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What are your plans when REO slows down?
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11 Comments on Plans when REO slows down
Hopefully we'll find out sooner than later. I can't wait for the days when short sales are an unknown. Like they were 3 years ago.
The Short Sales are challenging, but they have brought in a steady stream of income while I have tried to build REO business. A nice balance of SOI, REO, etc. would be great.
HEATHER--I know that for many agents Short Sales is a negative event. In my view, the work that I'm putting forth today, as a CDPE, helping homeowners avoid foreclosure is going to reward me in the future. I'm building a database of advocates that will enrich my business for many years to come. The REO business is a good place to be and it has it's advantages, but lenders don't give out referrals. I'm going to stick to my guns and reap the benefits later.
I have been working distressed assets for 12 years. What has happened historically is that there are more people on the bandwagon when it is all the rage and less when it is not. Eventually there will be less deals and less people chasing them. If you focus, it shouldn't be an issue.
Good luck in Real estate. I was wondering if you could give me some tips on getting REO listings.
As a home inspector, I think I will be a happy camper, because I won't have to inspect so many distressed properties.
I am entrenched with both BPO, REO, short sales and regular listings. THat way when things slow down I will be set.
Staying with reo's, someone will always be upside down
When REO slows down--- I already got my plans set...
I'm gonna get on my horse--- and go rob stage coaches... LOL
Anyone wanna join my band of Merry Men?? :)
-Jason
Build you future referrals from your short sale clients. When you do a good job for them, stay in touch. They are likely more prone to refer you to a new retail sale b/c of your professionalism. In this business, your income is directly proportional to the number of people you know AND stay in touch with.
Good Luck!
I too believe that REO's and Short Sales are here for the long haul, they were here before many of us even started in the business.
Are any of you utilizing your reo buyer leads and short sale clients to build your contacts for the future? I am starting to, we have been receiving good leads from our reo listings.
As for those Merry Men, I am sure they will be busy with reo for awhile.