Matt,
I will never give up "regular" Real Estate!!! However, right now I am doing the same about 75 BPO & REO and 25 regular! Which is mostly due to the Rhode Island market at this time.
I have been trying to get listings and buyers, but it is slow -- even here in the Stockton area. Everyone is in froze stage right now, but seem to be coming out of it slowly. Maybe some have not realized that the holidays are over!!!! Hello!!!
I am now attempting to get into the BPO but dealing with REOtran is frustrating already.... by the time you get the email >>>>>>>>> the orders are taken up. Oh well. Win and loose is the name of the game.
We've actually been trying to break into the REO market out here in Southern CA and it's been a slow process. I am signed up with REOTrans and at least 6 banks/lenders. Most want experience. We do have Short Sale and trust/estate experience but not directly REO. Not surprisingly, most of my local associates/competitors are not willing to share how they got in with the banks (imagine that). One agent has over 400 REO listings. Any suggestions?
Thanks,
Pete Mitchell
949-766-3921
I prefer the REO market since you don't have to deal with "clients" but money is money and I would never give up regular RE that pays bills
Recently I have been getting more business from BPO's then regular RE but that seems to be because of the nature of our market. BPO's are a good filler for my down times but I wouldn't give up "regular" RE for them.
You are always in the real estate business. If you focus on REO then that is like focusing on being a Buyers Agent. it is a niche in our business and BPO work is a major part of the process. Less than 30% of BPO work is on actual foreclosed property however your composite ratings and work load is a part of what asset managers review.
As for agents who expect us to share our info...not a chance we worked in this market when the general market was booming and earned the dozens of listings we have....
I'm a Realtor in Southeastern Michigan. So most of my R/E activity is BPOs and REOs. I'd estimate 80% REOs, 15% BPOs and 5% "regular" real estate. I should say "traditional" real estate activity. Though, dealing with REO imanagers has its pluses and minuses as well.
In "traditional" real estate you can meet face-to-face with the client. REO marketing involves email, fax and phone contact (impersonal). There is no loyalty factor in the REO area. Unlike one of my "flesh and blood" sellers that has listed with me for over a year.
However, I like the REO market and given the area in which I practise, I'll be busy for the next 5-7 years as the market corrects. I've begun to diversify my client portfolio too. I started with one client and had 15 listings with them. Then suddenly it fell to five. I now have five and the impact isn't nearly as dramatic.
Remain in touch with the market and you'll know when to shift your focus and resources.
I am a Realtor in Rural Nebraska. I drive 50 miles to work to sell real estate so actually doing more BPOs over the winter months. Our market is more seasonal anyway - and slower in small towns - not so much because of what is going on nationally. I do BPOS more and more. My husband works full time, and I have scaled down my expenses and the family expenses so that I am trying to go more 3/4 time BPO and 1/4 time real estate. REOs sound interesting but have not had much experience with that yet.
My market is so much different than anybody else and I actually can survive on BPOs -- meaning a closing a month or 10 bpos a month--- there is no difference for me.
My broker does not care what I do or how I do it. We have alot of part time realtors and realtors leaving the industry. I will do what I have to and ride out this storm.
Also, none of my bpos turn into listings. There are many agents with more experience than I have in this, but I will wait my turn and pay my "dues".
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