Diversification.........How many REO accounts are you carrying????????

I am sure that is a lot of work getting involved with all these REO accounts. Do you have assistants ?

in MI, i have about 5 REO accounts and growing. we have 400 listings and not even 10% are REO at this point. we are just getting REO listings and are selling them quickly, so i assume more will come quickly.

i know one agent in my market that has been at this from the Relo days and converted into an REO agent and now has a contract directly with Fannie Mae. he also has Countrywide. ive heard that he is not taking any further REO clients and has done close to $15million this year (now #2 in our Board), almost all selling side and $11million last year. we are the top selling team in the local market and we should do about $30million (just to give you an idea of the market size/volume).

i think my approach is to diversify my REO clients with a few banks and and few asset managers. i dislike the asset managers, as they normally take a referral fee.

Bryan, with 6 accounts... how many active listings does that average?

Bryan...we are working with about 7 accounts here in the Metro Detroit area and looking to expand to 10.

We are working with 4 and would like to expand to 10 in next 3-6 months.

I work with 9 including two hedge funds

Bryan -

Great topic!!!  As a Virtual Assistant that assists REO brokers nationwide, I see my successful REO clients carrying about 7-12 different REO accounts.  This is 7-12 totally separate sources...not just once asset management company that represents 7 different sellers.  Make sense? 

In my opinion, bad idea to put all your "eggs in one basket".  You never know when an REO seller will decide to do something different with the portfolio.  Back when I was an Asset Manager, I remeber pulling all my inventory in one city and doing an auction of all the inventory.  This type of directive happens and you don't want to be the agent servicing only one REO seller.

Just  my opinion!