I got a plank email with the subject "NRBA Application Status - Wait List"

It came from "memberservices@nrba.com"

Has this happened to anyone else?

How long is the wait?

Do they ever reject anyone?

Thanks in advance for your input.

-Will

There are several NRBA members who post here and all of us will tell you, be patient.

And yes, people have been rejected because of lack of credentials, inability to verify references, etc.

It's a privately run organization, unlike your local baord that basically has to take everyone with a license that applies.

I have heard of people waitingn 3 plus years just to let you know. It is hard to get in with them but they are very credible.

I was rejected, too. Not a very pleasant email. Just 1 "no" closer to a "yes!"

It could be a spam so I email them back to confirm because the email I got is missing "i" from "memberservices@nrba.com"

I got the same email yesterday.

I got an email saying that I was put on the "waitlist". I am assuming that this means I just wait for a really long time now. Is this about right?
thanks

ANy benefits in joining the group?

I submitted an application and I'm also on the waitlist. There are only 4 people in my area and three of them are not even agents in my area. The one that is from my area does very few REOs. I hope this approval process is quick but at the same time, I don't even know why I applied in the first place.

How long does it take to get your log-in and password once you have sent in your membership agreement and payment form?

I received an e-mail fronm the NRBA stating that my application had made it through the Initial Review and it went on to state that my application has been approved.

I faxed them my membership agreemet and payment form, but after a week I have heard nothing.

Check your PM. I'll look into this on your behalf.

I got accepted after 1 year. I dropped my membership after a few months. I didn't think it was worth the money. The added a ton of new agents to my area recently.

I've requested membership services look into this. Let me know if you don't hear soon.

Just received my approval email and I have been waiting long enough to forget how long it has been. The membership fee is hefty. Do you NRBA members think it is worth it?

It's been more then worth it to me. I've been in for 11 years now. Welcome aboard

worth it.

I was a member for over a year and I dropped it. Was not worth it for me did not get anything out of it. Their forum was really good thats about it.

heck stevie - I would have sold it if I were you.

I mean there is a waiting list

I bit the bullet and paid the fee for a year.

It was worthwhile for me during the early years when the NRBA limited the number of agents in each market. Not so much anymore. Now, the NRBA seems to be more concerned with generating revenue for the owners by flooding the market with agents and increasing monthly dues income. The potential benefit has been diluted significantly. There are 1126 members according to the NRBA website. I’m not sure what their monthly dues are now but they were about $170 a month when I was a member. That translates to roughly $2,300,000.00 annual income plus additional income generated from the conference and selling the CREO cert. Since the annual conference is self supporting, that translates to a tidy little income for someone after management expenses. Chances are slim now that membership in the NRBA will open any doors that are currently closed to everyone as most companies have closed their enrollment for new agents. Essentially, you can get the same benefit from membership in REOMAC for about $350 a year vs. a couple thousand for the NRBA and REOMAC is non-profit.

There are 2 other agents in this area who are on the list but who knows who else they plan on adding.

are you saying NRBA can't open doors for you that you can't open yourself? I find that surprising and disappointing.

I checked around with some friends and heard the same things that PhoenixReo related. I'm gonna pass but it was kinda a thrill when I got the invite! I thought, FINALLY I'm part of the club! Then one of the REO Queens in our office and a part of NRBA came in yesterday and said she is concentrating on buyers now cause REO is gonna be dead for awhile...hmmmmmmm.....saved me almost $2k.

There are currently over 5000 applicants wait listed. In addition 97% of the applicants are declined. Once you get on the NRBA forum, the process of adding members will be made clear. The membership has been relatively stable for the past 5 or so years, around 1200. Just an FYI a few weeks ago a member in California referred a client from Florida to me. The listing just went under agreement with a commission of $20,500. Vs the 2,000 per year, the numbers work nicely even if just based on that one sale. Plus that same client has 3 others with me in prelist.

View from a non member: You get out of it what you put into it. I can buy a farm, but unless I work and tend it, taking care of the land, nursing and tending each crop, etc., it would be a waste of money.

Understandably many agents are concerned about the high cost, but my experience has been that unless a member have skin in the game, they will not be active and the type member that will succeed. Too many agents want free this and that - then complain about not getting in return for even free.

I can't defend NRBA because I remain on the outside - but if you're serious about your business and intend to stick with it, it may be of help, I can't really say.

In today's market - especially with the new calls for a 'National Freeze on Foreclosure', I'm not sure what I would do - but I'm in a relatively small and stable market compared to most of you.

You are right Pine, you can only get something back if you first make an effort. But you first have to select an area where your efforts can be effective and productive. Jack believes in the NRBA and it has worked out for him in the long run. He is a Director of NRBA and puts a lot of time and effort into the NRBA. Jack is a great guy and I would feel safe in referring any client to him knowing that he would handle the business both skillfully and professionally. I would guess, though, that acquiring a new client like he did in today’s market is a very rare occurrence.

