Terry Rasner-Yacenda, Broker/Owner of Reno/Tahoe Realty Group, shares her insights on the importance of networking in obtaining new clients. She also discusses the best approaches for applying to new company networks.
The Importance of Networking in Obtaining REO Accounts
Networking truly is the lifeline of your business. Without it, you’ll never secure the connections you need to make it in the REO market. There are a few things you’ll want to make sure you do to be successful, including learning etiquette and basic hygiene. You may laugh, but some people have no idea how to carry themselves in a professional setting, and everyone can use a refresher on best practices.
When you’re at events where you’re in front of asset managers and the like, you have to be confident and patient. Be sure to look professional, because as much as we don’t want it to be the case, people judge you based on how you look. Pushing past others to get into a conversation is never a good thing—wait in line for your turn, and don’t swarm the people you want to talk to.
Always keep in mind that clients are human too, and they just want to have a good time. Bring it back to grade school and remember the Golden Rule: treat others how you want to be treated. Also, be careful not to overindulge in cologne and perfume, because that smell can be more offensive or overpowering. Along the same lines, it’s a good idea to always carry mints, because coffee breath can be distracting.
Follow the Rules
Another major rule is to never give gifts to asset managers. It’s not the correct protocol for this kind of event. What you should be focusing on is your elevator pitch. You need to be able to sum up why you’re the best for the job, and why they should use you within 30-60 seconds. Not only is the pitch important, but so is the follow-up. Make that short interaction personal by sending a follow-up, requesting a time they would be willing to speak with you further. By following up, you’re setting yourself apart.
Business cards go a long way in this respect, so be sure to give and get them. By having a picture on your card, you can ensure facial recognition. You should work to get any and all certifications that you can, because it truly helps sets you apart from the crowd. Be on your game and be well prepared with this information. It streamlines your networking and ensures you get the result you want.
The people you’ll be in front of are professionals who have been in the industry for quite some time. Another piece of advice that may sound simple is to listen—listen to their needs intently, don’t just be waiting for your turn to speak. Also, never argue with what they say, because as it’s said in the service industry, the customer is always right.
Submitting Broker Packages to New Companies
When you’re looking to onboard with new BPO/REO companies, it can get really confusing trying to find where and even how to apply. So, these are the documents you’ll need to get started:
– Declaration page of your E&O insurance: It’s often required to have one to two million in aggregate coverage
– Broker’s license
– Salesperson license
– ZIP codes: This is a list of all the ZIP codes you’re willing to travel to in order to perform BPOs.
– Optional: Your company’s brochure.
Be careful to not include unnecessary content. Once you have these documents ready, you can start searching for sites where you can apply. If you can’t find an application page, try sending an email to the generic customer service email.
Once you have your emails sent and applications filled out, you must ensure you keep your information up to date. Every six months or so, you must check everything, as you most likely won’t get notified by the companies themselves—it’s up to you. Without notice, they can deactivate your account without your knowledge, so always be checking.