Dates for second Orlando Foreclosures Expo are set
The inaugural expo, held Feb. 7-8, generated so much business for exhibitors that founder Phil Peachey is already working on an expanded event slated for June 6-7
Orlando – Angela and Frank Schifano were excited about their presence at the inaugural Orlando Foreclosures Expo because it gave them the chance to showcase the new business, the Orlando Foreclosure Trolley, a rolling classroom that takes real estate investors on a tour of bank-owned properties in central Florida. The Schifanos sold several tickets to upcoming trolley tours, but the husband-and-wife real estate agent team also wrote five contracts for foreclosure listings they featured at the event.
“We were confident that the Expo would be an ideal forum for creating awareness about the trolley, but we didn’t expect to sell so many homes,” Angela Schifano said. “We are a prime example of why an event like this is needed. There is no other way for so many buyers and sellers of bank-owned properties to gather at the same place at the same time.”
Many other exhibitors at the Expo echoed Schifano’s sentiments. Phil Peachey, who is founder and organizer of the event, received such a tremendous response that he has already set the dates for the second Orlando Foreclosures Expo. It will be held on June 6-7 at a venue yet to be determined. The inaugural Expo was held at the International Plaza Resort & Spa, but Peachey says the second event will be much larger and will require more space.
Homeowners facing foreclosure, renters looking to buy a home and first-time investors and seasoned investors searching for deals were among those who converged on the Orlando Foreclosures Expo (www.foreclosuresexpo.com) on February 7-8. The Expo included people facing foreclosure talking to experts about their options, and buyers and sellers of bank-owned properties.
“Now that the first Expo is completed, exhibitors who were there are already booking booths for the next event,” Peachey said. “In addition, people who thought about exhibiting but didn’t because they were unsure of how successful the first Expo would be saw the response and are now interested.
“A lot of people didn’t grasp what we were trying to achieve until they actually experienced the Expo,” Peachey added. “Now that exhibitors understand how many people they can reach under one roof, they are excited about the next event.”
There is no end in sight to the foreclosures crisis, and the volume of bank-owned properties continues to escalate. Economic experts agree that the real estate market will not rebound until the inventory of available properties decreases. Peachey created the Orlando Foreclosures Expo to help people facing foreclosure learn about their options and to link buyers and sellers of foreclosed properties. Most people, even real estate professionals, do not have access to foreclosure listings or to the people who regularly buy and sell them, Peachey says. The Expo was a success – and there is so much interest for more events – because it breaks down barriers, Peachey believes. Exhibitors agree, and many of them found the Expo as a perfect venue for networking and business.
“The response we received from visitors to our booth far exceeded our expectations,” said Chris Christensen, who operates a Real Living Real Estate Solutions office under The Christensen Team name in Orlando. “We left the event with the names and phone numbers of over 70 people that are interested in buying foreclosed properties, and we are both booked for the next two weeks with appointments to show properties.”
Laura McLoughlin of Moneycorp Inc. is another sponsor and exhibitor who has reserved space for the second Expo in June.
“The event not only attracted a big number of attendees, but it also provided a great opportunity to network and make good connections in the industry,” McLoughlin said. “Anyone who wants to get into the foreclosures market or has a service to help clients looking for foreclosures will benefit from participating in the June event.”
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Media Contact:
Jeff Louderback 407-474-6149 jlouderback@cfl.rr.com
The Orlando Foreclosures Expo on February 7th & 8th was a huge success. Here in this video you can get some feedback from Exhibitors etc.
The 2009 Orlando Foreclosures Expo Was a Huge Success! Read What People Are Saying.
