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Originally Posted by mikejr
I'll chime in with my fellow Realtors. I've been specializing in REO work since before it was cool. This year was best year on record for gross commissions. Our units were down a bit from last year, but we are selling more high end REO properties. So we've been insulated from the downturn for the most part. Nationally REO inventories are down despite what the media is telling you. Everyone is saying this winter the REO inventories will open back up again to normal levels. From what I see and in talking with my clients from all over the nation, REO inventories are down 40% to 50% from normal. Once Obama's band aids fall off, all hell will break loose.
We've got an entire staff devoted to REO work, like you said you need to be a CPA to keep up with the billing etc. Its not for everyone but if you can get the systems in place and the staff to handle the work, you can do quite well.
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Congrats on your success! It's the people like you who have been in the game since before the boom who I have real respect for. You were here before and will be here after... most of you anyway.
Like I said, I've been doing BPOs, small small quantity, since 04 when I first started selling RE.
Now that I'm getting REO listings I'm really liking them. If I can manage to keep them coming and make a living between REO and my close clients I'll continue to focus on REO.
Def. has it's down falls.... but so does res. re-sale in any kind of market... just my experience so far..... I'm only a 6 year, almost 7 year, guy.... I have a lot to learn!
One of the first RE/Max offices I worked out had a REO star and that was in 2004... she was top RE/Max agent with over 85 properties sold in 08!!!
And she has no team....