America's Largest Social Network for Default Real Estate Professionals
I am just curious! Has anyone else given up yet on becoming an REO Agent for any new banks, servicing companies or third-party asset managers? I have been selling REO for about 3 years now and was fortunate enough to get approved by a few good and long-lasting companies in my initial stages before the storm of other agents realized what a good decision it would be to sell REO Assets. I spent the first few years signing up and selling, signing up and selling, going to REO Events, signing up and selling, going to REO Events. I kept hearing the promises that I would see assets. I kept hearing the experts say, keeping applying, keep showing up to the REO Events and it will happen. Well, it's been about 2 years since I have been approved by any new asset management companies. I have stopped attending the REO Events. I don't want this to be a "Debbie-Downer" blog post, but I'm tired. And, to be honest, it feels like the tide is turning. We are now seeing values beginning to stabilize. We are now seeing Short Sales dominate the market and recently we have also begun to see delinquencies and pending foreclosure actions begin to decline. While I know the flow of REO Inventory will continue for a few more years, in my mind, I feel like the parties over...or at least beginning of "last call".
So, what now? On one hand, I don't want to give up, because that's not in my nature. But on the other hand, I don't want to be short-sighted about my business. I have begun to focus more time and energy on my "normal" (whatever that is) retail business. If the economy continues to push forward, real estate values and the "normal" retail real estate business should push forward as well. I will continue to market for Short Sales in the area's that I farm, but what do I do about the REO business. Has anyone been approved recently by any new companies...AND received new REO Assets?
My message today is to continue to push forward. Continue to find the markets that work for you. Continue to find the products that work for you (REO, Short Sales, "normal" retail). But I have to tell you that this is my own "self-help" blog. Really...I'm not kidding...I needed my own self-motivation today and this is it. Thanks for listening and if anyone has any feedback...I can't wait to hear it.