REOPro - Real Estate Default Professionals

America's Largest Social Network for Default Real Estate Professionals

With a new year, comes a fresh group of REO Agent hopefuls, scratching at the door of the industry ready to eat their own just to get that first listing. With this feeding frenzy comes all the questions like, “How do I get my first REO?”

Almost like tradition, each year I have tried to write a blog answering just that question yet, I don’t find myself invited as a keynote speaker to any conference, or quoted in anyone else’s blog or better yet, asked for my advice on some cable television news network yet, here I am, writing away and sometimes, I feel it’s into oblivion.

None the less, let’s sit down together for just a moment and discuss what it really takes for an Agent to get that first REO listing.

Now, before I share the secret to my success, we need to build up the reader with suspense and excitement. One way you can accomplish this is by talking circles around the actual answer causing the reader to build excitement through the anticipation. The reader begins to wonder will the next line hold the secret but, of course, we have to let the reader down and say something that leads the reader on another path, which may seem far away from the answer. Just another way to build up excitement, ooooh I just love this, don’t you?

Well of course, let’s remember what the REO industry is. We need to understand that the REO Industry is all about money. Yeah, yeah, you most likely already know that but, what you don’t know and why you keep reading is because you don’t realize that the REO Industry is all about MONEY!

Ok, that last paragraph may sound a bit silly but, let me explain. Many of these Asset Management companies see these vacant properties not as vacant properties but as non-performing assets. We call them that because when we say “assets” it reminds people that the vacant house isn’t just a vacant house, it directly represents a dollar amount, money. It keeps it real for us.

Let me ask you a question, who would you trust with your money? Seriously…..think about it for just a second, who can you actually trust with your social security number, your pin, banking account numbers, credit cards, debit cards (for those of us getting out of debt), etc…? Many of us may be able to answer that question with just one or two names. I bet most of you would say spouse and possibly your parents, that would be it……no one else? Why not? Ok…..I know that answer and you do to, it’s a rhetorical question. We don’t trust anyone with our money because it’s our money. That is the exact same mentality of the REO Industry and if you haven’t clued in to that yet, that is likely why you are still waiting for your first REO. Maybe I am being a bit harsh and cruel, maybe I have upset your sensibilities but, you asked and more importantly you continued to read this blog. J

Ok, so now, let’s move from the metaphorical to the realistic and ask another question, a more appropriate question and that is, “How do I get a Asset Management company to trust me with their money?”

Now, it’s important that you understand something, every single agent who currently has REO inventory can answer this question differently. This phenomenon is because, most of us got into the business uniquely. Truth be told, very few us got in just because we were selected from a list of random applicants with shiny resumes that smelled like Chanel and were written on pink paper (name the movie if you can?) It’s true, some REO agents can regale you with stories about how they just got a random call from Joe Schmoe Asset Manager Extrodinare however, most of us, I guess about 90% of us, are going to have a much more interesting story about how we met an Asset Manager at a conference or were referred to one by a friend or….something like that.

Ok, this blog it getting to be a bit longer than ususal so, let me cut to the chase. I know my readers and they are already wondering why I have taken so long to just get to the damn point already…..aren’t you?

If I have said it once, I have said it a thousand times…..it’s Networking!

Ok, so the secret wasn’t so much a secret after all but, let me explain why so many of you aren’t working your Networks, building your Networks, making your Networks successful for yourselves.

First off, when you get up in the morning, you aren’t thinking about writing a blog, your thinking of getting the kids washed, fed and off to school, the husband / wife up, washed and off to work, yourself 1 hour on the treadmill, wash, fed and off to the office. By the time you reach the office, you are thinking of voice mail you have to return, which continuing education classes you need to take, how you are going to pay your office bill this month, explaining to that homeowner why you haven’t sold their home in 5 months or explaining to that buyer why he can’t get a loan. My humble point is, none of you make time to network or don’t have time to network or can’t network for this or that reason. This is exactly why you aren’t successful because no one important enough know you well enough to trust you with their money.

Let me say that last line once again because, I know many of you missed it.

NO ONE IMPORTANT ENOUGH KNOWS YOU WELL ENOUGH TO TRUST YOU WITH THEIR MONEY.

Granted, it’s not just that simple but, that one line drills down to a foundation that answer the question you posed earlier and that was, “How do I get my first REO listing?”

I have written many….many blogs on how to network, where to network, when to network, what to say, what not to say and, still….I look back at some of my blogs and I see it appears they have been lost to the vastness of the blogosphere. Better yet, I get the wonderful question from the “default professional” who just joined REOPro and says, “How do I get a REO listing?”

Dear God, was I the first email you wrote on this network, was I the first name you saw, did you even bother to read some……3…..2…..or at least 1 blog?

No, you most likely didn’t, you most likely saw that I owned the network, assumed I was a fount of free flowing information, thought you would be bold and a go getter, sat down at your desk and wrote me a one line email, “How do I get my first REO listing?”

Let me just say, you would not be one I would trust with my money…..why on God’s green Earth would any Asset Manger trust you with his?

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Comment by Billie Dalessio on January 13, 2011 at 8:44pm
It is amazing, this "first reo" topic has been done & redone for at least the past 4 years on every agent site. That being said, there seems to be alot of "looking for EZ money" agents out there thinking there is some short cut. It is the reason so many scammers are successful selling lists and advice how to make $$$$ on short sales, bpo's etc., selling lists whatever. You have been generous enough to start this forum and provide a list with links for them to apply for FREE, plus archives of "ask the am" but that would take some effort on their part.
Comment by Steve Adkins on January 13, 2011 at 9:39am

Jesse you knew I had to do that!

 

I do share your pain, I get a lot of calls and emails from agents within our company wanting to know the same thing. Maybe I'll send them your way? Oh wait.... I do that already! ;-)

 

Great blog!

Comment by Marcy Moyer on January 12, 2011 at 12:45pm

Jesse,

Best blog I have read this year. I think that one of the perceived attractive things about REO listings is that perception that you just open your e-mail and there is the listing. The realtor presumably does not have to go out and get the listing himself/herself. I think if realtors knew how much effort went into getting those listings there would not be so many trying to get them. No matter whether you are trying to list REO's, short sales, trusts, probates, traditional sales, work does not fall into anyone's lap. You have to go out and get it, and as Wayne Gretsky said, you have to go where the puck is. Ask any sucessful blogger how many calls they get just by having a web site? How many blogs does it take to get on page 1 of google?  I hate to be trite but "The harder I work, the luckier I get."

Comment by Jesus (Jesse) Gonzalez on January 12, 2011 at 10:09am
OH STEVE.....If anyone was going to be the first to ask....I knew it was going to be you. :)
Comment by Steve Adkins on January 12, 2011 at 10:04am

So Jesse, How DO I get my first REO listing?

 

 

;-)

Comment by Debora Coelho Gordon on January 11, 2011 at 6:20pm

I could just hear your voice as I read.... I fould myself chuckling.....

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