Posts Tagged ‘Teach REO’
SPEAK UP to Your AMs when You are Right!
Something REALLY cool happened with one of my clients this week that I thought I'd quickly share with you. Frankly, it started out as a serious "problem". I have sold REOs for this firm for just about a year now and it's always been, well let's just say, "difficult". I don't mean that it's been hard to sell their properties, but rather, it's been very hard to get "in sync" with this client's expectations. It always seemed that each AM had entirely different "rules" and "procedures" for handling properties than the next AM did-even properties from the SAME SUB-CLIENT.
The REO Life! Got a Drink in My Hand Got My Toes in the Sand...
Once you've assembled the right team you will reap the rewards of having true leverage. I'll let the video speak for itself!
A "SMOKIN'" Reason to Inspect Your REO Properties Regularly
I have never been a fan of people who teach "shortcuts". You know, some people like to paint the "dream" of getting rich in real estate by making things sound effortless and too good to be true. Well, I'm telling you first hand that it's the HARD WORK and attentiveness that you put into your REO business that will quickly propel you into the upper spectrum of income earners in the business. I know so many people who think it's "o.k" to periodically skip inspections on their vacant properties once they have determined that no one is living in the home and there's no personal property remaining. They think that it's not going to matter whether vandalism is reported 7 days after it's discovered or 14 or even 30 days later. I mean, "no one is going to know the difference right?" WRONG! You should always, 1000% of the time, visit your properties as directed by your client. Watch this video and think about what would have happened if I waited for the smoke to clear before reporting this? You think my client might have thought I wasn't on top of my homes if I didn't report THIS for a month? You judge...
How to Do a Follow-Up REO Inspection - Yikes! Vandals Strike!
Most REO clients require that you revisit your properties at least once every month to inspect the home for new damage or changes and to certify that it is secured from unauthorized entry. After inspection, you'll submit what is commonly called an "MMR" (Monthly Marketing Report), also known as an "MSR" (Monthly Status Report)-just a little industry lingo you'll need to know. 
In this video I'll take you with me as I check on one of my properties and show you what the banks want you to be looking for. WARNING!: If you are offended by profanity and obscene graffiti then don't watch this! (and you probably WON'T want to do REO....'cause you'll need to get VERY used to it). C'mon inside and let me show you why it's not always a good thing to be a "KING"-ha!
Who's Been Sleeping in MY REO? - Spooky!
No matter how "cute" a little house is or how "safe" a neighborhood may appear to be-NEVER assume that ANY REO is secure from vandals and squatters. Come with me as I walk you through one of my properties that we had recently secured and I'll show you how to spot the tell tale signs that someone has been coming and going......we'll start in the dark and dingy basement where NO REO agent wants to go! Funny story about dark basement: Recently a buddy of mine and fellow REO agent was taking pictures in a dark basement WITHOUT his flashlight. He was walking room to room and just snapping pics, relying on the flash to guide him along. Man did he get a surprise! After sticking his camera in a totally black room and snapping a quick shot, he looked at the preview screen and saw....a FACE! Haha! I don't think he's EVER moved so fast to get out of a house! Moral of the story: NEVER be too careful and ALWAYS bring your flashlight! He would have been at a HUGE disadvantage had that squatter decided to act violently.
