REO – Agent Training and Marketing...An Overview

By
Real Estate Agent with Mason Real Estate CA BRE 01444168

 

As a Real Estate professional I find it critical to a successful career path to invest in my continuing education.  After all, what other professional would anyone ever want to use if they did not keep up-to-date on the latest laws, trends and acceptable ways of performing their duties?  

Certainly none that I would ever want to pay money for.

So, as a REALTOR® who specializes in the listing and sale of REO, or bank owned homes, in the Hemet – San Jacinto  it is important that I continue my education – not only for my benefit, but so that my client is getting the very best listing agent of their bank-owned asset.
 

FORMAL TRAINING

The National Foreclosure Sales Training Institute (NFSTI) offers a certification program that provided the basic backbone education of this REO specialty.  After completing their training, I was awarded the professional designation of NFSTI Certified REO Specialist.

The concept of NFSTI is based on developmental adult higher education techniques.  They are members of the American Society of Training & Development, so they take their role as information providers with the utmost care. 

A statement on their website really sums these guys up when they claim, “dedicated to providing the most current and useful material available to assist the default industry in Elevating The Standards Of Operation". 

 

INDUSTRY EVENTS 

Staying on top of the trends of the REO industry calls for attending numerous industry conferences, trade shows and educational events.  In addition to attending the California Association of REALTORS® (CAR) Annual Expo every October, I have attended two major events that are very pertinent to the REO sector.  These events provide the opportunity an REO REALTOR® to keep up with any changes in the industry, gather fresh knowledge as well as networking with other professionals from across the country. 

In April, 2008, I attended REOMAC Spring Conference in Indian Wells, California where there were many educational sessions that allowed me to look at new innovative ways of conducting my business and serving the needs of my asset manager clients and ultimately the investors who own the properties I have been charged with liquidating. 

The second event of major consequence was held just last month in Las Vegas when the California Mortgage Bankers Association (CMBA) gathered to examine the current market and collectively prepare for the events that are shaping and changing the real estate market and economy as we know it. 

The event I regret not being able to attend this year is the Annual Five Star Default Servicing Conference and Expo in Dallas, Texas.  This event is all about training the REO Agent. 

The Five Star Institute offers it’s industry respected certification program – perhaps the most respected designation a REALTOR can earn to show their proficiency in the field of REO real estate.

Fortunately, the Five Star Institute offers their certification through their website, online and I am in pursuit of the prestigious Five Star Certification.

Since one of the ways that I learn a topic is to write about what I have learned, I have decided to create a series of articles based on my quest and the courses that I enroll in.  In no way will my articles be as thorough as the information that has painstakingly been presented in an extremely professional manner by the Five Star Institute, and of course my information will not lead to any type of recognized designation.  However,   I know that I will learn by sharing and am hoping that I may be able to answer some of the basic questions REALTORS ask about selling REO real estate.

 

HEY - THAT'S ME ON MSNBC

 

Servicing THE REO Needs of Asset Managers, Banks and Lending Institutions in the Hemet - San Jacinto Valley, Temecula, Murrieta, Winchester, Wildomar, Menifee, Sun Valley, Perris, Moreno Valley, Romoland, Homeland, Nuevo, Banning, Beaumont, Cherry Valley, Yucaipa, Redlands, Mentone, Loma Linda and throughout South West Riverside County and The Pass Areas of The Inland Empire in Southern California.  If you are a buyer, investor, first time home buyer or are just interested in REO real estate, please contact us at the above website or phone number.

This article is part of a series based on my own experience and the lessons taught by the prestigious Five Star Institute in their “REO from A To Z” class that is necessary in order to obtain the coveted Five Star Designation, by far the most respected professional designation a REALTOR can earn in the specialty niche of listing and selling REO properties.

 

Posted by

Until Next Time, Have a Blessed Day,

John Occhi, ePRO, REALTOR®
DRE Lic No: 01444168


ePro,John Occhi,www.johnocchi.com,realtor      Certified Probate Real Estate Specialist Logo Awarded to John OcchiFive Star Logo,Certification,REO,Five Star Institute     

Excellence in Real Estate,Team Log,John Occhi,www.johnocchi.com,hemet,san jacinto,CA  

This blog and the contents written here is the intellectual property of John Occhi, Temecula - Murrieta, CA REALTOR® in the South West Riverside County region of the Inland Empire of Southern California.  The views and opinions expressed are just that - views and opinions of John Occhi and those who comment.  Please note that I am not an attorney or a tax professional and any time I discuss either topic, I suggest you consult with the proper professional for relevant assistance. 


I am proud to be a full time REALTOR® who is proud to be a contributing member of the ActiveRain community.

