Millionaire Agent Academy » Asset Managers

Quick and Dirty Ways to Get REO Assignments and the Deadly Sin You Must NOT Commit!

Mike Costigan — Thu, 13 May 2010 14:23:12 +0000

I frequently discuss different strategies, that REO brokers can use, to get REO listings, on REO Rockstars calls. And because we’re dead smack at the onset of home selling season, I thought I’d take just a quick minute, to share 3 of the best ways to get bank owned properties (even though some of you THICK HEADED agents may have been too lazy to sit in on my last one hour FREE REO coaching call . So here’s the “lazy man’s” way to cut in line and get your pipeline of foreclosure listings filled right up.

First of all, you need to get REGISTERED with as many banks, asset management companies and financial institutions, that handle REO properties, as possible. You can download a FREE REO Registration List at REO Rockstars.com (all you need to do is subscribe. It is 100% FREE. No catches or gimmicks. Just some darn good, hardcore REO selling information.

Next, you need to start building relationships with specific Asset Managers, who handle properties on your state. How do you do this? There are many ways…..You can pick up the phone and CALL (Yeah…remember that old fashioned thing called a TELEPHONE that we used to use, before we learned how to hide behind email?). There are a few little “tricks” that you can use to always get to the right person, with ZERO resistance (even at Fannie Mae). I”ll discuss those in more detail, on one of the next REO Rockstars calls (Yep…another FREE REO coaching call that can make you boatloads of money). You can get a recommendation from another broker or asset manager (This is ALSO very easy if you know how to speak the language. There are a few “trick” phrases, that when uttered, can get your competitors and clients to eagerly jump in and help you out (Again, another topic for another call). But even not knowing the exact words, you can still ASK for help. Or maybe you just pick your butt up and fly out to actually meet the Asset Managers IN PERSON. Bottom line is, you can’t be LAZY…Most brokers are. Most starve because of it.

Lastly, you should create a unique marketing piece and get it in the hands of the Asset Managers. Look, many REO broker “wanna-bees” come from the traditional side of real estate, where they had to do MARKETING to get business. So why do they think that they can just ABANDON marketing, when they want to get into the business of selling REO? YOU don’t…DO YOU? (Incidentally, I will be posting some solid Marketing Samples, from my own bag of tricks, for REO Rockstars subscribers in the coming weeks.)

As I preach all the time to agents and brokers that I coach, creating and maintaining MOMENTUM is the key to being a wildly successful REO broker selling bank owned properties. Taking the passive approach is the way most choose to go, because it’s easy and a hell of a lot less uncomfortable. Frankly, it’s virtual suicide in his business. Might as well curl up in a dark corner and die, if you don’t have the gumption to MAKE things happen for you today. Look around you at the carnage of washed up brokers, who just let this market swallow them up, instead of shifting into high gear with forward moving strategies.

THE DEADLY SIN THAT WILL PUT YOUR REO BUSINESS TO REST: Being a PEST!
Yep, being a pain in the a** will get you on the DNU list so quick, that you’ll disappear before you’re even a blip on the radar. There is a way to tactfully follow-up and position yourself as an eager and competent broker, who will move right to the front of the line for new assignments, and then there is a way to be looked at like a nagging mosquito, who the AM just wants to swat away. Be careful and use good sense. I’ll help you more with this as we move further into hot season.

To your success!

Mike Costigan

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Foreclosure Inventories are Volatile. An Easy Way to Survive as an REO Broker!

Mike Costigan — Mon, 10 May 2010 18:08:50 +0000

I get these questions daily from REO Rockstars subscribers and from foreclosure brokers that I am coaching; “What is happening with bank owned properties?” “Why are the inventory levels fluctuating so much now?” “What can I do to keep from going under?” My explanation is this: The government and the banks are trying desperately to stop this huge flow of distressed properties from hitting the market. The government, of course, wishes to preserve home ownership and neighborhood values. The banks, of course, wish to SAVE MONEY and REDUCE LOSSES. As a result, we are seeing many new programs and strategies implemented, in an effort to keep foreclosures from taking place, and to offset losses, by disposing of bad debt though other means, like short sales. An interesting note that you may or may not know, is that banks are consistently seeing about a 15 point higher return on short sales vs. foreclosures-only makes sense that they look towards these alternatives, as additional methods of property disposition.

