First, let me say that I love this website and it has been a great place to share information with other realtors around the country.Second, I know most of you are probably sick and tired of the greed that has been running rampant for several years in this industry. I believe in everyone making as much money as possible but I draw the line when the information is being sold that can be obtained for free. So here is my advise and warning.DO NOT PAY for a list of REO companies, asset management companies and asset managers. Just Google the name REO management companies or REO BPO companies and you will pull dozens of companies with their links and it was free! I have noticed that some of these websites have outdated or erroneous information that is being packaged and sold to unsuspecting agents and some of the banks they have listed do not deal directly with realtors but through outsource companies. As far as obtaining a list of asset managers names, most of this information is also incorrect.Anyway, for what it is worth, that is my pet peeve for the day!
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2 Things I am now finding to be true. Although not readily apparent, it is the doing things that are uncomfortable that makes me a better Realtor. And the repetition of it that makes it a habit. Yesterday I girded my loins, parked my car, took the picture required by Titanium before knocking on the door. Put my camera away, walked up and knocked! It is always the toughest part for me. I was greeted by a tenant who was worried about her future. She knew the owner was already foreclosed on and was wondering what to do. I explained her options per the email instructions and she almost hugged me. I could see the relief in her eyes that she could probably stay as renters in the home they have been renting for 2 years plus. She thought that maybe someone would come steal all her belongings or throw them out on the street. It was a wonderful feeling to be of service.I doesn't pay much - but the preparation(practice) is awesome for me. When I find I am in discomfort I usually doing something good for myself . It pays off when I go to a short sale prospect,FSBO, talk to a REO manager, ask for a price reduction. I find that knowing how to do a job is only so good - it is the doing that brings unexpected rewards.FYI - just got my check for a Short closing referral from Titanium from a year and 1/2 ago......it's a good day...
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41 Charged in 5 Mortgage Fraud Cases
by alissandria obrien of Preservation Monthly 06/24/2009
....15 individual defendants and four businesses purchased distressed properties, including from the U.S. Department of Housing and Urban Development, and then resold them for fraudulently inflated prices approximately two to three times the purchase price.....
Link to see the full article. http://www.preservationmonthly.com/story_2012.htm
I have blogged on this over and over, each time, I get all kinds of hate mail and personal attacks but, as i have been saying since last year, when this started taking off in my area, it's fraud.
by the way, I am not going to argue with anyone if it is or isn't.....I have contacted my local FBI office and was told that if anyone has a question about this process, they can call them directly and they will help you understand just why it's illegal.
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Not sure about the rest of the pros on REOPRO, but as someone who does BPOS, I just got quadruple the requests for them today, in a big, big way. Some requests from folks, I barely get any from. All exterior BPOs... and I live in a rural area.Not sure what you guys will make of it, but to me, it looks like the Summer Flood.
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"Dictionary is the only place that success comes before work. Hard work is the price we must pay for success. I think you can accomplish anything if you're willing to pay the price." - Vince LombardiIt is no secret that we all are working harder than ever, and the question remains: Is it Worth it?Of course, and throughout this re-invention periord to some degree, we will all learn how to plant our gardens and do more than survive, but to succede and flourish!There are many buyers that are jumping on the train, and realizing it is time to find their home before the whistle blows here in Central Florida. Albeit, not all short-sales and foreclosures are on the track, but when our buyers are educated, they grow to understand the process and the time that is expected. The end result at the closing table is an amazing purchase price and a great home to serve their family for many of their celebrations.I have been welcoming the oncoming challenges, but have equally began realizing my need to celebrate time away with my family!Needless to say, we are all counting our many blessings on a daily basis - and that is not all so bad!-Laura-Leigh Wood, GRI / ABRSpecializing in Central FL Residential Real EstateRead more…
