Well folks, there's a few telltale signs that the REO climate is about to change.....yep, the clouds are thickening, the skies are grey and the wind is whirling around like a funnel cloud ready to whip out debris across the countryside! The REO storm appears to be right upon us. So hold on to your hats!
Ok, here's what I, and a few of my most trusted colleagues, both brokers and other REO industry "insiders" have been observing:
In late fall 2016, many REO statistics jumped up very high. These included pre-foreclosures, new starts, repossessions and vacancies (Zombies).
I have been following and speaking to many people who are "in the know" and I have kept a watchful eye on their inventory levels, for the last 5-6 months. Generally, there is a sentiment that we are going to see a big increase. We are seeing increases already in many areas in fact.. It did not look great for the AM firms. In fact, even from the broker standpoint, we weren't really seeing any change in our levels from direct bank clients for a while. For months, we all sat wondering "where the heck are all of these properties going?" BUT, we have begun to see some changes brewing...
Since January, many of my broker and agent friends and coaching members have seen a nice INCREASE, in the number of assignments they are receiving from banks . The numbers are very promising. Believe me, as brokers who rely on selling foreclosures for a living, this has been one HUGE collective "WHEW" across the industry. We have all geared up for a solid Spring. It is also extremely exciting when these inventories rise, as it presents us with an opportunity to work in higher volume with more clients. This is a VERY GOOD thing, as personally, I find it such a tremendous learning opportunity for me and for my staff. Believe me when I tell you that these clients have some SUPER SHARP Asset Managers in their employ. I don't care how smooth, sharp and "perfect" you or I might think that our teams are, there is ALWAYS a lot to be learned from these guys. So I for one am always grateful at the opportunity. It's like high-level training for FREE-can't beat that with a stick! If you get the chance to sample a little learning from bank reps, GOBBLE it up as fast as you can friend. Stuff yourself like it's Thanksgiving and you haven't had a meal for days! It is absolutely delicious and unlike a big juicy Turkey, it definitely won't put your team to sleep! More like chugging a six pack of Red Bull!
Ladies and gentlemen, these are VERY VERY VERY good signs for the REO business. If you don't have any REO training then you need to get some. You are welcome to join me on REO Rockstars training calls, for 3 full months, absolutely for FREE, just by investing in my Uncensored REO Secrets System. I enjoy sharing, teaching and helping to make the REO business as clean, solid and prosperous as possible for both brokers and for our clients. Selling REO bears a lot of responsibility. The more good brokers we have, the better for all of us. Whether you learn from me or elsewhere-LEARN! Selling bank owned homes is going to be a large part of the real estate business for many years to come and now is a very good time to launch yourself to the next level in your career, by adding an REO sales division to your arsenal.
So, the signs are all there for a nice increase this year and over the next few years. And while we all hate to see anyone lose their home, as brokers we have a rare opportunity, call it a responsibility, to assist people in getting into good homes, without putting them at risk, while helping to maintain "value" in our communities. You see, REO is not a "bad" business at all. It is not "dirty" or a way to "dump" houses. It is a gift that I am grateful for every day. It is a rare chance to help clients and to positively impact the lives of occupants, in a very direct way, that most will never be fortunate enough to get.
Keep your focus on your principles and work very hard towards keeping them at their highest level every day. You will be rewarded for your GOOD work.
To your success!
