Over the last week a large number of you have shared with me who you are, what you’re doing, and what you want for your business. I thought I’d reciprocate and share with you some of the Distressed Asset Survey results.
Who You Are
- You live in every corner of the US and one of you at least lives in Puerto Rico
- 93% of you are over 35
- 34.7% are over 55
- You are 77.8% male
What You Do
- 32.5% identified them selves as brokers
- 28.6% identified themselves as independent investors
- 10.4% are Private Equity Investors
- 10.2% are Note Brokers
and the remaining 19% of you run the gamut including bankers and analysts and property preservation professionals.
In 2010 54.5% of you did less than $1MM in transaction volume in distressed assets, REO, or notes purchased sold or brokered
- 23.6% of you did $1MM – $4.99MM
- 9.1% did $5MM – $9.99MM
- 10.9% did $10MM – $49MM
- and 1.8% of you did north of $50Million
Here’s where it get’s a bit more interesting
35 – 54 year olds were 5X more likely than 55+ to have broken the $5MM mark in transaction volume last year.
77% of those who did $5MM plus are either real estate or note brokers.
What You’re Looking For to Grow Your Distressed Asset Business
This year you are overwhelmingly interested in multifamily and commercial REO. Here’s the top 5 list with weighted scores [Top 5 out of 12 choices].
- Multifamily REO – 550
- Commercial REO – 489
- Multifamily Notes – 428
- Residential REO – 385
- Commercial Notes – 368
The biggest challenges you told me you face (in order) in reaching your goals in the distressed assets business this year [Top 5 out of 12 choices]:
- Finding banks with the right assets
- Finding bank decision makers
- Finding contact info for decision makers
- Getting bank decision makers to talk to me
- Finding assets my buyers will buy
What You Want From This Site
The thing you agree on most out of the 8 options provided is that 72% of you would like to hear stories from others in the business about what they’re doing and how they’re doing it.
There was a tie for second place. 66%+ would like to be able to list REO for sale on this site and you want education on Bulk REO.
As you might have noticed on the emails that went out I was giving until 5PM today in oder to to enter to win the 1 Free Year of BankProspector. I was eager to dig into the actual data but if you want to still enter to win you go here and take the survey now. I will wait until 5PM PDT to close it and select a winner.
About Brecht Palombo
What is a Distressed Property
Is a REO listing Distressed?
I’d think so. If it’s a property that’s been through the foreclosure process I’d say that qualifies most of the time.