Elevating Business in the REO Landscape

first_img September 20, 2017 1,657 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago REO 2017-09-20 Al Freedman  Print This Post Demand Propels Home Prices Upward 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Al Freedman Get ActiveBe involved in the REO industry by participating in industry events and conferences like the Five Star Conference where you benefit from both gaining industry kowledge about trends and developing relationships. Membership in industry associations like Five Star Federation of REO Certified Experts (FORCE) is vital to your credibility. List your memberships and affiliations on your social platforms and your website. Brokers can also leverage technology certifications by getting certified on popular platforms such as Equator and RES.NET that asset managers use to manage properties and agents. Being certified clearly shows that you are a true player in the REO industry and can provide an opening for additional business. Another industry source that you can leverage is the “REO Red Book,” which is a national directory for the default servicing industry and leading source for REO agent referrals. The online directory allows brokers to create a profile with vital information so that asset managers can easily find an agent to manage their properties. The “Red Book” charges a fee for the listing and should be considered an investment that is well worth it.  According to Lisa Capecci, a Five Star-certified Maryland broker with Coldwell Banker Residential Brokerage, who joined the Red Book directory three years ago, “Red Book” is very beneficial to me to connect with asset managers and investors looking for REOs.”Eileen Bumba, another Maryland broker with Long and Foster, who has been using “Red Book” for more than 15 years, added, “If I go to a new bank, it is good to say that I am listed on “Red Book” and use it as a reference.”Advance Your CommunicationExcel at your current work. Communicate the status of the project before the due dates. Don’t wait for the bank to request updates. If your client requests trash-out confirmation by July 8, provide confirmation on July 6 that the trash out was completed. Stay one step ahead of your clients to make their jobs easier. In this day and age of texting, it is quick and effective to send an “update text” either on Monday mornings or at the end of the workweek to let your client know how the projects are progressing. Have you ever met a client who said, “My REO agent overly communicates?” Probably not. And you will be surprised how well you will be received for participating in update texting.Also, regularly communicate by email and by the platform tools that they are using, like RES.NET and Equator. Make sure that you are using the tools and methods that they prefer. Avoid phone calls, which can be disruptive. Use an App For ThatTo help manage your properties, enlist the use of a mobile app—one popular one is Pruvan, a photo app designed for the service industry that connects you to the field and your clients with certified photos, videos, and mobile forms. You can eliminate hours of work and better manage your quality of service, and stand out from the rest of the competition at the same time. If you are managing multiple properties, it’s impractical to run around taking photos and uploading them. Let an app do everything for you to take care of your weekly inspection photos required by the banks. Apply the Three Ps: Patience, Persistence, and ProfessionalismIn times of low inventory, when your business and livelihood are on the line, it’s easy to get a little discouraged. Don’t! Instead, keep your mental attitude up. Be persistent, not desperate. Weekly follow-up to asset managers is acceptable. Daily follow-up is desperate. It’s a good idea to make sure you’re talking to the right person. It doesn’t hurt to call that out in an email and ask to be connected to the correct person, if by chance they are not the person responsible for assigning REO properties to brokers. Plus, it could be that there is a new person you should connect with and perhaps do it in person for the first meeting. If you connect with an asset manager who is receptive to your services, suggest meeting in person or over coffee, and provide them with an informal presentation of your expertise and your track record. Be patient, persistent, and professional. Don’t nag. Understand that some brokers may receive hundreds or even thousands of emails every day. Team Up Align yourself with a reputable and experienced REO service and preservation contractor. While many banks have a contractor as part of their team, many do not. Be prepared to offer preservation or REO contractor services, should the asset manager need work done on the properties. Once you have developed a relationship with a preservation and REO services contractor, it can’t hurt to query about banks that seem to be most active with their inventories in your area. People tend to do business with people they know, like, and trust. Ultimately, developing and cultivating relationships is the key to building your business. Follow these tips and you are certain to get more