John Occhi did a fabulous job of describing how to do BPO's (John, did I train you?) I want to elaborate on the Driveby BPO. The Driveby BPO is the MOST critical BPO you will ever do. Most drivebys are pre-foreclosure values. This means the banks need to determine the FMV (Fair Market Value) in order to determine how much to bid for the property at the foreclosure sale. I.E., the bank has a property in default with a principal balance of $180,000 (at one time banks would bid as high as the PB but not in today's market.) They order a driveby BPO, you do your comps, etc and determine the FMV is now $150,000. The bank buys it back at the sale for $150,000. They now request an interior BPO and once inside you determine that the property is now worth $100,000 - what happened? The interior needed repairs, the roof leaks, the appliances are missing,etc. Now the bank is out $50,000 because you did not do a "good" driveby, you did not allow for unknown interior repairs. You can see the exterior like roof, paint etc and hopefully you addressed this in your BPO.As a rule of thumb, I do not care how fantastic or how new a house is, you had better allow for at least cosmetic repairs such as carpet, paint, appliances and miscellaneous. Age of the property will also play a key role. If the house is 10 years or older better add the cost of a roof, HVAC, etc. Then explain in the comment section why you are deducting $20,000 for unknown repairs.AND if the property is vacant, go ahead and get out of your car and walk around the property. John mentioned about some agents doing driveby BPO's in 30 minutes, well, I'm sorry, but if I am a bank, I don't want this agent doing any BPO's for me!When I first became an Asset Mgr I cannot tell you how many times I saw this, but with additional training to the REO agents things got better for awhile. Unfortunately, because of the volume, new agents are doing Driveby BPO's that have no clue of how important this BPO is to the bank.Don't know how to determine costs? For flooring - SF divided by 9 X cost per sq yd will give you an estimate on replacing carpet/vinyl, i.e., we have a 2000 SF house divided by 9 = 222.22 sq yard X $21.00 sq yd = $4,666 for carpet/vinyl. Roof on average will be 2 1/2 to 3 times the SF i.e., 2000 SF X 2.5 = $5000 for a roof, interior paint on average is 1 1/2 to 2 times the SF, i.e., 2000 SF X 1 1/2 = $3000 for interior paint. Appliances on average $400 ea for stove and DW.One last thing - even if the Driveby BPO is only one page and does not contain a comment section - I always and I emphasize ALWAYS, attach an addendum to explain how I arrived at my value and let the banks know what the market/neighborhood conditions are. This will impress banks as it lets them know that YOU KNOW your business.Now for those of you who do not know me here is my brief bio - Licensed TX realtor since 1971, moved to commercial real estate in 1982, sold, leased and managed commercial real estate that included office, highrise, strip centers and a shopping mall. Returned to residential in the late 1980's and sold foreclosed properties for RTC, Bank United, Fannie Mae, GEMICO, MGIC. In 1993 was hired by Lomas Mortgage as an in-house real estate agent for their foreclosures, while there we implemented the "Short Sale" program. I transitioned to an REO Asset Mgr for Lomas, CALMCO, The Associates and then EMC Mortgage before returning to residential last year. Lomas Mortgage's REO Dept had a great impact on how other banks started their own REO Depts.I hope this helps!
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WHAT ARE NSP FUNDS AND HOW CAN THEY BENEFIT YOU??The Neighborhood Stabilization Plan (NSP) was established to stabilize communities that have suffered foreclosures and abandonment. NSP1 are federal funds that were authorized under the Housing and Economic Recovery Act (HERA) of 2008. It provides monies to all states, yet surprisingly many people are unaware of it and how the funds can be used to help home buyers, banks and our communities.I am located in Southeast FL, between Miami and Ft. Lauderdale and there are currently 328 lender and NSP approved buyers that MUST purchase vacant REO properties in Pembroke Pines, Miramar & Coral Springs in the next 60 days. Surprisingly there is a shortage of REO properties in these cities where these buyers are ready, willing and able to buy. Pembroke Pines was awarded: $4,398,575, Miramar $9,312,658 and Coral Springs $3,378,000 and that money must be spent to purchase & repair REO properties.Additionally, on July 6, 2009 the CRA of Florida, who is administering the NSP funds for the above mentioned cities, will re-advertise for the Miramar NSP program, providing even more buyers. Applications will be available to NSP buyers at www.crafla.com on July 7, 2009 and applicants should be getting pre-qualified and previewing REO’s prior to this date.I have found most agents don’t know about or don’t want to work with NSP buyers because they don’t understand the process and believe it to be too complicated. I can promise you will make buyers dreams come true and make your asset managers very happy as these homes are being sold to owner/occupants who will pay more then investors and truly help to stabilize our neighborhoods.My next blog will be about NSP homes in Hallandale (located just north of Miami).Please feel free to email me with any questions or comments.Ellen M Bithell, CRS (soon to be Five Star Designee)SELLING SOUTH FLORIDA!
