Index

A

ABR (accredited buyer representative), 53

access to property, 232

accounting clerks, 92, 94

account managers, 95–96, 333–338

accounts, direct

application questions for, 49, 57–59, 359

benefits of, 43–44, 330–331

contracts, value from, 29–31

managers and, 333–336

vs. outsourcer accounts, 40–43

accredited buyer representative (ABR), 53

active offers, 247–248

adjustable rate mortgages (ARMS), 15–16

adjustments to comps, 163–166

advertising, 60–63, 65, 101, 352–356. See also marketing

aged inventory percentage (AIP), 346–347, 362

agents and closings, 291–292

agent scorecard, 348–349, 362

agent sign-off sheets, 141–147

AIP (aged inventory percentage), 346–347, 362, 432

appliances, 190–193

application, REO account, 49, 57–59, 71, 359

appraisals, 139, 151, 250–252, 276

arbitrage, real estate, 307–308

AREAA (Asian Real Estate Association of America), 54

ARMS (adjustable rate mortgages), 15–17

The Art of the Start (Kawasaki), 83

“as-is” marketing, 169–171

“as-is” vs. repaired, 176–180

asset managers

communicating with, 74–75

direct bank contracts from, 29–31

expectations of, 32–33, 35–39

listing packages and, 225

points to remember, 76–77

profile of, 39

property preservation bids and, 324

repair bids and, 180, 184

as sales representatives, 40–43

visit from, 72–73

association, in REO FARM^™ Play, 46–47

auctions

about, 309–311

bidding process, 311–315

commissions and, 309

flipping properties, 308

listings and, 287–288

sale price, 314

Trustee Auction, 12–13

vs. listings, 315–316

authorization letters, 133–134

automated application process, 71

auto-responders, email, 64, 246

average marketing time, 160

“awaiting approval” offer status, 247, 258

B

backup offers, 248

bank-owned properties. See REOs

banks

application questions for, 49, 57–59, 359

contracts, landing, 44–49

as customers, 81–83

listing expectations from, 231–233

platforms of, 54–55

REO inventory of, 40–41

barcodes, for marketing, 51, 207

BBB (Better Business Bureau), 54

bids, repairs

packages for, 180, 323

scope of, 180–184

submitting, 184–187

bilingual marketing, 217

billing, from in-network cleaning crews, 147

bonus fees, 305–306, 327

Bootstrap Model, REO, 79–90, 96–98, 101, 116, 236, 322, 339, 350–351, 353, 361, 371, 376–377, 411–412

