The meltdown of the real estate markets has provided Steven Blackwood with unprecedented opportunity the past few years. The influx of distressed homes propelled the principal broker of Little Rock’s Blackwood Team Realtors into new sales territory during 2011: $38.2 million.
The 47-year-old realty exec amassed the largest residential sales volume in Arkansas last year thanks to managing and marketing real estate owned by Fannie Mae and a string of other lenders.
Blackwood could see the real estate bubble building and started developing his REO services business in time to capitalize on the fallout. And 2011 was a banner year for him.
"I’ve always tried to look ahead and see what’s around the curve," Blackwood said.
By 2010, he landed the Arkansas contracts with the big three HUD vendors: Pemco Ltd. of Honolulu; First Preston HT of Addison, Texas; and Matt Martin Real Estate Management LLC of Arlington, Va.
Blackwood rocketed to the forefront of handling troubled residential real estate in Arkansas when he was selected in October 2010 to be a direct broker for Fannie Mae.
"That’s when the floodgates opened," said Cindi Blackwood, Steven Blackwood’s wife and executive broker and owner of the company.
Networking with professionals around the nation alerted Steven Blackwood to the coming wave of REO opportunities back in 2007. He started educating himself and beginning the lengthy application process for handling REO work for mortgage holders.
"When the market started making a huge turn in 2008, we were getting in position," said Cindi Blackwood.
The company’s mix of business leans toward the alternative real estate market with distressed property and foreclosures augmented by a base of conventional sales and listings.
Steven Blackwood still remembers the sting of the residential lending market blowing up in August 2008, bringing an end to business as normal and throwing a pall over lending in general.
"We had 34 deals on the board," Blackwood said. "When the dust settled, we had two sales survive."
Blackwood prides himself on being a problem solver. Dealing with distressed properties, owners and lenders has provided new challenges to making deals happen.
"It’s always been my nature," Blackwood said. "My passion is to help people. Just because it doesn’t fit in a square box doesn’t mean there’s not another way to make it work."
His entry into residential real estate came through buying, remodeling and selling houses in Lonoke County and north Pulaski County. That evolved into developing apartments and residential subdivisions in the early 1990s.
By 1998, Blackwood Realty was launched with a hired broker overseeing operations. A couple years later, Blackwood was licensed and selling real estate himself.
"The secret to our success was finding a way for people to buy," he said, as a developer or an agent. "I’ve literally put hundreds of first-time buyers in new homes."
A decade ago, the company started doing business as the Blackwood Team. The move reflected the firm’s earlier adoption of the team concept of real estate sales.
The team concept is highlighted by the use of staffers who specialize in showing homes to prospective buyers and handling administrative details. This arrangement frees up time for the agent of record to close more transactions and focus on other aspects of the business.
"We can get more done because we’re working together as a team," said Cindi Blackwood. "I can’t imagine working another way."
Both Blackwoods are active teachers in the Arkansas Real Estate Commission’s continuing education program. Cindi Blackwood, who especially enjoys work as a buyer’s agent, blames her husband for drawing her out from property management.
"He has been passionate about real estate for a long, long time," she said. "I swore I wouldn’t get into the real estate sales.
"But here I am, and I love it. It’s very exciting for us to be a part of helping people who couldn’t buy a house before buy a house.
"That’s gratifying, and I like being a part of that. I feel like we’re helping the overall economy and moving the housing inventory."
Sign up for Daily E-news
