The REO & default servicing industry is an essential hedge against economic uncertainty – but even in an up-market, there are tremendous benefits to having REO specialization in your brokerage or on your team.
In this webinar, we had a conversation with Dr. Michael Krein – the CEO of RIO Software Solutions, and President of the National REO Brokers Association. He explained the current state of the REO market and provided insights into upcoming trends & ways to effectively integrate REO into your business.
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REO is the only renewable income stream in the real estate industry most agents. The standard rule is that you should be spending 80% of your time prospecting and 20% listing and selling. For REO’s, it’s the exact opposite. When you land that REO client, they have lots of properties to sell and they will keep giving you listings as long as you do a good job and spend about 10 to 20% of your time prospecting and 80% working. Which do you think is more profitable? REO is the only renewable income stream in the industry from that perspective that you can build a business model on.
When you control a large REO inventory, you tend to have the best price inventory in town, because you can keep cutting prices, no matter what the market looks like. REO will always have the best price inventory and the best lead generation. This is an ideal business model because it is renewable and scalable, two crucial factors that build a great business. This can be possible as long as you have systems in place.
Make sure to catch the entire conversation and do not forget to schedule your Double My Business Strategy Session!
Michael Krein is currently the CEO of RIO Software Solutions, the parent company and provider of the RIO Genesis software platform. It was Dr.Krein’s, 27 years of experience in the real estate and default servicing industry that led to the creation of the RIO Genesis system, whereby his ideas and management systems were incorporated and designed into a user-friendly software system for both general and default real estate companies and their affiliate partners.
Michael Krein is formerly the Owner of Sellstate NRES a/k/a Nevada Real Estate Services. Over the past twenty-five years, he has personally listed and/or sold over 25,000 single-family homes — many of which were properties owned by various financial institutions from around the country. Michael is married with seven children and makes his home in Henderson, Nevada.
The NRBA is a multifaceted national organization comprised of a cohesive group of experienced, connected brokers, appraisers, and attorneys who specialize in all phases of default management and servicing of distressed real estate.