las vegas reo agent: Tales of a Las Vegas REO Agent Part 6!!!!! - 03/28/09 02:41 AM
Wow I haven't added to this series since Dec 2008. Well since the last posting of the series there have been some changes. Let's catch up.
There was a big slow down in 'new'; property assignments in January and February 2009. Now I have still been picking up properties, but not 'new' REO's. I've been picking up re-assignments from other REO agents here in Las Vegas. I am so thankful for the re-assignments because they have been about 85% of the property assignments that I've picked up in the last 3 months. Last week I picked up 9 properties and 7 were … (12 comments)
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las vegas reo agent: Another great NFSTI (National Foreclosure Sales Training Institute) class!!! - 01/18/09 06:07 PM
I just attended my second REO / BPO training class from NFSTI (National Foreclosure Sales Training Institute) and it was awesome!!!! I picked up even more tips and tricks to pick up more business and to better service my clients. It also got me motivated to get to work even harder to prospect for more business and to better secure my relationships with my current clients.
I also found out that Lowell Caro Jr. and myself may have an opportunity to join NFSTI as instructors!!! I'm stoked about the opportunity to travel and teach and share my experiences and knowledge with … (2 comments)
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las vegas reo agent: Foreclosures up 81%.....Las Vegas, Nevada leads the Nation!!!!! - 01/18/09 04:38 PM
According to RealtyTrac, foreclosures filings were up 81% year over year nation wide with Las Vegas leading the nation for foreclosure filings. There was 3,157,806 foreclosure filings nationwide last year meaning that 1 in every 54 homes had a foreclosure filing of some sort. Wraping up the top 5 are Arizona, Florida, California and Colorado.
Looks like a great time to be selling REO properties in Las Vegas, Nevada!!!
Bryan Knight, REO specialist in Las Vegas, Nevada702-845-8435
Follow me at www.twitter.com/KnightREO
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las vegas reo agent: Diversification.........How many REO accounts are you carrying???????? - 11/26/08 12:31 AM
After the huge cuts that Wells Fargo did throughout the country, our mastermind group discussed being better diversified that just having 1 or 2 BIG accounts and take the chance that one of those accounts can be pulled from you overnight for whatever reason.
So now I'd like to know on average how many REO accounts that the average REO agent carries at any one time.
Personally from my current inventory, I'm carrying 6 REO accounts.
So from your current inventory now, how different clients are represented? Just state the number, no need for names.
Bryan Knight, REO specialist in … (11 comments)
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las vegas reo agent: Getting into the REO game!!! How do you do it???? - 11/19/08 02:02 AM
One of the most common things that I hear nowadays front agents looking to get into REO or BPO is "I've signed up with an REO or BPO company after company and I've yet to receive any orders from anybody!". Most of the emails that I get are somewhere along that line. I like to equate the problem to sports. You do enough to make the team (signing up for the company), and now you're on the team, but you're RIDING THE BENCH!!! So now you want to know "Hey coach what do I have to do to get into the game?"(actually get … (1 comments)
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las vegas reo agent: Las Vegas Real Estate Market Statistics for November 13th 2008 - 11/14/08 01:22 AM
Still shocked at the vacancy rate being above 60%. There are so many opportunities to buy some great pieces of real estate in Las Vegas right now. If you aren't buying, you're missing out on the greatest opportunity to invest in real estate that we'll see in the next 50 plus years!!!
Bryan Knight, REO Specialist in Las Vegas, NV 702-845-8435
Follow me at www.twitter.com/KnightREO
… (1 comments)
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las vegas reo agent: Leaverage!!!!!! The only way to expand you business. - 11/06/08 03:53 AM
Well I finally followed the advice of my trusted "mentor" and hired some help to assist me with my BPO photos. I picked up about 40 BPO's yesterday and as I'm driving them today, I think to myself "This is not the highest and best use or most dollar productive use of my time!" I love being out in the field, but as the business is growing and growing, I need to be at the office taking care of things that my asset managers need. Knowing that maintaining that BPO business is important to maintaining and picking up new clients, I didn't … (18 comments)
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las vegas reo agent: Looking for 4-6 REO agents from across the country to Network / Mastermind with!!! - 11/01/08 10:07 PM
I'm looking for 4 to 6 other REO agents in different markets to share ideas, mastermind, and help each other to grow their business buy sharing contact and helping each other "get in" with clients that they are not currently in with.
