Agent2Agent in 91763>Question Details

Ramez Malki, Real Estate Pro in 92705

How do you make the connection with asset managers to get REO listings. I have tried several websites to no

Asked by Ramez Malki, 92705 Sat May 3, 2008

avail. Some of the websites ask for experience and at least 5 sold REOs. I have bought 5 REO's for my clients (selling agent) but never listed one. I just recently tried http://www.nrba.com, but they pretty much assured me that my application will be rejected due to me not having listed 5 REOs. I have seen agents with over 200 REO listings and they can't catch up. I am only looking for enough to keep me and my team of 5 other agents happy. Any suggestions?

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When you start doing BPO's, which is a good idea, make sure the company you do BPO's for is also in a position to give listings. BPO's on their own aren't a great money maker. I did a bunch of them for a company that turned out to be just a BPO vendor - my time would have been better spent walking around town naked wearing a sandwich board with my business card taped to it.
1 vote Thank Flag Link Thu May 27, 2010
Hi Ramez,

Many banks and asset managment companies require particular certifications before they will give you an REO assignment. Do some checking to find out which programs might work best for you and the companies you are targeting.

Best of luck,

Barbara Grandolfo
0 votes Thank Flag Link Fri Dec 23, 2011
As you read other posts on Trulia, going the BPO route may not be the straight path to success as it appears.

Consider the following:
1. That agent with over 200 REO listings....it's time to reach out and touch that agent. Make an arrangement, really good, lucrative, arrangement to become a co-lister on a few REO (if possible) Maybe other collaborative arrangement can be made to get the '5 REO Listings" criteria satisfied. Try the area REO queen. Keep trying.

OR

2. Present your REO program to local bank, asset manager. This proposition is better received when presented by a broker not an agent. However, the power of preparation will be the key.This is easier to accomplish with local lenders. But keep in mind, the goal is to list and sell at least 5 bank owned properties.

Ask yourself, why would a bank choose you rather than every other agent begging for the same business? Create an advantage for you and added value for the bank. This is the proposition you present in #2 above. You will be surprised how receptive they are to alternative strategies. (HINT: really focus on the first few weeks of a listing and how you can defer some of the banks typical transaction expenses)

Now, that you have the 5 reo's completed, start driving towards the big banks asset mangers. You now have a proven, unique proposition. Of course, you can go the BPO route and start bidding for gigs..

Best of success in being the REO king.
0 votes Thank Flag Link Fri Dec 23, 2011
Ramez,


I would suggest you attend an REO conference and network with the asset managers in person. for the most part, it appears all of us are listed in some type of REO listing registry and doing BPOs. One of my cohorts with over 70 REO listing said it best you go in person. Attached is the link http://www.reoexpo2011.com/blog/thank-you-2/


Hope this helps
0 votes Thank Flag Link Thu Dec 22, 2011
A few of the servicers use reopreps registry. I know this because I have been contacted which is pretty neat. If you have difficulty direct maybe you could sign up with a 3 party like them. Just an idea.
Web Reference: http://www.reoprep.com
0 votes Thank Flag Link Mon Sep 13, 2010
I would go online and put in the search engines Broker Price Opinions and see what companies come up. I would fill out as many as I could and keep contacting them. Persistancy is the key! Then, after you have done quite a few bpo's you will get REO listings! It takes time and patience! Good luck! Joan Patterson, Keller Williams Realty, Rancho Cucamonga, CA
0 votes Thank Flag Link Sat May 3, 2008
Start by doing BPO's. Get to know the asset manager on the properties you sell and see if they need help.
0 votes Thank Flag Link Sat May 3, 2008
Jed Lane, Real Estate Pro in San Francisco, CA
MVP'08
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