I am fairly new here and have been reading some great posts, so, i want to pick your brains...
Why is it that there seems to be NO way into the "older" asset management companies/lenders?(Ocwen,Wells Fargo-pas,Homeq,etc...) I mean , does someone on the inside have to die for one of us on the outside to get in????/ I dont get it.... there are quite a few reo realtors out here, with 7-8 yrs of experience...(like me). that can't get a toe in..... yet.... Ive seen some pretty poorly handled properties in my neck of the woods.....bad or no preservation....no ability to even forward an offer because they dont answer their cells or emails....they dont post their addendas,pocket listing and basically make it impossible to get an offer in..... How do these guys stay in and why am I not replacing them .... kills me... really sad.... the best part is... they are the ones that are adament about not letting "other "realtors" in.......meanwhile.... most of these great "lenders-assetmanagement co's" dont even have a waiting list....... Ok--- so what do I have to do to break wells fargo?????HELLLLPPPPPPPPP?
We'd all like to see some of these inept REO Kings & Queens get overthrown. It is amazing that it is consistant across the country, that the agents that have the listings make it so difficult for outside agents to sell them. Not every case, but far too many.
I hear you Rose.
What really ticks me off is the ones that pocket the listings. I usually monitor the homes and see who the selling agent was on the MLS and to my shock on several occasions the homes were sold for less than what i offered. I am talking ABOVE list price CASH offers with NO contingencies at all - to me that only means that my offer went straight to the shredder! and of course, no email replies and no calls answered.
I lost many buyers because of that.
I agree with Billie.
I any case - I am in the same boat you are in. I did get in with Indymac after doing the online application. It did take a good year until i heard back and a rejected initial application.
I gave up on Wells and Citi and Chase and BofA and pretty much every servicer out there.
Definetely do not sign up with Ocwen/Altisource.
I slaved doing BPOs for them in 2007/2008 - not a single listing - one agent for southern california (david judd i think) and a call center in India to top it off.
I'd be happy to share links/sites with you. I spend 2-3 hours every night sifting throuh sites and logging into ones i have accounts with, and reading forums like this... so i can share these sites with you.
This ste is pretty good though i have to admit. plenty of info.
It has been so hard!!! So much work with very little outcome!!!- Here is my email.....How about I send you my list and vice versa....
I can really use the help... and, will gladly share the bit I have!!
Hi Rose, Unfortunately there is a process, first let me make a simple statement "REO is not for the weak at heart" it is a task driven, aggressive and sometimes dangerous occupation with not a lot of late nights, stress and very few pats on the back, it is dog eat dog and unfortunately asset mgrs change companies or go away as fast as agents. Everyone knows there are many that agents that are entrenched but fewer than you think. My opinion is if you truly want to make a life in REO....now is the time,
I'll start by telling you where to start and make no mistake it is an investment in money and time. I'll take you back three years and tell you where I started.
I took a course called REO Renegades, there are many courses like it but it is the one that I settled on. The training was good but more importantly I received a list of 125 companies to sign up with for BPO's. YOU MUST DO BPO's. (Some of these companies can assign listings others are simply BPO factories) Sign up for all you can, it will take a couple of days but It was almost right away I started getting assignments from many different companies.
Now for certification, most of the big companies will not assign properties unless you have certification, in most cases even the old dogs that started years ago were required to certify or go through a particular lenders training. My advice is to start with Default school. Miguel is right in stating that any Wells Fargo (PAS) only assign to agents that have this certification and if you’re going to spend the money I think it is probably still the most accepted cert. If anybody knows of a better one please throw it out there!
Now that you are doing BPO’s and are a “REO Default Certified Pro” figure out which companies can assign listings and make sure you do their BPO’s the best and most timely, and by the way the ones that can assign listings are usually the hardest and pay the least, Anybody that has done some for IAS can attest to that. Even though BPO’s pay; it would be a stretch to think you could make a decent living on them, you are doing them to get listings.
We’re not done yet! Since you can’t sign up direct with most big lenders (yes we all know they are not accepting new agents) You had better decide on a platform……..Yep….more money. A platform is where many lenders that don’t dispose of their own properties turn them over to asset companies and asset companies use a platform to assign and manage properties and task.
To my knowledge, there are three that are most prominent and that the average newcomer can get into, again anyone who wants to throw one in, please do so. I order of size they are Equator (just change names from REO Trans) Res.net and Dispo Solutions. Dispo is still free to agents while Equator charges for zip code coverage areas or more exclusive levels and certification. I have been in 2 of the 3 and just recently coughed up the $700 for Res.net coupled with AMP (oh my aching wallet) I think it is still $400 for basic membership per year. I’ll let you know how that goes.
