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The Money Is In REOs

By Paul LeJoy

Real Estate Broker/Owner with Pacific Realty Partners 01467744

September 23, 2008 12:48 PM

Just returned from the Fivestar Conference in Dallas. It was a blast. It was my first. I met with agents who have 200+ listings at any given time and 50+ transactions in escrow. The bulk of the agents came from California, many from Nevada and Florida but also quite a bunch from Mid America. Some of these agents have been doing REOs for many years, a lot were new. But no matter the longevity, it seems the Fivestar Conference was THE place to be, and that for several good reasons: 1] That's where you meet all the asset managers from Banks, Servicing and Asset Management companies. 2] That's where you learn more about the industry and get certified 3] That's where you meet other real estate practitioners and learn from them.

One guy I met on my first day told me how Nationstar gave him 4 listings just on one day. That came because of the dinner appointment. 4 listings, how nice.

The market is for those who are masters of REOs. The question is, are you an REO master in your market?

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Christine Donovan

Donovan Blatt Realty - Costa Mesa, CA

Broker/Attorney 714-319-9751 DRE01267479 - Costa M

Sounds like it was a great experience and well worth your time.

Sep 23, 2008 12:58 PM

Eric Reid

Renaissance Realty Group of Keller Williams Atlanta Partners - Lawrenceville, GA

Trying to break thru .. onto the next level of as an REO agent .. any information you want to share with me ..in GA ... off line is ok

Sep 23, 2008 12:59 PM

Jim Coleman

Keller Williams American Premier Realty - Dundalk Sparrows Point, MD

Also trying to break through. I was with one of the leading REO teams in Baltimore, Maryland for 3 years, went part-time with another broker and pretty much got out of the REO game, but now I'm full-time again and don't have any Asset Manager contacts and don't know where to even begin! Any information you could share would be greatly appreciated.

Sep 23, 2008 01:06 PM

Cindy Jones

Integrity Real Estate Group - Woodbridge, VA

Pentagon, Fort Belvoir & Quantico Real Estate News

So far I haven't been able to break through to the REO managers either. Considering the job that some of the agents here the selection of agents to handle the business doesn't seem to be based on basic real estate or customer service skills

Sep 23, 2008 02:16 PM

Paul LeJoy

Pacific Realty Partners - Newark, CA

Creating Wealth and Lasting Relationships

Thanks for all the responses. They say that your Networth is Your Network. If you want to start listing REO's the first place to start is to sign up with many of the REO portals out there. You can start with www.reotrans.com, www.res.net, www.reonetwork.com. You can also sign up directly with the various lenders. I have a list of over 200 lenders and servicers. But the best part is actually to attend the Default Industry events such as the Fivestar one I attended in Dallas last week. REOMAC event is coming up in Hollywood, FL, next month. At these events you get the priceless opportunity to hobnob with industry powerhouses and get certified. Trust me, Dallas was my first experience. I only regret that I did not go last year or start much earlier. Granted, I have been in the real estate business for only 3 years. Another way to start is to have web presence. You need to have a website to showcase what you are capable of doing. See mine. Go to www.pacreo.net and let me know what you think. This is the site I use to communicate with asset managers and other key players, showcasing my capabilities.

If you have any more questions, please do not hesitate to comment here.

Sep 23, 2008 04:37 PM

Tom Montes

MGR Real Estate Services - Commercial/Residential - Rancho Cucamonga, CA

Thanks for all whom called me Inquiring about REO's , I 'd like to help all of you and for most i am helping we are moving right along...It feels good to hear the THANK YOU's after a buyer has received his product and everyone gets paid..Its a WIN WIN situation for everbody involved. This is an exciting business to be in right now...Please keep the calls comming in!!!!! Soon I will be assisting a seller with their REO's but selling in smaller blocks (2 or more) in Northern/Southern Cal......Products out there (most Satates) so call me ...Tom Montes (909)717-6131 Keep your eyes open for Tri-Mar Financial,Inc. located in Rancho Cucamonga,Ca.................... (we will soon be corpoarate in a very Large way !! We will be assisting home buyers in all facets of Real Estate. we will have the lowest rates available, easy qualifications, Refi's, Purchases, 100% financing, No loan Mod-we Refi @ a low fixed !! (on individual bases) commercial etc...:)

TRI-MAR FINANCIAL,INC

Rancho Cucamonga,Ca.

(909)717-6131

Call for details.....

Jan 20, 2009 04:34 PM

2010 will be the year for Short Sales. If you were not able to break into the REO business in 2009, try Short Sales. They are taking fewer days now to approve. As for REOs, try joining Harris Real Estate University. They have a great program.

Dec 22, 2009 03:02 AM

The Money Is In REOs

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