There will be no competition due to all agents being from different marketplaces. You need to actually be doing REO's and have clients / contacts to contribute to the group. It's a give and take situation, not just a "take", so have something to contribute. If you've been working with a client and don't know how to get another broker … (7 comments)
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las vegas reo agent: Offer writing tips for REO / Bank Owned Properties!!!! - 11/01/08 09:40 PM
Through all of the networking and masterminding that I've participated in, one thing always comes to light as a problem that REO listing agents run into..........poorly written offers from buyer's agents!!! I've been working on an offer on property for over two weeks now and my assistant or myself has had to go back to the buyer's agent over 10 different times in two weeks to have them fix errors in their buyer's offer. Everything from missing check boxes that were pertinent to the transaction to leaving blanks in the contract to having two buyers on the contract and having only … (18 comments)
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las vegas reo agent: Tales of a Las Vegas REO Agent Part 4!!!!!! - 11/01/08 08:34 PM
Well since the last post, there have been some great things going on. First I wasn't able to make it to either of the big REO conferences (5 Star & REOMAC), and I was really bummed about that. However During the time that 5 star was going on, I picked up two new clients!!!! Guess how I got them both................yeah that's right.......BPO's!!!! One called me and gave me a re-assign on a property that I had did the BPO on over six months ago. I'm the third REO agent on the property. Not only did I get the reassign, but the … (3 comments)
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las vegas reo agent: Frustrated with agents looking to list REO properties but don't want to pay thier dues!!!! - 10/23/08 02:10 AM
I just had the conversation with one of my REO buddies today about people looking to get into the REO listing side, but not being willing to pay dues!! To date, I have done THOUSANDS......I repeat THOUSANDS of BPO's in the last year. No I don't have a BPO team or someone else doing them for me, I've done THOUSANDS MYSELF. That means driving all over town to take photos, pulling the comps, doing the research and commenting thoroughly prior to submitting. EVERY REO CLIENT THAT I'VE GOTTEN HAS BEEN FROM DOING BPO's! I haven't been to any conferences, had any … (50 comments)
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las vegas reo agent: Listing Sides for REO may see reduced comissions in the future!! - 10/23/08 01:42 AM
During a recent mastermind a top REO agent in the country stated that he wouldn't be surprised if one day in the not to distant future we will be selling REO properties for only 1%!!!! That with the possible consolidation and government involvement with many financial institutions that the possible for a system similar to HUD's current system of charging a flat fee to listing agents and offering up to 5% co-ops for buyer's agents may become more prevalent. We discussed that the way to stay ahead of the curve is to have a strong buyer side out there selling both … (10 comments)
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las vegas reo agent: The Days of the Old Grumpy REO Guy is coming to an end!!!! - 10/23/08 01:31 AM
During a recent REO mastermind (yes a group of REO agents in the same market CAN sit down and share information with each other!) one of the top REO agents in town stated that "The days of the old grumpy, bad attitude REO guy is coming to an end." That the REO market is evolving and fresher, younger, client oriented agents are going to prosper. That the monopolies of agents that have hundreds of REO listings are fading away (and he has over 500 currently). He told stories of the old days of brokers sabotaging other agents listings and doing all sorts … (7 comments)
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las vegas reo agent: Woah!! Wells Fargo aka PAS made huge agent cuts yesterday!!!! Was it you??? - 10/18/08 02:28 AM
Wow, yesterday Premier Asset Services (Wells Fargo) cut a large number of agents in the Greater Las Vegas area. Some good friends of mine got clipped. One of my buddies had about 30 properties with them which represented about half his inventory and he got cut! I spoke with my Well Fargo lender yesterday and he stated that back when Wells signed on with default school and opened up their site to new agents that they were overwhelmed with agents taking the training and getting approved. However just because they had paid their money, took the course, passed the test, and … (17 comments)
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las vegas reo agent: Tales of a Las Vegas REO agent Part 3!!!! - 08/31/08 05:57 PM
Ok, new update to the Las Vegas REO tale. Since part 2 we've closed the two that were in escrow and have 3 more in escrow. I've picked up another big client that's I've been looking to work with for awhile now (Servicing 3 REO clients now)!! It's been a huge learning curve, but now I've got a handle on whole thing. I've formed a corporation and I've hired a full time assistant to help with the administrative portion of the business. The administrative side is HUGE in REO and any one person that has any kind of significant numbers of … (10 comments)
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