sign up with the companies that give the listings out. I bought a list a while back from someone who actually compiled all the info for free I am sure because I have found all the info I bought now on line.

Get a list of over 400 REO and BPO companies to register with for Free at http://www.reointelligence.com.

You need to ask yourself, "Why do Lenders and Banks need a bpo / broker price opinions?"
Lenders in many cases need a properties current market value. Broker price opinions are used with refinancing and in many cases when a lender is considering foreclosure or a short sale. BPO gives lenders a quick estimate of a homes current market value. Lots of real estate agents are supplementing their commissions with bpo / broker price opinion income. Agents usually get paid between $45-$150 to do a bpo.
You can start at proteck.

by: Yvonne Russell, REALTOR

Yes I agree depending on the sales price in an area and what you have to do to the home. I took the invoice management tutorial, if you are on time with your reimbursment requests, and stay on top of it you get your money back so you are not negative.

You may be better off not doing this. I talked to a relative who is a realtor. He told me that he made $500 each on 4 sales and spent $800 on each one. Needless to say, he no longer works in this area.

Hello Sue:
Quoting:
In my local market, Ocwen just fired one of their biggest brokers. Someone else is going to get the business.
Tom, very good point..

My asset manager said they have been trying dispurse the listings across more agents and limiting one broker from having them all. I was told this by Sharon Ramsey at reo prep. 1-800-295-5777. Also by Vicki Gleason at reo trans 913-748-0300.Seems like these asset managers are finally being quite a bit more "fair".

Web Reference: http://www.reoprep.com


I have left messages for both companies and I have only heard back from Reo prep. I signed up for an additional coverage area to expand my market.
Thank you for the tips!

BPOs BPOs and more BPOs! Yea you guessed it, usually unless you have already made contacts with the right people you will have to do business with the asset managers through doing the BPOs for them, you want get rich doing them but hopefully get a listing or two and then your time will be worth it.. Clear Capital.com and Evaluations Solutions are two that give me regular BPOs sometimes more than I want to do!! pays is $45-$85 per BPO..

You can sign that sites who offer properties, you will have a lot of lists. Good lucky

Very Hot topic for sure. Another idea is to market with other agents and possibly get introduced to some asset managers. Obviously an agent will not introduce or reffer you to a manager in their agent but if you have contacts away from you maybe they could give you a referral. Just a thought. I have had good lick with reo prep and reo trans. I was introduced by a referral and it seems to be working so far. All of us helping each other is key!

I am a lender in NC but I can tell you first hand that I have seen a lot of HUD reo's coming in. You should make sure that you are approved to sell Hud reos from what I have heard the buyers are getting great deals and the agents are getting paid very well.

You could check http://www.finestexpert.com they got over 4 million pre analyzed active properties nationwide to provide the most up-to-date statistics on rents, values, expenses, and projected returns.
It was developed to meet the needs of serious real estate investors who would rather know more about a property's financial picture and less about the wallpaper in the family room. In other words, it was created to help investors find properties that feature the best financial profiles, not necessarily properties with the prettiest decorator touches.

You could try http://NKrealEstate.com who has been around for over 20 years

Try Bank Of America now they have a uniqe site just for that

I am looking to get in on this REO action too, but it seems very difficult to do so. I was even registered with the REOTrans.com, yet for severeral months received nothing so I discontinued the service. I was making monthly payments for nothing. If someone truly knows how one can get into the action without hanky panky, I'll too will be very grateful.

In my opinion, there is nothing as good as good old fashion follow up. My company Virtually Achieved is an real estate administrative company that will do the leg work for your initial registration...so there's a little "plug" for my company...HOWEVER..

There is something to be said for placing calls to lenders to introduce yourself. Yes...some of them don't have the time of day for you, but you never know...you could be calling at the very moment that they need an agent in your zip code (far fetched, yes). We are all in the sales business and it takes a bit of elbow grease. BUT once you have that relationship, you should be golden.

Many of my clients like to avoid doing BPO's...they just want the listing (who wouldn't). Just think of it as the dating period with that lender. Romance them and they will come back for more.

FAIR WARNING: Mess one up...and you are done like dinner.

