I expected, like most others, that everyone would be announcing the success of the REOMasters Network charity fund raiser, "Club Tsunami" at the FiveStar Conference in Fort Worth.But since I haven't seen it posted elsewhere,REOMasters Network raised $27,000.00 for the Foreclosure Angel Foundation from the Club Tsunami event (City Streets Club, September 21st - Ft. Worth).Thank you to all who attended and/or participated. A great time was had by all and a very worthy charity organization was greatly served and supported.Please continue to stand with us as we gather the very best of REO agents, march forward and become a piece of the solution.There's much more to do, and none better to do it with, than YOU!Best of good fortune,Clay
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Current REO Listings total 58 assets, up from 47 assets, week over week (19% increase). Current Listed Prices range from $58,000 to $501,900 for all property types. Under Contract/Pending Listings total 102 with last-list prices ranging from $52,000 to $538,000. Generally, the property prices appear to be stabilized at both the low and higher-end. The increase in the number of assets avaialble, if it becomes a sustained trend, could weaken the stabilization and lead to lower prices.
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Latest MLS records show a slight inventory shift for available, bank-owned properties in the City of Alexandria, VA from 35 assets to 31 assets, week-over week. Current REO list prices range from $119,000 to $599,000 for all property types. Under Contract/Pending listings total 30 assets with last-listed prices ranging beween $84,100 to $525,000. This reflects a general observation that current list prices are higher by 29% (low end) and 12.5% (high end) than those under contract/pending. Contract/Pending listings showed a median price reduction of 10.3% from initial lisiting prices with average days on market of 29. Current active listings have an average days on market of 55.
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Club Tsunami at the Five Star Conference was a great success thanks to everyone's hard work. The REOMasters’ executive staff was awesome and most of our membership geared up to support the event. Even if you couldn't attend, the social networking, blogging, Twittering, et al contributed greatly to the success of the event and the visibility of the REOMasters Network.But Club Tsunami was a pit-stop . . . not the destination. There is great interest in our organization. I had dozens upon dozens upon dozens of people notice the REOMasters lapel pin and ask me about the organization. Everyone that asked was quite interested and intrigued with the whole concept. We are going to grow, and rapidly.Since we are all, most likely, "Type-A's" we need goals toward which to strive. Club Tsunami was certainly a good goal, and we did it together. But the ultimate goal remains to set a new standard of conduct and performance for REO agents, a standard that will be prized by the corporate client community. We want the client community to know that it is OK to expect and demand excellence from their REO Agents, and that there is no better choice than an REOMasters member.At the conference and networking events I heard lots of opinions. Some said REOs are going to grow . . . some said they are going to diminish. Whether they do either, the truth is that there will be REOs. No matter what, the pre-marketers and asset managers will be constantly looking for “quick-scan” ways of selecting agent resources that can be trusted to understand, execute and complete “tasks” on-time . . .with no surprises (thanks, Richard.)At Five Star, I sat through a presentation by a board member of a prestigious REO brokers association. What I heard him say was that REO “is all about making money.” Yikes!There are those that deliver excellence and are rewarded for it. That IS us! And there are those that seek the reward by delivering the minimum required to gain the reward. That is NOT us!We have an incredible membership, the best agents/brokers I have ever been privileged to meet. I truly mean that!As a group we can be what we will . . . as individuals we can only be what others allow.As a group . . . lets Rock!.The "bar" has been raised.Clay
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