I had the pleasure of joining 3,000 fellow real estate agents earlier this week as we converged in Palm Desert, Calif. for the spectacular Spring 2009 Reomac Conference. There I gained the latest insider news on successful short sales, foreclosure inventory, loss mitigation and a host of other hot real estate topics that will strengthen the Shandrow Group’s foundation for success.
The 5-star event, held at the Desert Springs J. W. Marriott, welcomed asset managers, portfolio managers, REO brokers, real estate attorneys and loan service providers from all corners of the country. (Reomac is an industry organization that exclusively serves the mortgage default industry).
Some of the more critical and most timely strategies for success that I gleaned from intimate networking conversations, eye-opening educational sessions and a host of impressive speakers are:
- The latest on President Barack Obama’s homeowner rescue plans (which I extensively blogged about in recent weeks)
- An insider snapshot of the REO/foreclosure market. Many foreclosures are in the midst of 90- to 120-day hold at the moment due to various foreclosure moratoriums, like the one recently enacted in California by Gov. Schwarzenegger (which I also recently blogged about). When these holds are lifted, a massive flood of foreclosures will inundate the market, adding to an already skyrocketing inventory.
- How to best stay current on the constant barrage of changes shaping the real estate industry, directly from the mouths of top REO industry lenders, servicers, marketers, managers and outsourcers. (REOs are Real Estate Owned properties, in other words, foreclosed upon homes that are reclaimed by banks after failing to sell at sheriff’s sales and foreclosure auctions.)
- A critical update on the state of the U.S. economy and the default industry from world-renowned economist Christopher Thornberg, Ph.D.
- The latest on several key aspects of mortgage default industry litigation
- The latest on the ongoing rise in vacant properties and servicing community responsibilities in response to a wave of vacant property registration ordinances …. and volumes more beneficial default industry insider info.
The most significant lessons that I took away from the conference in Palm Desert are:
1. Change is constant. That the asset management and default industries will always remain in a state of flux. Accordingly, it is critical to attend this caliber of industry gathering to stay on top of the latest market shifts and directly acquire the best practices possible.
2. The right exposure is critical. Attending the latest successful Reomac conference put the Shandrow Group in front of dozens of valuable default industry decision makers. I was thrilled to take advantage of the opportunity to successfully network with lenders, loan servicers and more REO industry professionals than ever before. Reomac Spring 2009 exhibitors, many of whom I was fortunate to meet in-person and discuss crucial real estate issues of the day with, included:
- Arcstone Financial
- Asset Management Servicing
- Single Source Properties
- Crest REO
- Elite Escrow Services
- Great Street Properties, Inc.
- Marshall & Swift
- NationsREO
- Keystone Asset Management, Inc.
- REO Network
- REOMagic
- REOTrans
- Ridgegate Escrow
- Unifund
- Vacant Property Security, Inc. …. and dozens more key national real estate leaders representing the loan servicing and REO marketing and managing industries
In related news, the conference came under fire in the New York Times in this controversial article. In it journalist Eric Lipton‘s point was abundantly clear: profits are up for well-connected real estate agents and asset managers handling bank-owned properties in the wake of the foreclosure crisis.
“The tsunami has leveled off a bit in recent months, because of foreclosure moratoriums imposed by major banks and the Obama administration,” Lipton wrote. “But the real estate agents here were told not to worry—the flood will continue for several more years, and probably has not peaked yet.”
“In February, nearly 45 percent of the home sales nationwide were R.E.O. or so-called short sales, in which homeowners, under duress, sell a property for less than their mortgage …”
Lipton continues, “For real estate industry service providers, like title insurance companies, the REO market has become essential if they want to remain in business.”
Well, there you have it, my personal travel notes from—and the latest media coverage of—a wonderful, business-benefiting networking experience at the April 7-9 Spring 2009 Reomac Conference in beautiful, sunny Palm Desert, Calif. Until my next report from the road ….
Sincerely,
Mark Shandrow
REO Broker-Associate
Shandrow Group
markshandrow.com
