If you've been combing the net for free asset managers information you've come to find that it's very challenging to find any information for free. You continuously find sites that want to sell you the same recycled information.
There is a very tight lid on asset manager's information.
It's a very hush hush topic in Real Estate, asset managers don't want to be contacted by the masses of agents looking for they're information. Agents that have these contacts aren't going to leak a single contact either. They'll give you story after story about how it's not a lucrative business and it's a lot of work. They're right, it is a lot of work, but it's worth it.
If you look very closely you can find good information of asset managers that can help you make contact with the right people.
There are a few things that you can expect even with the right information.
First
You will get rejected! Get used to it. It's going to happen. Asset manager's first instinct is going to be to tell you to go through the whole sign up process. You will have to be persistent.
Second
Be different. Send good valuable information. They aren't interested on how you get 95 or 100 percent of list price on all your listings. Chances are they would rather you have property management experience. Get some, while you build the relationships with these people. Then, include property management references.
Third
Offer to do free work for the consideration on future assignments. Especially if you can find the right contact for REO properties that have been sitting on the market in your area.
There is a lot more to listing REO's than most agents think.
One thing that is often underestimated and the reason why many agents don't get REO accounts is that there is cost involved. Many are going to expect you to cover the expense of locks, maintenance, board ups, utilities, etc. Be prepared, that's part of the business of REO's. Many agents get accounts and lose them because of this. Also, having family or friends doing the maintenance on properties without first clearing it with company is a red flag that will get you nailed and fired, quickly.
Finally, be part of REO management events, such as REOMAC,
which you probably can't join right now because it's been closed to new members for a while now. There was obviously a flood of new applications, agents looking to have it as a credential for they're registration with asset management companies. These are also good opportunities to meet someone on the inside. The Five Star Conference is also a very good place to meet some of those same people. Check the Five Star website for more information. When you're out, at these events, make friends with REO agents in other states. They will probably be more helpful to you than agents in your own market place. The threat of you taking potential business that they could get won't be there.
I'll continue to update this article or post new articles as I find free information on asset management companies. Its time to loosen the REO monopoly!
Charlie Memen is a licensed Real Estate Broker in Orange County California. He currently operates a Non-Franchise Real Estate company and mortgage company. He regularly holds seminars and classes for first time buyers, real estate and mortgage professionals.
This blog has Free information and its constantly adding new Free information on Asset Management Co. and Contacts.
By Charlie Memen
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