“I attended the Orlando Foreclosure Expo as an exhibitor and I was blown away at the professionalism of the event and the staff. I have attended many real estate type shows and the results yielded very little in the way of “qualified” leads. Most people were just kicking tires. This Expo was the exception. These people came to purchase. Our company got over 100 qualified and interested leads and the majority of the people were there for the right reason which translates into sales for people like me. In addition, the quality of exhibitors and speakers were amazing. I will be back again and I would urge you to do the same if you are interested in growing your business. Great job guys!” -Billy Cannon, Coast2Coast Investments
"Thank you so much for everything, Remember I want a booth in your next event!!!!! So let me know when and where and I will send you a check!! Frank was out yesterday with buyers all say until 10:00 at night he got 3 signed contracts and he is out now with more buyers!!! So it was a great success for us. Thank you. " -Angela Schifano, The Orlando Foreclosures Trolley
"Julie and I would definitely sign to exhibit at the June Foreclosures Expo. You guys did a phenomenal job, everything was top notch. The response far exceeded our expectations. We left the event with the names and phone numbers of over 70 people that are interested in buying foreclosed property. Both Julie and I are booked for the next 1-2 weeks with appointments to show properties. We were even able to send a referral to the Real living office in Georgia for a person we met at the show who had some vacant land in Georgia that they needed to sell ASAP. Once again thank you so much for everyone’s efforts. Tell Phil he’s the man J" -Chris & Julie Christensen
"Making the decision to be one of the sponsors of the Orlando Foreclosure Expo was certainly a great decision for us. The event not only attracted a big number of attendees but also provided a great opportunity to network and make good connections in the industry. Anyone who wants to get into the foreclosure market or has a service to help clients looking for foreclosure should definitely look at exhibiting or sponsoring the next event. Moneycorp will be involved in the next one! Thanks to Phil and his team for a wonderful job. Thanks," -Laura McLoughlin
"Extraordinary changes in the real estate and lending industries have left us in uncharted territory. A new housing landscape is taking shape, and a different kind of homebuyer is doing the shopping. As a Realtor (R), the FORECLOSURES EXPO gave me an incredible opportunity to guide and educate homebuyers in uncertain times." -Mary Abrams - Sales Executive, Award Winning Realtor
Jason and Alicia Goldberg, a married couple who live in Oviedo, received a duplex from REO Resolution Trust, LLC
Orlando – Jason and Alicia Goldberg were interested in buying their first investment property, so they attended the Orlando Foreclosures Expo last weekend. The married couple, who live in Oviedo, were like many of the expo attendees who talked to exhibitors about how to purchase bank-owned properties. The Goldbergs received an unexpected head start on their portfolio when they won a duplex which was given away by REO Resolution Trust, LLC, an Orlando company that owns and operates BankerREOs.com, buys bank-owned properties and sells them to investment groups and individual investors.
The duplex is located in Detroit and valued at $67,742. It includes four bedrooms, 2.5 bathrooms and 2,354 square feet of living space.
“We have bought many properties and it is our intention to give away one home per month,” said Will Bland, who is president of REO Resolution Trust. “The property that the Goldbergs received can generate $700 a month in rental income. After taxes and insurance, that is about $7,000 a year.”
The Goldbergs expected to leave the expo armed with information and knowledge about how to make their real estate investment dream a reality, but they never expected to depart with their first property, especially at no cost to them, other than the $10 entrance fee to the expo.
“Ironically, we were interested in buying a duplex as our first investment property,” Jason Goldberg said. “This is the first of what we hope will be several properties in our portfolio.”
The Orlando Foreclosures Expo brought together a diverse group of individuals and companies that work with foreclosures and short sales under one roof. First-time investors and seasoned investors were able to meet real estate wholesalers, brokers and agents who have a multitude of bank-owned properties at below-market rates. Homeowners facing foreclosure spoke to investors interested in buying properties, and professionals provided them with options if they want to sell their house, or remain in it and avoid foreclosure.
“It was exciting to see a young couple who wanted to get involved in real estate investing win the property,” said Phil Peachey, who is founder and organizer of the expo. The next Orlando Foreclosures Expo is slated for June 6-7 at the International Plaza. “They now have a home that can generate $700 a month in rent. That is substantial, especially for a young couple.”
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Media Contact:
Jeff Louderback 407-474-6149 jlouderback@cfl.rr.com
Orlando – Homeowners facing foreclosure, renters looking to buy a home and first-time investors and seasoned investors searching for deals were among those who converged on the Orlando Foreclosures Expo (www.foreclosuresexpo.com) last weekend. The inaugural event, which was held at the International Plaza Resort and Spa, drew such a positive response that founder and organizer Phil Peachey is already planning a larger event on June 6-7 at the same venue.
“A lot of people didn’t grasp what we were trying to achieve until they actually experienced the expo. Now that exhibitors understand how many people they can reach under one roof, they are excited about the next expo,” Peachey said. “Real estate industry professionals, people facing foreclosure and investors alike were at the event for different purposes, and they were all able to find answers from the broad range of exhibitors who are experts at what they do.”