properties—even when inventory is low. in Daily Dose, Featured, Headlines, News, Print Features Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days agocenter_img Previous: Legal League 100: Professionalism Brings Success Next: Cyprexx Services Announces New, Innovative Property Entry-Management System Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Elevating Business in the REO Landscape Elevating Business in the REO Landscape Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: REO Editor’s Note: This feature first appeared in the September issue of DS News, available now. The reality is that REO inventories are down and it is more and more difficult for brokers to get business that used to come readily. What can you do to get more business when there is less inventory? How can you get more business when there is actually less business out there? As an REO broker, you need to stand out. You need to be proactive. You need to wow your clients, and make them want to choose you. The question is: How do you make yourself stand out and be the broker who gets the business? How can lenders and servicers nationwide find you? Learn what you can do with these marketing insights, and elevate your REO broker business. Provide Credibility The first step in ramping up your business is to establish a proven track record. Excel with the clients that you have right now by establishing your reliability and integrity with a work ethic that includes great communications and always follows through. This will undoubtedly get you high ratings from your current clients. Providing your clients with excellent customer service will naturally translate into other clients. One of the best ways to do this is to obtain testimonials from asset managers and service managers from banks. It may feel like a challenging task to ask for accolades, but if you are doing a great job, it is not a far stretch to obtain positive confirmation from those who also benefit from your professionalism.A somewhat easy and quick way to obtain and document testimonials is to leverage your professional contacts on LinkedIn. Search your connections for the bank contacts you interact with by leaving a positive and sincere recommendation, and request one from them on your behalf. If your contacts are sharing content, comment or interact with what they have written, or be a part of the discussion. If they see that you are engaged with the content that they are sharing, it will help to keep you top of mind. However, this tactic only works if you are already connected with the people you are doing business with currently. If you are not, then go back a step and quickly connect with them and after a week or so, start the process of giving them recommendations.Broaden Your BaseLinkedIn also provides a golden opportunity for identifying assets managers at banks that you aspire to work with. Search for new servicers and banks on LinkedIn that you aspire to do business with and identify the asset manager or service manager. Once you identify an appropriate person, send them an invitation to connect and tell them that you are currently servicing other REO clients. Let them know that you have a few openings for additional properties and ask if they would be interested in using your services. When searching for servicers at banks, don’t limit yourself to the large, well-known national banks—that may have worked when REO inventories were high and there was a surplus of properties. But when REO inventories are low, it is important to broaden your customer base by making connections with multiple banks, rather than just working with one bank. Don’t limit yourself; make connections at local, community, and regional banks. Sometimes, smaller community banks are not even aware that there are specialized REO agents that handle distressed properties. Market Your Specialty Often the servicers at banks don’t realize that certain brokers are REO agents. Communicate the fact that you are an REO specialist. Rather than trying to be a broker who does it all and is everything to everybody, develop your niche in what you excel at, and market yourself as the expert in REO. There are many brokers out there and when banks are looking for REO services, they need to know that the broker they are contacting has the expertise necessary to handle their properties. If you’ve marketed yourself as the REO expert, there is a better chance that they will choose you to work with them. REO should be in your title on your LinkedIn profile, along with any other social media platforms like Facebook or Twitter that you are using. Make sure these profiles are current and updated with key words relating to the REO industry, and then participate in REO industry forums and LinkedIn groups to establish your expertise. Review your website and make sure that an REO services description is included on your home page. While your website might be targeted to your buyers, at the minimum it should include a reference to your REO capabilities. Even better, develop a special page on your website specifically for bank clients, and include your REO services and certifications. Sign up for DS News Daily Subscribelast_img read more

