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Is there such a thing as being Overqualified in the REO Asset Disposition Business?

HELP...
I need your Professional Opinion.
Am I Overqualified to help Banks, and Default Companies clear their books of all this Inventory?
Does the fact that I handle mostly Problematic re-Assignment properties, keep me from having enough properties under Management, to keep my Staff busy?
Can the fact that I also Process Commercial, Agricultural, as well as Residential, eliminate me from consideration?
All I know is that the same 9-5 Agents, are trying to Market 90Day properties in my Area...month after month, after month...whilst there are 12 people on my Team ready to work evenings and weekends to clear up this National "mess"...
Check out my new profile -- It would be great to hear from you....
Thanks,...

Jill Berni - Broker
Celebrating 30 Years of Customer Service.
Serving: SACRAMENTO AND EL DORADO COUNTY, CA
916 933-0555 24/7
866 933-0555 toll free
916 933-4454 -fax
Owner -OakTree Real Estate Services
http://www.GoToOakTree.com
http://www.linkedin.com/in/jillberni

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Jill,

You appear as a traditional agent trying to break into the REO business on paper, whitout the experience. Your resume shows nothing about doing BPO's or working for outsourcers etc. According to my contacts there is nothing worse, and you wont get a second look with the letter of intet you have designed becasue it shows no experience doing REO's or related work such as BPO's. The REO certification alone is good and its good to place it on a card should you go to a conference or two. My suggestion would be to go to one, and if you make just one contact the money is wells spent. You will also meet others from other areas that will be more willing to share contacts because your not a threat. This world is all about realtionships, & performance. However to make the relationships you've gotta go to where they are made as well as get your company name infront of those that assign listings. I would also recommend keeping your letter of intent sweet short and simple, its way too wordy and the font is too small. On last thing, when and if you ever get the opportunity to take a listing or co-list with a REO broker, Don't turn it down :(. My first 6 listings were all problem properties, noboday eles wanted or I got because of being the new kid on the block. Now that i have paid a few dues and proven myself to my AM's I can pick and choose here and there; however when I get a new assignent from a AM that I don't know yet, I take it regardless of what it may be. So if you ever get a chance to co-list with an REO broker or pick up a listing don't Turn it down. It's experience and thats what Assset Manges want to see. Until you get that, you've gotta try and make the realationships. (One last thing you've got a better chance signing up with Defult Outsources than you do going direct to banks. They've got there staff and are not banking on hiring more staff to take on and manage new agents it simply cost too much.) Hope you found this helpful, nobody helped me : )...
In my opinion this is the only platform you will find where most members are willing to selflessly share information on distressed assets. Like the commercial industry the distressed assets niche has been closely guarded, in the past, by those few who are connected and fear losing their business to the competition. It might take a while but the cream always rises to the top!
No, you can't be too experienced to be a REO Agent. I read over your 2 attachments as well as visited the 2 websites you listed and I saw "Evolving Experience" but, I didn't see any "Experience".

I agree with Jonathan, "You appear as a traditional agenty trying to break into the REO business on paper, without experience"

If I were an Asset Manager, here are some things I would look for.....

1. # of completed REO deals (Listing Side), include annual dollar amount as well.
2. List to Sale Price Ratio on REO's only.
3. $ amount spent on preservation annually, break it out....Clean Out, Utilities, Vandalism Prevention / Repair, etc.....
4. Asset Manager recommendations.
5. Closing fall out % on REO's.

In other words, I want to see concrete evidence you have actually listed a REO and, worked it from start to finish. I hate to say this because it frustrates everyone in the business but, you can have all the experience in the world as a Realtor but, if you don't have enough experience as a REO Realtor, then your experience accounts for nothing.

If you haven't already, you might want to read over my blog, "How to start doing your first REO". It might help you out a lot.

It is important to understand that not all Real Estate agents are Realtors®.  Realtors® must adhere to the highest code of ethics required by the National Association of Realtors®. Also, not all Realtors® have completed the advanced studies and required time in real estate to obtain the highest designation of Broker.

About Jill Berni REO Specialist

Career Path

I entered Real estate in 1977 working for several well known Banks and S&Ls, First Interstate,Home Savings, Chase etc...  I  learned the importance of thorough documentation, determining mortgage qualifications and customer service.  Today, I am able to quickly determine if a potential buyer is one that has the necessary qualifications to purchase one of my listings. 

During the 1980’s, the market rendered new challenges brought about by change in federal regulations and the advancement of consumer protection. At this time, I had advanced to Senior Loan officer, further increasing my skills of letter perfect documentation and also acquiring the patience to listen to each applicant’s needs and desires which has proven to be a valuable attribute today.  This is also where I learned how important it was to move in a timely manner and relentlessly pursue the closing of each real estate transaction.

Experience: Cohen Brown Default Management, Northern California Wholesale Manager at Chase, Underwriter with First Interstate, Property Manager with OakTree Home Loan. I did my first REO as an Agent in 1989.Asset Manager Training.

As a result of handling thousands of real estate lending transactions, I acquired her Real Estate license and transitioned into the realm of selling real estate. It was a natural progression to utilize my specialized training to now control both sides of the transaction, to better service my  client’s needs and assure the completion of the sale.  I have worked for such note-worthy highest producing, Real Estate companies as Re/max Gold, Folsom Real Estate and Lyon Real Estate which helped to increase my broad spectrum of skills,  advanced Real Estate training and moving toward the next stage in my career.

In 2002, I decided it was time to leave the regimented corporate environment. I had earned my  Brokers License and wanted to open a Real Estate company that was focused on the individual client needs, instead of an inflexible corporate agenda.  I also wanted my husband, Edward, to bring his Brokers License and merge his 30 years of sales and marketing to our new company.

When I opened OakTree Real Estate Services, it was important to me to have the most experienced trustworthy team available, members who are long time residents, and those that can provide maturity and understanding to each individual client’s needs. Each team member has vast experience in each area of the Real Estate dynamic, to give each buyer and seller the most seamless transaction possible.

The REO Team averages over 20 years of experience.

I have personally sold 100s of Bank and Credit Union Real Estate Assets.

ASSET MANAGEMENT

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