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I went to a closing for a shortsale referral from Titanium today. In Oregon the seller and buyer sign docs, back to the lender for review, then after approval it goes back to escrow and funds 24 to 48 hour turn around. so this will close on Friday ...... 1 Year and 3 months from the time I knocked on the door as a Titanium rep. (with Wamu now Chase). Turns out that they have been pretty helpful during this ordeal.
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If you think solving our foreclosure crisis in this country is by conducting State or Federally mandated moratoriums…well, you are completely misguided.
Try looking at the moratorium issue as strictly a monetary policy vs. a politically correct policy.
We all know foreclosure cost money and, it isn’t cheap. We also know the longer a home stays in foreclosure or the longer a bank has to hold onto bad debt, the more expense the bank takes on in Attorney fees, public notice cost, city and state filing fees, property maintenance fees and so on. The more cost the bank takes on, the greater the bank’s loss, and that leads to the bank’s requiring higher credit scores to get a loan, higher interest rates, higher down payments and so on. My point is, all that loss is passed onto the consumer through other ancillary fees which makes the general cost of banking more expensive. In other words, the rest of us will end up paying for these moratoriums in the long run so, why make that cost any more expensive than it already is?
Now in some cases, like the federal government using moratoriums, some people argue it is necessary to do everything we can to delay or trickle in the foreclosures because there are just so many that if they all came in at once, it would crash the economy in a way we haven’t seen since the Great Depression. I am no “REO Oracle” as one member once sarcastically but humorously joked (at least I think he was joking…I hope he was joking….maybe he wasn’t joking…either way, it was funny) but, I do believe that trickling in the inevitable does nothing more than create a long drawn out crash over many years. What would you prefer…a 10 year recession / bear market or a 3 year depression? I know what I would prefer and, I am not sharing because the hate mail would come in droves….lol, it really would.
So, why do I keep saying, “the inevitable”. Well, the truth of the matter is that from my own experience with Foreclosure Avoidance Counseling, Loan Modifications, Short Sales and REO’s, I can tell you that these banks are still doing HIGH RISK LOANS. That’s right, you heard me correctly….HIGH RISK loans are still being used widely by many Loss Mitigation Departments that are doing loan modifications and other workouts to help preserve homeownership. The reason they are still using these HIGH RISK loans is because it’s the only way they can bow to the pressure of government to do all they can to preserve homeownership. Once again, the government is stepping in, forcing banks to make risky loans or in this case, loan modifications, that end up foreclosing in 3 months anyways. A recent Fitch Ratings survey acknowledge this fact that I had been seeing in my own business. I don’t have the survey in front of me at the moment and am working from my memory but, I believe that Fitch statistic was somewhere between 60-70 % of those who complete loan mod’s end back in foreclosure in 3 -6 months. Just so you know, in the past 12 months, I have had over 40 individual Foreclosure Avoidance Counseling sessions and out of them, almost half went back into foreclosure in less than 3 months and almost all of them ended up in default in less than 7 months.
Towards the start of this blog, I told you I wasn’t going to share my opinion on moratoriums but, if you haven’t figured it out by now…….well, read this blog a couple and hopefully you will get it. Ok, I will spell it out, moratoriums suck!
All a foreclosure moratorium is, is a political tool to win votes, at least that is my opinion.
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So, I have been hearing a lot of talk lately about the housing market hitting bottom and we are on the rebound.
Well, I am not as optimistic and let me share with you why.
First, you need to understand that I am a true believer that the Community Re-Investment Act” is what caused the housing bubble, which ultimately led to the fall of the sub-prime market but, that is another blog of another time.
So, back in 1999, President Clinton signed into law the Gramm-Leach-biley Act aka the Financial Modernization Act, that President Clinton said, “establishes the principles that, as we expand the powers of banks, we will expand the reach of the [Community Reinvestment] Act". As we now know…was an under statement.
This Act ultimately made it easier for banks to provide bad debt to un worthy consumers. In other words, this direct action on President Clinton’s part, as well as the sitting Congress at that time made NINJA (No Income, No Job, Accepted) loans and Sub-Prime lending the way most banks did business for the next 5 years.
2005 is when we started to see the first signs of the housing bubble burst and many argue that it was only 5 years of bad lending so, by 2010, we should be out of the woods….well, not so fast.
