We have found that the vast majority of lenders are utilising the services of asset management companies rather than dealing directly with agents - brokers. Once a property is placed with the asset manager, their choice of agent can be based on the agents geographic location to the property, relationship with the asset manager, the number of BPOs completed and the accuracy of the data provided, communication skills and performance.
Completing BPOs seems to be they key factor. If you are not familiar with and actively participating in the completion of BPOs for various asset managers, it is highly unlikely that you will have access to listing REO properties. For every 10 BPOs completed, you may get 1 listing. This is changing as the number of foreclosures is increasing yet, every completed BPO is not necessarily going to become an REO. The speed, accuracy and completeness of the BPO will weigh heavily.
There are many companies out there now soliciting agents with the promise of receiving REO listings in exchange for payment of a monthly subscription fee. It is my opinion that most of these "services" are no more than agent directories with no real benefit to agents. References that they provide you may also not be as they seem so...be very wary of any company that calls to solicit your business. Real asset management companies have no reason to solicit your business as they have more inquiries than they can handle already. USRES is one service that is active and I would recommend contacting them. You can also contact other agents, outside of your area (ActiveRain is a good starting point) and ask them who they use.
Once you have started with REOs, you will have, as David points out, the responsibility of bearing the cost of establishing utilities in your name and arranging for clean out, landscaping, re-keying and other requested services of the asset manager on behalf of the "lender". You will also prepare monthly activity reports and updates on area market conditions (Some require more frequent reporting). Each asset management company has it's own requirements and most will require online reporting and submission of accounting. A thorough understanding of the web is paramount!
You can try the list from RegisterREO
One of the big REO brokers here locally just lost all his listings over a deal gone bad - so we're hoping to get some of his business.
looks like you are trying to get REO listings. As an Asset Manager i can tell you that if you are not yet in the game, you're not likely going to become an REO agent at this time. However, I would go ahead and try and work along side an REO agent in the area. THis will give you experience. If i were you, i would become a short sale expert and start marketing the heck out of yourself as a short-sale agent. Next big wave.
Thanks. I am also a BROKER in San Diego. http://www.TheLaJollaLife.com
Remember, local brokers won't help you as you are potential competition. Find someone from out of state and share your contacts.
Most banks have strict criteria in place when they consider Agents for REO property. They expect the agent to be experienced and have financial backing in order to rehabilitate the property for sale. There is quite a bit of work involved in the REO business. Some Real Estate Companies already have relationships with the banks and can assist you in submitting your resume for consideration, this is one of the best ways to get started in REO.
I was big listing agent years ago when the banks handled them consistently. I am now in property management and I work with several reo agents who are still heavily in the business. Also reo directories may be another good source. A few of the agents I work with said they have gotten some good training and reo listings and Bpo's from a website called http://www.reoassignment.com. I don't know if they are a reo out sourcer, but several agents have picked up some reo work from there. Get registered with the asset firms, any local banks , look for other good sites dealing with the reo industry and truck on.