Bryan Knight

According to RealtyTrac, foreclosures filings were up 81% year over year nation wide with Las Vegas leading the nation for foreclosure filings. There was 3,157,806 foreclosure filings nationwide last year meaning that 1 in every 54 homes had a foreclosure filing of some sort. Wraping up the top 5 are Arizona, Florida, California and Colorado.

Looks like a great time to be selling REO properties in Las Vegas, Nevada!!!

Bryan Knight, REO specialist in Las Vegas, Nevada702-845-8435

Follow me at www.twitter.com/KnightREO

Since the last post I finally got it with IndyMac Federal Bank. This was after paying the 900 plus dollars for the default school training for them. They hit me to two properties, so we're off and running with them. Not sure what going to happen to them with the whole FDIC deal however so I wouldn't be surprised if that relationship doesn't last long. One of my clients haven't issued out any new listings in the past 3 months. I called them and they haven't been getting any new properties from their clients, so they don't have anything to issue out to the agents. I keep hearing from those "in the know" that towards the end of January / early February to be ready because the "flood gates" are going to open out with a lot of REO properties that have been held up for a multitude of reasons are going to be released and will be hitting the market!! I love hearing that. Bring it on!!

So now I'm setting at 6 clients. I have made some good observations. I've noticed that the relationship rout of building your business is by far the fastest way to build your inventory up. There is an agent here locally got his first REO listing the same month that I did. However he currently has 300 listings to my less than 50 and he built his business with relationships, where I built mine through doing BPO's and good servicing of my properties. So it's all about the relationships!!!

What getting in by doing BPO's did for me is give me the credibility to having done thousands of BPO's and to have REO closings under my belt as well. So now I when building those key relationships, I talk from experience.

Go to Part 6

Bryan Knight, REO Specialist in Las Vegas, NV

Follow me at www.twitter.com/KnightREO

Part 1 Part 2 Part 3 Part 4

Vacancy rate is still climbing. 6 out of every ten houses for sale in Las Vegas are vacant!! We've been hovering around the 7 months of inventory level for the last few months.

Bryan Knight, REO Specialist in Las Vegas, NV

Follow me at www.twitter.com/KnightREO

So, for the past 2 months, there hasn't been not one deal that I've had close on time (meaning the original closing date on the contract). The problem that I'm seeing is that EVERY SINGLE TIME the buyers don't want to pay the penalties for closing late!!! Just about every bank has it in their addendum/counter offer that if the buyer doesn't close on time, then they have to pay both an extension fee and per diam until they actually close the deal. IT DOESN'T MATTER WHO ON THE BUYER SIDE IS CAUSING THE DELAY. IT CAN BE THE BUYER, BUYER'S AGENT, BUYER'S LENDER, BUYER'S DOG, BUYER'S GRANDMOTHER, BUYER'S ANYTHING. IF THE BUYER'S SIDE IS LATE TO CLOSE, BE PREPARED TO PAY THE PENALTIES!!!

On every deal, there is some excuse as to why they can't close on time. And I'm always hearing from the buyer's agent "Well the buyer feels it's not their fault that the lender can't get docs so they don't want to pay the penalty" Or some other excuse. If you are going with the banks lender then maybe that can be worked out, but if you brought your own lender to the table (even if it was at your agents suggestion) then that is YOUR lender and YOU (as the buyer) are responsible for them not closing on time!!!! If you as the buyer don't want to pay the extension and per diam, then work that out between the lender and your buyer's agent. IT'S NOT THE SELLERS ISSUE.

Well two of my banks have put their "foot down" and we have actually lost two deals this month because the buyer's didn't want to pay the 300 dollar extension fee!!!! This is after the bank WAIVED the per diam and only required the extension fee!! I'm not understanding how you can sign off agreeing to pay the fee in the beginning and when you default, you're talking about "I don't feel I should have to pay!"

It's in BLACK AND WHITE "I will pay the extension fee and per diam if for any reason I don't close on time after my due dillegence period has expired." That why I love the banks because everything is in black and white, not left up to chance.

Moral of the story is, banks are starting to kill deals over the extension fees. So tell your buyer's (IN THE BEGINNING) to be prepared to pay those fees if ANYBODY on their side doesn't close, or face losing the house.

Bryan Knight, REO Specialist in Las Vegas, NV

Follow me at www.twitter.com/KnightREO

I'm not sure how many of you are aware of where the Keller Williams Reatly Las Vegas officed has grown to in three short years. Dave Jenks(co-owner along with Debbie Zois) shared some amazing numbers when he was here and I wanted to make sure you knew!!

