Posted by Rick Fine on November 29, 2009 at 9:40pm
Of late, I find that the markets I work in, (Phoenix, AZ and Sacramento, CA), have slowed to all but a screeching halt as far as receiving REO assignments go.As everyone knows in the business right now, if your selling for Fannie or Freddie, you're a lot busier than the rest of us...I could bemoan the unfairness of the favor Fannie & Freddie REO agents in my office of 300+ enjoy, but what's the point, they got in and I did not.Despite having the trust and regard of my asset managers, their pipelines have also slowed to the point where assignments have all but ceased. They insist that I am rated highly and considered an agent who is one of their preferred choices for assignments.YET none are forthcoming!So now I'm told to hang on because the business is going to pick up after the holidays.In the meantime, this begs the question "Now What???"I am busier than ever doing Titanium assignments, BPO's, and working with buyers to keep afloat.What are you, the other reo agents, doing to survive these lean times?Working at WalMart? Taco Bell? Or worse yet; a CAR LOT!One thing is very apparent, I work harder than ever, earn less than ever and are happy to do so.I will also add this, I know more about what a property is really worth in any given market and have a better idea about what it takes to get an offer accepted than 98% of the agents working today because of all of the extra work I do to survive. To me, that's a good thing. What are the rest of you doing to survive and hopefully grow?My teams are transitioning over to shortsales.Any ideas out there on best practices for finding the not-so-elusive shortsale clients?Times may be tough but Distressed Property Specialists are tougher!
By becoming a member of REO Pro I have signed up with Titanium and received a request from absoluteREOsolutions.com to submit an application to them.
I am blessed still working with some buyers and a few listings, but would like to get some REO Listings if possible. Have done about 50+ BPO's this year so far.
Start focusing on the Buy side! Your goal should be to build up a pipeline of buyers/investors and locate the 'DEAL' they are hunting. Open up the playing field by educating and advising your buyers that there are plenty of great deals out there from conventional sellers that are just as good as foreclosures. Presumably this is not too hard to find in Phoenix and Sacramento. Best of luck and stick to it.
I'm doing the same thing you are EXCEPT I don't work with Titanium. I was so busy before I couldn't work them in. I did speak to a couple of the larger Asset Co's I work with that told me they are setting up a seperate Short Sale dept. I'm in Ohio.
A Car lot!! LOL :) That really made me chuckle!
I am working on trying to keep an even balance between regular homeowners and reo properties....I am also completing BPO's and Titanium assignments.
Short sales.....ah.....knock from the lis pendins lists.....
Hang in there, business always turns around.
I would like to talk to you about your teams. I am a team of one, maybe that is why I am not feeling the pinch as much. I would very much like some input on how to put one together....
Comments
I am blessed still working with some buyers and a few listings, but would like to get some REO Listings if possible. Have done about 50+ BPO's this year so far.
Like you doing a bit of everything to make it.
Thanks Tary
I am working on trying to keep an even balance between regular homeowners and reo properties....I am also completing BPO's and Titanium assignments.
Short sales.....ah.....knock from the lis pendins lists.....
Hang in there, business always turns around.
I would like to talk to you about your teams. I am a team of one, maybe that is why I am not feeling the pinch as much. I would very much like some input on how to put one together....