The value of REO Conferences is always a matter of debate with REO brokers and agents. “How likely am I to get business”? “Will the business I get justify the cost of the conferences”? ” Which conference should I attend.” Here is some data that we hope will be of use when you decide how to spend your limited business development dollars.
First here is the percentage of respondents that have attended the following conferences:
Five Star 77% REOMAC 38% NRBA 21%
And here is the percentage of brokers/agents that obtained business from the conferences that they attended:
Five Star 52% REOMAC 50% NRBA 51%
Obviously it appears that the three major conferences are equal in terms of obtaining business.
Recommendation: Rotate between conferences. If you attend a conference and obtain business – Great! Attend the next year as well. If you do not obtain business – Rotate. Each conference attracts different source companies with REOs to list. Increase your reach.
Here is the percentage of respondents that report they might attend these conferences in 2015. The answers are from those that have attended the specific conference in question.
Five Star 65% REOMAC 36% NRBA 26%
Observation: Given the track record of REOMAC and NRBA they appear under attended. Remember Attend again if you obtain business and if you don’t – Rotate.
And finally, here is how respondents rated conferences they attended. We used a five point scale. The categories are:
Great Value – Very Good – Worthwhile – Lame – Waste of Money
REOMAC had a 75% grade in the top three categories. Five Star had 71% and NRBA 68%. Given the margin of error in our sample, this is a dead heat.
REOMAC had the lowest percentage of negative grades at 25%. Five Star was next with 29% negative and NRBA with 32%. Again, the margin of error makes this tight.
The point to all this is to review your business development expenses and make sure you are spending wisely.
business – Rotate. Each conference attracts different source companies with REOs to list. Increase your reach.
John Czerw has been a leader in The REO industry for 30 years. He lead Fannie Mae and Freddie Mac's REO divisions for twenty years. In 2010 John formed The REO Consultancy which provides business development consultancy to the REO industry. Please feel free to contact him directly at 817-368-6981 or email email@example.com View all posts by John Czerw