In reading many blog posts here and elsewhere on the web, I am astounded that many people who want to break into REO wish to skip an important step. Being persistent.In this world where we have the world at our finger tips, the internet gives us access to all sorts of information at the push of a button. If we want food fast, we go to a fast food place. We are not used to waiting and have not learned the lost art of patience.If you were getting a degree in REO, you would have to go to college classes, spend your time, spend your money, complete your homework and be successful on the tests. In this wonderful REO business, we are blessed with the ability to enter this business for little money, little time, but lots of effort.If I told you that the secret was followup, would you do it? Networking, follow up, follow up, follow up and networking.....completing BPO's are part of your homework and testing. If you do not do this part well, how can you expect to complete the larger picture of marketing and selling an REO asset?I am relatively new to this REO business. I followed a short sale lead to the asset manager. I begged the short sale person to tell me who the asset manager was and then I called and emailed that asset manager for 6 months until one Friday, at 5 pm, I called and she picked up the phone! She told me that I was the most persistant person and to click on a link to sign up and when she had an asset in my area, she would give it to me. I followed up with her for another 2 months before I finally got that miraculous email....I had an asset! It was in an area that is known to be a heavy drug area and I thought that she gave me the worst asset to test me. Although I was petrified, I went to do the occupancy check. Of course, the property was occupied and about 3 weeks later it got pulled for improper foreclosure. I thanked the asset manager for giving me a chance and reminded her that I was ready, willing and able to help her in the future. The second asset was a reassignment, 2 hours away from my office, one way. I went immediately to the property to take pictures and the agent that previously had it had taken all of the keys from the lockbox. I went back the next day and took my pictures, completed my bpo and submitted eveything. I then received a phone call that the previous contract that had been cancelled was back and that the asset was being given back to the original agent. If something happened to the contract again, I would receive the asset back again.At this point, the asset manager felt bad that 2 properties had been given to me and pulled, she started passing my name around in her sphere and I received several properties that I got to keep and I sold on my own!The key is patience and persistance, continue to do your bpo's, continue to try to establish a relationship. All it takes is one asset manager to give you a chance. Remember, would you like to list and sell assets or would you like to act like you would like to list and sell assets? Do the work that is necessary! I am giving you a key, use it to unlock your future!
This is so dead-on! We have been in the same boat for many months ourselves -- persisting, trying, working at it, doing BPOs....One day it will pay off!
Patience is something we all forget in todays "Instant" world of the internet. This is so far from reality of the REO world. Is it or will it get better in the future? I sure hope so, but we learn to work with what we got and do what we have to, to get the job done.
I think story is very true. I do hundreds of BPO's, constantly apply with new company's and follow up with company's that I had applied to previously. I know sooner or later, my follow up will pay off, I just have to be patient. I definetely agree, people don't want to do the work to get the end result. Most people are too lazy and will just give up, that is when people like us will be there to pick up the slack.
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Good Blog!
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