Again, membership in the NRBA was very worthwhile during its early years but I don’t believe it is now. I simply have stopped spending my money on things like the NRBA, Red Book, pay to play sites, etc. that don’t offer a return. I do think, however, that the NRBA could be more effective in promoting its membership if it dug into its $2,300,000 annual membership dues and used the funds to market its membership more effectively but so far, that hasn’t happened.

Same here. However, I cancelled my membership after 4 months. The top agents in my area aren't NRBA members and I sell more than most in my area who are.

Did they give you a refund on the remaining months?

Yes

Thanks for the kind words Phoenix.
The new client was a newer hedge fund. While many of the long time REO sources are closed, there are quite a few of these newer groups popping up. They now account for about 25% of my work. Gotta keep plugging and shifting with the market.

I didn't prepay. I paid monthly. Once I cancelled my membership, they ceased charging me monthly.

It may just be me but I do not think this is the end of REOs. I am still constantly on the search for newcomers and things to come so maybe the NRBA will do me good.

Not knowing where you are or your market size - I would say you'll do fine. Seriously, if you want to get the most out of it, put the most into it. Follow the suggestions of people like Jack from within - there they will only helpful - or so I would think.

[quote=JackREO]Thanks for the kind words Phoenix.
The new client was a newer hedge fund. While many of the long time REO sources are closed, there are quite a few of these newer groups popping up. They now account for about 25% of my work. Gotta keep plugging and shifting with the market. [/quote]

Regarding NRBA, the value is not in going off to the first conference and coming home with a rolodex full of new clients.

Value is in networking with professionals that are miles ahead of you as far as bank relationships, and the kind of things that don't get posted in forums, other than the NRBA private one.

After 6 months of paying the "expensive dues" at a whopping 167/month, here's an email I got in April(and doubt it if you want, that's your option)

"We were referred to you by NRBA.com. Are you interested in listing this property for us. Let me know. I’m usually in the office by 8:30 AM pst"

That to me sums it all up---I never solicited the client, they came to me. Just happened again 2 weeks ago with another servicer. So dues are now free for the next 10 years.

Welcome to the forum(s) Florida REO. I think for the most part members here understand NRBA - actually NRBA probably has the best rep on here.

Pine,

Thanks, just had to add my 2 cents.

Oh no problem at all - as a matter of fact, if this is what it took to get you posting, then your first post was a great one.

Actually - it is kind of refreshing to see positive remarks about anything here at times and I always get a good feeling when I see the NRBA threads being posted or bumped up, they are cheerful, hopeful and inspiring ~ well most of the time.

So even if you're out of change, post away, wherever you want.

I just got an email that my application was approved! Now I need to decide if it pays to spend $1990 per year membership fee. Members please let me know what your experience has been and if you think I should shell out the dough? Thanks

The silence is deafening! Does anyone have any updated info. regarding what I can expect return on my investment in NRBA membership?

Here is a good threat on the subject:

http://www.linkedin.com/groupItem?view=&...mNFomgJt7dBpSBA

I have been waiting about 8 months

How long did you wait to hear?

Thanks!

Since December 2008

Do you think you are going to join? I was just accepted after almost a 2 year wait and am wondering what to do as well. decisions, decisions....

Yes, I took the plunge.I did some research and it was mostly positive. Now I'll hope for the best.

If you have any questions give me a PM or look me up on their forum.

I think I am going to as well. Good luck and hope to hear from you in the future.

Since joining NRBA has it been worth it? I was just accepted as a member but the membership fee is pretty substantial. Are you able to get more business because by being a member?

scams, don't do it !
many scams do the same thing. Surf the net and PAY at your own risk.
Google the names of the companys + the word scam.


Print This Post | Email This Post | ShareThis Commercial Real Estate REO Broker’s Association Scam
February 12, 2009

Chris at retailchatr has a post on an individual named Ray McLaine running around hitting up brokers and other industry professionals for inclusion into a commercial real estate REO association. Sounds like an interesting theory at first, but the way this guy is going about it and the dubious impression he’s left on other brokers who have been in on the sales pitch is concerning.

I took a look at their site and there is a sign-up page where the association is asking for some pretty extravagant membership fees ($995) and apparently there is a $100/month membership fee as well! The sign-up page on their site even asks for credit card information – yet isn’t even a secure and encrypted.

What people fail to realize is that there is a pretty big gap between the commercial world and residential world. On the residential side, there is a lot of standardization with regard to forms, processes, etc. In the commercial world, it is not so structured so simply being a member of a REO club will probably not lead to any business for a majority of the brokers who are willing to take a huge risk and sign up.

You might spend a little time getting your facts straight. NRBA is the National REO Brokers Association. I've been an NRBA member for over 12 years and it has resulted in a ton of work.
NRBA is not the commercial group (CREOB) you're referring to and has no connection with them.
NRBA members also have high reading comprehension skills. Get your facts straight!

