Jumped over to Detroit this weekend to hang with my parents for a quick 3-day visit. Isn’t the 3-day fish rule even more important when it’s with your family?
I noticed there are some signs in Detroit of our economy slowing down. And everyone is talking about the “impending” recession that is bound to come along.
In our last “Collective” call we talked about a great recession-proof way to get listings.
Real estate owned by banks can be quite lucrative and, unfortunately, will be on the rise in an upcoming recession.
There are many websites you can use to apply to be an REO listing agent so that banks will refer listings to you (if you want to know which sites to use, hit me up).
But the fastest easiest way for you to get your foot in the door with these banks in anticipation of a recession is to get a loan agent at the bank to contact their REO department and put in a good word for you.
In the last downturn, I was the REO listing agent in San Francisco for Bank of America and Countrywide and received many listings over a 3 year period.
And the reason I received so many listings was that my loan agent at each bank got me in the door.
So, if you’re considering becoming an REO listing agent, start now, start applying to those websites and start hitting up your loan agent contacts at the lenders you’re using in your business.
You’ll be so grateful you did so when the next downturn hits.