Does this mean an END to REO is coming? Does it mean that we are going to see the REO world shrink drastically-NO WAY FOLKS! Here’s the raw truth….Banks simply do not have the capacity to process “shorts” at the moment. Nor do they have any real evidence that shows them as a long term solution. Much like the big “loan mod” craze (HAMP) that proved to be an outright failure, short sales come with a myriad of circumstances and anomalies, that will NOT allow them to be some sort of “one shoe fits all” fix for today’s housing bust. Just not possible. Frankly, it’s a big mess out there and there just ain’t no easy way across the river of debt bubba!

But TRY they will. And their efforts will (and already have) disrupt the ebb and flow of REO inventories. All year, we’ve been riding the wave of inventory to new heights, then seeing it crash to record lows. Will they ultimately find a big, world changing solution?-doubtful. But they will find little patches and band-aids for their ailments. Most will peel off and expose the old wounds after a few months of wear and tear. But these little speed bumps will surely impact inventories along the way. We as REO brokers simply must hike up our boot straps and do the best with what we’ve got. We must continue to build our relationships with asset mangers and banks. We must do SUPERIOR jobs, so that when levels get low, we are the brokers who get those REO listings. And we MUST strive to improve the overall climate of the REO world ourselves, within our own businesses. In my own personal REO business, our internal policy (which, incidentally is much like that of Fannie Mae and Freddie Mac) of putting occupants into good homes, without great expense after the sale, and selling at the highest reasonable prices, not only serves my community well, but it is good for the buyer and the client. THESE PRINCIPLES will always keep me in business, regardless of market shifts…No question about it.

Don’t stress about inventory fluctuation folks. Have an extra cup of coffee and carve out extra time each day to work on “momentum” strategies when things slow down. ALWAYS think about how you can build for tomorrow. DO NOT flip out about today’s lows. It kills your spirit. This is a 12-month business every year. Ride the waves and do a consistently excellent job. It all comes full circle in the end.

To your success!

Mike Costigan

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Would Fannie Mae Hire YOU As an REO Broker?…REALLY?

Mike Costigan — Tue, 20 Apr 2010 21:07:39 +0000

Do you REALLY have what it takes to get in with the big companies as an REO broker? Would they TRULY want to hire you to sell foreclosures on their behalf? Be honest with yourself now…Selling bank owned homes is a lot of work and it involves many special REO processes, that you need to know to a “T”, if you are going to be considered for REO assignments from companies like Fannie Mae. To REALLY “get” the ins and outs of the REO business, it’s wise to learn as much as you can, from anyone who will coach, you before taking on much business. Putting the other foot forward first can quickly get you blacklisted by Asset Managers and banks forever.

Just a reminder of some FREE REO training…

Our next FREE REO Rockstars call is Thursday, April 22, 2010 @ 1:00 PM EST. If you are wanting to get your REO sales up a notch VERY QUICKLY then get on this call. You DO want to join us and learn how to make MORE MONEY…Don’t You?! There is NO COST and of course, No-Obligation. It’s a “pitch free” call to get some momentum behind you and to help you fly past your competitors like Jimmie Johnson rounding the last corner towards the finish line!

I will teach you the Three Quick and Dirty Ways to Start Getting Business NOW!
…AND
The Single Biggest Time-Wasting Activity that most REO “coaches” are screwing you with!

WARNING: As usual. The call will be very crowded and “seats” are going to be limited to the first 147 people. Be PROMPT. It would stink to be #148…WOULDN’T IT?

Conference dial-in number: (866) 576-7975
Participant access code: 885267
Time: 1:00 EST on Thursday, April 22, 2010

P.S. As a special bonus, I will be revealing 1 BIG SHORTCUT to getting on board with THE most desired REO client in the country. Write the call-in number and access code down right now and DO NOT MISS THIS!

