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To a town near you, the next REO wave is coming soon!
I predict that the United States is going to see an explosion of foreclosure related work again within the next 12 months or sooner.
You may be talking in your head and asking yourself “How the hell does she know that this is going to happen?!”
With record numbers of Coronavirus related job losses in the last few months that has led to massive amounts of people filing for and receiving unemployment, along with millions of people not being able to afford to keep paying their mortgage payments this WILL create a boom in the REO and BPO industry unlike anything we’ve seen since 2008. It’s just a matter of time and unfortunately, we all know that sometimes history repeats itself.
If you are an actively licensed real estate agent or broker, will you be prepared?
You know for me I find that it’s a rather strange existence to be able to work in the foreclosure side of the real estate industry because when things are bad for those so negatively affected, we do well and are able to thrive in most instances.
It’s a hard reality to experience growth, financial stability and opportunity when regular people’s lives are forever changed when they are faced with having to walk away from their home.
My heart really goes out to individuals and families that are forced to file a foreclosure or a short sale. I can only try to imagine how hard that would be to have to go through that and the after affects that come along by default, like having your credit get decimated.
The empath in me has a hard time with knowing that I simply can’t control bad things from happening to people out there but I do get to be a part of helping resolve issues so everyone can get closure and move on.
As a previous real estate professional that did BPO and REO work for years, I remember a few times walking into a foreclosed house and seeing sights that would make anyone want to cry. It was a very surreal but humbling thing to experience!
I know that I am very blessed and am extremely thankful to have been able to have carved out a niche market for myself that has provided me years of all-around stability.
Through it all, I try to look at the positive side to everything and remind myself that I chose this profession and that it has treated me very well!
Experienced, smart agents and brokers that pay attention to the warning signs NOW of how the effects of the COVID-19 virus is going to cause mayhem in the real estate market will have the best odds of success, if they plan ahead and start working on ramping up by having the best systems in place.
REO and BPO professionals are soon going to be flooded with potential work, like what happened with the mortgage meltdown a decade before.
In the coming weeks, months and in the next year, I predict a massive explosion of opportunities not only in the real estate market as a whole but I believe that it will peak strongly in the REO and BPO industry.
It will be a matter of time and a natural progression of cause and effect for the big build-up that’s currently building momentum, stealth-fully.
I recommend to those that are qualified and interested (an actively licensed real estate agent, broker or appraiser) to start to plan ahead RIGHT N-O-W.
Get the right tools, software & training to help you do your job and get organized strategically. Those that do will prosper, like I did and those who don’t will be forced with having to leave the industry. This isn’t a prediction, it’s experience speaking, because again I’ve personally gone through this cycle before – and maybe you have as well.
BPO University and BPO Automation Group are here to help you with automated form-completion software that allows you do a 2-hour BPO or REO form in less than 15 minutes.
BPO’s are a way to stay alive during a downturn, and they’re also an amazing tool to build your professional reputation with asset managers to get coveted REO listings.
Click below to view a demo of our BPO and REO form automation software now, and if you’d like to learn more about BPO’s or how to do them you can sign up to take our online course through my sister company, BPO University.
BPO Automation Group demo: BPO Automation Group Demo
BPO University: BPO Automation Group University
As a general warning, don’t expect to see a bunch of numbers, estimates and such within this article.
I’m not one to focus on exact numbers and statistical information and analysis. I find this all very boring although telling at the same time. Instead, I try to get and stay educated on issues, I use my common sense and first-hand personal experience of being a real estate professional that specialized in BPO work during the mortgage meltdown crisis of 2008.
After 15+ years of being in this special niche industry called REO (real estate owned / bank owned) and BPO (broker price opinion) work, I’ve seen and done almost everything on a professional basis and have strived to do my work as ethically and above board as possible.
It’s a great business to be in!
If we can help you in any way, please don’t be shy, reach out to us!