Week 5 – What Makes Chris and ROOST Different
Chris decided to break away from the conventional brokerage model by embracing both traditional real estate sales and property management.
So today, property management accounts for about 25% of ROOST’s income, but long-term, positive tenant relationships drive even more of the revenue when current tenants refer other tenants, or become homebuyers themselves.
Chris has been managing property for investor clients for over 10 years. At this time, Chris’s team looks after roughly 1,600 units between Ohio, Florida and Tennessee. Chris’s owner clients trust his proven track record for success, and often become repeat buyers, knowing their new investments will be in great hands.
Success after the Crash
When Chris first earned his real estate license in 2001, he needed replace his corporate income, so he pursued every opportunity – like selling REO (Real Estate Owned) properties for financial institutions. They were often lower value homes in poor condition, the commissions were generally below $1000, and they were a lot of work. Compared to a ‘retail’ listing. No one wanted them, but Chris saw an opportunity!
He took everyone he could get. The relationships Chris built with asset managers led to referrals from other banks. And these relationships led to tremendous opportunities for Chris and his clients after the crash.
In 2011 and 12, REO properties made up nearly 40% of ROOST’s business, peaking in 2013 at 30 transactions a month. For five years straight, ROOST was one of Ohio’s top five real estate teams for transaction sides, thanks largely due to REOs.
Later on, I’m going to show you how Chris leveraged his intimate knowledge and solid relationships in the REO business to grow his personal portfolio, while helping his clients do the same.
For a free copy of the full book, A Real Estate Investor’s Guide to Profitability, email FreeBook@ROOSTRealEstateCo.com and we will send you one. Or download a free e-book version here: MakeRealEstateWork.com/free-book