Realtor Coaching & Training: How To List REO's
What is the state of the housing recovery?
A sharp drop in pending home sales for January is the latest in a string of reports calling into question the health of the housing recovery.
The housing recovery is “in a precarious state,” says Robert Shiller, Yale professor, author and co-creator of the S&P Case-Shiller Index, taking a much more pessimistic view vs. his comments here last July.
Shiller’s eponymous index, which has risen for seven straight months through December, “shows some weakening of the upward burst” from last year, but is still going up on a seasonally-adjusted basis, the professor says. “If I were to forecast based on my usual models of years ago I would think we’ve turned a corner, we’ve bottomed and we’re turning up.”
But that’s a very big “if” and Shiller says there are reasons to wonder whether this time is different, or certainly to be worried about the sustainability of housing’s recovery:
* — Only the Shadow Knows: Housing experts say there’s anywhere from 2 to 5 million homes ready to come on the market, due to pending foreclosure. How soon…this year and into next year. This DOES NOT include the up to 15,000,000 other homes that may go into foreclosure over the next few years.
Do YOU think its too late for you to become a REO Listing Agent…and make money from BPOs? Its not. The banks are boiling over with REOs. Watch the FREE Agent REO Secrets video now…and download the new 2010 REO Secrets book. Free List of Asset Managers and other info you need know to cash in on the explosion of REO Listings!
*– Strategic Default…”I think people will become less resistant to defaulting on their mortgage,” Shiller says. “That’s a real cloud on the horizon.”
* — What happens when the fed stops buying the MBS’s. What this will result in is that the artificially low mortgage rates will increase as the secondary market demands returns greater than what are currently being offered.
*–The home buyer tax credit ends this spring… “We can’t just slam on the brakes and withdraw that — we could but I’d hate to see what happens,” he says. “When [government programs] do end there’s going to be a psychological component of that ending as well, which is really hard to predict.”
For that reason, Shiller expects some or all of the government housing programs will be extended, raising the broader question of how the government removes all the liquidity that’s been provided.
“It’s very hard to get out of this mess,” he says. “We have to transition to a more [market-based] economy. It’s going to be a difficult transition. That’s why I have worries for years forward.”
Agents, as Dr. Shiller is making clear in this video….and as we have been telling you…THIS MARKET IS THE NEW NORMAL. What homes are selling now? Short Sales and REOs. Do whatever it takes to learn how to list and sell short sales. Watch the FREE HREU CDPD Agent Short Sale Secrets video now..and grab your FREE Short Sale Secrets book!
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As Promised, here is the email that I sent to all Harris Real Estate University students earlier today….join us for this weeks HREU RSD Agent REO Secrets FREE event!
Hello,
Tim Harris here…
You are serious about taking REO listings…right?
Of course you are…
After all, everyone knows that REO listings are the listings to have in this market. Take a look around your market. Who are the top producers…the agents raking in all the dough?
The agents with the REO Listings.
Go here now for all the call-in info for this Thursday March 4th how-to list REOs Event:
Important Link—> Agent REO Secrets Event Info
Now, the real question is…How do YOU become an REO Listing Agent?
Here’s how…
Several months ago we held the *F-R-E-E* Harris Real Estate University Agent REO Secrets teleconference….As we expected, that call was completely full.
This is the intense live 90 minute teleconference (or webinar) where you get direct access to all the secrets you must have to get started in the make-money-now business of bank owned homes, REOs.
On the last call we announced that we were closing the doors for the Agent REO Secrets class……for at least 90 days…
….and that is exactly what we have done.
Unless you contacted us directly….you couldn’t enroll in the class..
Here is what happened…we received many requests from agents who missed the last REO Secrets Event….They were all asking (make that demanding) that we provide another FR-EE Event…
So, that’s what we are going to do…..THIS THURSDAY March 4th….
We are setting aside 500 spots for this week’s Agent REO Secrets teleconference (or webinar). I suspect that (like the call before) all of these spots will be taken….
In other words, we have limited space and it’s first come…first served. (Call in or log-in at least 10 mins early)
Here is the information for the call..
THIS THURSDAY March 4th, 2009 you are invited to attend the Agent REO Secrets Teleseminar.
Go here now for all the call in info:
Important Link—> How-to list REOs Teleconference
This is going to be another fantastic call. You will get direct take-action-now access to real agents who are making real money listing and selling REOs….
We are interviewing 3 fellow Realtors who have become REO listing machines…
1) An agent from the Midwest who is listing REOs like a mad man…He is now taking 4-6 new listings directly from REOs per week……making more money and its taking 50% less time and effort. Last year alone he sold 144 homes…90% REOs!
2) You won’t believe our next agent expert’s REO experience…he is listing dozens of homes directly from 5 REO sources this month. That is not a typo…20+ listings. You will learn exactly how he is doing it…we are holding nothing back!
