BrokerageIndustry News

Going with the REO flow

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Editor's note: The following Q&A interview with Pamela Dela Cruz, a broker-owner in Northern California, is featured as a part of the "To Be a Broker" editorial project that highlights broker challenges and strategies for success. Click here for more info. Q: What is the biggest change you have made to the brokerage in the past year, and what prompted this change? How has this change impacted the bottom line, if at all? What has changed about your service offering in the past year? A: We switched from working with short sales and bank-owned (REO) properties in 2008 to working only with REOs in 2009. Our business-to-business model allowed us to expand from one county to presently five counties, including: San Francisco, San Mateo, Solano, Contra Costa, and Alameda. We also gained additional REO lenders in 2009. Our decision to change from short sales and REOs to REOs only in 2009 was prompted by the lack of approvals with short-sale transactions in 2007-08 (the ...