How to Find Success in the Title Industry
by Darryl Turner
With all the crazy hustle and bustle going on in our industry, I continue to get asked the age old question…”How can I get into the REO world?”
I am confident that the best solution would have been to get into it before now by working on the foreclosure side of the business to allow you the opportunity to build relationships with that side of the business and to begin to establish a channel to asset managers.
I know what you’re thinking…Hey dude…I didn’t, so now what?!
Let’s break it down to a simple question…how did you get the business relationships you have today?
Most customers you have you will find that you found them through other relationship sources. We call these referrals.
How will you get into the REO world? The best way in is through someone else.
Look at it this way; the people in purchase deals with you today (on both sides of the transaction) are the most active Realtors® in your market. So based on this fact, and it is a fact, who would you guess would be doing the REO portfolio work and who has the relationships with the asset managers?
Here is something to remember…they cherish their relationships with their asset managers and banks that have entrusted them with their work. So, will they immediately and freely just give you entry into their REO relationships? Absolutely NOT!
Here are some simple goals for you:
1: Do such a great job on all sides of the transactions that they (all parties) strongly desire to use you more in the future.
2: Ask them how much REO work they do now. You will have some tell you none. That is not a bad thing as the weeding process has now begun.
3: When you find out that people you work with right now, everyday, have an “in” with an asset manager, you then ask for an introduction.
4: Don’t lose faith when a lot of them do not want to make that connection in fear of losing it for themselves…you only need a few in a year. It doesn’t take many asset manager accounts to totally make your year!
Let’s look at this in its most simple form. Your best “in” with anyone is always through someone else. Who do you have working with you today that needs to have a reason why they should make the connection for you and then ask, ask, ask… Keep this simple and watch things begin to work out.