It wasn’t till 2007 with the regulatory changes by the Office of Thrift Supervision that changed the Community Re-Investment Act’s home purchase loan reviews that actually stopped the Sub-Prime, Bad Debt and NINJA loans.
So, in reality, the bad lending was from 1999 – 2007, or 8 years. In other words, here in 2009, we still have at least 5-6 years before all these loans are completely worked out of the system.
Not to mention home prices / value have dropped so significantly that HELOCS and A(+) debt is being called in, we have a credit crunch so no loans are being made, our bond market is tanking due to increase governmental debt, and interest rates are on the rise due to inflation.
We still got a ways to go folks…..3-5 years, at least.
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Are you a REO agent providing minimal information about each bank owned listing? The bank expects you to market each listing as much as possible so the best possible offer is received. You should never look at an REO property as a burden and/or think little effort is required. Remember, each successful sale contributes to the next listing you receive from the REO Company/Bank.Here are a few tips when listing the REO:• Take the time to take incredible picture of the property. If the property has been de-trashed after the listing, upload the new pictures to the MLS. Do not leave the garbage-ridden pictures on the MLS or your flyers.• Take the time to write about the property and its features. There is more to a property besides the standard, "Bank owned, sold as-is, great property." Write about the upgrades, good features, kitchen, amenities, etc. Give the property much needed attention.• Fill out the square footage and acres if your MLS does not import all of the information from the tax records.• Make sure your email address and fax is accurate.• Always list the docs required from the bank in the broker area regarding all offers.• Create a flyer and upload as an attachment in the MLS.• Upload the offer instructions and letter of intentions as attachments to the MLS.• List the property on various FREE websites. It is a good way to obtain buyers and investors for your database and sphere.• Keep copies (PDF) of all marketing efforts so the banks will know that you are giving your best.• Schedule showings and obtain feedbacks. You will need this information for the MMRs. If your area does not have a showing system, hire one or hire an assistant that can assist with your showings and feedback collection.• If you do not have your own website, consider getting a site through Point2 so you can display your REO listings or have a site created.• Create a network among local agents. Send updated listings to each on a weekly basis. Make sure you have permission. Even though marketing is an effort performed by all agents, I am still amazed at the number that balks when new listing emails are received.Some of these tips appear as common sense but it is not all common.Carolyn Dobbs, www.onlinerepa.com | www.reobookkeeper.com | www.point2close.comRead more…
Do you have a plan that will help you manage your properties? How organized are your files and if the bank calls you regarding an invoice submitted three months ago or inquires about the details of a property, are you prepared? I help several agents remotely organize their files and provide different resolution based on their setup.Here are a few tips that will help keep you organized. It may not pertain to everyone and depends on the current process being used.• Get rid of the post-it notes. They are not meant to be used as long term solutions to tracking notes.• Create a spreadsheet or pay an expert database designer to create a MS Access database that runs on queries. If you would like to create a secure online program, you will need to hire an expert programmer.• If you are not ready to go paperless, I suggest using 3-ring binders and index tabs to keep your files sorted by banks and property address, and/or• Use the correct folders so proper recording is maintain. Go to http://www.filesource.com/ for an assortment of real estate related folders, or use the classification folder with dividers, click here, and/or• Use an online transaction management program for online storage and upload all pertinent documents to the BPO or bank system immediately and check off as completed.• Upload your action plans online or use Outlook to track due dates and send out reminders.• Only use one email address to communicate with the BPO Companies or banks. Multiple emails accounts increase the chance of mail being sent to the junk box or deleted. Include your full contact information in the signature line and account name section.• If you find that you are always responding too late or missing the BPO orders, setup alerts through your Blackberry or a compatible email account such as Yahoo or Hotmail so you can receive your notifications via text message. You can also hire an assistant that will work as a backup to catch those that you have missed and begin the process of ordering photos, pulling comps, etc• If you decide to go paperless, invest in a PDF converter that will allow you to extract documents, delete documents, sort pages, insert files, etc. As the transaction progress, you can add the new pages and/or delete the amended pages and more.• Once the property has closed, remove all old and completed transactions. Archive each to CD or DVD. Make multiple copies if needed.