Chapter 20
The Distressed Client
Getting the institutional client to hire us and eventually rely on us because of our Clients First commitment was an important first step in dealing with a changing market. We couldn’t be General Motors, selling big cars with the price of gasoline going through the roof. We had to mirror the market to stay in business, and if 70 percent of the homes for sale were bank owned, we needed to be selling them. Each month our business has reflected this overall market mix. In January of 2010, for example, the REO market was 39.5 percent of sales, and our REO business was 38 percent for that same month.
JoAnn and I also wanted to be part of the solution. We wouldn’t be any good to our clients if we weren’t around, and at the time we had no idea how deep the problem was. We thought if we would just help get these troubled assets through the system, we could all go back to the way things had always been.
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