Now here’s how things happened for me in order 1) Took the course. 2) Got Default certified. 3) Signed up for BPO’s. 4) Started banging out many BPO’s. About 6 months in; with much aggravation I got my 1st listing assignment through Dispo Solutions from a company named Tactical REO, Oh happy day! Then another….and another. Before the end of the week I had 8 listings, by the end of the next week I had another 7. I thought I was going under but I was now an official REO Broker. Weeeelll….Something to think about when you’re accepting assignments. Some of these companies expect the agent to pay and arrange preservation, and then get reimbursed….Huh??? By the end of that two weeks I had put out $18,000. For rekey, trash out, pool service, initial lawn and sales clean and other repairs. Reimbursement time was 30 to 45 days. The problem with this is that in most cases the pre-listing stage is 2 to 4 weeks and even if you put one under contract the day you list It your still 2 months out from when you get the assignment until you get paid, then you pay a 1% referral fee to the asset company. Now thank goodness most of my current companies pay for preservation and I manage utilities and some repairs. Tactical REO went by the wayside but I certainly hit the floor running with them.
Now back to my comment about “Now is the time” I really, really, really do think that these big lenders and investment companies are changing strategies for 2010….here’s why. I have tried to get into BOA, Wells fargo (PAS) and Suntrust since I started, like many, I had no luck. A couple of months ago all my summer efforts paid off and I started getting listings from new asset companies through Equator, in a months time I got 12 BOA properties, then through Dispo I got a Wells Fargo property. To give a little 2009 history, many of the larger asset companies had some pretty major shake ups and purged some non performing agents, at the same time some larger banks realigned there assets, this purging and realignment together with greater focus on the short sale disposition is going to create some opportunities.
Here’s another observation, whether or not the “shadow inventory” is a real thing, approximately 50% of my assignments have been vacant for quite some time, some a year. I also get properties from some large investment groups that have bought in bulk that are now starting to dispose of. I spent countless hours researching and signing up with asset companies direct, most use the platforms and if you’re signed up with the asset company and the platform they use I think you will have an edge, if you are just signed up with the platform you might get overlooked.
Sorry to be long winded but if I could have read more forums like this when I started I think I would have had a better understanding going in.
THANK YOU!!!-- Not long winded-- EXCELLENT, am sure many will benefit from your consideration -AS MUCH AS I HAVE!!!!! I dont have any "real"certification... only default school evaluations and the citimortgage policies class..... I spent 300 or so on resnet last yr... and have recd my only 2 listings recently- 1 on oct... and I have 1 rt now....I did well on both, stayed well within parameters... all bpos were early... and my 2 properties sold well,quickly and at value.. My first one had me out about 1500.00.. the 2nd... 300.00 or so.... not bad... got pd quickly---- usres hasnt sent me a bpo since Nov., which coincidently ,one of my realtors signed up w/ them.... and they kept her quite busy through christmas.....I recd- no bpos since then.. ( and neither has she since 12/30...)meanwhile ,I'm told my status is high/good quality and that I need to wait till something is avail. in my area......ouch--- meanwhile , i was with realtrans for 1.5 yrs... and recd zip,nada..... my profile was looked at 800 times...... I believe i didnt get picked up because I was honest telling everyone I was a listing manager at the time...etc... they were not my actual listings.... but I did all the work and communication...... hmm... now Ive pd for sooo many "memberships" its not funny--- no one has offered any work, short-sale-path, Absolute reo solutions.... and sadly..... cant get even a response from them.
I do bpos for Old Repub, Fas, Disposolutions ( although not lately-been very dry) Usres, and recently( since oct.) have signed up for another 20 companies or so.
I got my minority owned certification--- which should help....am having an issue because technically, my company opened in Oct 2009, but ive carried 40-60 listings at any given time, for my prev. broker for about 6 yrs... this experience of crawling through windows, being chased from a property w/ a shotgun... runnin crack heads out..... and getting bids and billing as well as satisfying every tenant law out there.... dosnt seem to overcome the 10/2009 "new office syndrome"...... lol.....unfortuneately, I should have opened my office 5 years ago.... but am loyal.... its unfortuneate......So, maybe I need a certification......is RdcPro cert.what you have??is it equal/better than CDPE cert???
Also, I should mention, Im in South Florida- Ft.lauderdale area...... this place is soooo saturated w/ "reo" realtors... its not funny..... we have alot of reos... but competition is steep......Ive got 12 yrs in real estate 10 of them have been distressed property work.....----this is most of what I know.... I cant go back to sending out calendars and showing closets....... too slowww.... too dull..........lololollololol.......Now--- this one was LONG WINDED>>>>>>>>>>LOL
That is fantastic info. It is much appreciated. I wish I had it a couple of years ago. What do you think of Open Door Institute? I was looking into Default School and they mention a discount if you are a member of Open Door Institute.
