Posted by Rick Fine on December 1, 2009 at 11:23pm
So how many of you fellow REOPRO-ers have run into the REOMAC membership brick wall?I've tried to join REOMAC for about 3 years now and have had no luck whatsoever.What is up with these guys? It reminds me of the 'clubs' that kids would put together when I was in elementary school, (not long after the wheel was invented), where the rules for membership were never quite explained, joining was a process cloaked in secrecy and the members were part of the 'popular crowd'.Apparently, they do not want any more real estate agents regardless of our experience, references or genuine desire to see the industry we work in improve, (Which I thought was the goal of REOMAC).I've had non-agent members submit recommendation letters on my behalf, made calls, sent letters and even emails trying to determine if there is even a waiting list to get on and all to no avail.All I've ever received is a form letter-type of reply...I am unsure of why I've expended so much effort to try to join a group that does not appear to actually practice what it preaches..perhaps it's just an OCD thing or that inner need to belong...Whatever the case, it is killing me that I am going to have to pay hundreds of dollars to attend an event promoted by an organization that is apparently harder to join the Bildeburgers, CFR or Skull & Bones.However, I have clients that are attending who've inquired about whether I'll be there, so regardless of my enimity towards their bizarre membership criteria, I will grit my teeth, pay the ransom and attend...WooHoo!So, for those of you out there who enjoy membership within the rarefied atmosphere of REOMAC, what's it like?Do you have secret handshakes?, Stange and cryptic rituals? or is it like the Moose lodge near where I live and used as an excuse for binge drinking?Please Do Tell!For those of you who have tried to join but not managed to make it into the industry organization, what are your thoughts?Lastly, aside from REOPRO, what other trade groups are there where we can network and learn of new best practices?Your thoughts are most welcome!
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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. :).
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