3) As promised we will also interview an agent from California…Jennifer. She is making a fortune doing…BPOs. Matter of fact, she has been averaging well over $10,000 per month…from BPOs!
Your spot on this THURSDAY’s March 4th Agent REO Secrets teleconference has been reserved. Remember, this teleconference is no cost to you.
Go to this link now for important call-in information:
Important Link—> Agent REO Secrets, List REOs Event Info
Remember, we only have 500 spots available for this teleconference.
Once those ’seats’ are taken..they are gone.
To guarantee your seat… here is what you need to do…
You will want to call in (or log in using the webinar) at least 10 minutes early to be guaranteed your spot.
When you attend the event this THURSDAY here are a few of the things you will learn:
1) How to contact the lenders…YES…we are giving out names and numbers of the largest REO companies.
2) We will tell you exactly how to ‘present’ to the REO companies so they will want to list their homes with you.
3) You will learn the 3 biggest mistakes you must avoid at all costs.
4) How to make money now from BPOs.
5) Here is a new topic…IF you have REO listings we will tell you the top 3 reasons you will lose those listings…YES, the banks are pulling listings…you must know these 3 crucial mistakes to avoid.
On this 90 minute call you will learn our proven step-by-step process to becoming an REO listing agent.
We aren’t holding anything back on this call. Get ready to take pages of great notes.
Here is the best part about these 3 agents…none of them had any REO listings 6-12 months ago. They applied what they learned from Agent REO Secrets and are now having their best years ever.
Go here now for all the call in info:
Important Link—> How-To List REOs Teleconference (or Webinar) Info.
One more thing….I know this sounds crazy. Please don’t share the info about this call with other agents. We expect the call to be completely full.
Speak with you soon!
Tim and Julie Harris
P.S. This is not a ‘fluff call’. We respect your time and will be
giving you the information you must have to cash in on the REO
listings explosion taking place right now.
P.P.S. This call is taking place at 12:00 pm PST, 1:00 pm MTN,
2:00pm CTR, 3 pm EST.
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More on the just released Case Shiller Home Price Index:
* US Home Prices have been rebounding since April 2009.
* Shadow Inventory…bank owned homes….are going to be a huge problem.
* Many buyers entering the market now because many people simply…feel better…more confident.
* Dr. Shiller thinks the banks Shadow Inventory could reverse the positive trend and there will be another 10% of home value loss in the next 24 months.
Agents, read this post about how to become a REO Listing Agent:
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ExcellentREO is selecting their Asset listing agents…we have been hearing from Harris Real Estate University students for the last 2 days thanking us for helping them to become ExcellentREO Listing Agents.
Congratulations to all of you
If you were not selected…or would like to become a REO Listing Agent do this now:
1) Enroll Now with Harris Real Estate University to earn your RSD (REO Specialist Designation) <—–Enroll NOW, List REOs.
2) Listen to the exclusive HREU Interview we did with the President of ExcellenREO. <——–Listen NOW, Free Cary Sternberg Interview replay.
Congratulations HRC Agent! You are receiving this notice because you have been selected to partner with Excellen REO based on your efforts with Titanium Solutions and experience with REO properties. In order to assist you in making your decision, we have outlined a few major topics below and included an attached “Broker REO Assignment Guidelines” document which details our expectations during the life cycle of each asset. This information should answer many of your questions and help you make a decision to join Excellen REO or not. You will receive a second email shortly with a personal link to update us on your decision and to submit questions and comments. We hope you decide to join Excellen REO as a listing agent but due to the nature of our business, we cannot guarantee you will receive any listings.
RES.Net
RES.Net has been selected as Excellen REO’s primary platform. In order to receive REO assignments (when they become available) from Excellen, you must be signed up with RES.Net. There is a $250.00 a year fee for basic RES.Net membership which is all that we require. The upgraded AMP membership is preferred but is not required. An AMP approved agent will receive priority over an approved Basic Agent. RES.Net offers a 5-Star certification training program and all agents are strongly encouraged to complete. Signing up with RES.Net does NOT Guarantee any assignments from Excellen. However, being signed up with RES.Net means that you are at least qualified to receive assignments from us as well as other servicers and outsourcers that use RES.Net.
Education
In addition to your RES.Net membership and training, you will be required to complete two online real estate training courses at Default Resource, www.defaultschool.com : REO Best Practices and Advanced Evaluations. These courses are $249.00 each and must be completed with a minimum score of 80 within 30 days of receiving your first assignment. After completion, you will receive the RDCPro designation which will satisfy our requirements, and you will be added to Default School’s database of graduates for all of their clients to access on a daily basis.
