SOLD OUT. We want to see you on the Party Bus not the Baby Bus….. Remember it’s for charity too!Register Here!Registration includes:The party is happening at Club Tsunami all night long. Dress to impress and have a great time rocking the house! Enjoy great music from three different DJ’s, try your luck in the casino, check out our social scene, meet great people and network with other agents. This event will sell out. Space is strictly limited! 2 Drink Coupons before 9:30 P.M., Happy Hour Food before 9:30 P.M., Networking Mixer 8:30 to 9:30.Tsunami Casino Night – Play the Craps Table, challenge the Blackjack Dealer, spin the Roulette wheel. Casino funall night long.Two Night Club Dance Floors – Choose from two different theme rooms in order to dance the night away. Cages will feature the best of pop and top 40’s dance hits while Indigo will play the best of the 70’s, 80’s and 90’s.Cigar and Scotch Lounge – Enjoy a fine glass of premium scotch and a quality cigar in the Tabu Lounge. Sip your drink, make some new friends, network with old ones. Just sit back, relax and enjoy the evening.Top Shelf Bar – Order your favorite drinks at the numerous bars throughout Club Tsunami or from any one of our many hostesses. Drink tickets provided at the door with admission.Raffle Drawing – With every ticket you purchase you will be entered into our drawing to win one of many prizes that will help you to grow your business.
100% of ticket sales profits will benefit the Foreclosure Angel FoundationWhat is the Foreclosure Angel Foundation – Excerpt from clubtsunami.netForeclosure Angel FoundationBeing Supported by the NFSTI REOMasters™ NetworkWe’re Fighting a Real Problem …That Needs Our AttentionThe Foreclosure Angel Foundation was born when Marilyn Mock saw a need in November of 2008 to help her neighbor who was about to lose her home. With nowhere else to turn but the streets, their home went up on the auction block.Marilyn bought the home at the auction price and sold it right back to the owners at the now lower cost. Marilyn had a keen sense that “It could be me in that situation.” One major life change could rip her family from their home too.Ever the optimist, Marilyn thought that others in her community who saw this need would surely step up and help. She took desperate letters from families losing their homes to a function where her friends and acquaintances had expendable income. Marilyn was shocked when they didn’t even want to see the letter, much less offer any help.At that point, Marilyn once again had another layer of her rose colored glasses ripped away, but this time she became determined. She believed that the American spirit of neighbors helping neighbors would win out.If you’re going to the Five Star Fort Worth 2009 make sure you make this event. This will be the one everyone remembers and asks, “Were you there!”.Read more…
5. Network with REO agents from across the nation at Club Tsunami.http://www.clubtsunami.netHaving a network of REO agents as a resource is a must to increase your business and knowledge of the REO business. You can call upon your network of other reo professionals when you have a question about a REO company that you've just started working with, need cash for keys advice or want to compare ideas for how to best grow your REO business.4. Network with Asset Managers to increase your business.http://www.fivestarconference.com/Asset Managers attending the 5 Star Conference in Texas are not going to want to miss the fun and excitement of Club Tsunami. Meet asset managers in a relaxed and fun environment.3. Have Tons of Fun at Club Tsunami!!!!Club Tsunami offers 3 D.J.'s., 2 Night Club Dance Floors, a Casino Room, Cigar and Scotch Lounge, VIP Room, Top Shelf Bar and Dancing all night long!2. Network with the State and Executive Directors of ReoMasters Network.http://www.Reomastersnetwork.comThe REOMastersTM Network has partnered with the nations top REO coaches and industry leaders to engineer a life and business success REO coaching and marketing association ... being built by agents, designed for agents, and owned by agents.1. 100 % of ticket sale profits benefit an amazing charity: Foreclosure Angel Foundation.http://www.foreclosureangelfoundation.com/Marilyn Mock, the founder of Foreclosure Angel Foundation, makes it her life mission to help her fellow Americans keep their homes when they have no other place to go. Have fun at Club Tsunami and help to support this amazing cause.Club Tsunami is the place to be at the 5 Star Event to have fun, network and benefit a great charity. Don't miss out!http://www.shawnbradfordteam.comRead more…
Posted by Mykel Martin on August 21, 2009 at 5:30pm
Hey, who’s going to Five Star? I responded to a post about a month ago that I thought I’d share with you if you’re going.
The Post:I will be attending the 5 Star conference this year in hopes to further the REO business for my company. Can anyone that has attended this in the past give me any pointers.My Reply:Just remember...when you go, you are there to get information - you are on a fact finding expedition. Collect more cards than you pass out; don't take brochures and the like. Remember, most of the AMs there are from out of the area. They are not going to pay extra to add your brochure to their luggage weight. Guess where your brochure is going? Correct! So you can see how important it is to collect their contact information instead, so that when you get back home, you can solicit them. Any thing you do hand out, be sure it has your phone number and email address on it. Additionally, once back home be on the look out for an excel spreadsheet that will come via email and include the contact information of each and every attendee of the conference.Hope this helps. Good Luck!
Read more…
Posted by Daniel Ripper on September 21, 2008 at 9:57am
Hey I just got back from the 5 Star Convention and I must say that I wasn't really impressed. It was a madhouse with about 90% agents and the rest being servicers, AMs, etc. I did however make some good contacts, pressed the flesh, and gotten an idea or two that I will put into place. I wanted to get others thoughts on who attended and what their opinons on the whole thing was. Let me know!
Read more…