BPOs (broker price options), 2–3, 19

auctioned property and, 288

competition section, 162–167

final comments section, 171–172

general information section, 156–157

general market conditions section, 157–159

market strategy section, 169–171

mock, 53

photographs for, 151–156

points to remember, 173–174

practicing, 53, 357

quality of, 149–151

repair strategy section, 168–169, 449

second opinion for, 360, 450

subject property section, 159–161

burnout, avoiding, 371–377

business

costs of, 24–26

growing, 71–72

procedures, standardization of, 91–98

team, 52, 77–79

business development role, 333–338

Bus Tour, REO, 64–66, 358, 408

buyer bonus fees, 305–306

buyer network, building, 59–66, 358

buyer’s information sheet, 270

C

camera equipment, 151–152

capital, working, 96

carpentry, 193

carpets, 178, 195, 322, 323

cash flow, managing, 350–351, 362

CashFlow Quadrant (Kiyosaki), 365–366

cash for keys, 129–131, 314

certificates of approval, 285

certificates of title, 135

certifications, professional, 53

certified residential specialist (CRB), 53

CF (consistent cash flow), 21

change orders, for repairs, 196

charities, on résumé, 55

“clean copy” offer submittal, 243–244

cleaning, of property, 141–147, 193, 198, 205–206, 231

clerks, accounting, 92

client information on BPOs, 156–157

closing ratio percentage (CRP), 341–342, 362

closings

agent responsibilities in, 263

cash vs. financing, 267

code compliance management and, 286–287

commissions and, 25, 30, 85–86, 96–98, 297–302

contract and, 268–270

coordinators for, 92, 93

costs of, 242

cycle of, 266

date of, 265

day of, 281–282

estoppels, and, 272–273

financing and, 272–277

HOA or Condo, certificate of approval from, 272

HUD-1 approval, preliminary, 278–280

HUD-1 settlement statement and waiver, 281–282

inspection period notification, 275

lender/processor follow-up, 275–277

misconceptions of, 265

90-day action plan and, 360–361

performance, highlighting, 282–283

points to remember, 292–293

post-closing procedures, 283–286

reimbursements and, 19, 288–289

rules of, 265

run-off ratio (RR) and, 347

selling agents and, 291–292

timeline of, 267

title and, 267–268, 270–271, 277–278, 290–291

cold leads, 301–302

Collins, Jim, Good to Great, 376–377

commissions

additional fees and, 305–306

auctions and, 287–288, 309

full and guaranteed, 43

GCI (gross commission income), 19, 29–31, 332, 440, 444–445

as income stream, 297

instructions for, 279

listing commission (LC), 25, 30, 96–97

selling commission, 297–302

side commissions (SC), 299

splitting, 85–86, 98

commission spiff, 107

communication. See also email

with asset managers, 74–75

Instant Messenger, 114

comparable properties, 150, 154, 158, 162–167

competition, 54, 67–68, 73–75, 178, 228

concessions, sales or financing, 164

condominiums

certificate of approval from association, 272

competition in sales, 228

fees of, 160–161

MMRs for, 211–212

pre-listing checklist, 227–228

repairs and, 178

working with, 133–134

consistent cash flow (CF), 21

contractors

bids from, 180–184

in-network, 68

managing, 186–190, 194–195

points to remember, 200

property preservation and, 323, 325

contracts, executed, 268–270

conventional sales vs. REOs, 16–17, 20, 100

co-operating agents, closings and, 291–292

costs, fixed, 86–87, 96, 100–101

county violations, 286–287

court-reduction hearings, 286–287

CRB (certified residential specialist), 53

credit scores, 17, 240, 265, 303

CRP (closing ratio percentage), 341–342, 362, 436

D

days on market (DOM), 18, 151, 160, 162–163, 204, 213, 215, 219, 229, 342–345, 362

days to close (DTC), 343–344, 362

DBE (disabled business enterprise), 54

décor, 208–209

deeds of trust, 11–12

deficiency judgments, 12

delay deliveries (Double Ds), email and, 271–272, 361

delinquent HOA dues, 284–286

direct accounts

application questions for, 49, 57–59, 359

benefits of, 43–44, 330–331

contracts, value from, 29–31

managers and, 333–336

vs. outsourcer accounts, 40–43

direct email campaigns, 217

direct REO bank structure team, 42

disabled business enterprise (DBE), 54

DOM (days on market), 18, 151, 160, 162–163, 204, 213, 215, 219, 229, 342–345, 362, 437, 449

domain names, 229–230

Double Ds (delay deliveries), email and, 271–272, 361

double invoicing/billing by vendors, 106–107

“drip campaign,” 60, 65–66

dream team, 21, 25, 27, 78–79, 84, 90, 92–93, 302, 333, 335, 338, 340, 344, 351, 361, 375–377, 411

