Apprenticeship, Experience and Referral

[Jesus (Jesse) Gonzalez]

Apprenticeship, Experience and Referral

Ok, here it is, the secret each of you have been waiting for. I am going to tell you what it takes to become a REO Agent. Now, for some of you, this information is going to sweep over you like a tsunami while others are going to rise and surf it directly to your first REO listing.

The first concept I want to talk about is the “Apprenticeship”. Now, before I start, let me say that I don’t expect each of you to go and work for free for some over ego’d REO Agent but, I am expressing an idea that to become a REO Agent, you might first have to pay your dues and learn from the best.

So, what specifically do I mean by Apprenticeship. As a new REO Agent, you need to learn from someone who already knows. Now, yes, we have all kinds of “REO Certifications, Designations” and, the like but, the industry has no accepted standard certification! Let me say that again, THE INDUSTRY HAS NO ACCEPTED STANDARD CERTIFICATION! My point is, just like in the dark ages, to become an iron smith, you went and worked for one in exchange for his knowledge. This wasn’t because that was simply the way it was done. It was done this was because no one had set down, wrote a book and said, this is how you become an Iron Smith. So, in many ways, the default real estate industry is much like the dark ages, in that we DON’T HAVE A INDUSTRY STANDARD EDUCATION, when it comes to how to be a REO Agent. So, the next best thing is to learn from someone who is already doing it. This means, you need to seek out a successful REO Agent and, work out an agreement where you can co-list a couple of properties. I don’t want to hear anyone moan and groan about how they don’t know anyone or how they don’t get along with other agents or any other, “I am just a looser” self defeatist Bull Sh!t because, I just don’t really care that much. Actually I do care but, I have more pressing problems on my own to worry about yours.

Experience…..oh, this is key! You can have all the education both formal and apprentice education but, if your teacher never trusted you to list a property on your own or make a horse shoe by yourself……then ultimately no one is going to care who you studied under. You…yes, you, have to gain the trust of your teacher, through your knowledge and understanding, that will give them the confidence to co-list with you or let you do one on your own. This, of course, is all about being a good student and learning as much as you can! Once again, I don’t want to hear you complain about how you don’t know anyone or can’t get Mr. Super REO Agent to work with you….not really my problem. If you really want to break into this industry, then you will make it work somehow. By the way, if you can’t make it work, I am not sure you really deserve to be in this business. Just my opinion.

Now come the Referral, this is what you worked so hard for. Once you have proven you can do it, both with your education and experience, then your teacher should be able to provide the Referral. A good teacher (REO Agent) will shop you out to several Asset Managers they have working relationships with.

Ok, so, go find you a “teacher”, get a solid formal education like, RealEstateEducate.com or Five Star. Prove you can do it and co-list with another REO Agent, EARN their trust and ask for the referral

Now, all of this is just a suggestion but, it’s an idea that maybe you haven’t thought about. If you want another prospective, check out my blog, “How to start doing your first REO”

Good luck and let those questions rip…I am ready.

[Angelica Molina]

Hello-

I love reading your blogs Jesse, thank you for sharing and giving us the opportunity to succeed in this market.

[Jesus (Jesse) Gonzalez]

Hi Lily:

That is enough to make me want to slash some tires, break some windows and let loose the dogs of war.....but, I would keep that all inside, smile and say, "isn't that niiiiiice"

[Lily Sibrian]

Hi Jesse,
Thank you for the great information. In all actuality, it just gave me re-assurance that I am on the right track. It seems as if I followed your road map step by step without even knowing it, unfortunately, I had the worst luck when it came to the last step. I worked as a buyer's agent for an REO agent and the company's broker (with whom he was biz partners with) I did all the leg work and even sold most of them myself, I got all of my certifications, etc., then a year later when I felt ready to graduate to a listing agent, I requested help to receive my own REOs. This was something we talked about when I first started working for them. Lord and be hold, you won't believe, he notified me their company policy is that buyer's agents are not allowed to have their own REO listings. WOWOWOWOW! Never heard of a thing, well, I had to leave the company and now am at another brokerage trying to stumble across an asset manager who will utilize all of my expertise and education. Jesse...I kid you not..TRUE STORY!

[Jan Radosevich]

Thank you so much for the great advice! I am just starting the learning curve, working along with a new REO agent, we'll be learning the ropes together I think. We will be looking for someone to partner up with!

[Angela Toft]

Thank you, Jesse. You are right on target. I was a brand new agent, licensed only one year, when I asked a colleague if I could co-list a few REO properties with her. She generously agreed and I worked my tail off to both learn and to show my appreciation. I was then able to apply directly to asset management companies stating that I had experience co-listing REO properties. Within a few months, I received my first listing. It has been more than a year now and I am able to earn a living even in this horrific market. I think you've given THE secret to breaking into the REO business, Jesse. Anyone who isn't willing to take your advice and do the work must not really want the REO business that badly.

[Susan Paige]

Thanks Jesse. I wish there was a standard for a designation, but since allt he different am.'s work their way they would have to come together to form the designation. That won't happen. I am proud to say I just listed a REO and sold it within a week. It will close within 30 days. Wish they were all that sweet.

[Jesus (Jesse) Gonzalez]

I am glad you saw the humor...I was worried about that. Sometimes I can come off a bit pushy, arrogant and self righteous but, it really isn't who I am, I hope that came through but, if it didn't.....well, ok, maybe I am a bit pushy, arrogant and self righteious but, would you love me less if I were anything but?.....lol

[Addie Scharff]

Great info.....good sense of humor! LOL!! So much to do, so little time! Better get on it. Thank you for sharing your wealth of very useful infomation! :)