What an awesome seminar this was! Full of a ton of useful information presented in an informal, casual way that allowed all questions to be addressed on all topics.The highly experienced asset manager and top REO agent who were the presenters, were a wealth of knowledge and I felt it was very worth the time and money to attend.
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So, I was looking around the web the other day and came across some REO training programs, of which I will not name however, after reading their pitch I realized they were puffing like a pit viper in a ring with a charging bull. In other words, they were doing some serious puffing.
I read claims like, “we are recognized as the Gold standard by Asset Managers” or “we are standardizing the default industry” and many others. To the unlearned mind, these claims would make one think this company was a power house in our industry however, the truth is another story all together.
It’s first important to understand that our Default Industry, like all of Real Estate, is only standardized by our State Real Estate Commissions. So, unless these Asset Management companies have some sort of mandate from your State’s Real Estate Commission….then, they really aren’t being completely honest with their claims.
Now, it could be argued that they are “standardizing” the industry by bringing on clients and Realtors who believe in their way of business and hold to their standard of doing things however, this truth isn’t revealed in their presentation. At least members of NAR are clearly informed about the difference of a Licensed Agent and a Realtor and we understand, being a Realtor is an option, not a necessity.
As for the “Gold” standard…come on, are they serious? This is the most pompous claim I have read yet. Knowing that our industry has no “standard” how can they claim to be the “Gold” standard? That is similar to me saying my “Southern Stand Up Slap Yo Mama Peach Cobbler” is recognized by the world as the standard to which all other Peach Cobblers are judged….well, we all know that is silly right, especially when I haven’t ever even won a blue ribbon at my county fair.
By the way, I have my own criteria of what I believe a “Gold” standard training program would be and if it doesn’t include coaching or at the very least, input from a proven successful Asset Manager or group of Asset Managers, then they are far from a “Gold” standard in my opinion.
Last but not least….I am sick and tired of people claiming, “we can’t guarantee you business”. Well why the hell not? Is your business model so up in the air you have no clue as to how much income you are going to take in your first year? Are you so flying by the seat of your damn pants that you haven’t projected or forecasted a single sale? I THINK NOT!
Even start up Asset Management companies have trending data, forecasted sales and, some sort of knowledge of where those sales are expected to come from. So, to say, “you can’t guarantee me business” is an attempt to play me as a fool and, I am not hearing it. I have done enough business plans to know that no one is going to lend you startup capital…PRIVATE OR PUBLIC without some type of forecasted ROI. I also know that when you were forecasting that ROI you had to come up with who your clients were going to be and how much business they were going to give you and where, geographically that business will come from. So, give me some type of assurance…maybe not a guarantee but at least a goal for goodness sake, I know you know.
Good luck friends, stay sharp, stay safe and let me know how I can help.
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Yesterday I attended an awesome REO seminar from www.NFSTI.com, National Foreclosure Sales Training Institute in Santa Monica, California. The featured speakers were 2 top REO listing agents and we had some surprise guest speakers. One was a top Asset Manager (can't mention any names, sorry). Another guest speaker was Thomas Moore from eBrokerHouse and he demonstrated their software live!Following is a photo of top REO listing agent Pam Eikelberry from Northern Nevada, giving instruction:
Don't know if I made a mistake. I did a bpo for this company a few weeks ago and they just sent me an email accepting applications for REO broker network as their listings are increasing.Has anyone had experience with this good or bad with this company? Asset Management Servicing.
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Hi! Just wanted everyone to know that asset managers are looking here, and I just finished the initial bpo for a national vendor who, not finding an agent in my area, plucked me off this site. Way to go! This site is getting notice in its first year, gotta love it!
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I am not very good at this, but here it goes anyways. Went to the REOMAC conference in Hollywood last week. What a great experience. It was everything I expected and much more. Met lots of nice people and learned a lot from the pros. I am not a member and unfortunately they are not accepting new members at this time, but I would love to become one whenever is possible, its a great organization. I went with another agent friend who is also an REO agent. Since we are in Miami, we just drove there everyday, only about 45 minutes. They had an exhibition hall and we had the chance to personally meet reps from some of the companies that we deal with, from preservation companies to asset managers. The last day we had a brokers only session where we met with some of the most experienced and successful REO agents nationwide and they answered questions and gave advice. Also the last day we attended lender roundtables and were able to interact with them. There was a friendly atmosfere, the food was good, it was just a great experience overall, can't wait for the next one.