Want to Sell REO properties? Here’s 1 Quick & Easy Way to Cut in Line…

Mike Costigan — Tue, 06 Apr 2010 17:09:35 +0000

If you haven’t already taken advantage of “Uncensored REO Secrets“ then invest in your copy today . It’s the simplest and easiest way to discover how to jump into the business of selling bank-owned homes. As a result of the most common questions that I get from coaching members and other aspiring REO brokers that I frequently meet, I put this quick little “blueprint” together, that outlines the most critical steps that you’ll need to take, and the most deadly pitfalls that you MUST avoid, in order to start getting assignments from banks and asset management companies. Now I have seen TONS of REO programs and “contact lists” that you can buy, that make promises of somehow catapulting you to the top of the game without much effort. I say “phooey” to those claims my friends. First of all, there is no “magic pill” or any kind of “fairy dust” that can make you successful in this business. REO is SERIOUSLY HARD WORK. NO ONE gets to the top, or even gets off the ground in this game without monstrous effort. Second of all, I could give you a “list” of asset managers’ names and contact numbers all day (which, incidentally, I DO when you subscribe to REO Rockstars for FREE), but what do you DO with the list once you’ve got it? Let me let you in on the 1st deadly mistake right now: Never, Never, Never call or email an Asset Manager “blindly” if you have no idea what you are talking about. There are certain “trigger” words that will make the doors swing wide open for you-even doors that have been slammed shut on other REO brokers for years! I’ll show you how to “talk the talk”. Not understanding the “language” of REO can get your name on the dreaded DNU (Do Not Use) list QUICK! Have no fear though. If you’re an REO “rookie”, inside Uncensored REO Secrets, I give you all of the first steps, that you’ll need to take, completely spelled out in a manner that anyone can follow. I’ll even tell you which tools you’ll need to pick up on your next trip to Home Depot. If you’ve been in the REO business for years now, I’ll show you some important, growth-spurt tactics, that you can insert into your current business routine, to take it to IMMEDIATELY greater heights. Just instantly download Uncensored REO Secrets now. Today is the LAST DAY that you can pick it up for just $3.97 (that’s right…it is LESS THAN $4!). On Monday we raise the price to where it really should be. DO NOT DELAY. Claim your copy now. And if you really want to take your business to higher levels, just subscribe to REO Rockstars for FREE and you’ll get to sit in on my REO Rockstars training calls, where I’ll reveal the secret tactics and organizational processes that I use in my own personal REO business, in greater detail, to help you shorten the learning curve. Last Thursday I was once again named the #1 Real Estate Broker in my board of Realtors and I earned this recognition by using the EXACT same tools, processes and techniques that I teach on the REO Rockstars calls. (I am on track to sell approximately 600-700 REO properties this year). Again, claim your value priced copy of Uncensored REO Secrets right now and then join me at REO Rockstars (it’s totally FREE and I charge no extra costs for the calls either) and start leap frogging your competition in no time. Remember, it is HARD WORK to succeed in REO but if you’ve got the determination then I have the formula for you to win. Now, just imagine for a minute, a time in the very near future, maybe just a few short months from now. See yourself sitting right here at your computer, much as you are now, engaged in “surfing” and reading interesting and potentially life changing articles, feeling totally relaxed. To the point where, the longer you sit here and the more you read, the more you fall into a state of peace, knowing that your future is laid out for you. You know that you have nothing to worry about financially. No deadlines to meet. No little “bugs” popping up in your email to pull you out of your state of contentment. You business is now on “auto-pilot”, sailing smoothly to greater heights, with just the right mix of “fuel” to allow it to perpetually cruise along without worry of stalling.All you ever need to do is to randomly inject tiny little magic pellets, however frequently as you wish, into your business to keep it up above the fluffy white clouds. It’s become so very easy for you. …THAT is what Uncensored REO Secrets and REO Rockstars can do for you….invest in your inner peace and financial freedom right now and start your journey today.

To Your Success!

(Lack of) SPEED KILLS! – A Useful REO Time Saving Tool that Instantly Gives You a 33% Boost!