Drucker, Peter F., Innovation and Entrepreneurship, 16

DTC (days to close), 343–344, 362, 437, 449

DVE (service-disabled veteran-owned business enterprise), 54

E

earnest money deposits (EMDs), 239–242, 244, 256–257, 269–270, 275

e-billing, 140

education, 53–54, 60, 365–368

EESA (Emergency Economic Stabilization Act of 2008), 9–10, 438

electricity, managing, 138–139, 179

email

auto-responders, 64, 246

delay deliveries (Double Ds) and, 271–272, 361

management of, 114–115, 229

EMDs (earnest money deposits), 239–241, 270, 275, 438–439, 445

Emergency Economic Stabilization Act of 2008 (EESA), 9–10, 438

employment conditions, on BPOs, 157

equipment

camera, 151–152

office, 99

error and omission insurance, 51

estimates for repairs. See repairs

estoppels, 135–138, 272–273, 277, 285, 315, 438

ethics, 249–253, 261, 326, 375–376

evictions, 92, 93, 131, 132, 148, 226, 313, 375

executed contracts, 268–270

expenses, 288–289, 350–356, 362

experience

on direct bank application, 58–59

on résumé, 50, 52–53

vs. preparation, effort, and opportunity, 26

exterior inspection checklist, 207–208

F

family, in REO FARM™ Play, 46

farm area, 61–62

fees

additional commission fees, 305–306

condominium, 160–161

HOA, past-due, 135–136

referral fees, 304–305

FHA (Federal Housing Administration)

appraisals and, 250

flipping properties and, 319–320, 447

mortgage insurance and, 139, 160

repairs and, 178, 191

FHB (first-time home buyer), 237, 241, 249, 319, 439

field inspectors, 92, 93, 197

“fifteen-day rule,” 237, 238, 247, 256–257, 263, 265, 433

Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), 8, 10, 439, 449–450

financing. See also mortgages

availability of, 160

concessions and, 164

as income stream, 297, 302–305

prequalification letters, 240

FIRREA (Financial Institutions Reform, Recovery, and Enforcement Act of 1989), 8, 10, 439, 449–450

first-time home buyer (FHB), 237, 241, 249, 319

fitness and health, 372–374

fixed costs, 86–87, 96, 100–101

Fix-to-Flip, 319–320, 327, 447

flipping properties, 82, 297, 307–309, 319–320

flooring repairs, 183, 193, 195

footprint, REO, 79–81

foreclosures, 8–18, 24, 53, 62, 120, 178, 444

The Four Ps of REOs, 204–205, 231

full commissions, 43

G

garage sale value, 129, 155

GCI (gross commission income), 29–31, 91, 97, 332, 440

general information on BPOs, 156–157

general liability insurance, 51

general market conditions, on BPOs, 157–159

GEP (gross execution percentage), 344–345, 362, 440

Good to Great (Collins), 376–377

GRI (Graduate Realtor® Institute), 50, 53

gross sales volume, total, 349–350

guaranteed commissions, 43

H

“hard-money,” 318

H&B offers, 245–246, 249, 252, 263, 440

health and fitness, 372–374

heating, ventilation, and air conditioning (HVAC) repairs, 183, 186, 193–194, 322–323

HHA (Hold Harmless Agreement), 287, 436, 440

high-low method, offers and, 249–252

HOAs (home owners associations)

certificate of approval and, 272

condo fees, 160–161, 438

cooperation from, 133–134

delinquent dues and, 284–286, 293

occupancy check and, 124

payments, past-due, 135

pre-listing checklist, 227–228

Hold and Rent, 316–319, 321

Hold Harmless Agreement (HHA), 287, 436, 440

home warranties, 297, 306

“hot bed” markets, 17

hot leads, 299–300

HUD (Housing and Urban Development), 237, 318

HUD-1 approval, 278–280

HUD-1 Settlement Statement, 279–282, 305

HVAC (heating, ventilation, and air conditioning) repairs, 183, 186, 193–194, 322–323

