Anyone with experience in the real estate industry will know that the Pareto principle (the 80-20 rule) is in full swing when it comes to doing business with REO companies and asset managers. 80% of REO listings are purchased by 20% of REO agents. Why is this happening and how can someone new to the REO business get asset manager listings?
The don’ts
There are as many “don’ts” in this business as there are “dos”. By sending unsolicited emails to asset managers, REO agents make the mistake of disrespecting themselves and missing out on what little chance there was of obtaining REO listings. Your time is valuable and most of these emails are deleted before you even read them. If you’re an REO agent, remember unsolicited emails or emails that start with “Hi, my name is Jeff and I signed up with you guys a couple of months ago and wanted to know when I can expect my first REO listing.” to be erased.
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 more than a cold response. Your job is to close as many deals as possible and not respond to their emails. If you can show them how to make their lives easier, then you have a chance to make your presence felt.
Remember that there are thousands of agents trying the exact same technique that has lost its effectiveness. In order to receive business, you need to think about how you can help an asset manager.
For example, an asset manager doing a market plan may need a cut of work and the best REO agents offer the market plan narrative that is clear, concise and objectively so perfect that the asset manager can use it without editing. . Yes, it’s a small step, but if asset managers have to deal with all the market plans and do 45-50 in a day, time adds up and literally clogs up their schedule.
Certifications, associations and networking
There are many certification courses for REO agents, both online and offline. This is a great way to be recognized as part of a talent pool. There are many online directories that help you get listed as an REO agent. These directories can be helpful in giving you relevant exposure just like your online address. You won a website that is locally optimized and found in search engines for every possible keyword, helping you get in front of your target audience: asset managers. Social networking sites like LinkedIn and Facebook also help you establish a dialogue with asset managers. However, REO agents must understand that this is a “social interaction” and not a sales interaction.
Your resume and promises
The key focus on your resume should be to highlight why you are different. Your target chooses someone in particular because they care about sincerity, dedication and total availability. If you can show asset managers that you never miss the ball and would let your other stuff wait for your priorities, your chances of striking a chord with them increase. Don’t over-promise and never write that we sell #1 in any given area, as asset managers know who sells and who doesn’t.
Website and search engine optimization
You must 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 appear at the top of Google. If not, you lose a great business opportunity and to be in front of your audience to share your story and tell them what you can do for them.
The things mentioned above are some basic principles to be followed by all REO agents who aspire to make it in the real estate industry. It’s time to latch onto your resume to begin with and start avidly looking for where the problems might exist.