Foreclosure in Provincetown>Question Details

Len Bowen, Real Estate Pro in Provincetown, MA

Asset management companies

Asked by Len Bowen, Provincetown, MA Sat Dec 27, 2008

Can anyone out there give me advice on how to link up with the asset management companies that handle disposition of foreclosed properties for banks. Im sick and tired of seeing out-of-the area agents who nothing about the fine points of my market handling (or mishanling) these listings...

Help the community by answering this question:

Answers

12
Melinda Steele’s answer
I am a part time agent (thanks to the market) and work full time for a bank in the REO department. We use a company called Bankers Asset Management. You can go to their website and submit your resume and get signed up. If something comes up, somone will contact you.

http://www.bankersassetmanagement.com

Something else you can do is research the bank that owns the property. I love to know how far away an agent really is to our properties. Most times it's only because the asset management company only has the 1 agent registered with them.

Hope this helps a little bit.
1 vote Thank Flag Link Wed Dec 31, 2008
Hi Len,

Here are several things you can do to get REO listings:

1. Call local credit unions and banks. Ask if they carry portfolio loans, if they do, they will have at least some bank owned properties. Offer to complete BPOs for those institutions as your way in.

2. Sign up with REO and BPO companies that you find on the web. But not subscription services. Too many Realtors pay a monthly or annual subscirption fee hoping to magically get a call one day and be asked to list their 1st REO property. This ususally doesn't happen without alot more work.

3. Start completing BPOs for the companies you've signed up with. Try hard to promote your name on every BPO you complete (not unlike in a listing presentation). The good news is that you should receive a $40-$60 stipend on each BPO you complete.

4. Title companies are next. Most real estate offices have title reps (salespeople) that constantly approach the office. As that person if s/he knows of anyone at their company that is involved with trustee sales and/or bank owned properties.

All top REO listing agents complete BPOs. As you complete BPOs you will begin to create credibility with banks. When they do need to have bank owned property listed, you will be one of the first people they call.

Good Luck!
Dave
0 votes Thank Flag Link Tue Aug 17, 2010
I like the web site Samuel has mentioned.
Will give it a try.
0 votes Thank Flag Link Mon May 24, 2010
http://reopro.ning.com This is a FREE site run by REO Agents and Brokers. The purpose of this site is to share information and it has been extremely valuable. You need to poke around on the site, as there is a list of over 150-200 REO & BPO companies here. It seems that all the other post on this string are from people without profiles, trying to sell something. This is truely a free site.

Chris B. Johnson, Realtor
CA. DRE 10501699 Exp 06/20/2013
Cell: 805-208-0823
http://www.linkedin.com/in/chrisbjohnson
Web Reference: http://reopro.ning.com
0 votes Thank Flag Link Sat May 22, 2010
Len, Try resnet.com. An annual subscription is $250.00 per year. They will make your company available to asset management groups who need BPO,s and listing companies in your area. let me know if this helps.
Web Reference: http://garrettlandsales.com
0 votes Thank Flag Link Wed May 12, 2010
Len in order to get into the REO Listing business you have to know who are the companies in your area handling the majority of teh reo's. First check with banks you already refer buyers to for mortgages. Then search your mls and teh deed transfers for names of banks and who they are using to manage their assets. Now in order to move from being on a list to actually getting a listing, most companies use a ratings system where you cpmplete bpo's, some pay and some dont and if you complete them quickly and correctly you earn points with some or you earn your name getting noticed with others. When these houses get bought back at foreclosure auction they are assigned to teh agents who have worked hard for that asset manager. Now buying a list of name sis a waste of money as most companies change their asset managers terrotories regularly and most AM's dont answer the phone anyway, just emails... Now i have to agree that the most aggravating part is seeing out of town agents and now even agents from out fo state getting listings in my area, they dont maintain them, they dont show them to buyers and i dont think they even submit all the offers. How they get any listings is beyond me. So if you want to break into the market, bpos are the only truely way to earn your way in, once you are in, AM's talk and refer you to other AM's at different companies and it grows from there.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon May 10, 2010
SURE JUST SEARCH REO'S AND YOU WILL FIND AT LEAST 20 COMPANIES YOU CAN REGERSTER WITH, THEY DON'T START USING YOU RIGHT AWAY IT WILL TAKE SOME TIME
0 votes Thank Flag Link Mon May 10, 2010
Be sure to sign up for sites like reonetwork...
0 votes Thank Flag Link Fri Feb 5, 2010
In today's market Realtors are not eager to share a "secret" that gets them leads before the competitions. The easiest thing to do is google " REO Asset Management" and sign up that way. I did this and had 4 listings within 2 weeks. REALLY!
0 votes Thank Flag Link Mon May 25, 2009
They also do 1 more thing, sell to their known sources. And showing as listed or accepted offer. Painfull. Would also like too know on this.
0 votes Thank Flag Link Sat Dec 27, 2008
Len,
It is difficult enough for a Realtor to get in contact with these companies. The main companies are all represented by about 5 major players on Cape. They will not circumvent the listing agents once the asset is placed. The best you can do is to use Realtytrac and reverse prospect for preoperties in Pre-foreclosure. If you know the market there, than you can sift through the address information as much of the information on that site is somewhat incorrect. What is your major issue with the REO agents that you are encountering? If you are purchasing REO's it is your responsibiltiy to have knowledge of the local market.
0 votes Thank Flag Link Sat Dec 27, 2008
If you receive a list please forward I agree with several of agents in Dallas area.

911@lynn911.com
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sat Dec 27, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer