I frequently discuss different strategies, that REO brokers can use, to get REO listings, on REO Rockstars calls. And because we're dead smack at the onset of home selling season, I thought I'd take just a quick minute, to share 3 of the best ways to get bank owned properties (even though some of you THICK HEADED agents may have been too lazy to sit in on my last one hour FREE REO coaching call ;-). So here's the "lazy man's" way to cut in line and get your pipeline of foreclosure listings filled right up.
First of all, you need to get REGISTERED with as many banks, asset management companies and financial institutions, that handle REO properties, as possible. You can download a FREE REO Registration List here at REO Rockstars.com as part of your membership-No catches or gimmicks. Just some darn good, hardcore REO selling information.
Next, you need to start building relationships with specific Asset Managers, who handle properties on your state. How do you do this? There are many ways.....You can pick up the phone and CALL (Yeah...remember that old fashioned thing called a TELEPHONE that we used to use, before we learned how to hide behind email?). There are a few little "tricks" that you can use to always get to the right person, with ZERO resistance (even at Fannie Mae). I''ll discuss those in more detail, on one of the next REO Rockstars calls (Yep...another FREE REO coaching call that can make you boatloads of money). You can get a recommendation from another broker or asset manager (This is ALSO very easy if you know how to speak the language. There are a few "trick" phrases, that when uttered, can get your competitors and clients to eagerly jump in and help you out (Again, another topic for another call). But even not knowing the exact words, you can still ASK for help. Or maybe you just pick your butt up and fly out to actually meet the Asset Managers IN PERSON. Bottom line is, you can't be LAZY...Most brokers are. Most starve because of it.
Lastly, you should create a unique marketing piece and get it in the hands of the Asset Managers. Look, many REO broker "wanna-bees" come from the traditional side of real estate, where they had to do MARKETING to get business. So why do they think that they can just ABANDON marketing, when they want to get into the business of selling REO? YOU don't...DO YOU? (Incidentally, I will be posting some solid Marketing Samples, from my own bag of tricks, for REO Rockstars subscribers in the coming weeks.)
As I preach all the time to agents and brokers that I coach, creating and maintaining MOMENTUM is the key to being a wildly successful REO broker selling bank owned properties. Taking the passive approach is the way most choose to go, because it's easy and a hell of a lot less uncomfortable. Frankly, it's virtual suicide in his business. Might as well curl up in a dark corner and die, if you don't have the gumption to MAKE things happen for you today. Look around you at the carnage of washed up brokers, who just let this market swallow them up, instead of shifting into high gear with forward moving strategies.
THE DEADLY SIN THAT WILL PUT YOUR REO BUSINESS TO REST: Being a PEST!
Yep, being a pain in the a** will get you on the DNU list so quick, that you'll disappear before you're even a blip on the radar. There is a way to tactfully follow-up and position yourself as an eager and competent broker, who will move right to the front of the line for new assignments, and then there is a way to be looked at like a nagging mosquito, who the AM just wants to swat away. Be careful and use good sense. I'll help you more with this as we move further into hot season. 😉
To your success!
Mike Costigan
