Anyone with experience in the real estate industry would know that the Pareto principle (the 80-20 rule) is at full swing when it comes to getting business from REO companies and asset managers. 80% of the REO listings are acquired by 20% of the REO agents. Why does this happen and how can someone new in the REO business can get listings from asset managers?
There are as many “don’ts” in this business as there are “do’s”. By Sending out unsolicited emails to asset managers, REO agents make the mistake of disrespecting themselves and losing whatever slim chances existed of getting REO listings. Their time is valuable and most of these emails get deleted even before they are read. If you are an REO agent, remember that unsolicited emails or emails which start like, “Hello, my name is Jeff and I signed up with you a couple of months back and I wanted to know when I can expect my first REO listing” bound to get deleted.
An asset manager needs to do as many closings as possible in a given month. They need to close more to earn more and if you send uninvited emails, then you are asking for nothing but a cold response. Their job is to close as many deals as possible and not to reply to your emails. If you can demonstrate to them how to make their life easier, then you stand a chance to make your presence felt.
Remember that there are thousands of agents trying the same exact technique which has lost its effectiveness. To receive business, you need to think about how you can help an asset manager.
For example, an asset manager who is doing a market plan may need some work cut off and the best REO agents offer the market plan narrative which is clear, concise and factually so perfect that the asset manager can use it without editing. Yes, it is a small step but if asset managers have to deal with every market plan and they do 45-50 in a day, the time adds up and literally chokes their schedule.
Certifications, associations and networking
There are many certification courses for REO agents, both online and offline. This is a good way to be recognized as the part of a talent pool. There are many online directories which help you get featured as a REO agent. These directories may be helpful in giving you relevant exposure as are like your online address. You won website which is optimized locally and found in search engines for all possible keywords should help you get in front of your target audience – the asset managers. Social networking sites like LinkedIn and Facebook also help you establish a dialog with the asset managers. However, REO agents need to understand that this is “social interaction” and not sales interaction.
Your resume and promises
The key focus on your resume should be to highlight why you are different. Your target selects someone in particular as they care about sincerity, dedication and all round availability. If you can show to the asset managers that you never drop the ball and that you would let your other things wait for his priorities, your chances of striking a chord with them increase. Do not overpromise and never write we sell #1 in a given area as the asset managers know who sell and who don’t.
Website and search engine optimization
You should have an optimized website. Period. By optimized, we mean that when someone searches for “Area Name”+ REO Agent or REO Agent in “City” your website should show up on the top of Google. If not, you lose a great opportunity of business and being in front of your audiences to share your story and tell them what you can do for them.
The things mentioned above are some basic principles that should be followed by all REO agents who aspire to make it big in the real estate industry. It is time to hook on to your resume to start with and start avidly looking for where the issues may exist.