Speech: Aviation Minister’s keynote speech to the British-Irish airports expo

first_imgAviation and global BritainThank you Neil. And good morning everyone. It’s a real pleasure to join you today. And to have this opportunity to speak to so many airports from across the UK.I’ve just had a very interesting tour of the expo. With over 150 exhibitors and 3,000 visitors expected. This week’s show is clear evidence that the airports industry is looking to the future with confidence.Which is something I’ve been delighted to see many times over as I’ve visited airports across the UK since becoming Aviation Minister 7 months ago.And the government is right behind you. Because we need all our airports to thrive. And every region of the UK to benefit from improved air links. And the economic benefits they bring.Aviation strategyIt is a pleasure – and a privilege – to be Minister for such a world leading and successful industry, the third largest aviation sector in the world. An industry that has seen incredible growth, with an increase of 27% since 2010 in the number of passengers flying from and to UK airports to almost 270 million passengers now handled by UK airports.And it’s against this background of growth that we announced last week that we want to see airports make best use of existing capacity, provided environmental concerns are addressed.And it is why we are preparing our new aviation strategy. A comprehensive, wide-ranging blueprint. To develop the capacity and connections we need up to 2050 and beyond. And to allow aviation to grow in a safe, secure and sustainable way. Rooted in partnership between government and industry.The strategy will be relevant to airports of every size. Because we know that many of the challenges facing the sector impact on smaller airports in different ways. Particularly those with fewer resources. And less scope to invest in new facilities or technologies.So I’m determined that the final strategy will be just as applicable to RABA members as it is to Heathrow, Gatwick or Manchester.Let me give you a couple of examples that are also being discussed at this week’s expo.Disabled passengersFirst, improving the travel experience for disabled passengers.Airports have a good record in this area. Following new Civil Aviation Authority (CAA) guidance in 2015 which helped many airports improve assistance.I’m delighted that here, this week, the CAA is launching their report on how airports are meeting their guidance an hidden disabilities. To help passengers with hidden disabilities, such as autism and dementia.Some airports have already taken a lead. For example, Bristol and Birmingham are among those to roll out a lanyard scheme. As a way for airport staff to easily identify more vulnerable passengers who may not wish to show details of their disability.But for different reasons, many disabled people still choose not to fly. Just under 1 in 5 don’t know who to contact to arrange assistance. And many are unaware that such help has to be provided by law, free of charge.So – as part of the aviation strategy – we’re going to work on measures to raise levels of awareness. While also making sure all airports are equipped to handle them. And in early July I’ll be hosting a roundtable with the industry to discuss how this can be achieved.SecurityAnother issue being discussed this week is airport security.Consistently delivered checks are of course critical. Yet implementing them can present a logistical challenge to smaller airports. So the new aviation strategy’ will outline measures to work more collaboratively with airports to address security.We are moving to a more flexible approach giving industry options on how to implement security. And take more local decisions based on risk. We will analyse the regulatory burden on airports by reviewing ‘More Stringent Measures’. And our approach to impact assessments. And we will focus efforts on airports that most need support to achieve the highest standards of compliance. To maintain strong resilience, while also responding practically and proportionately.Heathrow and the National Policy StatementBut while work on the aviation strategy continues ahead of launch early next year, there’s an even more pressing matter which has implications for the whole industry. Parliament’s imminent vote on the proposed north-west runway at Heathrow.With no spare runway capacity, Heathrow’s growth is constrained and new global routes can only come with reduced connections to other destinations. Over many decades, successive governments have wrestled with the problem. Despite countless consultations, inquiries and commissions, the key question of how we secure our long-term hub capacity has remained unanswered.But today, following the Cabinet’s recent backing for the new runway, we are closer than ever before to providing that answer. And delivering the capacity that passengers need, businesses need, and other UK airports need.One of the key benefits from expanding Heathrow will be the increase in connectivity to the nations and regions of the UK the importance of regional connectivity.I saw this in Inverness a couple of weeks ago, where I discussed the potential for improving domestic routes with the airport and business leaders. Like other regional airports, Inverness wants a third runway at Heathrow to be built as soon as possible.Just today we have seen EasyJet confirming that the expansion of Heathrow Airport would allow the entry of low cost carriers to the airport at scale for the first time.Passengers would benefit from the increased competition and lower fares on routes to existing UK and European destinations. New entrants would also launch flights to UK and European airports not currently served by Heathrow providing important economic connections to the UK’s only hub airport. And we want up to 15% of additional slots from a new runway to be used for domestic routes. We expect the majority of these routes to be commercially viable.While these are a commercial decision for airlines, we also expect the airport operator to work constructively to boost UK connectivity. I’m pleased Heathrow has made a number of pledges. For example providing financial support for new routes. And providing discounts for domestic passengers through a restructuring of charges. But if necessary, we can take action to secure routes through the use of Public Service Obligations. And we’ll consider ring-fencing slots for their use.Of course the new runway would also provide huge opportunities for UK suppliers. Many of whom are here this week. Heathrow has set out a detailed procurement programme. To spread the benefits of the project around the country.All told, the runway would provide benefits of up to £74 billion to passengers and the wider economy. Almost doubling Heathrow’s freight capacity. Adding 16 million more long-haul seats in 2040. And delivering a huge boost for tourism, investment and jobs.So with the vote in Parliament looming, the next few weeks are crucial. We must continue to build support for the project. Continue articulating the case for the runway. And continue getting our messages across to those who may be unaware of the huge economic implications, if Parliament fails to back Heathrow expansion.So I urge the industry to speak up in support. To make the case for expansion. And to help send out a message that Britain is open for business, and ready to embrace a global future after Brexit.ConclusionLadies and gentlemen, a thriving aviation sector is fundamental to our national interests. And to the interests of every UK region. With progress on Heathrow, and a new comprehensive aviation strategy we have a great opportunity to help the industry continue in its success.As your Aviation Minister, I’m committed to working alongside you to ensure that our aviation strategy delivers for every part of the aviation sector, and for every part of the UK.Thank you.last_img read more

