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 re-assignments. Today I picked up 4 more properties and 2 out of four were re-assignments. So you can see that there aren't a lot of 'new' REO assignments going on right now in Las Vegas (from the clients that I'm working with at least).
With one of the companies that is sending me a lot of re-assignments, one of the heads of the company actually hand picks the agents that they send re-assignments to. So I guess somebody likes what I'm doing out here. I'm stay working hard everyday to stay on top of all of my properties and push to get them sold as quickly as possible. I'm telling you.......the days of the old school REO agent mentality were you get too overly comfortable and your properties aren't well maintained and you're just throwing them in the MLS WITH THE EXACT SAME VERBIAGE IN THE REMARKS FOR EVERY LISTING (that's a pet peeve of mine) is OVER!!! There is so much competition out there from other agents that want a foothold in the REO business that you have to be on TOP of your game at all times. I want to have the best looking properties out there and I advertise outside of the MLS, and my remarks will actually reflect each individual property like they should.
I stay on top of pushing for the right prices to move my properties and suggesting what if any repairs may want to be considered to help the property move (could be something minor that is the difference between the property qualifying for FHA or not). You can't be the 'typical REO guy' anymore.
You must have one very important thing or you are out!!! And that thing is SYSTEMS!!! If you not up tight with world class systems then I can gaurentee that you are dropping the ball(s) somewhere in you business and someone is just waiting for you to mess up so they can take your place. Don't let it be you!!!
Oh and I must put this out there as well. YOU MUST BE GREAT WITH COMMUNICATION SKILLS WITH ALL PARTIES AND THAT INCLUDES BUYER'S AGENTS!!!!! We REO guys are always quick to jump down the throats of buyer's agents and I will be the first to admit (you can check my other post ot verify) that I do get very frustrated with some buyer's agents that just don't get it (REO), and they're EGO is too big to ask for help to understand the process. But at the same time, there are those REO agents that are poor communicators, that are impossible to get hold of (to include their staff), and that have absolutely 0 (zero) patience for buyer's agents looking to purchase their properties.
You'll be amazed where it can get you if you have good people skills.
Also another HUGE change, I was approached and asked to be an instructor for NFSTI.com (National Foreclosure Sales Training Institute). I got started with NFSTI.com years ago and the organization has lead to the success that I'm having today. What they offer in the way of training for REO agents is off the charts from what you can get anywhere else. Agent's are saying 'This 2 day training class kicks the butt out of Five Star and REOMAC combined!!'
I don't do the training for the money. I do quite well in my REO business; I do the trainings to give back to other REO agents and crack that lid off of the treasure chest of "secrets" that I was trying so hard to find out for myself when I was looking to break into REO. I actually put all of my 'secrets' that I'm doing right now in my day to day business out there, that keep me from being a 'typical REO guy' and that keeps me picking up new properties even though REO assignments have slowed down.
Ok, man this was a long post!!!!! But I had a lot to catch up on. And this is only about half of it! More to come!
Get out there, make it happen, and don't be AVERAGE!
Bryan Knight, REO Specialist in Las Vegas, NV
Follow me at www.twitter.com/KnightREO
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