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As I often do, I was reading over some of my favorite blogs today and a very interesting question came up. I was a bit shocked by some of the responses and I would like to know how our members would see the situation. I am not going to provide this agents name, state or contact information. Just think of this as a hypothetical situation so, here it goes……..
“I just got a contract on a REO I have listed, I learned through the city utility department that the house was fined $400.00 for lack of lawn cutting should I tell the Asset Manager or should I negotiate with the buyer and have them pay it?” Anonymous
So, what are your thoughts, would you tell the Asset Manager?
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Did you know you are graded on everything you do with an AM? You are graded on the quality of your BPO, the time it took you to turn it in, the pictures (following specific instruction) and if it is complete.Your REO listing is graded on all of your tasks and by each AM you come in contact with. So basically you are under a microscope the minute your profile is even viewed. Crazy huh?? I am always wondering what my grade is and I try to beat around the bush to find out what it is and they NEVER tell me. I am still getting assignments so I guess I am doing something right. Another blogger (JESSE) posted that AM's are looking for a 95% grade or higher to continue sending you REO listings. I thought....Wow an A!! I was always a B student so an A feels pretty good. I guess I should have applied myself a little more. Then I think...naaaahhhh I would probably still be where I am now in RE doing BPO's and getting REO listings. I think those A's would have been nice but THESE A's really mean something!!Point of my blog is don't be a B student. BPO mills probably don't grade but the companies that solicit for REO's should have top priority and you should put in that extra effort. Cause if you don't.....I WILL!!
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I get asked this question daily. 8 years ago I asked the same question to a well known agent in my office who did high volume and was the father of a girl I played soccer in High school with. He knew who I was but I think he looked at me as an inferior and blew me off. His answer was " It's really hard unless you have a contact person already so don't spin your wheels cause you don't have enough experience." I walked away from him with my tail between my legs and I went to the internet. NADA!!! I found nothing. Well I take it back...I found 2 sites. One for HUD and one for Golden Feather. I was determined that just because I was young (at the time I am much more seasoned now ;) )to beat him not only on google but in the REO world.It didn't take me long to get my HUD key but the problem I was facing was an upswing in the market. There weren't very many HUD listings in my area. Golden Feather was good to me. They welcomed me with open arms. I sold a couple properties for them and this is how I was introduced to REO's. I loved it but just like I said before they were on and off the market so fast and so little were pooping up that I only had a small handful.Now, over the past 8 years I think every buyer I showed property to asked to see bank owned homes and they were virtually extinct. Until.......last year. I felt at the beginning of the year last year the market was staring to get soft in Orange County and I sat back and listened to all the talk about "The Bubble" and figured I wanted to stay a Realtor during the down time and how was I to do that??? Hmmmm....REO's!!! I headed straight for the internet. Guess what I saw. Something different then I had seen before. AM's!! Asset manager's. They had the same idea I had and there you have it. BPO's BPO's BPO's. This is pretty much all that the AM's were giving out at the time so to the streets I went. Now after doing BPO's and signing up for as many AM's (2-3 a week) I am REO busy!! Yay ME!! I still find that I am not signed up with all the AM's out there so I try to dedicate one day a week to searching and blogging cause people across the country want some of my info and they tend to share theirs!! Yay me!!So there you have it!! knock on that REO door by signing up with as many AM's as you can. Do your BPO's. Do them well (take a class Kim class or join NABPOP) Be patient and blog. Or at least read them!! Love & Light~StacieRead more…
First Preston has immediate needs for listing services in Florida, Georgia, Illinois, Kentucky, Michigan, Missouri and Pennsylvania as well as Jasper County, TX. Licensed brokers interested in being considered by First Preston to provide listing services should click here for registration information.So if you are an REO agent in these cities then why are you still reading this blog?? Get going and sign up. I do not know anything about other cities but.... I signed up and they put me on a wait list. So i sit....waiting....patiently....
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I have a long list of REO AM's I am signed up with and I want to trade my info for your REO AM's. If you have 1 or 100 so do I and am willing to share. Let's trade!!~Stac
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