I am now a member and every agent I know who is a member has nothing but great things to say about NRBA. I can't wait to attend some of conventions.

Bumping...anything new on NRBA?

I received notification I was accepted today and it's only been a month or so since I applied. I've already decided to join but thought I'd see how things are going for others.

I cancelled my NRBA membership after 4 months.

I got an email from them to update my references since they are considering new applicants in my area. We'll see. They probably need money.

What specifically made you cancel?

You being in Colorado will make the NRBA worth your while. There are a lot of servicers located in the Denver area. Plus, you won't have to go too far if they're keeping the conference in Denver in 2012. I became a member in January 2010 and love it. You won't automatically get new listings by being a member. However, it's easy to get to know other agents in other parts of the country. When they can refer, they will bigtime. Do I sell a ton more because I'm a member...no. Before becoming a member I was a 150-220 REO closings per year guy. But I sell maybe 5-10 more per year since becoming a member. However, that's been in a slow 1.5 years for REO. To me it's worth every penny. You'll get insider info to which companies are hiring and which way the business is going. They will also teach you how to run your business better.

I haven't picked up an extraordinary new client, as banks go. But, I've made several contacts within hedge funds that will keep my pipeline full this year.

LOL. sounds like the "benefits" are mostly psychological. makes members feel like they are part of a privileged group.

If you have an established REO operation bringing in good money, sure, spend some money on associations and social networking. but I doubt that this kind of membership will do anything for a broker/agent who dabbles in REO.

I have to admit, Ocwen a few years back was the best thing goin for a fledgling REO agent. they were much more flexible than the other servicers for recruiting new vendors. of course, that has changed.

The monthly cost outweighed the perceived benefits in my opinion. It wasn't for me.

Thanks. I received an email asking me to update my reference list. Should they decide to accept me, I need to be ready to make a decision on whether to join.

Actually, quite the opposite. If you are an established agent, it may not benefit you much because you know everybody already. However, if you are looking to grow your business and need name recognition to help you, approval in this organization definitely helps (speaking from personal experience). I've acquired several clients because of NRBA membership and private communication through the organization.

It has been well worth it for me. I have at least 3 clients that were acquired directly due to being a member. And of course, sometimes you don't know why they pick you and not somebody else. I've also been thoroughly impressed with the level of professionalism and expertise of many of the members. Most are quite willing to share with other members, too. And not to mention that the conventions have been a lot of fun.

I have 'joined' or 'signed up' with so many of these internet things - I couldn't even keep track if I tried. My question: So, who, of the founding members, has or had a family member or loved one that qualified under the Make a Wish Foundation? The normal pattern seems to be when someone has been personally affected by something in particular, in whatever way, shape or form, they become advocates for a campaign, foundation, etc.

And, it would seem to me, being that it is 'part' of their website, that if you don't play, do you not 'benefit' from other parts of the membership also?

All members have access to all benefits. NRBA does support the Make-A-Wish Foundation and in fact is one of the largest corporate contributors in the country. However, participation is strictly voluntary. NRBA members represent some of the most successful agents in the country, perhaps MAW is their way of giving back to those that haven't been as fortunate. And I'm not talking about thousands raised, I'm talking about multi millions. 2008 alone brought $980,000 to these kids. Just one for instance...a Wii was auctioned and brought in $28,000. The winning bidder handed it to a MAW child that was there with his family. NRBA covers all fund raising costs to insure every penny raised goes to MAW.
Someone mentioned it might be good for a newcomer dabbling in REO. Way off base there. There's a through verification process. It requires experience, verification of REO references, clean RE record and more. 90% of those applying don't make it and are denied. We currently have 1500+ members, a wait list of over 5,000 so it's really not about the money. As far as benefits go, there's continual educational seminars, Business Development Seminars, RIO which is a web based property and business tracking/management software free to the members, a full time Vice President of of client relations, and tremendous member to member support. There have been a number of situations where members have stepped in and helped out members and their families and kept their business' running when they member couldn't. Be it illness, personal crisis, or death. We're there for each other. Real Estate is what we do, not who we are.
But NRBA is not for everyone. It supplies tools, but one must open the tool box and swing the hammer themselves.
And don't take this as an attempt to soliticit members. As I stated, 90% are declined and the wait list is 5,000 with the wait list references periodically updated and culled.
Some folks jump in and jump right out. The great majority stay in once they see the benefit. NRBA isn't one of these organizations that popped up in the last few years. It was formed in 1999 and grown steadily ever since. Overall the 12 years I've been in NRBA have proved to be beneficial.
Just setting the record straight.

Great post, Jack.............Thank you.

I appreciate everyone's comments and opinions of the organization. I did go ahead and join and am already impressed by the communication I've seen amongst the members. It seems like with many things that the membership is what you make of it, and I'm looking forward to participating in the conferences and other events.