I’ve seen so many brokers (myself included) make massive leaps in their business by getting into the big companies FAST, while other brokers never seem to be able to make any real headway at all-even after literally YEARS of trying. The single BIG difference that I see in the guys who sprint to the front of the line is simply in the way that they are willing to find “back door” ways of approaching the “benchmark” firms like Fannie Mae. Now don’t get me wrong. It is not an easy feat and it is not done without some serious effort. But if you’re willing to be a little creative in your approach, you’ll be amazed at how many doors you can open for yourself in a relatively short time frame. I’m going to use Fannie Mae as an example because obviously they are THE big industry player and the company that you MUST strive to add to your client list if you intend on being in the REO game for the long haul. This market will recover one day and a lot of outsourcing firms will dry up, leaving lots of REO brokers without properties to sell, so do your level best to get established with Fannie Mae as swiftly as possible so that you will always have a solid means of getting properties and not fall victim to the changing market. Another reason that I’ll use Fannie Mae as an example is that with all of the properties that they currently outsource, they offer many unique opportunities for you to take advantage of, in order to be able to show them that you are THE expert that they NEED to use. As I go through this explanation, keep in mind that every ounce of success that you will be able to create for yourself, in terms of getting on with these firms, relates DIRECTLY to how you are able to POSITION yourself. OK, here goes…

First of all, you DO not need to “register” with Fannie Mae to become a broker. This is the single biggest mistake that agents make. They simply register and wait. This is so damn lazy and if you look around at all the guys with blue faces (from holding their breath) you’ll know they are NEVER going  to get in. Can you imagine how many THOUSANDS of brokers are “registered” with Fannie Mae thinking they are going to get picked? Ridiculous! Yes, I am sure Fannie Mae must add some agents this way but the waiting list has got to be astronomical.

Instead, what you SHOULD do is register with Fannie Mae outsourcers, follow up with phone calls and marketing that gets you to the “gatekeepers” (I am not going into great detail here about the right words and the proper marketing. We routinely discuss these details on Rockstar calls) and gets them to give you properties. You can easily find out who the top Fannie Mae outsourcing firms are by simply going to one of the Fannie Mae websites http://www.fanniemae.com and doing a search for properties in your area. Many times the names of the outsourcing firms are listed for homes in pre-marketing stages of the REO disposition process. You can also do searches on your local MLS for foreclosed properties. You then simply look at who the brokers are and then visit their websites. It is very common for REO brokers to post their client names and/or addenda on their sites. Once you have these names then you can pursue these firms as clients as well. DO NOT BE AFRAID to approach the clients of other brokers. AM firms are ALWAYS looking for good support brokers to assist them. They key is to get on with as many Fannie Mae outsourcing firms as possible so that you can begin servicing Fannie Mae properties. Right now this market offers you a unique opportunity to handle a lot of properties and to quickly shorten the learning curve on Fannie Mae processes. A couple months of servicing and “voila” you’re a Fannie Mae expert!

Next, I want you to TELL the right people that you are an expert. So who are these “right” people and how can you find them? EASY! There is a quick way to do this. You need to REALLY put some effort into getting to know your Asset Managers from these outsourcing firms on a personal level. Book a trip out to see them to buy them lunch or better yet, dinner. Take them out for drinks or anything you can think of to get face time  with them. I have buddies who play golf every month with their best clients and one even takes them snowmobiling. Now just think about it. How much further ahead have you gotten by becoming friends with your AM than the guy who sends a box of popcorn every month. I mean c’mon, it’s an apples to oranges comparison at this point. All you have to remember is that this business is about relationships-nothing more. Once you are “tight” with your AM you’ll be surprised at how willing they will be to help you out with growing your business and even recommending you to other firms. Now here’s what you do with your Fannie Mae firms: You just ask them who their rep is at Fannie Mae and ask if they can give you any contact information. Once you’re armed with this information it’s a downhill ride. You pull out all the stops and do everything in your power to establish a relationship with the Fannie Mae contact. I even would go so far as to ask your AM to write you a testimonial about your great service (which they will gladly do) and include it in one of your communications with the Fannie Mae rep. Now you must remember, you do NOT want to be an unwelcome pest when you are communicating with the Fannie Mae rep. Your goal is to NOT try to get business out of them. In fact, you can’t. They work directly with Asset Management firms NOT brokers. What you DO want to do it to have periodic discussions with them about how you can further perfect your Fannie Mae processes so that you can provide the highest level of support to THEIR AM firm which in turn makes THEM look good. And if you are REALLY good at this you’ll find a way to get face time with these guys. Do that and you are home free. You see where I am going? Remember what I said about positioning? You want them to really KNOW that you are a broker who is serious about achieving the Fannie Mae goal of disposing of assets quickly, while at the same time, making housing affordable. You want them to see you as the EXAMPLE that other brokers should follow. Trust me, very, very , very, very few brokers will put forth this kind of effort to position themselves as experts. One thing you can always count on in real estate is laziness. Jut be willing to put some real energy into what you are doing and you will crush just about every competitor out there.

So now what do you do? You’ve become the expert in the eyes of this guy or girl who can’t send you business even if he wanted to. Well, when the time is right, you simply ask if they would do you a favor and check with the direct rep in your area, who works directly wih brokers, to see if they are in need of any additional support. THIS is a s good as gold. It almost certainly moves you right to the front of the line. It is seen as a recommendation from within the company (and it technically is) and even though you may not get in immediately, it should open up the lines of communication between you and the gatekeeper for you area. You now show them that you have become an expert with their processes and that you are ready to provide them with expert support when the opportunity arises. As long as you keep the flow of communication ongoing and consistent (without being a pain) you will be tops on their list when they need someone. And again, they ALWAYS need someone sooner or later.

Now I know you may be thinking that this is a lot of pieces that need to come together and that the stars need to somehow come into perfect alignment for all of this to pan out, but I am telling you first hand that it is far easier than it appears. You are playing in a virtually competition free field. MOST BROKERS WILL NEVER PUT FORTH THIS KIND OF EFFORT. It is tactics like this that allow you to cut right to the front of the line with the firms you NEED to have  as clients for your business.

Need proof? I personally got into Fannie Mae with just 3 months worth of effort and I have several friends who got in even quicker! Guess what? We all did this TOGETHER and made it fun. We each identified our reps, set up a group dinner and flew out to meet them together. The synergy of two groups of friends and acquaintances was nothing short of electric.  We had a BLAST having a first class steak dinner with these guys and we  now  have all become very close fiends with each and every one of them. We now just make it a point to do it a few times every year just for pure fun. THAT is what the REO life is really about!

I talk all the time about teaming up with colleagues to do these things. When you meet as a group it just removes all the tension and uncomfortable unfamiliarity because everyone already knows someone and it creates a uniquely trusting atmosphere that makes doors swing wide open for you-even doors that have been slammed shut on brokers for years. Now get out there, round up your buddies and have some fun!

Oh yeah, in upcoming REO Rockstars round table meeting I may plan to take a few of you along with me to personally meet some of my Fannie Mae friends. Talk about the ULTIMATE SHORTCUT! Stick with me and I’ll help you move mountains with very little effort.