June Coffee With Melissa

On Thursday, June 30 Melissa Shapiro, AVP/Director of Sales for Fidelity Phoenix, held her monthly "Coffee With Melissa". Melissa provided an invaluable REO Market Update on:

 What’s happening in the Market Right Now
 New Information from REO EXPO June 2011
 The “Inside Scoop” on Working with the Banks
 Diversifying your Bank Business
 Becoming a Marketing Liaison for the Bank

Below is a recap of what was discussed.

• 203k loans are now able to be obtained easier and take only a little longer than a regular loan

• Short Sales are here to stay:
o The process has gotten easier
o Banks are listening more
o FNT can escalate your short sale files with major banks and guarantee an immediate response from executive level management
o FNT has an 85% success rate in the escalation process – it’s matter of getting to the right person and creating relationships which FNT has done
o Consider building a Short Sale division in your business

• What constitutes an escalation? It’s a roadblock with a legitimate offer

• How to be successful with Short Sales:
o Use and collaborate with other agents
o Join organizations and attend their events
o Leverage your partnerships and their resources – FNT has a master asset management list

o Build a good portfolio (resume & business cards)
 Always include history in your resume and current group involvement
 Make sure your business cards show all certifications
 Putting together specialized resume gives credibility

o Align yourself with property preservation

o Make it known you are a team, not just one person and have special certifications

o If you are a minority or a women-owned business there are government programs and tax breaks available – educate yourself!

o Apply everywhere especially local banks as local banks are leading listings on ARMLS

o Create a system to track everything you do including expirations

o Enlist help if needed to stay organized and on top of action items

o Leverage your social networks to better market your REO listings

• Commercial Distressed Assets is a wave coming in the future. Banks are starting to build their commercial agent list. This is an opportunity to act on NOW!

• REOMAC has opened their application process –
o Must include 3 lender referrals
o REOMAC has small ratio of agents to lenders and banks

• Asset management companies are graded and will grade agents so you must know your success