Bottom line to me is if you get the designation, degree or license, you have a better chance of getting your foot in the door. This things are not cheap, but neither is not having them and going out of busness.
I have been doing BPOs for a few years now and just got my first listing this past January, thru IAS. I have done many BPOs for IAS. I believe they saw me thru Equater/REOTrans.
I'm gonna try to get more business from different companies, as you seggested.
Thank you very much for the great info. It is a great headstart. Most REO listing agents keep this valueable info to themselves.
Hi James, I'm getting a real kick out of your IAS experience because it pretty much happened the same way for me; I did them for about a year and a half before I got my 1st listing with them. It's funny because I know Brokers and agents that told me that IAS was a ridiculous hard BPO that would never amount to listings and therefore they stopped doing them and took the easier ones. Their forms and QC is tough but I actually don’t mind them because I can do multiple adjustments to get a good feel for value, But “my goodness” you better know how to scan, PDF, and work between multiple programs. I do continue to get listings from them.
I'm not sure what to think of "Open Door Institute" at this point, they have some of the steepest sign on fees (Annual to boot) out there and they just opened the doors, If they were the “Go To” place for REO Brokers I still would have to think about the fees, at this point I just don’t get it, a 10 or 20% discount off the normal RDCpro if you’re a member doesn’t cost them anything as I sure they negotiated that with Default School and Real Estate Educate, so I just don’t know at this point really what your paying for.
This might be a great interview for Jesse to do on the radio blog with the founders or hierarchy, or maybe a forum in itself. I’m not going to put an opinion on this one, It’s just too new to know.
Any members signed up? Can anyone give a little more good info?
Hi Rose, to answer the certification question is a tough one, however when I decided on RDCP I think it was because it was the most widely accepted by lenders, I think it still is. The CDPE Cert is “Short Sale” based and I don’t know if that has any weight in the REO world. My thought process is to have the tools in my tool box that asset mgr’s are looking for and believe me nobody will tell you what you need. All asset companies have requirements and if you have 4 of the 5, the 1 you don’t have could cause you to be passed on. I couldn’t tell you for sure if anyone has ever picked me because of this certification, but I did notice Jesse has it and I did listen to his Radio blog the other day when he interviewed the founder of Default School who has also created one of the larger BPO firms “Mark to market” (Great Interview Jesse!) Maybe Jesse will swing by and give us an opinion.
The one thing that I can impress on you is that simply being active on any platform whether it be Equator or Res.net is not enough. Try this…… and use this formula over and over. Find out where the BPO originated ….or the listing, doesn’t necessarily mean only the ones you have done, any will do. I’ll give you an example, I do BPO’s for “Core Logic” CL is a BPO factory and cannot assign listings….BUT! One of CL’s largest client is Suntrust Bank, Most but not every BPO will list the Client. Now that you know who the client is go direct to their website and register. Kinda simple huh, I will say that I have never been able to break into the Suntrust REO vault and simply used them as an example. I have had much success with this and without throwing my secrets out there anybody that does this will have a better chance because for example if Suntrust uses Equator as their platform (which they don’t) and you are registered and approved in both places you might just be the obvious choice.
Back to Realtrans, 800 views is a lot of folks passing on you, here’s my opinion on this, maybe it was because you had 4 of the 5 requirements and someone next on the list had 5 of 5. Choosing an agent is not a personal thing for an AM and if an AM has taken the time to look at your info it means that they did not have a favorite in place, once you get an AM that knows and loves you they will assign you properties without perusing the list, making yourself the obvious choice is the key. Is it certification? Experience? You have to figure that out. Very very very important to keep current on all info, you have had 2 successful REO listings and sales, that is very important and you MUST!!! Go back and update all your info to reflect your experience and more importantly current referral info from the AM’s you worked with.
I gotta tell you a story on how easy it is to get overlooked and how important it is to keep current. I mention earlier that I recently signed up with Res.net, I received an e-mail from an asset mgr. about a week later, in the subject box of the e-mail was a property address, the message read as follows “Please remove the quotation marks from your name, the system will not allow us to assign a property to you because of this” Now the reason I registered that way is because I go by my middle name and when I register I do as follows William “Tony” so they can verify my license info and still call me by my correct name. It took me all of 30 seconds to correct and reply to the AM but I never got the property, she simply went to the next on the list, I still don’t know if it was o BPO or other but you can believe I spent most of the day removing quotation marks on various sites and what if she had not taken the time to write that note to me? Expired E&O and license info will stop assignments just as fast.
OMG!!! THANK YOU!!!-----I know your time is VALUABLE, specially on Sun. Morning!!!.. Also... will be bold and thank you for everyone else in here..... your response has changed everything for me...!!! THANK YOU!!!
will re-read this many times!!!!
Warm Regards, Rose