For REO agents, a diverse business model is crucial in order to see a strong income stream, according to Bubba Mills, chief operating officer for Corcoran Consulting & Coaching. But what creates a diverse model?

The COO spoke to a full house at the REOMAC 2013 Summit & Expo on Tuesday, focusing specifically on REO agents who have seen a decrease in business since 2012.

Mills noted the importance of open houses, which he adds will inevitably bring leads for agents needing more business.

He also talked about how critical it is to track leads, so agents can determine their best sources (i.e. Zillow, Realtor.com, etc.) and utilize them in the future. According to Mills, lead generation is the easy part. It's what agents do after receiving these leads that will lead to a sale.

Mills encouraged the crowd to act like the CEO of their company, taking ownership of their team. He noted the importance of bringing a wide range of personalities into the company. I’d rather have people who are great at something, than good at everything, noted Mills. 

Mills also reviewed the best way to conduct an interview with the group of agents, brokers and other real estate professionals. It is important to find out what culture means to them, if they’re willing to work on weekends and then ask them something personal, such as what their favorite movie is, said Mills.

The COO also discussed the importance of holding independent contractors accountable on a daily basis. According to Mills, there are a few questions that should be asked when evaluating your atmosphere. Do you let them come and go as they please? Do you offer company generated leads? Do you require a daily schedule for prospecting?

"You set the tone for the company," Mills concluded.