Mike Costigan — Fri, 05 Mar 2010 18:29:33 +0000

Do you know the #1 killer of an REO business? No, it ain’t strong competition bubba (gosh knows there’s a gaping hole where THAT should be)! And it isn’t bad luck either. It IS the in-ability of lazy, coffee-drinking, sit at their computer all day, whine and moan about the economy, God’s gift to REO, “prima donna” brokers, to get off their fat butts and get their tasks COMPLETED on time! Let me tell you, if you want to be tossed to the curb quicker than Tiger Woods at a Swedish family reunion, then you just GO AHEAD BE LATE big boy! Your Asset Managers will cut your legs out from under you so fast that your competition won’t even notice you’ve disappeared! O.K. look, when you’re selling bank owned foreclosures, it is absolutely CRITICAL to have ROCK-SOLID systems in place, to handle the multitude of things that are thrown your way every day. Each new property means another round of tedious tasks and another pile of paperwork to rifle through. Intimidating-YES! Easy to manage?-NO! That is, unless you “get” the whole “don’t put the cart before the horse” thing. What I mean by “get it”, is that you NEED to understand, that creating LEVERAGE for your staff, BEFORE you take on a ton of listings that you’re going to wind up “under-servicing”, is THE key to success in the world of REO. Many agents simply choose to jump in head first and mistakenly think that they’ll just “fake it ’til they make it”-WRONG…and bluntly-a business killer! As I tell my REO Rockstars, every day, you need to take a good look around your business and actively seek out little time-savers, that can increase the “speed” of your operations. Minutes, even seconds, REALLY add up when you are processing hundreds of tasks day in and day out. Let’s look at one of those “biggies” that seems to rear it’s ugly head in the businesses of most REO brokers that I know-LATE BPOs. Now, for those of you who don’t already know this, a Broker’s Price Opinion is where the actual listing process begins with an REO property. Not only are your clients going to to look for you to provide solid pricing advice on your BPO, but they’re also going to look for you to deliver these suckers ON-TIME, EVERY TIME. In my business, as we went through extremely rapid growth, getting our BPOs done became a serious challenge, and I have to tell you, solving the puzzle of how to get them handled better was a real mind bender. Sure, I could have just hired MORE valuation specialists to help me out. ANYONE can do that. But who in their right mind wants to exponentially increase their expense, instead of taking the added profit straight to their bottom line-NOT ME fella! Smart brokers, heck, smart BUSINESS PEOPLE always look for ways to get more out of what they already have. And that’s exactly what I did. So let’s look at the process: (how we USED to do it in my office and how MOST agents STILL do)

1. My team gets a BPO order (or we have a house that is vacant and we must provide a BPO in a specified time frame)

2. My Field Services Manager creates a “Field Report” sheet and hands it off to a field representative for completion, along with a daunting heap of other tasks to be completed the same day.

3. The field rep hits the streets, on a 8-10 hour “road trip”, rushing to get to all of his properties before the sun goes down.

4. The field rep turns his “Field Reports” in to the Field Services manager the following morning.

5. The Field Services Mgr. uploads the “Field Reports” and all associated photos, etc. for each property, on to our sever.

6. My Valuation Mgr. begins working on the BPOs.

So do you see a flaw in the process? An obviously kink in the system? a BIG time gap that’s sucking the productivity right out of my business? Think about it…it’s REALLY obvious. With this system I was totally bleeding out. I still can’t believe I was able to survive…

OK here it is (for those of you “slower” types) In our “system” above, we are waiting a FULL day before we even START working on the BPO! Many of my clients give me only 48-72 hours to get a BPO done. So, right out of the gate I’ve wasted a MINIMUM of 33% of my time. You’re sure not gonna win any horse races with THAT kind of start! Kinda reminds me of the good old days in real estate, 19 years ago, when we had to lug around a heavy “telephone directory” sized book full of real estate listings and black and white pictures. We had DOS based, painfully slow MLS systems and cell phones with 10 pound batteries in a bag! It was just plain hard to be get anything done fast. You literally had to cart around so much crap that you felt like you were “living” out of the trunk of your car (which incidentally was ALWAYS filled with paper files….FORGET trying to load up any luggage and escape for a deserved weekend vacation…no time and NO ROOM!) Point is…we have technology today. Get out of the dark ages and EMBRACE IT! Otherwise, you’ll be left in the dust. Business moves pretty fast. It’s VITAL that you keep up.

So here’s what I did to fix this and to IMMEDIATELY bump my efficiency by more than 33%:

With the help of my developer, Brent Guest, owner of BHG Digital, we simply created “online” field reports. I then gave my field representatives each their own portable “netbook” computers. With these tools, they simply log-in to my website right from the house they are inspecting, while they are out in the field. They proceed to complete their field reports on-line and then… “voila”-my Field Services Mgr. receives the information instantly via email in a nice, easy to read PDF format, and she uploads the information and pictures right to the server. Having the information delivered in “real time” eliminates the need for us to wait an extra day, to receive the information from our field reps, and we are now able to deliver our BPOs EARLY (which, by the way, is what Asset Managers REALLY want. A BIG point scorer) . A cool thing about these forms, is that you can install them on your field reps’ computers, or you can do like I do, and integrate them into a secure password protected area of you website, so that they can be accessed from any computer with internet access, and also so that you are never at risk of them being deleted or inadvertently modified. They are VERY easy to use either way.

