090: Building a Successful Real Estate Brokerage through REO with Rochelle Jones

Listing REO and HUD properties was a huge boost to my career as a real estate agent. It was also a huge boost to Rochelle Jones’ career who is my guest on this week’s episode of The InvestFourMore Real Estate Podcast. Not only has Rochelle become very successful selling REO and HUD properties, she has also built a fantastic business working with real estate investors including large hedge funds. Rochelle left her corporate career to become a real estate agent and loves every minute of the real estate business.

How did Rochelle become a real estate agent?

Rochelle was working in the corporate world when she had a couple of bad experiences with real estate agents. She realized that she could do a much better job, and knew a lot of people who were buying and selling houses. In 2006 Rochelle obtained her real estate license and started working with Keller Williams. She was not planning to go into the REO business, but she ended up with a short sale deal for her first listing. She started working with a real estate team who specialized in REO listings and was hooked.

How hard was it for Rochelle to break into the REO listing business?

I started listing REO properties around the same time as Rochelle in 2008. I was told that there were already too many agents listing REOs and it was impossible to get into the business. Luckily I ignored those people, because I was selling over 200 houses a year shortly after that. Rochelle was in the same boat, and was also able to become very successful as a REO listing broker even with a lot of competition. Eventually Rochelle was selling 400 houses a year with only three people on her team! That is a lot of work for three people and Rochelle admits now it was a little too much to take on, but they got it done.

How can being a REO agent help with real estate investing?

Rochelle is also very involved in the real estate investing world. She does not buy many investments herself, because she feels it is a conflict of interest, but helps many others invest in Texas. Rochelle thinks being a REO agent has helped her tremendously with investing, because of what banks require from REO agents. REO agents have to complete many broker price opinions (BPOS), which are reports that give the value of properties. Completing BPOs is a great way to learn market values, how to value properties, and to learn how appraisers come up with their values.

Being a REO agent also introduced Rochelle to many real estate investors large and small. Rochelle has many large institutional investment buyers who have bought hundreds of homes in her market. Rochelle’s connections with banks and REO organizations helped her network with large companies to bring in a lot of business.

Why did Rochelle become a managing broker?

Rochelle helped start a brokerage with a Hedge fund: Alta Realty Company. She manages over 30 agents across multiple offices. Rochelle has also opened a property management branch, which is used by many of her corporate clients. Rochelle is always looking for successful agents to join her team, and gives some advice for new agents.

• If at all possible, start out full-time. It is very difficult to be a part-time real estate agent and serve your clients well.
• Learn many different ways to make money as an agent, but only focus on one or two that you like the most.
• Always learn and expand what you know about real estate.

How can you reach Rochelle?

Rochelle loves to help real estate agents in Texas with residential and commercial projects. She may be looking for new agents to join her office as well. You can reach Rochelle at 832 637 3700 or [email protected].