Any Benefit to Joining CDPE?

I was reviewing a $30,000 offer from Chase that directed the home owner to contact a CDPE agent.

Has anyone gotten short sale assignments from lenders or home owners calling because they wanted a CDPE?

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Permalink Reply by Jesse D. Moore on July 15, 2012 at 3:24am

Chase is rolling out a Premiere Partner Short Sale program and incubating it in a few states before it rolls out completely. You have to have either the CDPE, the SFR, the 5-Star or Equator SS designation in order to be considered for the program. I checked the CDPE designated agents in my area and their stats - and there were many that didn't have any closed short sales in the past 12 months (thankfully Chase also asks on the application form how many Chase short sales you've closed and have listed). 

I think too many agents put too much hope in "top-down" short sale programs from the bank. Ultimately it's up to the homeowner to decide, and I think that they are more apt to choose an agent from a Google search than one recommended by their bank. Still, I ultimately decided to get the CDPE designation so that I could be included in the program. I figured that my regret in not participating and missing out on even one transaction would be greater than the regret of spending $500 and 15 hours on a designation. 

My participation in the program also secured me an invite to training with Chase, where I secured a few more high-level contacts that will certainly aid me in escalating in the future :)

Permalink Reply by Rita Cox on July 15, 2012 at 3:28am

How was the training and have you secured any leads from Chase since becoming a partner in the program?

Permalink Reply by Ron Margolis, RA on July 15, 2012 at 4:01am

Jesse,

Is there a link or a destination where I can find out more about the Premiere Partner Short Sale program. SOunds interesting to me. For my $.02 I found a lot of value in the CDPE training back in 2009. Nowadays, with 40K designees, there's a little too much marketing hype in the CDPE content but the DPI stays on top of the latest changes and provides so good marketing inspiration. I too get more cogent specific feedback from Short Sale Superstars when I am looking for it. Let me know about the Chase Premiere Program if you would. Mahalo and Aloha

Permalink Reply by Kelly Walters on July 15, 2012 at 3:26am

I have been a CDPE since 2008 and I do receive several leads and referrals each year by people searching for an agent at CDPE.com. Many have been homeowners, most are referring agents, and at least 4 or 5 have come directly from Chase. Chase gave a recent client a list of 3 agents in my area and he chose to contact me. I assume Chase got my name from the CDPE site, but I never asked. On 2 or 3 occasions, Chase has called me with a homeowner on the line. I've also had several homeowners contact me directly because other lenders told them to "find a short sale agent" on Google or CDPE.com.

I would say, on average, I close at least 2-3 extra deals a year from being an 'advanced' member (top placement) on the CDPE site. Advanced membership is optional and costs an additional $99/month.

For me, this is the only benefit to the $99/month advanced membership. I really don't keep up with the webinars as I should and the personal website they provide has never generated any leads for me. I do use the reports & blogs that come in the monthly marketing kits, but not the other pieces. If you are in an area where there are few CDPE's listed, you may not want to invest in the advanced membership. In my area, I feel it is worth the $99/month to keep my name at the top of a list of many, and I'm getting a return on my investment.

So, yes, you definitely can get referrals from being a CDPE, but I wouldn't make the investment for that reason alone. There are plenty of other ways to get recognition based on experience, web placement, referrals, etc... I do think the CDPE education is the best "starter" course I've found and worth every penny.

Hope this helps!

Permalink Reply by Jeri Herl on July 15, 2012 at 3:34am

I received my CDPE designation to learn how to do a short sale in 2008 and have kept up my membership since then. So far I have done many short sale listings all with 100% success. I never expected a lead from banks. I am enrolled through  Keller Williams for bank referrals leads where letters are sent to homeowners listing me as an experienced short sale agent. Nothing has happened with that so far. But I have received agent to agent referrals through CDPE website (I don't have an upgraded membership or website) and the one that worked out was indirect through an agent in Denver giving my name directly to a family member. She was so thrilled with the service she received, she referred me to someone she knew who needed a short sale and I did that one too! I earned thousands of dollars off my small investment. The resources and webinars are very good through CDPE and Short Sales Superstars is where I lean sooooo much more from experienced agents!. I am happy to be a part of this group.

Permalink Reply by Dennis Smith on July 15, 2012 at 3:51am

I have been CDPE Advanced for 4 years and have not had a lead from a bank.  I think part of it is my market.  As my website says, http://www.sandiegohomes4u.com I work in the heavily CDPE'd San Diego market.  However,  I like the information & marketing materials.

Permalink Reply by Stephen Warrene on July 15, 2012 at 4:41am

I went and got my CDPE and within a week the bank told the owner of a house to call me.  I listed the house and received about 50 calls on the house. I listed it above the amount owed to get the bank full loan amount.  We are scheduled to close later this month.  Also the bank had another couple call me and I just put their house up for sale.  

Permalink Reply by Barry Levy CDPE on July 15, 2012 at 4:49am

Chase contacted us and gave us the contact information for the seller and authorized us to offer him $30,000 to list with us.  He did and we sold the property for $550,000 to our own buyer.  Chase paid 6%.  I want another phone call like that.

Permalink Reply by David Zagorsky on July 15, 2012 at 6:03am

Wow! The response to my question on the worth of the CDPE designation has been amazing. However, it proves the power of advertising.

I originally posted my question on July 10 and got 2 responses. I then modified it and still nothing. Today it is Sunday and we have 2 pages of responses.

The difference is it got to the top of the Superstar "This week" List. The lesson here for me is advertising pays.

Back to my question - the responses were mixed so I can only conclude it is like a "luck of the draw": including your market size, your affiliation (ReMax and Keller Williams were mentioned) and prior relationship with Chase. CDPE remains a "maybe" so I guess you pays your money and you see the show.

This site is great for communicating with other professionals. Thanks

Permalink Reply by Liane Jamason on July 15, 2012 at 7:05am

Barry how did Chase get your info?

Permalink Reply by Barry Levy CDPE on July 15, 2012 at 7:08am

from a list of REMAX CDPE's in Washington DC

Permalink Reply by Mario Trejo Romero on July 15, 2012 at 5:57am

Chase will be rolling out nationwide a program, where they will direct borrowers to 3 priority partners ( real estate agents) that cover certain zipocodes. I received Som of the requirements to be added to the list is CDPE designation and some experience having done Chase short sales. The short sale refferals will be loan modifications that have failed. I just attended a 2 hour training program last week. In order to become a priority partner you will need to contact Chase loan officer.  I have received Chase short sale referrals   in the last year, they turned out to work well, since Chase has most of the financials for the borrowers

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