The Default Servicing Industry certainly has a lot places that are now giving information out, for a price, on how to build your REO Business. The focus of this post is not on REO alone, but how to build a successful real estate business.Many Realtors jump on the latest bandwagon and try to "get something for nothing". The real estate business is an exciting business where a person can make a lot of money for little start up cost. The expense is time and effort.Too many people think that REO is going to be the panacea for their business, however, this is an incorrect assumption.It is important to not place all of your eggs in one basket! What happens to your business if you focus solely on REO and we eventually get through this mess and there are not many (or No) REO's? You put yourself out of business!Be in front of the curve, not behind it! This business can be likened to riding a bicycle.Riding a bicycle with a broken spoke can weaken the wheel and lead to host of problems that ultimately will leave you stranded. Pay attention to your spokes, keep them strong, add others, but not at the expense of the ones that are working for you! Pay attention to the bumps in the road, if you hit one, get up, brush yourself off and start again.Focus on balancing your business....referrals from other agents, relocation, a company eteam, etc. Let that be one spoke of your business. REO should be one spoke. Short Sales should be one spoke. For Sale By Owners, Expired listings, sphere of influence, buyers, etc., etc,etc. All of these areas of the real estate business should be focused on.
Richard, I agree. But also it is so wise to get educated on what is going on NOW. Otherwise, you won't last. Making those direct contacts is hard to do with all the layers of "parties" to go through. Be wise in your choices of education, and network as much as possible. Get your name out there as a specialist in this market.
Good point! And those of us who have been in the business for more then lasts say 10 years know that you have to know where the market is going to be in the near future. If you are not going and making relationships with banks via Short Sales and BPOS I believe FBSO, referrals from other agents are not happening to the degree it was just 4 or 5 years ago. The ones that get through this market will be the stronger agents when the market turns. Why, because of the relationships you have made during this down market.
Comments