• Use the task reminder of you contact management program. Once you input a task based on a property, you will receive the alerts. This will increase your responsiveness to the bank and buyer agent.•Use Microsoft Street & Trips to calculate proximity if you are looking for a reliable program.• Keep an updated copy of all bank guideline at the front of the binder and/or store online within your OTM program.• Store each property file separately on your computer and label each property using the property address. Example: 1234 Mockingbird Lane, Anywhere US 01234. Then create subfolders. One for the listing documents and the other for the closing documents.• Add the full contact information for each bank, asset manager, accounts payable, etc to your Outlook contact file for the bank using categories. Print out the contact sheet and include it in your binder, folder, or online within the OTM program. This will provide quicker access to contacts when on the road and less searching on the PDA.• Offer a fillable PDF of the Offer to Purchase and all bank documents on your website. By doing so, this will give the buyer agent the opportunity to present a clearly written offer with all required fields completed. You can also include a check list as a part of the download. If the agent doesn't provide all of the check list items, they don't have a serious buyer.• Learn how to improve your process. If one method does not work, move on to something better, not worse.• Know what you have in inventory at all times. A simple spreadsheet can be used to track your inventory and the status.How do you keep your files organized?Carolyn Dobbs, Carolyn@REOBookkeeper.com | www.reobookkeeper.com | www.onlinerepa.com | www.point2close.comRead more…
Deciding to work with a BPO and/or REO company should be a two-way interviewing process. Brokers and agents eagerly try to get into the business by randomly completing the online or hard copy application process then several weeks or months after completing a BPO, act like a disgruntle employee by complaining to others because he/she/they did not get paid. Well, how much research did you do?You should never leave your business and services to chance and hope. Neither will pay your expenses nor will it guarantee that you will be paid. So what do you do during the initial process while researching and signing up for BPOs and REOs?1. Review the company history (website, financial data, etc) and read what others are writing on various forums.2. Randomly send out inquiries to ten or fifteen brokers and agents (in and out of state). If a broker or agent "outside" of your area/state freely gives the thumbs down, the company may not be a benefit.3. Check with the Better Business Bureau where the company is located.4. Run a $19.99 D & B check. http://www.dnb.com/us/5. Inquire with some of the title companies or closing attorneys in your area. What do they have to say?6. If you have noticed that some of the big firms or a top agent no longer service a particular company, chances are the asset management company is a slow payer and/owes big bucks.7. Talk to some of the property preservation companies in the area, are they being paid in an appropriate amount of time, 14 - 60 days or 60 - 365+ days?8. Review the company's service agreement thoroughly. What are there terms, what is the process for accepting BPOs, how do you submit BPOs, are there any documented instructions, are the BPOs also guaranteed listings (if listings are what you are seeking), what is the rating system, etc?9. How are the BPO and REO process handled? Is it managed through a user-friendly system such as RESnet, IAS, REOTrans, Wells Fargo, or Citi Residential? Let's hope that they are not on the fax or email system whereas it is assumed that your fax or email is received before the deadline and not afterwards.10. Know the phone, fax, and email for Accounts Payable. Get a name if possible.11. Cost - review the cost. If you are going to pay big bucks to join, you should be getting a huge return on your investment. Yes, it does take money to make money but you don't go broke in the process. If you are paying by the zip code, be selective with the zip codes. Don't select areas where there is a high mixture of residential and commercial properties unless you service both.12. Customer service - if you call customer service, is the person on the other end receptive, confused, rude, or hanging out in the twilight zone and need to walk toward the light?13. Read the reviews of your peers. Are the compliments and/or complaints legitimate?Take your time when researching BPO and REO companies. Don't assume that working BPOs and REOs is a piece of cake. All of the agents I work with are hard at work at midnight and back online before the sun comes up most days. It's called dedication. Reaching that level of success did not come overnight. There were a lot of bumps, bruises, missed school events, late dinner, and delayed vacations that paid the price. I'm sure many of the veterans have other questions that should be ask. These are a few I have been faced with over the past five years when I research companies and make general inquiries before wasting my time with the application process on behalf of brokers and agent.ARE YOU REALLY READY TO WORK IN THIS INDUSTRY?Food for Thought!Carolyn Dobbs, www.reobookkeeper.comJoin the BPO and REO Solutions Group!