Agent Compensation
A 6% commission will be paid on closed sales or a $2,000.00 minimum fee. If there is a co-broke situation, the 6 % commission will be split equally. Listings agents will in turn pay Excellen REO a case management fee equal to 1% of the sales price or $350.00 if the minimum fee is earned.
Marketing Strategies for Assets
Agents sign a 90-day listing agreement with Excellen REO. If property is not under contract within 90 days, the agent submits a 30-day quick-sale price. If this suggested price is more than 20% deviation from the original list price, a third-party reconciliation will be completed to determine the new quick-sale list price. Agents will sign a 2nd listing agreement for 30 Days at the new quick-sale price. At the same time, Excellen will notify our auction company that this asset may become theirs to sell if it is not under contract within 30 days. If the agent is unable to negotiate a sale for the asset by the 120-day mark, the listing with Excellen REO will terminate. Agents will not be paid a commission for assets sold at auction unless they have been engaged by the auction company to assist them, and any commission paid will be between the agent and the auction company.
Property Preservation Companies
Excellen REO has contracted with two national property preservation firms to manage repairs and maintenance of our assets. They will activate utilities, perform a list of initial services to bring the asset to marketable condition, and perform recurring services throughout the listing agreement to make sure the asset is maintained. The listing agent will rarely have any out-of-pocket expenses for the asset other than the usual marketing and listings costs. Please note that some clients may not permit us to use national preservation companies and will ask that the agent take on those tasks normally performed by the PP companies. In those cases the agent will be responsible for paying the contractors and billing the client or Excellen REO depending upon the assignment. If you are unable or unwilling to make that commitment, please advise the asset manager and the property will be re-assigned.
Frequently Asked Questions
o How many assets can an agent be assigned to at any given time?
§ 20, unless special circumstances exist
o Where will my property assignments be located?
§ Assets may be assigned to agents whose service address (home or office) is within 15 miles of the asset.
o When can I expect to start receiving listings from Excellen?
§ We are expecting our first portfolio in the near future. How many assignments you might receive from Excellen depends upon who we service for and where their assets are located.
§ If there is more than one approved agent in a market area, the assignments will be made on a rotating basis. When it appears that any agent(s) might exceed the 20 asset limit, we will recruit additional agents that meet our qualifications
o Can I work with an REO Team to manage my listings or do I have to personally perform all of the services?
§ Yes, you can work as a team but as the listing agent, we expect you to be completely up to speed on every asset and able to answer any questions that may arise from our asset managers on a moment’s notice. We have listed the property with you and not your team, so it is critical that you are our expert on the property.
Other Requirements
o Agents must have a digital camera with the ability to upload photographs
o Agent must have scanning and email capabilities
o Agent must have office or cell phone with detail message capability, preferably text and email
Please respond within the next 48 hours to let us know if you wish to partner with Excellen REO. If you decide to decline, we can assure you that it will not affect your relationship with Titanium Solutions and future HRC assignments.
Thank You
If you weren’t selected…read this:
Dear HRC – Last month when we put out our initial survey for HRC’s to indicate an interest in becoming an REO agent for Excellen REO we received over 5,000 responses. After the initial survey was closed we received another 1,000 or so inquires.
Our Vendor Relations Department headed by Ashley Ackerman has been working diligently to review each application. From the initial inquires of over 6,000 agents we have narrowed down the field to approximately 1,100 agents who have or will be receiving email communication regarding their selection TODAY! Congratulations to all those selected. Please follow the directions on the email to complete the process and welcome aboard.
If you did not receive an email today from Mr. Ackerman it means that you were not included in the first round selection process. It does not mean that you did anything wrong or that you do not have a chance to become an REO agent for Excellen. It just means not today. We have a number of areas throughout the country and you can imagine which ones they are, where we have dozens of HRC’s who are both qualified and interested in becoming an REO agent for Excellen. We have initially limited selection to 5-7 brokers maximum per market. Once we start taking in assets and assigning them out, if we find that we need additional agents in any areas we will immediately go back to our list and notify the next in line.
Selections were based on the following criteria in their order of importance. Length of time as an HRC. Number of assignments as an HRC. Recent past REO listing experience. Present REO listing and sales experience. Current REO listing inventory. RESNET AMP member. RESNET basic member. Default School certification. REO Association affiliation.
If you are a loyal HRC but were not selected in the initial round, please understand that you could be called into action by Excellen at any time and we look forward to having enough business to give everyone interested a chance to work with us.
I am sorry that Ashley and I cannot talk with each of you but the numbers are just too great. Please do not call or email to find out if you are on the initial list and if not, why not. As soon as we have additional openings we will be in touch.
We thank you for your service to Titanium Solutions and you interest in working with Excellen REO. We will be in touch.
Thank You
Cary B Sternberg
President, Excellen REO
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HREU students and future students…please (PLEASE) read this post and watch this video…
Warning: The second half of 2010 is going to be tough…Leading to a housing double dip. We anticipate a significant increase in foreclosures and continued property value loss. Don’t be surprised if homes in most major markets depreciate another 15-20% in 2010.
