2010’s INCREDIBLE POTENTIAL FOR REO AGENTS
There’s no question about it – for an REO veteran like myself, the last couple of years have been amazing and revolutionary. What was a small niche of the real estate market has become a domineering force – and I was lucky enough to specialize in this field long before that transition. That meant while many people were anxiously trying to learn how to become an REO agent to get in on the action, I already knew the ropes and then some.
As I saw this “perfect storm” of foreclosures coming, I knew it was the right moment to begin ASREOS (The American Society of REO Specialists) a little over a year ago. Now everyone wants to know how to get REO listings and obtain the inside knowledge necessary to deal with REO properties.
ASREOS was set up to do just that – with our valuable interviews with top REO agents, our members-only forum where REO pros can swap enlightening tips, the online profiles we provide our members and, of course, the top-secret REO Sellers list that only our folks get access to.
For any of you thinking this REO boom was just a momentary fluctuation, think again. Foreclosure rates and mortgage default numbers continue to escalate, because of the horrible jobs picture – and that picture isn’t expected to brighten any time soon.
It’s unfortunate to see all these homeowners in trouble – but, as I always say, the best thing, when foreclosure happens, is to get these REO homes on the market and sold ASAP. It helps the economy, it helps the neighborhoods where these homes sit vacant often for months and it helps the real estate market to stabilize.
When some experts estimate the “shadow inventory” of foreclosures that have yet to be officially recorded in the real estate numbers at 7 million, even I can’t believe it – but that’s just what people in the know are saying. Even I don’t predict that all of them will become REO properties – but if even half of them do, that will be more than the official number of foreclosures recorded in 2009.
The REO opportunity in 2010 will be bigger than the last two years – because these REO homes will need to be sold to help out the struggling banks and financial institutions that own them.
I hope that all of our ASREOS members had a profitable 2009 – and I wish all of you the best in 2010. For those of you considering exploring how to be an REO agent and how to get REO listings, I hope you stop by www.ASREOS.com to see all we have to offer.
Happy New Year and let’s hope 2010 is a good one for everyone in America.
