Networking and Referrals: The Key to Success in the REO Industry
What most people don’t realize about the REO industry is that it’s surprisingly small—nearly everyone knows each other. Brokers, asset managers, and clients often have longstanding professional relationships spanning many years. It’s not just about being listed in a database, portal, or platform; reputation and connections are everything.
The first thing an asset or vendor manager will usually do before assigning an REO listing to a new agent is to call one of their trusted current brokers that they already work with for a recommendation. In this industry, your success and number of assignments really depends on others vouching for you.
That’s why joining the NRBA is so critical. NRBA members find that a significant portion of their business—often half—comes from referrals and recommendations from other NRBA members.
Additionally, many smaller asset management companies, which lack separate vendor management departments, rely heavily on the NRBA database and its trusted members.
In fact, at any given time, over a dozen NRBA members are regularly assigning REO listings on behalf of these clients.
Being part of the NRBA connects you to this exclusive group of professionals, ensuring you’re both recommended and trusted within the tight-knit REO community. It’s a twofold benefit: gaining referrals from colleagues and being directly chosen for listings by other members who are managing client needs.