Lyttelton in revolt over new brothels

first_imgChristchurch Press 2 July 2012Plans to allow major brothels in Lyttelton could be scuppered after an outcry from residents. The town has reacted strongly to the Christchurch City Council’s proposed bylaw regulating brothel locations and signage. The bylaw, drafted to address concerns about earthquake-displaced brothels spreading across the city, restricts big brothels to specific commercial business zones, as well as a section of Lyttelton’s town centre. Council strong communities programme manager Alan Bywater said Lyttelton residents were responsible for the bulk of 80 submissions received on the bylaw proposal to date. Lyttelton Community Association representative Ken Maynard said residents were not against brothels in principle, but had concerns about big operators.http://www.stuff.co.nz/the-press/news/7202281/Lyttelton-in-revolt-over-new-brothelslast_img read more

Five memorable Premier League debuts

first_img Press Association FEDERICO MACHEDA: The 17-year-old scored a stunning stoppage-time winner to send Manchester United back to the top of the table with a 3-2 win over Aston Villa in 2009, coming off the bench to curl the ball home from outside the penalty area. SERGIO AGUERO: Aguero marked his Manchester City debut in style with two goals in the 4-0 rout of Swansea in August 2011. A second-half substitute, the Argentinian opened his account from close range before volleying home a superb effort from distance later in the game. RUUD VAN NISTELROOY: Eager to allay injury fears following his £19million transfer, the Dutchman scored on his Manchester United debut in the Charity Shield against Liverpool, then netted twice more on his Premier League debut in United’s 3-2 win over Fulham in August 2001. DANNY ROSE: Rose won over the Tottenham fans in the best way possible in April 2010, when he marked his top-flight debut by slamming home a thunderous volley – subsequently voted goal of the season by Sky Sports – as Spurs beat neighbours Arsenal 2-1. Here, Press Association Sport takes a look back at others who managed to make a more-or-less immediate impression: FABRIZIO RAVANELLI: Freshly arrived from a Champions League final with Juventus, Fabrizio Ravanelli did not waste any time making his mark on Teesside in 1996. The Italian scored a hat-trick on his debut against Liverpool in a thrilling 3-3 draw at the Riverside Stadium. center_img Anthony Martial’s goalscoring debut for Manchester United against Liverpool deserves to rank among some of the best introductions in Premier League history.last_img read more