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Cornering the Market

This is a great country we live in. It is abound with opportunities and hope for those who are willing to work hard and stay persistent. What makes me sick though is the continuing separation of the classes. It seems the same poeple keep getting knocked down no matter how hard they work or how persistent they are. The opportunities keep getting handed to cronies or those who are already successful and well off.

Case in point: REO's. If you check your local MLS, the same listing agent or brokerages keep appearing time and time again. Grant it, every now and then you will see an agent get a bone but for the most part the same "good ole boys (girls)" are getting the breaks.

I have tried doing BPO's to break into this market. I have sent resumes, applications and my first born to hundreds of companies. I only got 3 BPO's of which I was assigned one because I happened to be sitting in front of the computer when the order came through.

The irony is that I specialize in short sales and if anyone knows the foreclosure business, it's a short sale Realtor. I think that's the major flaw in our country, it's not what you know but who. I'll just keep helping folks avoid foreclosure, it's much more gratifying in more ways than one. You get to help someone who truly needs it and you get to stick it to big business who preyed on these poor souls to begin with. I just wish corporate fiscal irresponsibility came with a prison sentence.

Posted by Noel Padilla, CDPE on 11/27/2008 02:08 PM

Comments (11)

reo, short sale, foreclosure

Post is included in group: Short Sales and Forclosures ONLY
Post is included in group: Short Sales Pre Foreclosures Bankruptcy and More!
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Post is included in group: Short Sale Specialists & Pre-Foreclosure Education

11 Comments on Cornering the Market

NOV

2008

Noel.. You are correct. To a large extent it is an "Old boy's network." That's why it's so important not to just make contacts...but to build one on one relationships. You can send in resumes and applications until the cows come home, but until you actually make personal contact and build personal relationships one at a time, you'll be spinning your wheels. It's up to you to learn the secret of relationship building. I hope this helps. Sincerely, David

Well put David. I belong to various networking groups and that has definitely helped open doors. it just takes sooooo long. I am a Gen Xer I need it yesterday! Good luck!

Hi Noel;

Great Post and I thank you for sharing with us.

Don't waste your time with them. Focus on people who actually have equity and buyers who actually have money. They are much easier to work with and you have a much better chance getting paid a full commission.

Michael

I would love to focus on those markets, unfortunately in my area anywhere from 60 to 90 percent of the sales are REO or Short Sales.

"I just wish corporate fiscal irresponsibility came with a prison sentence." I couldn't agree more....

The majority of what's selling here is also the same, REO and Short Sales. With same few agents do all the REO work.

Hi Noel, I guess we nee to move to were Michael works!!! Folks with equity don't exist in our Forida markets. Short sales and REOs is where the action is now and where it will be for years to come. You just have to keep doing the things you are doing. Breaking into the REO business is not easy but it can certainly be done. I too am looking for REOs but in the meantime I am becoming a short sale expert. I LOVE short sales and plan on doing a whole bunch of them next year.

Noel,

You start out praising the opportunities that exist, then focus on negatives in your market. Maybe I'm the one who is naive, but the money is made in making the sale, not listing the property. Yes, listing agents do get a listing fee, but nothing happens until the deal is done.

If you can't break into the listings, then why not focus on what you can control, the sales?

I've found that beating my head against a brick wall only gives me a head-ache, and the wall is still there, not feeling a thing.

My 2c worth.

Go tear 'em up!

Mike,

My head hurts too! I agree oddly enough my listings have gotten me more buyer leads than anything.

NOV

Noel,

Markets are varying all across the nation but one thing is common in all these markets, 50% or more of all active listings are distressed properties. Here in Santa Clarita, Ca (30 Mins North of Los Angeles) our Market is 52% of all active listings are distressed, we have experienced an 86% increase in closed escrows involving distressed properties, ie; Reo's & short sales

My wife and I have been building our business around helping homeowners who are facing foreclosure. Helping a family out of a distressed property will net you a life time of referrals. In the Marine Corps I was told, "nothing good comes easy!"

Recently joined the ranks of CDPE.

DEC

There are a few agents in Las Vegas that dominate the REO business and when I say dominate, they dominate! One agent in particular closed over 300 REO listings in the month of October!!!

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