Melissa,

I normally really like reading your posts but I have two questions about this quote:

"They see that I list and sell hundreds of properties a year and assume it must be (1) easy and (2) lucrative. But, I busted my rear for 5 years to get to the level that I am at.  Well, it's like everything else, just a phase."

Let me ask two questions...

(1) When residential was hot and buyers were banging down the doors with multiple offers did you get into the act and go after the money? I mean really, it is called sales and going after the business. If an agent can't cut it in REO, residential, commercial or selling property on the moon they will be back to the old 9-5 regular paycheck soon enough. I believe in abundance and it will come to all those who do a good job, even if they are beginners. I'll bet you started with one REO.

(2) I know there are others who sell and service hundreds of REO listings each year--how is this possible unless you are a large brokerage? What is this secret you guys talk about in this "fraternity/sorority" that can only be discovered after 5 or 6 years of breaking your butt dabbling.

Amen Melissa.

R

Rudy, 

I guess all of you were born BPO Pro's. You should be given a degree or something since you are all so much better than us newbies. I bow down to you and throw my license in the trash since I don't deserve the chance to become a great REO Agent like you REO Gods. Better yet Mr "Burlington" why don't you develop a training guide so we can all learn from a seasoned pro, or why don't we get down to the truth. You are crying because we know your BIG secret. Oops hit a nerve ,truth hurts. Give us a chance to learn the market and stop acting like you are so much better than us. I live in Burlington every one I have never hears of this guy. There are some big REO players in this city and I have worked with them, your right they SUCK. But just because we want to learn doesn't make us bottom feeders like them. They are REO agent's because they suck so bad no one wants to work with them. I am tired of people like you putting this crap on here,you are not the only one but you are from my home town and you should be ashamed. Will every one please post and stick up for us, we are new and we have the same chance they did. I bet most of them think "It should be harder to get your Real Estate License" too. Just shut up and worry about your own business and leave us alone. You dont see us complaining because all the oldies wont let us have any BPO's do you.

 P.S. I guess we should all build our own computers and design our software from scratch since some one worked years to master this. Sorry Ill just go to Best Buy and buy mine, Then ill pay my $49.99 for REO software to learn what I can and the rest from experience because I am a hard worker too and I wasn't blessed with REO expertise from the uterus like some people.

Thank's,

Burlington Newbie Bottom feeder not worthy of REO listings

I'm not saying that I don't want to learn the right way. I'm just saying that just because we ask for help or a a few contacts dosn't give you the right to bash us we have to start somewhere. There is training with the company I work for an I plan on taking it when it comes around. But no matter what I do I will never be worthy in the eyes of a seasoned REO agent. These agents cant remember that at some point they were newbies also. What an insult to put us all in a class where a few have made us look bad. Alot of the REO Agents I have worked with in Burlington "Rudy you know who they are" are hell to work with. I didn't put you or any one else in a class where their are so many bad agents making the REO Agent look bad did I ? I am sure you are a good agent and I look forward to working with you in the future. But please don't throw around that word "NEWBIE" as an insult, we just want to learn and be a good agent. I will never tell you how to do anything because you may be good at what you do,all I want is a fair chance just like you and every one else got.

 B-town Newbie

Get over it!!! Its the way of life. Everyone has to start from somewhere...Its people like you  that get on my nerve...I'm pretty sure none you guys were "experts" when you first started....There is plenty of business to go around. Stop worrying about other people and worry about yourself and your rep. 

Carter-  One voice of reason amounst many. 

 Honestly, as a entrepeneur, if you are wasting 1 single second of thought energy on other agents taking market share, then you are eating dust not making it.  The identical argument can be made(and is every day) on new agents breaking into the business.  It is equally pathetic. 

 Your points one by one:

"Now today I get this email stating the endless income possibilities of doing BPOS,...the best thing is ( get this.... if you're in the REO industry you should be cringing now) you dont need experience.... They further state that the majority of the BPOs are for loans that are in default or behind.... Great.  Now buy the ebook ( a steal for just $69.00 a download) and bam.  You are now an inexperienced BPO factory helping financial institutions make valuation decisions... "

Everything you state are facts.  Except the last sentence.  Doing a price opinion does not require any special skill sets, and if it did, a full appraisal would be ordered.  Secondarily, a BPO is not and has never meant to be a particularly accurate appraisal of value.  When you have no knowedge of interior condition (which you do not on 99% of BPO's becasue they are drive by's) any sort of accurate value cannot possibly be provided.  Lastly, the price the BPO comes in at is the lenders problem and no one elses and rarely if ever do they actually use a drive by BPO value to determine much of anything.  Furthermore, REO Brokers when doing a full blown interior BPO on a future REO listings have little influence on the ultimate list price.

