DS News

DS News September 2017

DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.

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Page 87 of 117

84 certain brokers are REO agents. Communicate the fact that you are an REO specialist. Rather than trying to be a broker who does it all and is everything to everybody, develop your niche in what you excel at, and market yourself as the expert in REO. ere are many brokers out there and when banks are looking for REO services, they need to know that the broker they are contacting has the expertise necessary to handle their properties. If you've marketed yourself as the REO expert, there is a better chance that they will choose you to work with them. REO should be in your title on your LinkedIn profile, along with any other social media platforms like Facebook or Twitter that you are using. Make sure these profiles are current and updated with key words relating to the REO industry, and then participate in REO industry forums and LinkedIn groups to establish your expertise. Review your website and make sure that an REO services description is included on your home page. While your website might be targeted to your buyers, at the minimum it should include a reference to your REO capabilities. Even better, develop a special page on your website specifically for bank clients, and include your REO services and certifications. GET ACTIVE Be involved in the REO industry by participating in industry events and conferences like the Five Star Conference where you benefit from both gaining industry kowledge about trends and developing relationships. Membership in industry associations like Five Star Federation of REO Certified Experts (FORCE) is vital to your credibility. List your memberships and affiliations on your social platforms and your website. Brokers can also leverage technology certifications by getting certified on popular platforms such as Equator and RES.NET that asset managers use to manage properties and agents. Being certified clearly shows that you are a true player in the REO industry and can provide an opening for additional business. Another industry source that you can leverage is the "REO Red Book," which is a national directory for the default servicing industry and leading source for REO agent referrals. e online directory allows brokers to create a profile with vital information so that asset managers can easily find an agent to manage their properties. e "Red Book" charges a fee for the listing and should be considered an investment that is well worth it. According to Lisa Capecci, a Five Star-certified Maryland broker with Coldwell Banker Residential Brokerage, who joined the Red Book directory three years ago, "Red Book" is very beneficial to me to connect with asset managers and investors looking for REOs." Eileen Bumba, another Maryland broker with Long and Foster, who has been using "Red Book" for more than 15 years, added, "If I go to a new bank, it is good to say that I am listed on "Red Book" and use it as a reference." ADVANCE YOUR COMMUNICATION Excel at your current work. Communicate the status of the project before the due dates. Don't wait for the bank to request updates. If your client requests trash-out confirmation by July 8, provide confirmation on July 6 that the trash out was completed. Stay one step ahead of your clients to make their jobs easier. In this day and age of texting, it is quick and effective to send an "update text" either on Monday mornings or at the end of the workweek to let your client know how the projects are progressing. Have you ever met a client who said, "My REO agent overly communicates?" Probably not. And you will be surprised how well you will be received for participating in update texting. Also, regularly communicate by email and by the platform tools that they are using, like RES.NET and Equator. Make sure that you are using the tools and methods that they prefer. Avoid phone calls, which can be disruptive. USE AN APP FOR THAT To help manage your properties, enlist the use of a mobile app—one popular one is Pruvan, a photo app designed for the service industry that connects you to the field and your clients with certified photos, videos, and mobile forms. You can eliminate hours of work and better man- age your quality of service, and stand out from the rest of the competition at the same time. If you are managing multiple properties, it's impractical to run around taking photos and uploading them. Let an app do everything for you to take care of your weekly inspection photos required by the banks. APPLY THE THREE Ps: PATIENCE, PERSISTENCE, AND PROFESSIONALISM In times of low inventory, when your business and livelihood are on the line, it's easy to get a little discouraged. Don't! Instead, keep your mental attitude up. Be persistent, not desperate. Weekly follow-up to asset managers is acceptable. Daily follow-up is desperate. It's a good idea to make sure you're talking to the right person. It doesn't hurt to call that out in an email and ask to be connected to the correct person, if by chance they are not the person responsible for assigning REO properties to brokers. Plus, it could be that there is a new person you should connect with and perhaps do it in person for the first meeting. If you connect with an asset manager who is receptive to your services, suggest meeting in person or over coffee, and provide them with an informal presentation of your expertise and your track record. Be patient, persistent, and professional. Don't nag. Understand that some brokers may receive hundreds or even thousands of emails every day. TEAM UP Align yourself with a reputable and experienced REO service and preservation contractor. While many banks have a contractor as part of their team, many do not. Be prepared to offer preservation or REO contractor services, should the asset manager need work done on the properties. Once you have developed a relationship with a preservation and REO services contractor, it can't hurt to query about banks that seem to be most active with their inventories in your area. People tend to do business with people they know, like, and trust. Ultimately, developing and cultivating relationships is the key to building your business. Follow these tips and you are certain to get more properties—even when inventory is low. "Align yourself with a reputable and experienced REO service and preservation contractor ... Be prepared to offer preservation or REO contractor services, should the asset manager need work done on the properties."

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