I got my first REO without certification, it was by learning and doing many many BPO's (tooting my own horn!). I did get BPO training through NABPOP to learn how to do BPO's though.
I can't say which one is better and will get you business. I do know that there are companies that require a certain training prior to REO listing. RDCPro seems to be on top of their list. Since my first, I've done lots of training and certifications through NFSTI and RDCPro, however, my volume hasn't increased. It's all about doing BPO's and networking.
I agree with your last sentence :-) I should write my own training manual but I won't because I know how frustrating it is for agents. Been there and done that. I pay it forward on my own terms, not at people's expense.
I would have to say networking is the best certification. I only pay for any kind of cert or training if an AM requires it. Other then that I wouldn't do it. I'm not telling you not to, i'm just sharing my preference. I don't see what good a certification would do in the AM's eyes if you have no other REO experience. I still think the best approach is working for an established REO broker to get the experience and then branch out on your own. Otherwise your just a small fish in a huge ocean.
Johnny - I too got my first REO listing without certification, and have done tons of BPOs. I did find NABPOP cert as it was required by one of the companies I do BPOs for, and found that they have a pretty challenging test and a good foundation and wealth of information available.
George - Having the REO experience is what got me listings before we saw a drop in inventory in our market, now its trying to determine what will make you stand out to get new accounts or more business if you are not already in the mega-broker category.
Mark - I see you have the CDPE cert, what did you think of that training?
Certifications are not a substitute, but this marketplace is changing.
There are lots of schlocks out there willing to give an endorsement/certification for $200 or $300. But there are also a number of "content rich" educational programs out there, which if successfully completed come with a legitimate, recognized certification.
We've all been talking about the "inventory bubble" and the "shadow inventory" of REO's for a while. It's been due to arrive for a painfully long time . . . and still we wait. It may never come or it may arrive tomorrow morning with a blistering quantity of assignments. (One can hope!)
But no matter what, REO is not dead, although its current complexion is somewhat translucently grey.
REO cherry-pickers will be gone, some old-line REO agents will be gone. Internal budget re-alignments will result in many AMs and PMs finding more rewarding positions, or just other positions. It's really tough on their side too.
During this 'draught" those remaining for the next on-set had better remain prepared, and up to date.
When the fog clears and we find mostly new players, how will we distinguish ourselves from the wannabees?
Those taking a class to get a badge will also fall away, but good certification classes keep us current, teach us new things and just make us more valuable to our clients. I personally think it’s worthwhile and necessary.
20-years’ experience in knowing how to drill a lock, get the trash out and winterize just ain't gong to cut it in the new REO.
P.S. The CDPE Course is amazing. Do it in person if you can. While waiting for REO to stabilize, Short Sales are more than half the market, and shouldn't be ignored. CDPE is the one to do.
Hi Bonita, REOPRO may be doing some really cool things like offering a training program with its own certification at a cost (if any) that will be manageable. If you've been apart of this network for any period of time you know that this is a place to be trusted, at least I think so. I'd wait and see what rolls out here in the coming months before you shell out tons of dough.
I have just signed up for a course "endorsed by NAR" We will see what it is...
There is only one NAR-endorsed short sales/foreclosure-specific certification: the Loss and Mitigation Certification program, created by the Massachusetts Association of REALTORS® and licensed to the Mid-State Association of REALTORS
Are you taking the SFR - Short Sale Foreclosure Resource course? If so, it is good basic info. A good foundation class. It should probably be required for all Realtors, so that everyone has at least a minimum level of education on this market. I think that is probably wy NAR is currently waiving the application fee after you take the course.