Typically, people facing foreclosure often do not know all of their options. Many investors interested in buying bank-owned properties do not have access to foreclosure listings or to the people who regularly buy and sell them. The Orlando Foreclosures Expo served as a forum to break down those barriers.
“There is a thirst for information from first-time homebuyers and investors. They want to understand the real estate market and they value the information they need to make a smart decision,” said Mary Abrams, who is a sales executive with Stirling Sotheby’s International Realty in Orlando and a certified short sale specialist and foreclosures expert. “Real estate is still a sound investment. Like any investment, it is important to understand how to proceed. This is why the Expo was such a valuable forum because it features resources and expert guidance for buyers, sellers and homeowners.”
Tobi Moyle, who is a regional vice president of the mortgage division for Wachovia, said that there was a mix of individuals who visited the bank’s booth, from renters and first-time homebuyers wanting to get pre-qualified for mortgages to homebuyers and investors searching for bank-owned homes.
“I receive multiple calls every day from clients interested in buying foreclosures. Real estate agents and independent buyers want information about bank-owned homes,” Moyle said. “The expo was a great place to reach these people. It was a one-stop shop for consumers and industry professionals that resulted in connections that will lead to future business.”
In addition to helping people facing foreclosure, the Orlando Foreclosures Expo was a forum for real estate industry companies that deal with foreclosures to educate visitors and fellow exhibitors about what they do. Southeast Professional Title, which is based in Winter Park, received an abundance of inquiries about land trusts. The company was also able to inform visitors about its menu of services.
“For us, the expo was a place where we were able to give numerous initial consultations,” said Deborah Farnell, who is president of Southeast Professional Title. “Many people don’t know the role of a title company. We were able to inform consumers and industry professionals of our services who were not previously aware of everything we can do for them.”
A majority of the expo attendees who talked to Christina Rordam were homeowners looking to avoid foreclosure and investors inquiring about purchasing distressed properties.
“Many of the homeowners who were facing foreclosure wanted information on making a short sale,” said Rordam, who is a Realtor with Exit Realty Central Florida, the agency that staffed the foreclosures help desk at the expo. “People are facing a difficult situation, and they want to talk to professionals who can give them sound advice.”
Chuck Mahoney understands the foreclosures crisis first-hand. When he founded the National Opportunities for Affordable Housing Foundation (N.O.A.H.) in 2001, it focused on helping home buyers find down payment assistance programs. That is still an integral part of the organization’s mission, but now it is helping homeowners who are struggling either remain in their home or sell so they can preserve their credit and be in position to buy again in the short term.
“At the expo, we talked to a lot of homeowners who have lost their jobs and want to get out of their home before foreclosure,” Mahoney said. “Loan modifications aren’t always the answer. In many cases, the new payment is higher than the one the homeowner could no longer afford, and about 40 percent of loan modifications go back to foreclosure and short sale.
“We help homeowners short sale their home so they can retain their credit and are able to reenter the real estate market. They bought their home in a seller’s market, and now they are trying to sell it in a buyer’s market,” he added. “In a short sale, we negotiate with the lender and the homeowner is able to get out of their situation. The foundation buys the home and then sells it, in most cases to a first-time homebuyer, helping them with down payment assistance. We help one person avoid foreclosure and help another homeowner buy a property.”
That reflects the theme of the Orlando Foreclosures Expo, Peachey says. Peachey plans to organize similar events across Florida in areas like Tampa/St. Petersburg, Miami, Jacksonville and Tallahassee. The second Orlando Foreclosures Expo, slated for June 6-7 at the International Plaza, will feature even more exhibitors and speakers.
“The response we received this weekend from consumers and real estate industry professionals indicates there is a continued need for an event like this,” Peachey said. “It benefits every professional associated with the foreclosure industry, and it helps those people who are trying to avoid foreclosure. That is our ultimate objective.”
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Media Contact:
Jeff Louderback 407-474-6149 jlouderback@cfl.rr.com
From national correspondent: Ms.Catarina Huntington
That's the headline Realtors can only hope for at this point in time. A more proportioned assignment of REO (bank foreclosures) listings would dramatically enhance the financial landscape for the struggling Realtor industry. However, as of January 2009, less than 1/3 of 1% of Realtors continue to maintain a stranglehold on REO markets, while the rest of the industry sinks in despair. For now, the "80-20 Rule" (20% of Realtors accounting for 80% of business) is a distant memory. "It seems like the new rule should be changed to the "80-1 Rule", where less than 1% of the agents are closing 80% of the deals" says Julie Tveit a real estate Broker for LaRue Realty in Minnesota.