"There are other courses too of course...."Master listing preforeclosure markets" and "How to list bank owned properties".  Does anyone see a problem here? ( or is it just Friday and I have been working too long?)....This is doing a disservice to our end of the market.  In my area, there are two or three agents that are "REO dabblers" that the lack of experience really shows.  I am inheriting a listing from one of them... That is at least $20,000 overpriced... based entirely on this agents price opinion.  I went round and round with the asset manager why my valuation was much lower.  I simply told here because here on earth.....the comps that I used reflected the property....By her own admission the home had sat for four months without a showing.... This is an example of what this kind of stuff is going to promote...  Someone tell me if I am wrong here???"

You are wrong.  Again it is up to the employer (the banks or mgmt companies) on which agent(s) to hire.  You have no say in it and therefore I cannot understand why it would be of concern.    On the REO listing you are inheriting, it is highly improbable that the bank relied soley on the brokers BPO.  This is not how they conduct business and furthermore they have strict protocol's, checks and balances etc they must adhere to prior to coming up with a list price.  Allowing any REO agent, "experienced or not" to determine your asset's list price is foolish and simply not reality.  Furthermore, many "experienced" REO agents will intentionally come in with a high BPO.  Why?  It is a strategy.  Most lenders will request BPO's from multiple agents prior to assignment.  Some of them tend to give the listing to the agent that provided the highest BPO.  Right or worng, it is a common practice and rarely is it performed due to ignorance or lack of experience....quite the contrary.

"I have worked hard to achieve a level of competence in my industry and it bothers me that it can be trivialized.....  "

"Considering" factors that you have no control over, is trivial.

If you want to really know how to make extra money during this crazy market AND help your clients account ask me about the Money Merge Account!

I like many of you, are an information junkie.  I've been in the real estate industry now for almost 18 years.  Occasionally, I get suckered into buying some online get rich quick real estate product.  But guess what?  I ALWAYS learn at least one good thing from all of them and without fail, have recouped my investment and then some.  So, choose your poison wisely folks, but don't stop completely.  There's money out there in a lot of those "schemes".

Rudy,

You spent way too many words and too much time on these parasites. They are just another group of people looking to part your (Hard Earned) commission from your hands. Don't waste time with these so called "experts in REO". If you are good the Banks will find YOU!!!!!

Bob

IN THE REO BUSINESS, I TALK TO A MASTER REO BROKER FROM CALIFORNIA AND HE BLUNTLY SAID TO ME, __________ THE WAY TO GET REO, IT'S NOT WHAT YOU KNOW BUT "WHOM YOU KNOW". SO BASICALLY WHAT IT MEANS IS YOU CAN BE BETTER THAN THE OTHER AGENT BUT IF YOU DON'T KNOW WHO GIVE OUT THE LISTING ASSIGNMENTS YOU WILL NOT GET ANYTHING. IS THAT RIGHT REO GUYS AND GIRLS?

You are perfectly right Wendy. I admire when you say humble beginnings. I have an REO guy in my area, San Francisco Bay Area, whose listing is almost 180 days old and still active in the market. It is because he does not know how to do an accurate BPO, does not know how to treat other Realtors, swamped with REO listings. His marketing techniques are the 4P's, just Putiing it in the MLS, Put a for sale sign, Put in the home magazines and Pray that somebody makes an offer. What makes him different from the other season Realtors who are working hard so that these asset managers will take noticeof their abilities. I guess Fannie Mae should get a hand in distributing equally all these assets to all hardworking, seasoned & professional Realtors and not just to a handful few who still adhere to the old school of marketing REO asset. I guess FNMAE

You are perfectly right Wendy. I admire when you say humble beginnings. I have an REO guy in my area, San Francisco Bay Area, whose listing is almost 180 days old and still active in the market. It is because he does not know how to do an accurate BPO, does not know how to treat other Realtors, swamped with REO listings. His marketing techniques are the 4P's, just Putting it in the MLS, Put a for sale sign, Put in the home magazines and Pray that somebody makes an offer. What makes him different from the other season Realtors who are working hard so that these asset managers will take notice of their abilities? I guess Fannie Mae should get a hand in distributing equally all these assets to all hardworking, seasoned & professional Realtors and not just to a handful few who still adhere to the old school of marketing REO asset.

Fear of Double Dip in Housing.

Here are the latest numbers:

• Percentage of U.S. households behind on payments, but not yet in foreclosure: 3.4% up from 1.5% a year ago.

• Number of homes listed for sale in the U.S.: 3.63 million, down 15% from one year earlier.

• Forecast by Amherst Securities Group of upcoming foreclosures in next two years: Seven million homes

• Drop in average housing value since April 2006: 30%

• Percentage of U.S. households 30 days or more overdue: 12.4%, up from 8.6% one year ago.