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Reimbursement management is very important when working with REOs. It builds a relationship with the REO bank and a committed relationship with your vendors. Too often, brokers and agents will put the invoices in a pile or box and pray for the reimbursement fairy to come along and make it disappear through automatic submission.HELLO! That is not how it works!Working with REOs is a very serious job and should not be taken lightly. Each REO bank has its own policy. You cannot deviate from the guidelines and assume that you or your vendor will be reimbursed. You cannot build a team of providers when you ignore invoices and expect the vendors to idly sit in the background and wait months for payments for jobs completed on properties that are under contract or have been closed.Managing Reimbursement Tips1. Set aside one hour daily to assemble your vendor invoices or hire an assistant to work part time.2. Use an online program for invoice submissions (Drop box or MS Workspace Live).3. Do not use your general email address to receive invoices. Setup a separate email address and make sure it is the only email address used by the vendors. Setup a rule within your web mail program so all emails will be sent to a specific folder and not mixed with other general emails.4. Require each vendor to submit all invoices within two calendar days.5. Require all vendors to include the invoice number and full property address on each invoice as well as the service date next to EACH line item. All invoices should be itemized.6. Require before and after photos for all jobs including initial lawn cuts, de-trash (interior & exterior), securing, repairs, replacement of appliances, etc.7. Processed all invoices upon receipts. Input all accounts payable into the bookkeeping system daily.8. Setup a master account with each utility company.9. Save time with paperwork by paying your invoices once a week and using checks with vouchers. The voucher will list all invoices for the vendor with the property, amounts, invoice number, and description.10. Use QuickBooks Pro to manage your reimbursements and setup each property as a project/job under the client account (reo bank).11. Update your vendor and client contact information upon notification.12. Keep digital copies of all W-9 for easy submissions.13. If the bank uses a word, pdf, or excel reimbursement form, pre-type the vendor information or create a macro that will fill out each form or the form main headers.14. Convert forms to fillable PDF documents.15. Record receivables immediately so you’re A/R aging is up-to-date and accurate.16. Follow-up on all A/Rs weekly and submit monthly statements to the REO bank.17. If the invoices must be mailed, use priority mail, Fedex, or UPS with signature confirmation. Know which invoices were mailed in the batch.18. Retain copies of all invoices submitted with the submission dates.19. Get involved if your reimbursement specialist is having problems getting a response from the reo bank.Build a process to ensure that everyone is paid and happy!The REO Bookkeeper
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FIVE STAR EAST COAST EDUCATIONAL CONFERENCEI had the good fortune to attend the Five Star Conference in my own backyard, Miami, FL from May 27-30th.My only expectations going in were to learn some things from both the classes and from networking with collegues from across the country.The conference blew me away! The courses were taught by professionals in their fields including: Mary Abarca, VP of REO at PMH Financial, Loetta Arrington SVP at Field Asset Services (FAS), Maro McKay, VP and contract manager for multiple non-government REO clients (Asset Manager) at First Preston, the list goes on.There wer only about 400 agent attendees over the four days, so I had the opportunity to meet and share ideas and information with many incredible people. A few were just getting into the REO market, with the majority being seasoned REO agents in their areas.The energy level and exchange of ideas was electric and I could not wait to get there each morning and did not want to leave at the end of the day. I went home vibrating with excitement and teeming with new ideas.Prior to attending the Five Star REO event I had not planned on going to Five Star's Conference in Texas this September, now I cannot wait. I am sure the conference will be wonderful, but I am most excited to get there two days prior to take two more Five Star Courses and have that intimate exchange of ideas and information that is not always easy to get during the frenzy of a conference setting.The best thing I learned was that First Preston will soon be offering approved short sales and will need a lot more REO agents nationally (Embarrassingly I had not even applied prior!). The best thing I was able to share due to my close work with our city and country government is about the NSP funds and how we can help our community by assisting them in accessing these funds that must be used to acquire REO properties to help stabalize our neighborhoods.HAPPY HOME SELLING!Ellen Bithell, CRS (soon to be a five star designee)RE/MAX EXECUTIVE REALTYSELLING SOUTH FLORIDA
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There are some that think “social media marketing” is just the latest buzz phrase in marketing, but the truth is it is a new venue that you can use to market and promote your products and services. Social media centers around interaction with colleagues, potential customers as well as current customers.I’ve found that when companies begin to dig into social media, they are not sure where to start. The information in this series will help you understand why social media marketing is important and how to begin to put it to work for you and your business.What the heck is social media and what role does it play in my marketing? This is probably a question I wouldn’t have received two years ago, but yet today it’s the most common question that enters my inbox.First off, let’s talk about what social media is. Social media represents low-cost tools that are used to combine technology and social interaction with the use of words. These tools are typically internet or mobile based. A few that you have probably heard of include Twitter, Facebook, MySpace and YouTube.Social media gives marketers a voice and a way to communicate with peers, customers and potential consumers. It personalizes the “brand” and helps you to spread your message in a relaxed and conversational way.The downfall to social media, if you could call it that is that it must be a part of your everyday life in order to keep the momentum and attention you need for it to be successful.If you think that social media is only for the small business owners that are trying out an experiment, I have to correct you.Success stories are abundant when it comes using social media from headhunters that find job applicants to new businesses that want to introduce a new product as well as already established Fortune 500 companies that want to strengthen their brand. The role of social media in your marketing is to use it as a communication tool that makes you accessible to those interested in your product and makes you visible to those that don’t know your product. Use it as a tool that creates a personality behind your brand and creates relationships that you otherwise may never gain. This creates not only repeat-buyers, but customer loyalty. Fact is social media is so diversified that it can be used in whatever way best suits the interest and the needs of your business.