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Topic:
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Location:
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Groups:
California Loan Modifications, Short Sales, & REOs
REO
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The National REO Brokers Association
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Show All Comments
Rainmaker
223,559
Laurie Mindnich
Centennial, CO

My partner is returning from this event today- all (brief, in between classes) conversation that we had indicated that it's a really, really good source of information. As he put it, "We didn't know ANYTHING!"

I'd better go cut the grass now- it's been growing since he left!

September 21, 2008 10:22 AM #1
Rainmaker
301,548
John Occhi
Mason Real Estate - Temecula, CA
SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate

I wanted to be there in the worst way - but I just could not pull it off... no matter how hard I tried.  I have personal issues with a wife on home hospice care and could not tke off this time.  This is why I am taking the money earmarked for the trip and investing it in my education with Five Star.

I will be there next year...

John

September 21, 2008 11:01 AM #2
Rainmaker
223,559
Laurie Mindnich
Centennial, CO

John, I hope the very best for both you and your wife in what must surely be a difficult time.

September 21, 2008 11:37 AM #3
Rainmaker
218,960
Eric Egeland
RE/MAX SUBURBAN - Libertyville, IL
SFR, e-PRO, CDPE

Thanks for the post John,

I was thinking of getting certified by Five Star...do you recommend it????

October 03, 2008 02:47 AM #4
Ambassador
526,989
Konnie Mac McCarthy
Realty Direct, LLC/Realty Direct, Inc. - Mc Lean, VA
Associate Broker - VA & MD

Hi John....I just stumbled on your blog....love it... I am a budding REO agent..I love listing them, (much better than working for owner occupants) It works for me....I have been able to  get approx 12 listing on my own, but I'm with a little company, and I'm a little guy against all the RE/Max...etc... wanted to know if you would share any wisdom with me......I would also like to get certified ....it seems you recommend 5 star?  thank you..Konnie

October 03, 2008 12:08 PM #5
Rainer
1,273
Robert Moreiko
Realty World, Town and Country Properties - Windsor, CA

Has anybody had a former owner come harrass the tenants in order to get them to move out and keep the cCFK for themself?

There are multiple families in the house. They
have agreed to CFK on November 1st and that has rec'd bank approval.

The former owner lives next door and is harassing them. She has multiple
families in her house also and even living in the garage.

She is trying to get them all to move out so she can move in and get the
CFK.

I gave the tenants copies of the Trustee Deed as proof.

I called the evicition attorney, they have not yet started evicition
proceedings and really cannot offer any advice.

Bottom line, this lady does not own this house anymore.

We have advised the tenants to change their lock.

We would like to go and talk to the former owner.

The tenant who appears to be in charge says the former owner is coming in
the house and cleaning it in preparation to rent to even more tenants,

Any advice that may have worked in the past that we can use to try and reason with this woman?

We dont want to cross the line and break any laws.

Thanks for your time.  

October 03, 2008 03:06 PM #6
Rainmaker
1,127,787
Evelyn Johnston
Elkhart County Subdivisions, LLC - Elkhart, IN
Super Agent, Probably the Best Agent in the Galaxy

WOW to above post.  People are nervy and crazy!

This is a great post.  Thanks for your dedication to trainting all of us!

October 05, 2008 10:13 AM #7
Rainer
13,359
Deb Jobin
RE / MAX River's Edge - Bristol, RI
Deb Jobin & Company Realtor

John,

I am very interested in getting involved with REO's and you article contains the info I needed. I will be looking into the 5 Star as well as next Reomac conference.  THANKS

October 05, 2008 02:07 PM #8
Rainmaker
398,734
Regina P. Brown
California Coast & Country Homes, Inc. - San Luis Obispo, CA
e-Pro Realtor

John, this is an awesome post!  Thank you for sharing all this good info.  This is what sets you above the crowd.  I look forward to reading your future articles...

Join my NEW group for professionals who work from their home office at http://activerain.com/groups/virtualoffice

Regina P. Brown
Allison James Estates & Homes
www.ReginaBrown.AllisonJamesInc.com

November 27, 2008 11:54 AM #9
Ambassador
1,332,802
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Selling Daytona paradise for heavenly good prices

John,

thanks for the post. We are a small company and we would love to venture into it, not sure how. Will bookmark your post

December 14, 2008 02:22 AM #10
Rainmaker
1,127,787
Evelyn Johnston
Elkhart County Subdivisions, LLC - Elkhart, IN
Super Agent, Probably the Best Agent in the Galaxy

You always have great posts!  I haven't been to this area of AR for a while as I am not into REO's yet.  I have been concentrating on short sales for the past year and am about ready to start my training in REO's.  Thanks!

December 18, 2008 06:43 AM #11
Rainer
1,315
Terry Tung
Home 2001 Inc - Arcadia, CA

Great post, and thank you for sharing. I look forward to your future articles.

Terry Tung

 

April 30, 2009 01:05 PM #12
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John Occhi

SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
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