Hi:

I have seen some realtors indicating they are "certified" REO brokers. I have seen some of these certifications all over the net, and the equator website also has a certification for $500. NAR does not include a REO certification (SFR is mostly for short sales). I have seen some realtors with the CDPE certification.

Does anybody knows a little bit more about these certifications? They don't seem legit...

I would take a "certification" that would help in the REO business, or a future in real estate asset management.

Does anybody has any words of wisdom?

Thank you.

I also see many agents advertise that they have some sort of certification for distressed properties. I have also noticed that many of them don't have any distressed property listings.

I don't have any REO certifications and am just about as busy with REO's as I can handle.

There may be something out there that is worth it if it is required to obtain a client or helps your chances of obtaining clients.

I wouldn't expect any listings from certification nowadays. It does help, from a education perspective, to take 1 course if you don't have experience with REOs. I found Default School helpful and it is required by some lenders for their current network agents. It also covers how to do BPOs correctly.

I don't get the Equator certification. Get certified on how to use their platform? It's not rocket science. Plus, there are many AMs who don't use Equator.

As others have said don't waste your time or money. Asset managers dont care about your certifications. They care that you do your job and sell their properties.

BPOBill,
IMO you are correct for the most part, as any certification from any entity would only indicate one has earned the designation and has/or should have an increased knowledge of the REO process. It does not mean to me that in executing the REO process they will in fact do so with competance or that the certification was given from a defacto "creditable" organization.

A similar argument is/can be made about an MBA degree. Did you get it from a website, a JR college, a fully accredited university and if so at what institution of higher learning.

I can say of all the different places/entities where REO certifications were available, I chose VRM University and spent not only the time away from my business, but the logistical expense and fees to add to my REO knowledge. I know not every real estate agent or broker will have the same background or education I do and vice versa or that I do not possess relative to others but I felt my resources were well spent for the knowledge I learned and that it focused me in.

In the end AM due look at performance, it's everything as I am only as good as my last transaction. I just have to repeat that perfomance over and better honing in on each subsequent assignment until it is second nature.

I've seen the certs on agents e-mail signatures when they e-mail me, but most of them have no reo listings. I might consider something if it was from NAR, but quite honestly, the AMs don't care. Your performance on their assets gets you more listings, not alphabet soup after your name. Save your money, if you are looking to spend money toward reo, use it to renew with res.net.

I wouldnt care about certs. Its about relationships!

Bettcha if an asset manager saw your name and another another, having no experience with either of you and the other name had an alphabet cert on it 7 times out of 10 they would get the nod

lol! Actually, when I see a cert I usually turn that person to the back burner and hire the one without the cert that hasn't been 'trained'. Each client wants things a little different and I don't like fighting with agents that have been certified to know what my client wants even when I'm telling them different.

But thats my 2cents.

J~

You imply being an asset manager, and yet if so...you are in the thirtieth percentile of my statement. Good luck with the newbies whoever you are. I would also venture to wager if you are with an AMP, the AMP was one of seven (7) new prospective REO clients who asked me to work on REO assignments that I turned down this year to work with because of various reasons.

Just my two cents

For whatever it's worth, I don't have any alphabets next to my profile. Just a ton of closings. Certifications mean something if they're coupled with experience and performance. With all the $299 classes, many certs have been watered down. If the alphabets were the driving force, Vanna White would have all the REO listings.

Jack, I agree. I don't like certs because anyone can pay 299.00 to sit through a class and it doesn't mean they know what they are doing other than they know how to tolarate sitting through a class and using the open book policy on their tests.

Also everyone was a newbie at one point. I happen to have a soft spot for newbies. I find they are the hungriest to get it right and prove themselves in order to build their reputation with a client. They don't have a sense of entitlement that they should be first choice because they paid 299.00 for a piece of paper.

J~

....J
I totally agree with your comment that we were all newbies at one time. I don't recall all those that burnt me when I was new. I do remember all those that took me under their wing and I totally remember how I felt when struggling. Over my head, frustrated and often feeling inadequate. Never will I make another human being feel that way. The day one can do that to another, is the day one has been in this business too long. They've lost their sense of decency. I've done and received a ton of training and both have helped me tremendously. I would advise any newbie to seek a mentor that has a few miles under their belt, visit their office, learn from their successes AND their failures. AND then do that for the next dude that needs some help. Believe me when I say that one can thrive in a predatory industry without ever becoming a predator.
Keep this in mind: No one will ever remember what you say, no one will ever remember what you do, but no one will ever forget how you made them feel!!!

I remember the first few REO's that I had back in 1997 or so were from Countrywide and I was fortunate that the asset manager on those first few was willing to help me learn. She later became head of that department and I finally met her at an NRBA or REOMAC event in 2002 or 2003. Without her help, I'd be bagging groceries at Publix.

Great stories PA Roadkill and JackREO!