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Are you “REO Institutionalized”?

Every single day, I am asked, “How do I become a REO Agent?” What do I mean by “REO Institutionalized?” Do you know how many default properties sold in your home zip code last month? No…..why not? Do you know your home zip codes total number of Single Family Homes that sold and what percentage were distressed properties, from foreclosures to short sales? Of the distressed properties, do you know what bank sold the most assets and how much of a potential loss they took, if any? My point is, even if you aren’t closing 500 REOs a year, it’s still important for you to know these statistics, it’s what a REOPro does. For example, I know that in my home zip code, last month we had 35 properties closed, 10 or almost a third were distressed. I know that my home zip code as a 98% list to sale ratio and the neighborhoods with the most activity were Hermitage Hill and Hermitage Meadows with three closings each. Now, I am not closing hundreds of REOs a year, I can always grow my business but, I am ready to provide an AM with quality information for my area when and if I bring on a new client. I am REO Institutionalized. It always has surprised me that as active as our REOPro Blogs are, we can still have days go by with no new blogs. Why is this so shocking you ask? Oh….let me explain once again. So, you as a mildly successful REO Agent who wants to grow your office but, you can’t seem to get your foot in the door and no one seems to take you seriously. In my last interview on BlogTalkRadio, I had Frank Marshall President of Default Resources on and he said it was all a matter of credibility. He was dead on! No one is going to pick up the phone and call you, no one is going to keep your resume, no one is going to assign you an asset if they don’t know you! It takes more than a voice mail, email, bag of cookies and a smile to break into or even stay in this business. You have got to make a name for yourself and if your idea of “branding” is putting you picture on your business card…..get out now! Blogging no an active network like REOPro for Default Professionals, is a huge way to get some serious credibility. Yeah, you can blog over on Active Rain, Yahoo, Trulia, Linkedin and whoever else is out there but, these sites are dedicated strictly to default, where as REOPro is….why, because REOPro is REO Institutionalized! To have a REO Blog on REOPro where it can be read, criticized and possibly accepted by your peers gives you an incredible amount of credibility, above and beyond what you can get at other sites. Simply stated, REOPro is made up of an array of Default Professionals so, if you post something there, we will all know quickly if it’s full of B.S.! Lastly, it takes time….time is crucial because it also substantiates your credibility. Time coupled with activity creates credibility. You may write a successful blog every day but, if you only have been doing it for a week……no one is going to take you as seriously as someone who has been doing it for a year. It all gets back to being “REO Institutionalized”. Other REO Professionals want to work with REO Professionals…not some snotty nosed, “entitled” upstart………yuk! Now, that doesn’t mean that if you’re new, you don’t have a future in this business, it just means you are going to have to work harder…..without complaining! Ultimately, think of your competition…..think of the people in your market who are closing hundreds of deals a year, are you more knowledgeable than them? No excuses folks……are you more knowledgeable than the top producing REO Agent in your market? If not…..then don’t ever expect to obtain their level of business because, you will be in direct competition with them every step of the way. By the way, you don’t have to have hundreds of closing to work smarter, more efficient and overall better than anyone else, you can prove that by blogging about your experience and knowledge over time.
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