[APPENDIX L]
90-day Action Plan
DAYS 1–30 (PREPARE AND PLAN)
Week One:
■ Obtain all your REO certifications. Research the REO listing agents in your area. Go to their websites. What certifications do they have? You must have these certifications at minimum.
■ Create your polished résumé (see Chapter 2) including the ten key tools. See appendix O for a sample résumé.
■ Create the polished proposal (see Chapter 2). Print 50 portfolios, as these are necessary for you to obtain your first account.
■ Do mock BPO on your own house and family and friends’ houses. Offer a free valuation. Watch how fast you will gain experience.
■ Use the “Reach-Around Method” from Chapter 2 and join a real estate office that is a “direct” listing agent. Offer to work for free. Ask to hang your real estate license with the company. Tell them that you have what it takes, that you will do it for free, and that you just need a couple of weeks to prove that you are the agent they have been looking for. Be the first one in the office and the last one to leave.
■ Gain experience. Handle calls, go to properties, and look at different REO listings. Use the information in this book and the hands-on experience in the field to see what type of results that direct listing office is producing and how you can improve performance.
Week Two:
■ Start networking. Go to networking events, REO conventions, and local board meetings. Start spreading the word that you work with a direct REO listing office. Even though you may not have any listings, focus on the fact that you are the best REO listing agent on the market. It will come. It’s not a matter of “if” but “when.” Keep in the back of your mind, preparation + plug = first bank contract.
■ Print out business cards, show houses, follow listing agents with the office, and absorb as much information as you can. Learn. Learn. Learn.
■ Ask for one; just one listing. Even if you don’t make commission, you want to learn. Once you get it, use our systems to impress everyone. Make them believe in you.
■ Implement the REO Lunch Method. Find “aged” REO properties that have been on the market for greater than 90 days. Identify who the asset manager is. Contact the asset manager (remember MOB: motivation over business) and tell them that you work as a direct listing agent for XYZ and that you would like to do a FREE second opinion BPO. Continue doing this-you will see that the behavior is reciprocated by the asset manager giving you a listing.
■ Find a mentor who has done it. Offer them to give you some pointers. Take them out to lunch. Tell them once you get rolling and knee deep in the business you will hire them on consulting basis. However if you have the money, invest it with your mentor. It’s worth every penny.
Week Three:
■ Start building your buyer network. Order 100 yard signs, wire stands (1 color, double sided) and place them out in your farm area on Friday afternoon–Sunday evening. Use yard signs combined with landing pages and drip campaigns to build a large database; the larger your network, the more value you will add to the banks.
■ Start your REO Bus Tour (see Chapter 2). Gather investors and homebuyers to go on a bus tour with you to visit REO properties for sale. Take them to the property that you are doing a second opinion BPO on. You shouldn’t be surprised if a passenger says,“Wow, I would buy that right now.” It works. Just make sure your co-op partner is pre-qualifying all the leads.
Week Four:
■ Network. Network. Network. Go to all REO conventions. Meet asset managers.
■ Use the REO FARM play (see Chapter 2) when you get in front of asset managers.
■ Listen first. Draw out their motivation. What are they motivated to find from a listing agent. What are they lacking? What problems are they having in their local market? Build their motivation before getting into business. Remember, motivation before business (MOB).
■ Show them that you have what it takes to solve their problems, that you know how to stop the bleeding, and that you are different than the typical listing agent. It’s important to show them, not tell them. Give them an example, a story, a situation. Make them believe that what you have done before, you can do for them.
■ At the end of your fourth week, you should know all the items that are required of a listing agent. Now it’s time to apply.
DAYS 31–60 (PERSEVERE)
Week Five:
■ Apply. Apply Apply. Apply everywhere (see Appendix B).
■ Spend time with the application questions. Don’t just respond the same for each application. Each bank is different. Each has different needs. Research their needs before completing the application.
■ Think through each response, re-read chapter two, and then complete the responses.
■ If you are applying online, be sure to include a print-out of your application along with your polished résumé, a polished proposal, and mail it to the bank that you are applying to.
Week Six:
■ Focus on the one. Just one asset manager, one bank, or one institution.
■ Go through your progress from weeks one through five. Which asset manager responded best to your REO FARM play? Which was the most motivated? Which do you have the most likely chance of getting in with?
■ Once you choose the one you will most likely have success with, follow through. Go back to the REO Lunch Method. Bring out their motivation again and show them that you can solve their problems by using the REO Lunch Method and doing FREE BPOs. You can even find an aged property that they are managing that has been listed for more than 90 days. Either way, give them a free lunch and watch how they reciprocate with a listing!
■ Ask for the business. Tell them about your guarantee (from your résumé). Remember, they have nothing to lose.
Week Seven:
■ Re-read Chapter 5 and then perfect the second opinion BPO. You have to show your asset manager that you know what it takes to get the property sold.
Week Eight:
■ Submit your second opinion BPO, and follow up with your asset manager using Double D’s (Chapter 9). Remind them about your large buyer network. Let them know that you took home buyers on a bus tour. Show them the pictures. Let them know the feedback from the buyers. Show them that you know what it takes to get the property sold.
DAYS 61–90 (CLOSE)
Week Nine:
■ Send a hand-written thank you card to the asset manager you are targeting. Thank them for allowing you to do a second opinion BPO.
■ Follow through with your proposed Magnet Marketing Plan (Chapter 7) for that property.
■ Now strike when the iron is hot. Ask for the listing. Ask them to reassign the listing you did a second opinion BPO on. Show the asset manager that you can execute. Ask them for the opportunity and then prove it.
Week Ten:
■ Re-read Chapters 4–9 from this book.
■ Master the 6 steps of the REO cycle and execute. You need to know exactly what the banks are looking for. Remember, banks will test you out on one. You have one shot to shine.
Week Eleven:
■ Take the re-assigned property from “active” to “pending sale” on the MLS by the end of the week by sending the reassigned REO to your large buyers list. Implement the Magnet Marketing Plan.
■ Follow up with Double D’s and manage the title company and lender (if any) until the transaction closes.
■ Show off your performance to the asset manager and let them know that you have what it takes and that you are dedicated to making sure that they meet their own goals.
■ Remind them again about your Magnet Marketing Plan and go back to the REO Lunch Method. The asset manager has nothing to lose by you performing a second opinion BPO. In fact, if you are successful with the first one, you may end up with a new assignment without having to implement the REO Lunch Method again.
Week Twelve:
■ Follow up with your asset manager and show them that you are hungry and ready for more. Highlight your performance by showcasing your stats (the 8 successful measurement tools).
■ Once you have successfully closed 10 REOs (90/10 Rule) transition into the REO Bootstrap Model and begin forming your dream team.
■ Grow your business. Re-read this entire book to learn how to maximize your income using the REO Bootstrap Model and prepare to expand to the REO Plus Model.
Congratulations!