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Puffing by Asset Management Companies don’t fall victim.

So, I was looking around the web the other day and came across some REO training programs, of which I will not name however, after reading their pitch I realized they were puffing like a pit viper in a ring with a charging bull. In other words, they were doing some serious puffing.

I read claims like, “we are recognized as the Gold standard by Asset Managers” or “we are standardizing the default industry” and many others. To the unlearned mind, these claims would make one think this company was a power house in our industry however, the truth is another story all together.

It’s first important to understand that our Default Industry, like all of Real Estate, is only standardized by our State Real Estate Commissions. So, unless these Asset Management companies have some sort of mandate from your State’s Real Estate Commission….then, they really aren’t being completely honest with their claims.

Now, it could be argued that they are “standardizing” the industry by bringing on clients and Realtors who believe in their way of business and hold to their standard of doing things however, this truth isn’t revealed in their presentation. At least members of NAR are clearly informed about the difference of a Licensed Agent and a Realtor and we understand, being a Realtor is an option, not a necessity.

As for the “Gold” standard…come on, are they serious? This is the most pompous claim I have read yet. Knowing that our industry has no “standard” how can they claim to be the “Gold” standard? That is similar to me saying my “Southern Stand Up Slap Yo Mama Peach Cobbler” is recognized by the world as the standard to which all other Peach Cobblers are judged….well, we all know that is silly right, especially when I haven’t ever even won a blue ribbon at my county fair.

By the way, I have my own criteria of what I believe a “Gold” standard training program would be and if it doesn’t include coaching or at the very least, input from a proven successful Asset Manager or group of Asset Managers, then they are far from a “Gold” standard in my opinion.

Last but not least….I am sick and tired of people claiming, “we can’t guarantee you business”. Well why the hell not? Is your business model so up in the air you have no clue as to how much income you are going to take in your first year? Are you so flying by the seat of your damn pants that you haven’t projected or forecasted a single sale? I THINK NOT!

Even start up Asset Management companies have trending data, forecasted sales and, some sort of knowledge of where those sales are expected to come from. So, to say, “you can’t guarantee me business” is an attempt to play me as a fool and, I am not hearing it. I have done enough business plans to know that no one is going to lend you startup capital…PRIVATE OR PUBLIC without some type of forecasted ROI. I also know that when you were forecasting that ROI you had to come up with who your clients were going to be and how much business they were going to give you and where, geographically that business will come from. So, give me some type of assurance…maybe not a guarantee but at least a goal for goodness sake, I know you know.

Good luck friends, stay sharp, stay safe and let me know how I can help.

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Comment by Jesus (Jesse) Gonzalez on July 7, 2009 at 9:23am
Hi Robert;

I have met both Joe Kirby and Glenn Mayernik of NRBA leadership but, have never met Michael Krein. If you would be so kind to arrange the introduction I would be happy to speak with him.
Comment by Robert F. M. Duncan on July 7, 2009 at 7:18am
Great comments I would encourage you to meet if have not already:

Michael P. Krein, Ph.D.
Sellstate NRES
a/k/a Nevada Real Estate Services, Inc.
Corporate Office
2879 St. Rose Pkwy, Suite 200
Henderson, NV 89052
Bus: 1-702-450-2223 ext:306
Cell: 1-702-480-1815
Fax: 1-702-730-1306

National REO Brokers' Association, Inc. (NRBA)

I went to Henderson, NV and learned alot face to face. I also highly endorse the REOS Designation course, another is the NRBA Bootcamps in Gaffney, SC put on by the master Bob Shelton.
Comment by Steve Adkins on July 4, 2009 at 10:24am
Sounds like another one of those scams going around! And their "business plan" is to use the fees from agents to fund their startup cost. And you are right Jesse, no commercial lender would ever consider one dollar without any forecasts. I've hosted and taught enough business planning and development classes with my local Chamber of Commerce (and having owned 4 small businesses before getting into real estate) to know how lenders work when it comes business loans.

It's story's like this keep me from appling to all these BPO and Asset management companies. I'll continue working my direct leads with real asset managers.

Good topic, we all need to be aware of who we are dealing with! There are way too many people willing to take your money and run as we have seen it here first hand!

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