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  • I belonged to the REO University for only a short while. I did get some good info for a resume, but found that it did not create any new business for me. I went to the conference in July. The REO part was not very enlightening. Everyone that I spoke with felt the same. Most of the info was watered down, no meat & potatoes so to speak. I am not sure how many people were already doing REOs, but the ones I hung out with were REO agents already. We really didn't learn anything new. The coaching director, Bryan Pelican was in Europe and not there for the seminar. Many people were disappointed with that. I did sign up for some services/asset companies they recommended that cost me around $1000 so far, but I have yet to see any business from them. Mostly what they teach you is to be on time for all task, do BPOs and sign up for everyone and anyone. It may be a good avenue for a beginner if you have the funds and have no idea how to break into the REO side of this business.
    • Thanks for your insight on REO University...keep us updated on your progress with them.

      Good luck!

      smw
  • REO Agent University is an offshoot of Craig Proctor's mastery program. In essence they follow the same principals on building your business as that program but focus solely on REOs and Short Sales. As part of the program you get a coaching call once a month, a forum (similar to this one) for open discussion on REO topics, free conference attendance for Craig Proctor's Super Conference with a 1 day add on specifically for REOs. There is also a day by day plan for building your business and other literature to help you along the way along with access to a coach for questions, resume review etc.

    If you go on their website and click on the guarantee it will detail the steps you must follow in order to qualify for the money back offer.

    One important thing to note here...they DO NOT give you business. It is a mastery program for professional development and knowledge sharing.
    • Hi Amber...Have you done the program? and if so how has it worked for you?
      • I joined the program a few weeks ago. I was looking for a group of serious professionals for knowledge sharing as well as tips for building a good team structure....and of course quality leads!!! Being as new as I am to the group I am still formulating my opinion on whether it was worth it or not. I certainly hope that it turns out to be. Some of my thoughts up to this point....

        Pros: There is a good mix of members including REO agents that are high producing. They are working directly with asset managers to get the PREO affiliation recognized. As new leads become available they share them out to members.

        Cons: It is expensive!!! For the price there should be more personal interaction with the coach as well as better reference materials.
  • Do lots of BPO's IMO, even with short sales in the market, asset managers/banks still need BPO's. If you aren't too familiar with BPO's, start doing your google research. It's free and that's how I got started.
  • David I would take a very long look at your market BEFORE you pay somebody to get REO listings. If your market has a low inventory of REOs I would NOT pay somebody to give you listings.

    Our market is now being driven by short sales as banks have finally wised up and realized that they take less of a loss with a SS.

    I have been listing REOs since Sept. 2007 and never had to EVER pay anybody to get listings. HOWEVER be warned, that when you become an REO listing agent, **you are a walking VISA card** (you have to pay for utilities, some repairs, trash-outs, etc) on the hopes you will be reimbursed.

    While I have successfully closed over 60 REO sales, I have been denied reimbursement for over $5000 in items I floated for the bank. In the long run I am way ahead, but have experienced much frustration.

    Also many times, buyer can't close at the last minute, your 90 day listing period has ran out & they transfer the listing to another agent and you make $0 and almost make you feel like it is your fault that it did not close.

    Not trying to scare you, just telling you my experiences...

    -Mark
    • Thanks Mark. If you have a chance can you email me or call me I would like to pick your bain for some advice?
      443-286-0042, d.clark@kw.com.
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