Friday, February 20, 2009

The Ten REO Commandments

Rich Kownacki is a Preview Properties.com Realtor who specializes in servicing REO listings. He revisited memories from his parochial schooling when he shared his Ten Commandments (as they relate to REO properties) with fellow agents in Friday's prospecting meeting:

1. I am the Lord your God. In the REO business: Your Seller (the bank, the investor) is who you are responsible to (your “God”).

2. You shall have no other gods before me/not make yourself an idol. In the REO business: There are companies out there who will tell you they can get you in the REO business for a fee (EX: $1,000). Be wary, it's not that easy.

3. You shall not make wrongful use of the name of your God. In the REO business: Be careful what you say to your Seller and how you say it. Don’t let your ego get in the way. Remember that the “first offer is usually the best offer.”

4. Remember the Sabbath and keep it holy. In the REO business: Try to take at least one day off each week so you don’t burn out.

5. Honor your father and mother. In the REO business: The owners of your company have a business to run – respect that and work with them, not against them. If you are going to be a complainer, get out.

6. You shall not murder. In the REO business: Do not kill the deal. Do not get in the way of the deal.

7. You shall not commit adultery. In the REO business: Don’t screw around – you have to be diligent and do your job. That means no red lights on your REO dashboard.

8. You shall not steal. In the REO business: Do not charge for services that were not done. Do not inflate charges. You will get caught.

9. You shall not bear false witness against your neighbor. In the REO business = Don’t lie.

10. You shall not covet your neighbor's wife/anything that belongs to your neighbor. In the REO business: Don’t be envious of other people’s success. Focus on the business you have and not the business you don’t have. More and more real estate agents are dropping out of the business because they can’t cut it.

and one extra one...
11. Always be in control.

2 comments:

  1. It was great to have MOSES in the house!
    I love the no red lights on the reo dashboard! that a good one lisa!

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  2. That was a GREAT talk Rich had. It will stick in my mind every time I work a REO property!!!

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