This special REO Business Development Guide is designed to walk you through the initial steps of setting up an REO business and learning how to create MASSIVE MOMENTUM…right out of the gate! Inside, you’ll discover everything from how to start getting REO assignments, right down to the EXACT tools you’ll need for the job.
It’s yours FREE with NO OBLIGATIONS!
I frequently discuss different strategies, that REO brokers can use, to get REO listings, on REO Rockstars calls. And because we’re dead smack at the onset of home selling season, I thought I’d take just a quick minute, to share 3 of the best ways to get bank owned properties (even though some of you THICK HEADED agents may have been too lazy to sit in on my last one hour FREE REO coaching call 
. So here’s the “lazy man’s” way to cut in line and get your pipeline of foreclosure listings filled right up.
So, I got caught with my pants down and frankly I can’t believe it. Just goes to show you that even when we’re on top of our game there’s someone who’ll sneak something by you. My biggest nightmare…a bookkeeper who “took” me. Now I am NOT saying that she stole from me but I am saying that the books are a mess and I’m quite suspicious. Worse yet, she apparently has copied my QuickBooks file (with all of my data) onto a flash drive, took it with her and then deleted my master file from the server…..yikes!
Well folks, there’s a few telltale signs that the REO climate is about to change…..yep, the clouds are thickening, the skies are grey and the wind is whirling around like a funnel cloud ready to whip out debris across the countryside! The REO storm appears to be right upon us. So hold on to your hats!
Ok, here’s what I, and a few of my most trusted colleagues, both brokers and other REO industry “insiders” have been observing:
I get these questions daily from REO Rockstars subscribers and from foreclosure brokers that I am coaching; “What is happening with bank owned properties?” “Why are the inventory levels fluctuating so much now?” “What can I do to keep from going under?” My explanation is this: The government and the banks are trying desperately to stop this huge flow of distressed properties from hitting the market. The government, of course, wishes to preserve home ownership and neighborhood values. The banks, of course, wish to SAVE MONEY and REDUCE LOSSES. As a result, we are seeing many new programs and strategies implemented, in an effort to keep foreclosures from taking place, and to offset losses, by disposing of bad debt though other means, like short sales. An interesting note that you may or may not know, is that banks are consistently seeing about a 15 point higher return on short sales vs. foreclosures-only makes sense that they look towards these alternatives, as additional methods of property disposition.
Does this mean an END to REO is coming?
Good morning all. Just a very quick post to remind everyone that you will NOT get away with slacking on utility connections. I realize that this may seem to be a post with a very obvious meaning but I have to tell you that this is probably one of the biggest hangups that AMs have to deal with. I would roughly guesstimate that at least HALF…yeah HALF of the REO properties that I visit DO NOT have utilities activated. I also know with absolute certainty that almost ALL Master Listing Agreements contain a special section regarding broker responsibilities, specifically, ACTIVATING UTILITIES. I was reminded of this sore subject by an email received from a client today,
The more you truly understand Fannie Mae, the easier it becomes to understand why other financial institutions MUST follow their lead. There’s such a HUGE difference in the way that many banks, financial institutions and investors who own REO properties operate when it comes to disposing of assets. There’s those of them who are very content to simply assess the “as-is” values and to put them right up on the market, at a price that’s likely to “blow them out” to investors. There’s those who do the short list of “necessary” repairs and hope to gain a somewhat higher sales price. And then there’s Fannie Mae, the benchmark institution of the industry.
Thank you to everyone who participated in last week’s REO Rockstars coaching call. As usual, we had a fabulous turnout, and I hope that everyone took away several solid strategies, to help you to IMMEDIATELY get REO listings from banks. REO Rockstars REO training calls are a very good way to learn the secret insider tricks, that allow you to cut in line, and begin getting bank owned property listings FAST! Each call is designed to motivate you AND to keep you pointed precisely in the right direction, towards growing your REO business rapidly and consistently. The REO coaching on the calls is absolutely FREE, so you should never miss one.
That being said, in case you DID miss the call last week, here’s a replay that you can listen to right now on your computer. Just click the link below, grab a pen and paper, and get ready to learn!
Gentlemen, start your engines!
In REO, you better be prepared to watch for the green light to flash and then slam that accelerator right to the floor, holding it there until there until your back is planted firmly against the back of the driver’s seat, to the point where you can’t even reach up and touch the dash! KEEP GOING now……..faster and faster…..and NEVER slow down!
Sound crazy? Well you better think again. Folks, in the REO business, you are only as good as “what have you done for me today?” There isn’t much loyalty to brokers who just aren’t overachieving every day and staying in good (not bothersome) contact with your clients. Contentment has no place in this game. Don’t ever let yourself be distracted by a smoothly flowing business or a month of great profits-get too lackadaisical in romancing your clients with good service and expressing a fierce desire for more, and they’ll drop you as quickly as Gatorade dropped Tiger Woods! A taste of sweet success can bat it’s sexy lashes and romance you into getting off course. Never give in to temptation. Keep the eyes straight ahead and no “fooling around”.
Frankly, the “momentum” principle is relevant in any business. Once you’ve got the ball rolling, you have got to learn to continuously push it faster and faster and keep it moving forward. Push with all of your might. REALLY sweat as you move closer to your goals. The faster you go, the easier maintaining momentum becomes. And there’s nothing more to it than keeping your focus. And once you understand HOW to focus, it become REALLY easy. In fact, there are 9 Special Momentum Building Techniques, that once mastered, can almost GUARANTEE that you’ll cruise along at lightning fast speed. Join me on our next REO Rockstars call (see below) and I’ll be covering these in great detail. On the list of important topics that I have ever covered in my coaching, this one ranks extremely high on the totem pole. For this reason, I am opening this call up to a larger than usual audience and it is going to be ABSOLUTELY FREE. There will be no charges-not even telephone long distance fees. It’s just good old, hardcore FREE REO training. I only do these every so often so be sure to join us. Details below.
Conference dial-in number: (866) 576-7975
Participant access code: 885267
Time: 1:00 EST on Thursday, April 22, 2010
WARNING: As usual. The call will be very crowded and “seats” are going to be limited to the first 147 people. Be PROMPT. It would stink to be #148…WOULDN’T IT?
P.S. As a special bonus, I will be revealing 1 BIG SHORTCUT to getting on board with THE most desired REO client in the country. Write the call-in number and access code down right now and DO NOT MISS THIS!