DON’T Panic. Read this post now. We want you to know what to expect next…and we will tell you exactly what to do now.
….Be prepared for what is coming next…take actions today (NOW) so that you will be ready. Operate as if you knew for sure that everything was going to be ‘worse’. Be over-prepared.
Here is exactly why the second half of 2010 is going to be worse than perhaps anything we have experienced so far: (housing related)
1. The Treasury Department has made it clear that the purchasing of Mortgage Backed Securities (MBS’s) will come to an end in the spring. Mortgage interest rates will increase.
2. Fannie and Freddies lending standards have increased significantly. Read last weeks post.
3) Fannie and Freddies continued existence is now in question. Last week Barney Frank more or less said that Fannie and Freddie need to be closed….that they have failed. What comes next…no one knows. What will result?…higher mortgage interest rates. Read story here.
4. Lack of financing for non-Fannie/ Freddie borrowers. There is a glut of non-FHA qualifying homes for sale…so-called luxury homes…and those homes will depreciate significantly as would be buyers can’t secure a loan. Add to this retiring and downsizing baby-boomers.
5. Loan modifications that don’t offer principal mortgage balance reductions are failing. In other words, if someone has a lower payment..and is still upside down in their home…chances are they will allow the home to default.(Again)
6. Unemployment. This is a wild card. If unemployment rates continue to increase or more importantly don’t decrease…this summer…expect to see vastly fewer buyers. Folks won’t feel confident buying a new home if they are even remotely fearful of losing their jobs. Bottom line, ‘consumers’ won’t consume if they are worried about money.
7. Inability for upside down homeowners to re-fi. As mortgage resets kick in (starting in massive numbers this summer) and homeowners simply can’t re-fi…and they know their homes have lost value…we know what they will do, don’t we. They will either do the smart thing and sell the home via a short sale or they will let the home go back to the lender…which will lead to another foreclosure.
8. Lenders taking their REO inventory out of the ’shadows’ and dumping the homes on the market. Agents, this IS HAPPENING NOW. More info on this subject here.
9. Commercial Defaults. YES, they are coming. What do we know? We know that commercial borrowers have usually no emotional ties to their commercial ‘investments’. Once a commercial unit no longer makes financial sense the borrowers default. Vacancy rates, resetting mortgages, falling rental rates…surge in commercial foreclosures.
10. Expiration of the (surprisingly) effective home buyer tax credit. Agents, the increase in housing sales late last year is now being attributed to the tax credit. As you know they credit was extended…through April of this year. If that credit isn’t extended…housing will hit a wall.
OK, scary stuff…right?
For agents who aren’t prepared for what will happen mid-2010…this year may very well be their last year in the industry.
Who will be the survivors (and thrive-ers) in this market? You already know the answer, don’t you? Agents who are listing and selling short sales…and agents who have become REO listing agents. We have made it very easy for you..
1) Become a REO Listing Agent. Watch the FREE Agent REO Secrets video and grab your FREE Agent REO Secrets book. We will now show you exactly what you can do now to become a REO listing agent. We will also show you how to make money now from doing BPOs. Watch the FREE Video Now, Grab Your FREE How-To List REOs book NOW.
Next, learn the NEW 2010 ways to list and sell short sales.
2) Earn your HREU CDPD. In case you missed it, late last year the Treasury department hit the hard reset on short sales. Now, starting in April, most major lenders are adopting the new guidelines. Bottom line, the streamlined short sale. Watch the FREE Short Sale Secrets Video Now and Download The FREE Short Sale Book.
Here is the CNBC Video:
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Did you join us on today’s Agent REO Secrets teleconference?
Great call…if he missed it..listen now to the FREE the REPLAY.
Based on the feedback after the call…..today’s How-To List REOs teleconference may of been our best REO Secrets Call..ever!
I have to admit…I was more than a little nervous about today’s free call.
Why?
We have never had 4 Expert REO Listing Agents on one call before…could of been a real case of herding cats…but, it wasn’t. Matter of fact, the agents who helped with the event today all did a fantastic job…
Mark Shandrow from LA. Tracking to sell 200+ REOs in 2010…
Eric Reid form Atlanta Georgia…sold nearly 60 REOs last year and should sell 100+ in 2010….
Jennifer Doak from California…she is the HREU BPO Queen…get this…she has earned nearly $30,000 in the last 60 days…ALL FROM BPOs!
and of course..
Rodney Forbes. Rodney is an emerging power house from West Palm Beach Florida. He has been taking REOs for a couple months…a new REO Agent. Because Rodney is an exception agent he has secured a couple simply massive Asset Manager relationships.
Here is the link to the replay of this call.
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