I

illegal units, 131, 171

income streams

about, 297–309

auctions and, 309–316

Fix-to-Flip, 319–320, 327, 447

Hold and Rent, 316–319, 321

Lease-to-Own, 320–321, 327, 447

points to remember, 327

property preservation and, 322–325

in-house buyer ratio, 336

in-network cleaning crews, 141–147

in-network contractors, 68, 181, 182

in-network direct REO agents, 40

Innovation and Entrepreneurship (Drucker), 16

inspections

checklists for, 198–199, 205–208

high-low method and, 251

period of, 275

property, 128–129, 196–200

of repairs, 194–195

insurance

error and omission, 51

general liability, 51

HOAs and, 285

mortgage, 139, 160

title, 290

intangible assets, 331

interior inspections, 128–129, 205–206

internal offer checklist, 241–242

Internet, search engine optimization, 218, 230

inventory, bank, 40–41

investment costs, 24–26

invoices, from vendors, 103, 106–107

J

judicial and non-judicial states, list of, 14

judicial foreclosure procedure, 11–15

K

Kawasaki, Guy, The Art of the Start, 83

Kiyosaki, Robert T., CashFlow Quadrant, 366

L

landscaping, 146, 178, 199, 322, 323

LC (listing commission), 30, 85–86, 333–334

leadership, leveraging, 338–339, 362

leads for listings, 299–302

leases, 226

Lease-to-Own, 320–321, 327, 447

letters of recommendation, 33–34

leverage, in direct accounts, 43, 44

liability issues, 129

Lis Pendens (pending lawsuit), 13, 124, 441

listing agents and repair bid process, 184

listing agreements, master (MLA), 31–36

listing commission (LC), 30, 85–86, 96–97, 297

listing letter, 224–225, 227

listing package, 225, 442

listings

auctions and, 287–288, 308

banks, expectations from, 231–233

checklist for, 227–228

commission from (See listing commission (LC))

