I have received my REO Certificate from Five Star
Below is from the Five Star website:
"We are looking for the best. The lender and servicing communities are calling for highly qualified, performing, experienced REO agents. And we're answering that call. All members of the FORCE must qualify through fulfilling the following:
REO Certification: We require the Five Star Institute REO Certification for membership.
Experience in REO: For our prospective members who can prove, through verification by FORCE staff, five years of active REO business, completion of the Five Star Institute REO Certification test will be accepted.
Licensing: We require that our agents be properly licensed REO agents or brokers in good standing, and we verify member information and references prior to accepting new members.
Continuing Education: Education is continuous, and mandatory. Members are held to that standard and must log in and participate in Webinar education monthly.
Local Multiple Listing Service Membership: All FORCE members must be active and participating members in the local MLS system in which they intend to broker REO as a member, and be in good standing as verified by FORCE staff.
Errors and Omissions Insurance: All new members must carry errors and omissions insurance with coverage limits per incident, per industry-accepted standard in their local market and provide proof of such coverage prior to formal acceptance.
Liability Insurance Coverage: FORCE members must have active liability insurance policies in place, providing for minimum coverage per incident at an acceptable rate per their local market. Proof of active coverage will be verified by FORCE staff.
Industry References: Prospective members must provide REO and real estate industry references upon applying to the FORCE. References are checked by dedicated FORCE staff prior to formal acceptance to the FORCE.
Code of Conduct: We require that FORCE members abide by our Code of Conduct.
Commitment to Excellence: We require that FORCE members uphold the highest professional standards."
- I am wondering how many REO PRO Realtors on here have this designation and have you found it to lead to any new business?
Replies
Congratulations Brandon I hope it does something for you however, from everything I have heard....it's been a waste of time for most people.
As I have always said, people in this business ie...Asset Managers and AMP's, want to do business with people they know or people who have been referred to them. Rarely have I ever seen a designation or certification lead to direct business. Now, that's not to say that it hasn't.....it's just that from my experience the majority of business in this industry is done through referral first, experience second, education third.
I would agree with that and thanks for checking out this post. I have had some certs like A-REO that I have had to get to keep assets with clients like Old Republic etc. I am one to give the biggers ones a shot to see if there is anything coming in around my area each has different portfolio's they manage and you never know for sure till you try. Five Star is a name anyone that has been in the business does know of so it was worth a shot.
Charlenia if you are in the five star force the facebook group page has lots of post every week you might find helpful.
Ira I have not seen any direct business from the designation. They passed out the REO Redbook but I have not had any asset managers contact me to say they have found me in the book.
John yes I did pay for it.
Are you getting any business off of RES-NET? I am thinking about paying the 700 which gives the most exposure. Taking the cdpe course as well....it appears Fannie Mae is taking ther time I thought by now we would have received a reply....hopefully this week
Did you have to pay for it?
Congratulations, Brandon! I do not have this designation, though, so cannot answer your ? unfortunately. Let us know your experience, and maybe others would join thereafter :-)
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