Posted by Cindy Edwards on August 30, 2010 at 1:37am
Ten years ago, when it was not "cool" to be working REO properties, I did it because it was a challenge and because it was part of my well rounded Real Estate business. I got called everything from "foreclosure queen" to "crazy" for working this buisness as hard as I did. I perfected and streamlined my office/team. Every member on my team became profiecient in foreclosures. Whose laughing now? Well, it is amazing to me that all these agents who have been caught up in this down market are now scrambling for a piece of the pie. My broker stands up at sales meetings and tells agents to get out there and call the banks and get the business, from me and everyone else who has been working this market hard for 10+years. Well, experience counts for something. I'm going to continue doing what I do, and doing it well. New agents fighting for my piece of the pie, you are going to have to bring your A game and learn fast.
To be honest with you I am one of the ones who came on board with REO in 2008, I got my license in 2005, so I can say that half of the time I have been licensed I have been an REO agent, but in reality it is about survival, I notice the shift in the market and started to prepare, in 2007 I started doing bpos for OCWEN and other companies to be get my feet wet in the REO business.
I thank God everyday for the vision, to be honest if it wasn't for the bpos I wouldn't never made it pass 2008, the worst year for most of us, I almost loss my business, my car and even my house, but thank to God and the bpos I am here, my business has flourish and now I am an approved listing agent with Fannie, I receive my first 2 assignments today, I am approved with HOMETELOS for HUD, I am waiting for Excellen and I have 5 very good clients.
Yes I am a Johny Comelately to the REO business but I that is the beauty and the greatness of our beloved country. I think if we have a plan and we do our best ethically, morally and professionally we can achieve our goals and rise to the top. This world is full of opportunities and even in the darkest hours there are great opportunities, it is all about creativity and hard work.
I am not apologizing to the more established REO agents for taking some of their business, using the words of one of my asset manager "if is not you taking their business then it is someone else, so minus well go sale more houses."
I know everybody wants to be a REO agent, but in reality we all know it is not for everybody, we need to be extra stronger, work longer, be better negotiators, keep always learning and keeping up with technology, be better at marketing and be more organize and have the ability to run a team.
Great topic. I started 3 years ago and quite by accident. When you can't make a sale and your meeting agents at properties making money doing bpo's? Hello...hard work here I am! But it's fun and rewarding and always changing. I wouldn't recommend it to anyone yet I wouldn't change my business now for anything. There are agents everyday that stop by my office to find the key to listing REO. It's never going to be easy to do this business, no matter what niche you choose. Selling houses is hard work, period. You have to find your style, your passion and set your plan in place. Agents need to educate themselves, the days of selling Aunt Mary's house and BOOM you are in real estate are gone for awhile. Aunt Mary can't afford to pay you and you can't afford the marketing. Get in the ditch and start digging as this the BEST time to be a real estate agent. Only a well trained professional can sell houses at any level right now and brokerages are focusing on training like never before. If you want to sell, find the tools.
Good Topic! I started my REO business about 4 years ago (and yes I was late to this scene) after being directly asked by 2 banks to list their properties in my area. They were having issues finding agents willing to work their properties properties. Everyone in my office thought I was crazy then, even some of my team members. Last year I set new office records and everyone wanted to join my team!
This year, not so good. The first bank ran out of inventory (it was all new construction) and the second bank (one of the big-4) has not released anything in my area in over a year. But I'm sitting on go when they do!
Comments
I thank God everyday for the vision, to be honest if it wasn't for the bpos I wouldn't never made it pass 2008, the worst year for most of us, I almost loss my business, my car and even my house, but thank to God and the bpos I am here, my business has flourish and now I am an approved listing agent with Fannie, I receive my first 2 assignments today, I am approved with HOMETELOS for HUD, I am waiting for Excellen and I have 5 very good clients.
Yes I am a Johny Comelately to the REO business but I that is the beauty and the greatness of our beloved country. I think if we have a plan and we do our best ethically, morally and professionally we can achieve our goals and rise to the top. This world is full of opportunities and even in the darkest hours there are great opportunities, it is all about creativity and hard work.
I am not apologizing to the more established REO agents for taking some of their business, using the words of one of my asset manager "if is not you taking their business then it is someone else, so minus well go sale more houses."
I know everybody wants to be a REO agent, but in reality we all know it is not for everybody, we need to be extra stronger, work longer, be better negotiators, keep always learning and keeping up with technology, be better at marketing and be more organize and have the ability to run a team.
This year, not so good. The first bank ran out of inventory (it was all new construction) and the second bank (one of the big-4) has not released anything in my area in over a year. But I'm sitting on go when they do!
What a strange business we are in!
Thanks........Dawson A. Metcalf