marketing and, 19, 203–204, 233–234

properties and, 224–226

quality of service and, 87

tenant occupied, 226–227

vs. auctions, 315–316

listing specialists, 98

commission split to, 85–86

hiring criteria, 87

list price reduction (LPR), 210, 212–216, 234, 307, 442

loan approval, 275–277

loan servicers, managing, 273–275

location of comps, 164

lockboxes, 100, 199, 206, 218, 223

locks, rekeying, 121, 125, 128, 132, 279, 322, 323

locksmiths, 128, 132

LPR (list price reduction), 210, 212–216, 234, 307, 442

Lunch, REO Method, 66, 70, 76, 357–359, 361, 408

M

magnet marketing

appeal of, 203–205

checklist for, 217–218

photograph tips, 220–221

plan for, 204–205, 360

margin requirements, property preservation and, 323

market, entering, 62–63

marketability of property, 159–161, 175, 177

market conditions, on BPOs, 157–159

marketing. See also The Four Ps of REOs

banks, expectations from, 231–233

bilingual, 217

costs, 101, 352–356

description, creating, 222–224, 229, 232

farm area, 61–62

listings and, 203–204, 233–234

plan, 232

REO Bootstrap Model and, 89

reports, monthly (MMRs), 209–213

time, average, 160

updates and listings, 19

websites and social media, 60–63, 65, 217–218, 224, 229–230, 323

market price, on BPOs, 157–158

market rent amount vs. mortgage, 62

market strategy, on BPOs, 169

master listing agreement (MLA), 31–36, 81, 305

master utilities account, 140

maximizing execution, 341

MBE (minority-owned business enterprise), 54

meditation, 372–373

mentors, 358, 365, 368, 408

Microsoft Live Instant Messenger, 114

Microsoft Outlook Quick Parts, 110–111

Microsoft Outlook Quick Steps, 112–114

million-dollar REO blueprint

about, 328–335

points to remember, 362–363

minimizing disposition, 341

minimum reserve, 309, 312–313

minority-owned business enterprise (MBE), 54

MLA (master listing agreement), 31–36, 81, 107, 274, 305, 324, 443

MLS (multiple listing service), 107, 217, 228, 274

DOM (days on market) and, 18

listing and, 224–225, 233

offer submittal and, 243

property addition to, 259–260

showing tracker programs, 211

MMRs (monthly marketing reports), 209–216, 444

MOB (motivation over business), 48, 331, 443

model story, 126

MOM (Multiple Offer Monster), 19, 244–246, 249, 258–259, 444

month-to-month lease, 226

mortgage partner, 303–304

mortgages. See also financing

adjustable rate (ARMS), 15–16

insurance for, 139, 160

securitization, 8

servicers, managing, 273–275

vs. market rent amount, 62

motivation

over business (MOB), 48, 331

questions for, 370–371

in REO FARM™ Play, 47–48

multiple listing service (MLS). See MLS (multiple listing service)

