Titanium Holdings, Inc. has announced the launching of Excellen, which will offer a full suite of asset management services. Excellen will be led by president, Cary Sternberg. Cary has many years experience in this field.
Thousands of agents/brokers (like myself), who already belong to Titanium have been eagerly waiting for this announcement.
On January 15th, 2010, Cary was interviewed by Tim & Julie Harris from H.R.E.U. (Harris Real Estate University). I thought the interview was highly informative and quite fascinating.
I took notes and I highlight what I thought were the most important points below.
EXCELLEN JAN 15th HREU INTERVIEW
As far as already-foreclosed homes, there is NO "shadow inventory".
We do expect somewhere between 3-7 million homes to be in default and therefore end up as Short Sales & REOs. These are expected to "start flowing" at the end of Q1, 2010.
We are now in the middle of the 2nd wave of distressed homes. As we enter the third wave, it is conceivable to see another 10-30% drop in property values depending on the area and the number of distressed homes hitting the market. In hard-hit states like Arizona, California, Nevada & Florida, expect to see an increase of distressed "executive level homes" that will hit the market as Short Sales or REOs.
It could take 5-7 years to go back to a "normal market" and 10 years for values to rise back to their peak values.
Qualifications For Hiring & Retaining Excellen Agents-
Good communicators. Quick, responsive, personal & professional.
Market knowledge. Experts in their specific areas with limited number of Zip Codes. Innovative, quick & solution-oriented quick thinkers. Related certifications and affiliations will be important considerations.
NOTE: Within the next 2 weeks, Titanium HRC's will be receiving an e-mail with a questionnaire asking for their interest and qualifications in REOs. It is advised HRC's do not call their managers since they are not responsible for assigning REOs.
Out of 9,000-10,000 HRC's, 1,500 will be included on the first wave of REOs.
There will be a limit 20 listings per agent/broker.
Most, if not all listings will be prepared by Property Preservation Companies and agents will have minimal or no out-of-pocket expenses.
Listings will be for 90 days.
Unsold listings may be reduced to a 30-Day Quick Sale level. If that price is 20% less than the current price, a new BPO will be necessary. Listings will then be given another 30 days to sell. If they still do not sell, the plan is for them to be assigned to an Auction Company.