Keith Stone, Dawn Conciatori, Sam Hantosh, and Dan Noma in the Revenue Without Limits panel.
The distressed and REO landscape has changed significantly over the years, and relying on a single lane is no longer enough.
That was the central message of “Revenue Without Limits: Building a Business That Grows With the Market,” a panel discussion at Velocity, a FORCE Conference, held May 20-21 in New Orleans.
The panel featured Keith Stone of REAL Broker, Dawn Conciatori of Hero Benefits Alliance, Sam Hantosh of RE/MAX Michigan, and Dan Noma of Easy Street Offers. While each panelist entered the industry through a different path, they shared a common belief: diversification is essential to both surviving and thriving through diverse market cycles.
Real Estate Is Cyclical; Your Business Shouldn’t Be
Stone opened the discussion by recalling advice he received early in his REO career.
“When I first got started in this business, I had an asset manager who told me, ‘Have a separate book of business so that you can stay in business when REO is not here.’”
That advice became a recurring theme throughout the session, with panelists noting how shifting market conditions create periods of growth and contraction across different sectors of the housing industry.
Conciatori experienced those cycles firsthand. After beginning her career in relocation services and managing a large inventory of corporate-owned properties, she watched the market shift and was forced to seek new sources of business.
Where does she see the market headed? “With what I’m hearing and reading, it looks like volume is going to go up,” she said, “but it doesn’t go up evenly in every market.”
Rather than relying on one business channel, she expanded into relationships with employers, hospitals, and other organizations that could generate a steady stream of referrals, no matter what the market conditions.
“You have to be flexible to be able to move as the market’s swinging back and forth,” she said. “That’s how you stay in business.”
Preparing for the Next Market Shift
While the panelists differed about exactly where the market is headed, they agreed that professionals should be preparing now for future opportunities.
Hantosh, who entered the industry during the housing crash and foreclosure crisis, said he is beginning to see indicators that distressed-property activity could increase in the coming years.
“Everything is at an all-time high—credit card debt, auto loan debt,” Hantosh said. “We’re starting to see an uptick in foreclosures. Short sales are coming back.”
Although the timing of market shifts obviously remains uncertain, Hantosh encouraged agents to expand their expertise now, before demand accelerates.
“Short sales, I think there’s going to be a big opportunity these next 24 months, maybe 36 months,” he said. “Just get yourself ready.”
That summarized a common refrain from the panelists: the key to success is preparing for market shifts before they arrive.
Looking Beyond REO
Of course, preparing for market shifts and finding ways to diversify your business opportunities is common sense, but how to best go about it? One of the discussions centered on identifying REO-adjacent business opportunities that leverage the same skills most REO agents already have in their arsenal.
“What skillset do I already have that I could utilize in another area of real estate?” he asked.
For Stone, the answer was probate.
He realized that probate judges often need many of the same services asset managers require, such as property valuations, vendor coordination, maintenance oversight, and transaction management. By marketing his skills directly to judges, he gradually built out a new business channel. He was then able to apply those same strategies to family court assignments and receivership work.
“It’s literally the same skillset,” Stone said.
Building Relationships That Create Opportunities
Several panelists suggested that diversification is sometimes less about finding an entirely new business and more about expanding existing relationships.
As an example, Conciatori pointed to employee benefit and affinity programs. By partnering with organizations that don’t have real estate assistance programs in place, agents can create a referral pipeline.
She recommends thinking about who is inside your sphere of influence—”people who are decision makers at corporations or organizations,” Conciatori said. “Talk to them and say, ‘Hey, do you have a real estate program that you’re offering, a real estate program with cash back? We’ll give money back at closing to the buyer or seller.”
Hantosh encouraged agents to look beyond the disposition side of real estate and consider actual acquisition opportunities. He cited examples such as investors, hedge funds, and other organizations involved in property disposition that also acquire assets. This can create opportunities for agents who are familiar with the full transaction spectrum.
He also cited hedge funds, which are often bidding on pools of home equity conversion mortgages (HECMs).
“That’s usually a big source of business. You’re getting that listing months in advance,” Hantosh said. “Now, a lot of it is work upfront, just like the REO side. And you might get paid at the end, you might not, but it’s the same thing.”
A Solution-Based Approach to Growth
Noma suggested that investor activity is creating new opportunities for agents willing to position themselves as problem-solvers.
“As supply increases, I think it breeds an opportunity for us as professionals,” Noma said.
He encouraged attendees to develop relationships with investors of all sizes and to learn what types of properties those buyers are seeking out. The goal, Noma suggested, is not just generating transactions but creating solutions for homeowners.
“It’s solution-based,” he said.
Agents who can offer solutions, Noma suggested, will be the ones most likely to win listings and better serve their communities.
Despite their various specialties, the panelists agreed that long-term success depends on building a business that can adapt as market conditions change. Whether agents are branching out into relocation, probate, short sales, institutional investors, employee benefit programs, or other opportunities, the specific channel matters less than the ability to leverage existing skills, systems, and relationships into new revenue streams.
The conversation continues at Five Star Conference. Join us there!