An investigation into the facts surrounding the REO listing market is interesting....
2 million foreclosures up for grabs
Nationwide the "private club" (as they're called) of REO Agents currently monopolizes about 1.7 million active REO listings. In 2009, 2.0 million more properties will foreclose and according to a recent report by "Credit Suisse" the US market will be averaging 2 + million foreclosures over each of the next 4 years.
Estimates are that 150,000 Realtors nationwide, provided the pertinent education, would be very qualified listing agents of REO properties. There are no specific prerequisites to become an REO Agent. Qualified Realtors simply need to possess a willingness to enter the REO arena and be thoroughly educated on the unique aspects of listing bank owned foreclosures.
Hence, there are 150,000 active full time Realtors in the United States with 2 million foreclosure listings "up for grabs". If divided equally each Realtor would close 13 REO listings per year for the next 4 years.
REO Agents Dominate Market
Instead roughly 5800 Realtors Nationwide sold 1.6 million REO homes in 2008. That translates into an average of 22 closed listings per REO Agent per month. That certainly doesn't sound like a "spread the wealth" philosophy does it? My research indicates that the REO industry's current model provides for a single beneficiary: REO Listing Agents,
and unfortunately this model comes at the expense of the lenders themselves, frustrated buyers and the tens of thousands of agents left out to dry.
The vast majority of REO Agents are overwhelmed with inventory and under staffed. Realtors "in the field" showing REO properties tell me that they understand this all to well. "I am to the point now, in working with buyers, that I have to pre-screen listing agents that have REO listings. If I know that the listing agent is going to be difficult to work with, on any level, then I pass that information along to my buyers. There are too many properties on the market to waste time with difficult transactions" say Ms. Tviet.
The systemic problem within the REO Agent "underground" appears to have a multitude of negative consequences which result in longer market times and lower sale prices, say numerous industry sources. Ms. Tviet, "It's just common sense, if your marketing is poor, your correspondence with other Realtors is marginal and you have a reputation as difficult to work with, it inevitably effects the lenders bottom line".
Private enterprise is fixed on changing the dynamic
In a brief telephone interview I conducted with Ms. Simona Miu a spokeswoman for the ForeclosureU.com a private educational institute established in 2005, Miu stated:
"ForeclosureU is committed to changing all of that in 2009. Stating that ForeclosureU.com is going "at the establishment head on". Miu says that ForeclosureU is launching a national advertising campaign in various targeted media outlets promoting the importance of their "Certified Foreclosure Specialist Designation and Training for Realtors".…."In 2009 our sole focus will be dedicated to educating and arming 25000 Realtors to earn their fair share and rights to the REO pie……Graduates of the "CFS" Training will receive everything required to meet their career goals and seize these emerging markets".
Miu went on to provide some of the ways ForeclosureU intends on accomplishing that challenging feat:
"CFS" graduates are provided unprecedented (a) training on listing REO property but it doesn't stop there (b) "CFS" graduates are entered into the National Database of "CFS" agents (c) which will be facilitated by an aggressive print/electronic and Internet marketing campaign (promoting its "CFS" agents) targeting the entire default (REO) industry (d) In addition a proprietary list of "REO asset managers" and their direct contact information will be made available to all "CFS" graduates."
Miu stated that ForeclosureU is filling the gapping holes left by local, state and national educational platforms that have failed Realtors miserably in providing current educational requirements.
Conclusion
If ForeclosureU and companies like them truly step up and provide Realtors the tools they need there is little doubt that, at least in this columnists opinion, Realtors can surely change the course of their careers and maybe even the course of the foreclosure debacle as a whole.
On a personal note, I am pulling for ForeclosureU and any innovative new business that has the capacity to help this beleaguered economy. Small business and product/service innovation is the only viable macro solution to this countries economic downward spiral. Realtors are a part of that solution. Getting our political leaders to understand this is a whole other conundrum.
Statistical data and additional content provided thanks to: Real Estate Trac, City Data Co, U.S. Association of Real Estate Agents, Foreclosure University, LaRue Realty, Zillow Blog
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