1. Where do I go to change my account?
In 2020, we’ve taken this period of moratoriums and economic disturbance to upgrade our systems to provide more benefits to members. We want you to emerge and grow as strongly as possible, able to help our markets recover as quickly as possible. You’ll want to click on the invoice link in your email, or go to https://fivestarmemberships.wildapricot.org/ and log in to your account. You’ll be able to update your REO Red Book listing, update your payment information, see Compliance requirements, and select preferences, all in one place.
2. My account has always been automatically charged. Why do I need to go online to re-enter my credit card again?
Your payment information may not have transferred, or it may have expired.
3. Why am I not finding myself in the REO Red Book?
We’re upgrading our systems to provide more benefits to members. Make sure you’re updating everything in your Wild Apricot account, and the REO Red Book will auto-update. If you don’t see your updates in 24 hours please contact us.
4. Why isn’t anyone finding me in the Red Book?
It depends on what coverage they currently have in your area. When volumes go up (as anticipated post moratorium), they will need more. Once you get that first couple, it’s up to you to maximize that relationship. What are you doing to initiate things on your end? Are you completing the application process with as many banks/lenders/servicers/asset management firms as possible? Some of the asset management firms have additional compliance items to complete for eligibility. Are you seeking out active REO agents and brokers from your office and its affiliates to assist and network with? Are you constantly adding education and certifications (Five Star Academy) to your agent resume? Are you reaching out to contacts at AM firms monthly to give market updates, asking what they need, offer your services? Are you willing to travel a bit or otherwise go above and beyond to build those relationships?
5. What are the benefits of becoming a member?
The benefits are synergistic, they also depend on you using them in concert with other business development as referenced above. For maximum exposure, you can also take advantage of free or discounted ads in the regular Five Star industry publications REO Red Book, DS News, MReport, or Daily Dose, among others.
6. What can I be doing to increase my chances of being contacted by asset managers?
What are you doing to initiate things on your end? Are you completing the application process with as many banks/lenders/servicers/asset management firms as possible? Some of the asset management firms have additional compliance items to complete for eligibility. Are you seeking out active REO agents and brokers from your office and its affiliates to assist and network with? Are you constantly adding education and certifications (Five Star Academy) to your agent resume? Are you reaching out to contacts at AM firms monthly to give market updates, asking what they need, offer your services? Are you willing to travel a bit or otherwise go above and beyond to build those relationships?
7. How do I get in touch with asset managers?
The REO Red Book is a big first step, along with Five Star marketing. You’ll also want to complete the application process with as many banks/lenders/servicers/asset management firms as possible, seek out active REO agents and brokers from your office and its affiliates (to partner with, learn from), constantly add education and certifications to your agent resume. There are other opportunities, and conversations we have with asset management firms that can generate business for FORCE members as well. Reach out and contact us to discuss your specific situation and we can give you business development direction.
8. How is this year going to be different from last year?
This period of 2020-2021 is very different because of the pandemic. The best thing you can do is position yourself ahead of the wave of REO assets that are coming. In addition to this economic reality, we’re doing a lot of things to put you in front of the right people. We tout FORCE members’ expertise, compliance, education, qualifications, and experience as the best in the business. We don’t guarantee you listings, but we multiply your business development efforts as your advocates – adding our resources to yours in marketing you to the REO industry, building relationships that will benefit you. Be the expert we’re saying you are.
If you feel your question is not answered here, please contact Bill Hockensmith at 214.525.6740 or William.Hockensmith@TheFiveStar.com.