Archive for July, 2009
If you REALLY want to be the guy who stands out as THE broker to use in the minds of your clients then GO THE EXTRA MILE! Rarely do I see agents getting off their butts and doing proper checks on their properties at the times they need to. For me, a rainstorm presents the PERFECT opportunity to see just how solid your homes are. Watch this video and I'll show you the kind of things you will discover if you're smart about the times that you inspect...things that you would NOT find at less opportune times. Take note of the signs of previous water issues that I point out. This is how I know exactly WHICH houses I should be visiting after a good old fashioned downpour. Your AMs will LOVE you for identifying these issues BEFORE they come up as "deal killers" later!
WOW do I LOVE coming across little gems like this one. I always say "don't curb qualify properties". Just because you see a bad zip code listed on the new assignment DO NOT assume that you got a bad house. The house in this video turned out to be the PERFECT little REO property. When I see these, I get so anxious to get them ready for sale because I know they're money in the bank. This one even had fresh paint and it looked like the lawn was cut that day, which led me to believe that it had to be occupied. Well, I'll show you a few of the ways I discover that it's probably ok to go inside AND exactly the steps I'll take to get this baby right up on the market! mmmmmmm.....4-sides brick,fresh paint,fenced yard,new kitchen....just makes my mouth water!
One thing I've learned in selling REOs is that occupants can really act strange. They REALLY make it hard for you to know if they are still living in the house or if they are just using it as a storage bin! There are a few little tricks you learn as a broker than can tip you off as to what's REALLY going on with a property. You can do things like check the electric meter for service, put tape across an entry door and never forget: TALK TO THE NEIGHBORS! With a little know-how you can learn to uncover what's really going on. Watch this video and see what I mean. This one is a battle between a disgruntled neighbor who's sick of the eyesore next door (who actually Re-KEYED the property) and the these sneaky occupants who actually BREAK IN to their own house over and over again! Yeeessshhhhh......always something new in the REO biz!
Hey, nobody's perfect. It happens. Suck it up. Don't get me wrong. I NEVER endorse performance to such a pathetic level that gets you on the shit list but when it happens, you need to know how to bow out gracefully. Listen, sometimes the hardest thing to do is swallow your pride. Especially when you are unjustly accused or blamed. This DOES happen in REO by the way. There is a LOT of CYA (Covering Your Ass) going on and usually the lowest person on the totem pole gets the blame for screw ups. Yep, you guessed it...the good old broker who worked his tail off and then took them blame for someone else's screwup. So how do you handle it?
Sometimes we get so caught up in building and marketing our businesses that we just sort of "overlook" what's happening "in" our business. Now you all know what a huge proponent I am of working "on" your business rather than "in" it, and I truly don't see the practice of stopping to look around at your own business once in a while as anything different. I have always kind of liked the idea of having a friend periodically call your business as a buyer and seeing how the call is handled. The results may scare you.
As you REO Rockstars already know, I am the the guy who you can always follow to cut right to the front of the line. With my little tricks and secret tactics it's like I'm always on the preferred "guest list" when it comes to getting backstage with Asset Managers who are ready to give me properties. One solid way is to create a "fun" marketing piece that's centered around holidays and/or special newsworthy events (how many of you missed the Super Bowl or Valentine's Day or the Presidential election opportunities to put a twist on a marketing piece for something that's ALREADY top of mind?). These "missed chances" are what separate the winners from the guys with their heads in their hands on the sidelines. Be sure to not miss our upcoming call on "3 Sure Fire Marketing Secrets" where I'll talk about this in more detail AND I'll reveal the other two easy-to-implement BIG IMPACT tricks. Members, DO NOT miss this one!
I am ALWAYS concerned about entering an REO property, even in nice neighborhoods. The fact is that so many foreclosures are popping up that squatters and lowlifes are figuring out how to capitalize on the vacant nature of REOs (one of MY properties was actually featured on the 5:00 news the other day. THIS vagrant LOSER had re-keyed the property and was renting it out to unsuspecting tenants who we had to throw out on the street (NOT a good situation). Would you feel better if you knew how to make a potentially dangerous squatter or disgruntled former owner or tenant leave the home before you entered or would you like to end up with an image of a scowling face looking back at you in your camera while you're down in the unlit basement?
Many brokers ignore the guidelines provided to them by their clients that strictly prohibit them from profiting from property maintenance and preservation work performed on their own properties. I'll admit, the thought the enormous amount of money to be made is quite tempting...but I personally know a long time acquaintance who's sitting in the federal pen for 13 months for crossing the line and getting caught...still tempting?...not so much.
I guess if you're into a lot of cruel self-punishment and are too spineless to get out there and get yourself some face time with Asset Managers then your answer might be NO....but if you want to be an REO Rockstar then you'll delete every damn fee-based BPO request the minute they hit your email and immediately set your spam filter to kill it automatically the next time it finds it's way to your inbox! OK listen, there are a lot of people who make a living doing these things.. a healthy living? I doubt it.