Our Listings Sold are up 165%

Our Contracts Closed are up 111%

Our Agents Commissions... are up 45% which is an amazing number in this market but even more amazing because our agent count is down 25%!! We have less agents but we're doing much more business!!

Profit Share is up 265% and we have paid out $139,122 to our agents year to date!!

One last... but very exciting stat... out of the almost 1600 offices in GLVAR we ranked #7 last month in production!! Very amazing because the only offices ahead of us... have 500+ agents, have been open 20+ years, are 9 offices merged into one... WAHOO!!!! You guys ROCK!!

I got this article from someone in Salt Lake and wanted to share it with you!

One of my greatest frustrations with sales people revolves around the notion that sales performance is mysteriously tied to trends in the economy. In other words, when the economy is good sales are good. When the economy is bad sales are bad. Nothing could be further from the truth, yet sales results typically parallel the trends in the economy. Henry Ford is quoted as saying, "Whether you believe you can or believe you can't, you're right." Sales people need to believe in themselves, not in what others think or believe. Let your competition believe that there will be fewer sales during a challenging economy and then you dig deeper and work harder than ever before. You will not be disappointed with your sales results.

A few years ago I was working with one of my clients who was a paving contractor. Times were difficult. It seemed there was not enough work to keep those in the industry busy and profitable. Several paving companies laid off crews, sold equipment and priced what work they could find at cost just to keep their remaining employees busy. My client remained incredibly busy and profitable during this difficult economic period. In order to handle the increased work load, they hired the paving crews laid off by their competition and purchased competitors' equipment at auction for pennies on the dollar.

The work was not easy to find, and it was not found in the usual places when times were good, but it was there. These skilled and hard working sales people didn't't concede to a declining market but found opportunity amidst difficulty. They had their best year ever while their competitors were experiencing their worst year. Their margins increased by eight percent and their total volume of work increased by more than two and a half times. I'm reminded of the poem entitled, "Now Let's All Get Down To Work".

Said the Little Red Rooster, "Believe me, things are tough,
Seems that worms are scarcer and I can't find enough;
What's become of all those fat ones is a mystery to me;
There were thousands through that rainy spell, but now where can they be?"

Then the Old Black Hen who heard him, didn't't grumble or complain-
She had gone through lots of dry spells, she had lived through floods and rain.
So she flew up on the grindstone, and she gave her claws a whet,
As she said, "I've never seen the time when there weren't worms to get."

She picked a new and undug spot; the earth was hard and firm.
The Little Rooster jeered, "New Ground! That's no place for worms."
The Old Black Hen just spread her feet¬-she dug both fast and free.
"I must go to the worms," she said, "The worms won't come to me."

The Rooster vainly spent his day through habit, by the ways
Where fat round worms had passed in squads, back in the rainy days.
When nightfall found him supperless, he growled in accents rough,
"I'm hungry as a fowl can be. Conditions sure are tough."

He turned then to the Old Black Hen, and said, "It's worse with you.
For you're not only hungry, but must be tired, too.
I rested while I watched for worms, so I feel fairly perk
But how are you, without worms too, and after all that work?"

The Old Black Hen hopped to her perch and dropped her eyes to sleep,
And murmured in a drowsy tone, "Young man, hear this and weep,
I'm full of worms and happy, for I've eaten like a pig.
The worms were there as always-but boy, I had to dig!"

Here are ten solid principles and ideas that sales people can apply to increase their sales in a challenging market.
1. Change your thinking. Believe that your sales can increase even when the market is declining.
2. Work harder than you have ever worked before. Difficult times require extreme effort.
3. Put in the time. Plan and schedule a full eight-hour sales day. That means eight hours finding and developing sales opportunities.
4. Set very specific daily, weekly and monthly goals with activities directly focused on achieving those goals.
5. Define your sales process and focus only on those specific activities that will generate sales. You don't have time to do "stuff".
6. Do not err in believing that you are getting one hundred percent of your current customers' business. Make contacts at all levels and within all departments, groups and subsidiaries to be certain that you are not leaving anything for your competitors.
7. Make a habit of telling everyone you meet what you do for a living. If they need your product or service then sell them. If they don't, then ask for their help in introducing you to those who may need your products.
8. Contact every company or individual who has purchased from your company in the past ten years.
9. Ask every current customer for leads and referrals. Define for them precisely what you are looking for in a lead or referral. Everyone knows someone; don't take no for an answer.
10. Review your performance and success daily and recommit yourself each day to following your plan, regardless of how difficult it may be. Remember, a challenging economy requires rising to the challenge.

Think Big, and Kick Butt!!!

Bryan Knight, REO Specialist in Las Vegas, NV 702-845-8435

Follow me at www.twitter.com/KnightREO