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Fraud Alert! - TREC has recently learned about a scam in which a person pretending to be an agency employee may call a licensee with a story about a problem with the licensee's license status. The caller then offers to resolve the problem by asking for the licensee's credit card number to make a payment by phone.DO NOT RESPOND to requests from TREC asking you to provide personal information, including credit card numbers, social security numbers, or any other identifying information. TREC does not accept any payments by phone and will never make such a request. Please remember to always carefully guard your personal data. If you receive a suspicious call from someone purporting to be from TREC, we recommend that you ask the caller for his or her name, then hang up, call TREC at the number on the website, and ask to be transferred to that person.If you have received a suspicious call involving TREC and gave out personal information or otherwise feel your security may have been compromised, please first file a report with your local police department and then notify TREC of the situation.
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Once again misinformation hitting the media! What this article doesn't say is that inventory in California has decreased primarily due to lack of new foreclosures coming on the market. Like most REO brokers in California I have watched my inventory shrink month after month as moratoriums from various institutions have worked themselves through fruition. In addition the banks have been holding back inventory trying to change the Mark to Market valuation system. A quick look at the mls will tell you there is just nothing to sell at this point. Watch the reported inventory numbers for August. It should be off the charts.Michael HowardXcel Reowww.xcelreo.comwww.xcelinvestments.comMay 29, 2009With almost a 50% increase in year-over-year sales, the inventory of unsold existing single-family homes for sale in California has been cut in half, from a 9.8 months' supply in April 2008 to 4.6 months' supply this April, the state's Realtors reported. However, while sales were up 49.2% to a seasonally adjusted rate of 540,360 — the eighth straight month above the 500,000 level — the median price of houses sold in the month declined by more than a third, largely because the majority of sales were at the low-end of the market. "Inventory levels for homes in the under $500,000 segment shrank to nearly three months in April, compared with almost 10 months a year ago, while unsold inventory in the more than $1 million segment rose to approximately 17 months, compared with roughly 10 months in April 2008," says California Association of Realtors President James Liptak. "The dramatic difference in inventory exemplifies how the low end of the market is attracting more first-time buyers and investors, creating a shortage of distressed properties for sale." The median price of existing homes sold in the month was $256,700, a 36.5 percent decrease from the revised $404,470 a year ago. But it was 1.4% greater than March's $253,040 median price. CAR's figures are based on data collected from more than 90 local Realtor associations statewide.
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I know we can all find a list of Asset Management companies under Partners, but I am in search of the TOP 20 Asset Management Companies.Please share who you think are the TOP 20 Asset Management Companies.I am currently signed up with reotrans.com, Keystone Asset Management, Lighthouse Real Estate Solutions, disposolutions.com, and Green River Capital.The rumor on the block is that many reo's will be released in July. I would like to be on the TOP 20 before June 15th.Thanks for your help in advance!!!
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The city of Detroit has passed the Vacant Property Ordinance. Effective immediately, the city intends to enforce the ordinance in an effort to clean up the city.For anyone that is acquiring or selling Detroit REO's, I would take this very seriously. The city needs to either revitalize the real estate market or begin recovering some of the lost tax revenue that's associated with foreclosures and unemployment. With GM, Chrysler and Ford in trouble it's likely that things will get worse in Detroit before they get better. This is reminiscent of Texas in the 80's when the oil market literally dried up.
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