Multiple Offer Monster (MOM), 19, 244–246, 249, 258–259, 444

N

NAHREP (National Association of Hispanic Realtors), 54

NAR (National Association of Realtors®), 18, 53, 60

NAREB (National Association of Real Estate Brokers), 54

National REO Brokers Associations (NRBA), 53

neighborhood, percentage of owners to tenants, 158

net profits, 31–32, 332, 337

network (buyer) building, 59–66, 358

networking and referrals, 66–71, 357, 358. See also REO Lunch Method

90/10 REO rule, 25–26, 80, 83–84, 361, 377, 411, 431

90-day action plan, 356–363

NINJA (No Income, No Job/Assets), 17–18, 444

non-judicial and judicial states, lists of, 12, 14

non-judicial foreclosures, 11–15

Notice of Default, 12–13

Notice of Trustee’s Sale, 12

NRBA (National REO Brokers Associations), 53

O

occupancy certificates, 237, 251

occupancy check reports (OCRs), 3, 19, 120–128, 141, 445

occupant options letter, 121, 123–125

occupants

cash for keys and, 129–131

evictions and, 132

owner, 237

OCRs (occupancy check reports), 3, 19, 120–128, 141, 445

offers

backup, 248

beginner mistakes and, 253–261

canceling, steps in, 248–249

checklist for, 241–242

disclosing highest, 254–256

ethics and, 248–253

expectations of, 235–240

extensions and, 19

failing to present, 256–257

Multiple Offer Monster (MOM) and, 19, 244–246, 249, 258–259

packages for, 239–241, 260–261

pending, 247, 248

points to remember, 263

REO Bootstrap Model and, 236

REO Plus Model and, 236

reviewing, 241–243

statuses of, 247–249

submitting, 242–244

timing of, 237

office capabilities, on direct bank application, 58–59

offices

equipment for, 99

rent and, 352–356

size of, 100–101

technology for, 51–52, 99–101, 107–116, 338

virtual, 101, 353–354

online social media, for marketing, 60–63, 65, 114

opportunity vs. experience, 26–27

option deposits, 321

options letter, occupant, 121, 123–125

organizational structure, bank, 42

outsourcers, 40–44, 330

OVM (other vendors’ money), 2, 24–25, 101–107, 322, 350, 377, 445

owner occupants, 237

P

painting, as repair, 178, 193–195

PAP (price accuracy percentage), 346, 362, 446

past-due HOA payments, 135

payment terms and vendors, 104

pending lawsuit (Lis Pendens), 13, 124, 441

pending offers, 247, 248

people management. See staff

percentage commission, 85–86

per-diem fines, 177

performance

expectations, 32, 37–38

measuring, 340–349, 361

reviews, 261–262

personal property

BPOs and, 153

evictions and, 132

vacancies and, 128, 129

pest control, 199

PHAs (public housing agencies), 318

photographs

for BPOs, 151–156

of inspections, 197–198

for listings, 229

for marketing, 218–221, 231–232

repairs and, 189, 221

timing of, 221

placement, in The Four Ps of REOs, 204–205, 224–231

platform certifications, 53

Plus Model, REO. See REO Plus Model

pools, swimming, 24, 152, 154, 178

post-closing procedures, 283–286

pre-listing checklist, 227–228

preparation for OCRs, 125–128

preparation vs. experience, 26–27

pre-qualification letters, 240

price, in The Four Ps of REOs, 204–205, 209–216

price accuracy percentage (PAP), 346, 362

primary customers, 81–83

product, in The Four Ps of REOs, 204–205

professional certifications, 53

profits, net, 31–32, 97

promotion, in The Four Ps of REOs, 204–205, 216–224

properties. See also marketing

access to, 232

comparable, 150, 154, 158, 162–167

flipping, 82, 297, 307–309, 319–320

inspections, 196–200

listing, 224–226

managers of, 133–134

number of times shown, 211, 215

photographs of (See photographs)

preservation of, 297, 322–325

tax records, 121–122, 125

timelines for, 340–341

proposal, as part of application, 49, 56–57, 357

proxy offers, 252–253

public entities (PE), 237

public housing agencies (PHAs), 318

Public Housing Choice Voucher programs, 318

Q

QR (quick response) codes, 51, 207–208, 217, 446

quality of service vs. active listings, 87

questions, on direct account application, 49, 57–59, 359

Quick Parts, Microsoft Outlook, 110–111

Quick Steps, Microsoft Outlook, 112–114

R

Reach-Around Method of networking, 66–68, 357, 407, 446

real estate agent application, 58

real estate arbitrage, 307–308

real estate bank-owned properties (REOs). See REOs (real estate bank-owned properties)

real estate cycle, timing of, 2, 15–16

real estate license info, 58

Real Estate Settlement Procedures Act Section (RESPA), 305, 326

recommendations, letters of, 33–34

record keeping, 239

recreation, in REO FARM™ Play, 47

reduction hearings, 274, 286. See also LPR (list price reduction)

