Last month, our office was approached with an opportunity to List REOs. Can you believe it? The office told us that we were going to be HANDED REOs to list all it required was a few things:
- Get REO Certified through the Asset Manager $119
- Go Green - use their software to Electronically send and receive contracts $39/mo
- Successfully complete 25 eSigning ( test or real)
- Wait for the REOs to Roll Out
The listings will be coming from 5 major financial institutions over 5 States - CA, NV, AZ, TX and OR.
As you can imagine, my wife and I jumped out of our seat, grabbed our checkbook, and said were do sign?? The Certification took a few days to complete, and took about a week to really get the hang of E-signing. By the way - we do all our contract, disclosures and anything we can. Be on the look out as the software is going to be part of WinForms.
Back to what happened. We looked around and some people were sitting on their hands. For the last year, we had heard them complaining about how hard it was to break into the REO Listing market. Like us, they spent the last year laboring over $60 BPOs - hoping to get noticed. Here was opportunity looking them straight in the face, and they were frozen in their seats.
Can some complain that they do not have opportunity, and simply turn the other way when it stares them in the face? I think like most agents right now - Cash is a little tight. I lost sleep over the next couple of days wondering what was the rationale, and then it hit me. Spending the money on something that you can get immediate satisfaction or results is NOT AS RISKY as spending on something that you do not know will come to fruition. For $150 dollars - these agent were going to let opportunity pass them buy. I do not know where you are from, but that money will get me a Weeks tank of gas, or A nice dinner out with the family, or one month's payment to cell phone carrier and then it is gone. I have nothing else to show for it. Spending the money on things that have the chance of paying for themselves is usually a much better than continuing to flush it away!!
The other response was that "Unless I can get guaranteed listings, I do not want to sign up". Does this make sense? How many REO listings did they have before - ZERO - if they get NO LISTINGS there merely out the $150, and still in the same boat they are in now. Anything other than that not only brings them a "Guaranteed Sale", new Buyer prospects, and most importantly - REO LISTING EXPERIENCE!! Isn't that what we all want. Without it, try to approach an Asset Manager and request to service his listings - You guessed it. They laugh you out the door - unless of course - you know them personally.
I never thought breaking into listing REOs would be such a challenge for people? Our office began to recruit agents across the five states in order to fill the spots.... and wouldn't you know. We experienced the same kind of response from them - Skepticism. As we quickly approach the end of January... I simply look at these agents that we have come across and wish them Farewell - as yet another opportunity passes them by. It goes back to my BLOG about mindset. If you have time - please read it.
If any of you have ever been to the beach or watched surf competitions - you would take notice of something very simple that we overlook. Those that are ahead of the waves - Win. Those that are behind miss it - well you know what happens.
Be on the lookout for us to make waves in the industry!!
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