Like many little “tweaks” you can make in your business, to make it run more efficiently, this one really CAN make you a lot more money. While you might know that most Asset Management companies have “scoring” systems that grade you based on your ability to complete REO tasks in a timely manner, do you also realize that many of them negatively ding your score for being “on time” vs. “early”? My REO Rockstars do! By using tools like these online forms, I always make sure that my team delivers EARLY every time and my AMs reward me with huge volumes of assignments every month. Now THAT’s what I call using leverage to bring more cash straight to your bottom line!

View Sample Forms Here -

Want to get your own copy of the POWERFUL EFFICIENCY BOOSTING Online Field Report Forms, and AUTOMATICALLY make more money by working at high speed WITHOUT extra-effort? Click Here for a special arrangement I have made with Brent and BHG Digital, to let him distribute them to other REO brokers. (yeah yeah……YOU’RE WELCOME

How to KEEP Getting REO Listings…What Asset Managers want to see.

Mike Costigan — Mon, 01 Mar 2010 17:55:31 +0000

Good afternoon Millionaire Agent Academy members. In keeping with our special REO training, designed to keep you two steps ahead of your competitors, the following is the latest BIG money making tip from my “REO Rockstars“. ENJOY…

Just a very quick post to remind everyone that you will NOT get away with slacking on utility connections. I realize that this may seem to be a post with a very obvious meaning but I have to tell you that this is probably one of the biggest hangups that AMs have to deal with. I would roughly guesstimate that at least HALF…yeah HALF of the bank owned REO properties that I visit DO NOT have utilities activated. I also know with absolute certainty that almost ALL Master Listing Agreements contain a special section regarding broker responsibilities, specifically, ACTIVATING UTILITIES. I was reminded of this sore subject by an email received from a client today, that listed all of their bank owned homes in the state of GA that DID not have utilities on. The list was MASSIVE. What really amazes me even more than the size of the list, is the ignorance of REO brokers, who seem to think “they’ll never know”. Listen, if you think this way then you need a serious “checkup from the neck up”. You should look yourself in the mirror, grab a marker and write “LOSER” right across your forehead in deep blood red ink! Trust me, that’s exactly what you will eventually be when you get all of your assets pulled. And when you hit that DNU “Do Not Use” list…words spreads. The business of foreclosures is a VERY small world my friends. When I travel, I see so many AMs bouncing from one Asset Management company to another and believe me they are good “yappers”. You either get talked about as a hero or a zero.-Don’t let your self be the latter because you are lazy. And if you are not turning on utilities because you can’t afford to….DON’T TAKE THE LISTING. You are better off having a smaller inventory of properly serviced listings than getting all of your listings pulled because of your lack of proper servicing. There will be plenty of time to build your business on merit and staff up to handle the volume that you will be rewarded with. Good brokers are hard to find and when an AM sees you doing all the right things all the time and consistently making their job easier, you will be on the short list to receive tons of listings when you are ready. I can GUARANTEE that! So how exactly did this client “discover” the shortcoming with all of these listings? They are not receiving requests for reimbursements on any of these. No requests for repayment=no utilities on-duh! Please don’t think AMs are stupid. They are not. BS will be spotted a mile away. Heck, these guys didn’t even need to visit the properties to catch this garbage. REO is super task intensive and it carries a lot of responsibility. So you want to know how to get REO listings and how to keep getting them? Be properly staffed, systematized and accountable by inspecting REOs regularly and all will be well.

Remember, as a Millionaire Agent Academy subscriber, you get backstage access to the latest Real Estate and REO Millionaire Tips that I use everyday in my thriving business. (In just under 2 years I now am outpacing almost every REO broker I know and many have been in the business for 10+ years!) You also get priority access to REO Rockstars training calls, a free bonus to you for being a Millionaire Agent Academy subscriber! Keep an eye out for call notifications in your inbox.

p.s. If you haven’t done so already, please take a moment right now to download Uncensored REO Secrets. It’s a short crash course guide that I have put together, with precise steps that you should immediately take, to begin making SERIOUS money selling foreclosures. It’s also a perfect compliment to the REO Rockstars calls and you can GET IT NOW for a special subscriber’s only price of only $3.97.