references, on résumé, 50, 55

referral base, 22–23

referral fees, 304–305

referrals, title, 326

referrals and networking, 66–71, 357, 358. See also REO Lunch Method

reimbursements and closings, 19

“rejected” offer status, 247

rekeying locks, 121, 125, 128, 132, 279, 322, 323

relaxation techniques, 273, 371–377

rent, as business expense, 352–356

rental income, 316–319

REO analysts, 92, 93

REO Bootstrap Model

about, 79–81, 83–90

number of listings and, 351

offers and, 236

pros and cons, 90

staff and, 339

transitioning to, 361

REO Bus Tour, 64–66, 358

REO conference rules, 69–70

REO customers, 81–83

REO experience, on direct bank application, 58

REO FARM™ Play, 45–48, 69, 73, 358–359

REO footprint, 79–81

REO ID numbers, 32, 74, 108–109, 156, 224, 269, 289, 448

REO Lunch Method, 66, 70, 76, 357–359, 361, 408

REOMAC, 53

REO offer process, 236

REO Plus Model

about, 3, 79, 90–98

automating, 337–338

offers and, 236

offer submittal and, 244

and office space, 101

pros and cons, 98

transitioning to, 361

REOs (real estate bank-owned properties). See also specific topic

about, 1, 7, 10–15

affiliations of, 53

and bank inventory, 40–41

benefits of, 21–23

cycle of, six steps, 19–20

economy and, 16

as a game, 18–19

increase in, 16–17

myths about, 23–27

vs. conventional sales, 16–17, 20, 27, 100

repairs

authorization of, 178

benefits of, 176, 177

bids for, 19, 180–187, 193

on BPOs, 154, 168–169

carpets, 178, 195, 322, 323

change orders and, 196

condominiums and, 178

costs of, 192–194

for county violations, 286–287

determination of, 129, 154, 175–176

DOM (days on market) and, 343

flooring, 183, 193, 195

guidelines for, 195

HVAC, 183, 186

inspections of, 188–189, 194–195

invoices for, 103, 105, 279

LPR (list price reduction) and, 215

market strategy and, 169–171

order of, 195

painting as, 178, 193–195

photographs and, 189, 221

points to remember, 200

reimbursement for, 288–289

structural, 193

timeframe of, 187

vs. “as-is,” 176–180

reserve, minimum, 309

Resolution Trust Corporation (RTC), 8–10, 366

resources, on résumé, 50–51, 52

resources ratio (RR), 344, 362

RESPA (Real Estate Settlement Procedures Act Section), 305, 326

résumés, 49–56, 357

ROR (run-off ratio), 347, 449

RR (resource ratio), 344, 362, 449

RTC (Resolution Trust Corporation), 8–10, 366, 449

S

safety during OCR process, 125–129

salaries of staff, 101

sales concessions, 164

sales managers, 42

sales price (SP), 30

sales representatives, 42

sales volume, gross, 349–350

selling agents, closings and, 291–292

service-disabled veteran-owned business enterprise (DVE), 54

settlement agents, 242

settlement charges, 326

SFR (Short Sales and Foreclosure Resource), 53

shady vendor tactics, 105

showing tracker programs, 211

side commissions (SC), 299

sign-off sheets, 141–147

Singh, Sant Rajinder, 372

smoke detectors, 146, 178, 205

social media, for marketing, 60–63, 65, 218

SP (sales price), 30

spiff, commission, 107

squatters, 375–376

squeeze page, 63–64

staff

accounting clerks, 92, 94–95

account manager, 95–96, 333–337

business developer, 333–337

field inspectors, 92–93

leaders, leveraging, 338–339

management of, 91, 376–377

REO analysts, 92–93

transaction coordinators, 92–94

turnover, 95

staging checklist, 208–209

standardization, business procedures, 91–98

straw offers, 253, 263

stress management, 371–377

subject property, on BPOs, 159–161

success, 340–347, 365, 374–377

summary of bids form, sample, 185–186

swimming pools, 24, 152, 154, 178

T

target marketing area, 61–62

TARP (Troubled Asset Relief Program), 9–10, 438, 450

tax assessments, on BPOs, 158

tax records, property, 121–122, 125

technology, 51–52, 99–101, 107–116, 338

temperature (property), maintaining, 140, 206

tenant occupied listing, 226–227, 313

termination agreements, 248

term lease, 226

“three day rule,” 236, 238, 257, 263, 433

timeframe for repairs, 187

timelines (contractor), managing, 194–195

time management, 75

title commitment, 316

title companies, 267–268, 270–271, 290–291

title insurance, 290

title referrals, 326

titles

auctions and, 315

clearing, 277–278

closings and, 267–268, 270–271, 277–278, 290–291

total commission, 85–86

total gross sales volume, 349–350

training, 53–54, 60, 365–368

transaction coordinators, 92, 94

transaction summary, contract and, 269

Troubled Asset Relief Program (TARP), 9–10, 438, 450

Trustee Auction, 12–13

U

utilities, property, 122, 125, 138–140, 179, 198, 279, 288–289

V

vacancy, 128. See also OCRs (occupancy check reports)

value proposition (VP), 51, 81, 83, 88

variable costs, 86–87, 96–98

vendors, OVM (other vendors’ money) and, 2, 24–25, 101–107, 322

verbally accepted offers, 247

veteran-owned business, 54

violations, county, 286–287

virtual offices, 101, 353–354

virtual tours, 218

VIP leaders, 339, 362, 451

VP (value proposition), 51, 81, 83, 88

W

wages of staff, 101

warm leads, 23, 300–301

warranties, 191, 297, 306

water, managing, 138, 140, 179

WBE (woman-owned business enterprise), 54

websites, for marketing, 60–63, 65, 217–218, 224, 229–230, 323

wholesalers, 40–44, 330

woman-owned business enterprise (WBE), 54

worker compensation, 51

work hours, 21–22

working capital, 96

worklife balance, 337–338, 369–370, 372–374

Y

yard signs, 62–63, 207, 217, 245