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?
You are very welcome. You are also quite right about what I call the “leaders” and/or “followers” mentality. Some of us make things happen while some of us just simply sit/stand by and watch things happen. The face of Real Estate has changed over the years and if we want to be in the game we have to pay attention and change with the wave so to speak. Just to add to the mix….it helps to make your application flow smoothly if you create a file or folder that have your resume (concise and well written), certifications, zip codes/coverage areas, E & O insurance, W-9, broker’s license and other information that may be required.
I mentioned earlier that I had signed on with and got all "Amped up" with Res.Net and received only a quick e-mail about quotation marks on my name, I wish I had been with them all along just like with Equator and Dispo. I just received my 1st property assignment with them about a week ago and it was a straight listing....I have never even done a BPO with them.....However, one of the same asset companies that assigns me listings through Equator handles another client that uses Res.Net....I thought that was awesome! Then I started thinking about how many I had lost by not signing up earlier:-( This is the 5th different AM that I have with the same AMC.
I only bring this to the table because of recent forums about discouraged agents that have paid money to these platforms with no activity and I will say again and again.....It is not the Platform that gets you the business, yes....sometimes you will get a bone thrown at you in the form of a BPO or if the asset co. does not have an agent in a certain area you might get a listing but over all it is still the companies that you do quality work for (BPO's) that use the platform that will allow you to grow.
So lets take a real good look at this scenario......I have been signed up with the asset management co. for a couple of years and have consistently done quality BPO's for them....I have been getting listings from them through Equator for about a year and a half, if I had not been signed up with them and actively working doing BPO's and at the same time not been with Equator I would probably have no listings....confusing??? bottom line is it goes back to earlier comments about being actively signed up with a platform, I don't expect anything at all from a platform except to advertise my profile to the AMC’s.
Now…..the same AMC has a different client that uses Res.Net….If I had not been signed up with the AMC and Res.Net this particular listing would have gone to another agent.
I found REOPro the latter part of 2009, if wed pages could be wrinkled, coffee stained and earmarked they would be from me alone, everything that a person needs to go after the REO properties is here for the taking and if I had found it earlier I know I would be much farther ahead. I currently have active properties in all three platforms and continue to sign up with more AMC’s and every single company that I do business with is on our BPO/REO sign up list……pretty close to the same list that I purchased with REO Renagades three years ago and paid money for. (ok..I got the training too…it was worth it)
Ok…that was my Saturday thought after a pretty tough week, I had 4 properties come out of the pre-market stage on Monday and Tuesday, all under multiples now and waiting on the last acceptance on the fourth, and I’ve been out of the loop on the forums for a bit but I’ll get caught up now.
Hmmmm, wow awesome!!!!
Good to hear it.... although, I have to say, Ive been w/ the regular resnet platform for about 1 yr.. Ive recvd 2 reos.. and had to pay an add'l $600.00 to get the citimortgage cert, which I did, then.... nothing more... even usres is not sending me bpo's rt now. They claim I'm in good standing/preferred etc, nothing wrong.One of my realtors received a listing and last week she completed 4 bpos for them...hmmm.. Usres told me its been slow.... but.. Ive been receiving 15-20 bpos daily from a variety of companies ( only 2 of which give listings....)
I have none of my own listings rt now... I had no problems w/ those reos and they were sold quickly and well. Beats me...... Ive been w/ equator for about a yr as well..... zip- nada,,,,,and NO bpos from there at all.... Maybe I should pay for AMP"D... but its only a platform????... nothing more,,,,, its confusing, I dont need to be giving anymore money away......absolute reo got my last $300... hopefully they'll give it back.... maybe I'll use it for amp'd,,,,, hmmmmm ( by the way , does safeguard give listings???, I thought so 'cept Ive done about 50 for them and nothing yet???hmmmmmm
Your thoughts are always APPRECIATED!!!!
Thanks for all of the great advice and postings to this forum, I have just spent about 45minutes reading both of your posts and can say it was time well spent. I have been trying to break into the REO game for just over 5 months.
I started getting BPO work very quickly, and have been gathering the tools to start getting the listings, the info you to provided will certainly help. Thanks again for the great info.
By the way, I also started with the REO Renegades program and can say that it was money well spent.
There is alot of good information on here for anyone to get started, so keep reading. You didn't say if you have been signed up for or if you have been doing Bpos! If you haven't been doing Bpos you need to start. Get the list provided on here and start signing up. Learn which companies offer what, some are Bpo Mills, meaning they do not assign listings. You will want to get really good at Bpos, complete them accurately and submit them early when/if you can but Never Late.
Being a new agent will matter when it comes to signing up & getting listings, most applications they are looking for agents with a min. 3yrs experience in the Reo field. Be honest, most will check your references. If you don't have any experience Listing Reo's, Selling Reo's will be your next best experience. You could team up with someone else with experience, although thats not always easy to accomplish. Know the FC Laws & Language, have a Website or Webpage dedicated to Reos and what you offer. Have your Resume, W-9, Your License, Your Brokers License, E & O Declaration Page all on your computer ready for uploading when your filling out applications. Set yourself a budget, Research companies before you pay $$$, most if not all can be found on here somewhere.
Be Creative, use any and all contacts you may have. You just never know who may know someone that can help you.
I list REO's and can be out $30,000 or more at a time on payouts to contractors and utility companies. Most banks are at least 30 days behind on reimbursements . I am not saying this to be negative, just informative. Many agents do not have the capital to do REO.
Not sure where your comment to me fits in. I never mentioned re-imbursements or reo carry costs. She just got her 1st bpo...A brand new agent doesn't need to worry about having $30,000 out of pocket in expenses. She needs to watch out for people or companies wanting money promising to do this and that, that will never lead to or get her a reo listing.