Good Luck Folks!

~Jerri

P.S. Another Plug...don't forget, I can help you get registered initially. (I don't sell lists...you have to bring your own (I can recommend a few for you)...I just do the actual registrations for you so you can focus on your business instead of being stuck behind a computer for 20 hours typing in your service area :)

I have found it pretty beneficial to sign up with the companies that offer you bpo and reo listings. It seems that you can get a listing after about 20 bpo orders. Just establishing a relationship I guess.

Everyone should know there is no reason to pay for any of this infomration, it is all available for free. There is no short cuts, there is no magic wand or secrets worth paying for. Simply put it is hard work building your experience level by completing bpo's. There are companies that just do bpo's that do not assign listings, they will have more bpos available, get your name on them therefore out there to more potential asset mamagers. Then there are the companies who do the bpos and assign listings. On average it is about 13 bpos to obtain a listing. depending on your area it could be higher or lower. If you want to list reo properties makse sure you have a seperate account of money to be able to pay for the upkeep, repairs, utilities and maintenance of these properties. i recomend at least $5000 to$10,000 as you will have to wait 30-90 days to get paid back. The real expensive costs come from repairing home inspection items. You will need to have a large network of contractors who can get your free estimates usually same day as they request and complete work for you when needed. In conclusion there are no short cuts, dont waste your money on lists. Get out there make a name for yourself by hard work and avoid teh short cuts, they lead you to a dead end and a lighter wallet.

"Each time you do a short sale deal, call that lender and introduce yourself as the agent who brought the buyer or successfully listed and sold the property. You already have the contact info, might as well use it."

Lexi,

This is a great idea!! :)

Each time you do a short sale deal, call that lender and introduce yourself as the agent who brought the buyer or successfully listed and sold the property. You already have the contact info, might as well use it.

I signed up with Harris real estate university and they have taught me the ins and outs of the REO business.
Plus you get contact information for asset managers and many other added benefits. I have included their link incase you would like to check them out I recommend them 100%.

How about working for an office that already have REOs and try to work for them or maybe you can get to host open house for them. Good luck!

http://www.hud.gov/homes/index.cfm


this is the link for hud homes

The last time I answered this question, a fellow agent reported me to Trulia as being out of line. Therefore, you are on your own!

Sign up online to do BPOs like on Marktomarket.com Evaluateusa.com Evalonline.com and gobpo.com.
Good luck in the bay area. My service area is just outside of Los Angeles in the east San Gabriel Valley and the Inland Empire and my main areas are Covina, West Covina, San Dimas and Glendora.

In my local market, Ocwen just fired one of their biggest brokers. Someone else is going to get the business.
Tom, very good point..

My asset manager said they have been trying dispurse the listings across more agents and limiting one broker from having them all. I was told this by Sharon Ramsey at reo prep. 1-800-295-5777. Also by Vicki Gleason at reo trans 913-748-0300.Seems like these asset managers are finally being quite a bit more "fair".

In my local market, Ocwen just fired one of their biggest brokers. Someone else is going to get the business, Be registered on resnet and reotrans and then hope they pick you.....

There are many agents who are trying to get in on the REO action, however, there are steps, contacts, presentation and doing constant research to get to where we want to be. I too would love to get in with a bank who will hire me to list their properties, but truly have not totally figured it out yet. It may be difficult but not impossible. If I find out and get in with a bank, I will share it with you all, because I believe part of being successful is helping others become successful.

If you are referring to getting REO listings, don't waste your time. Banks are looking for agents with a history of selling homes and a lot of experience. Instead, work on getting buyers for these homes and start to establish yourself as an area expert. The REO stuff will go away eventually and if you haven't put in the time to market yourself, you won't have any future business.

Good luck,
Jeremy Lehman
Century 21 Beachside
Jeremy@LehmanHomes.net

Heid

We are in Stockton CA and are trying to do the same thing. We have some decent list, and have signe up with over 50 companies. I have talked to other agents who have signed up on the paid sites and have not seen a listing in over a year (or a BPO for that matter) If you want to share what infromation or contacts you have, we will share what we have. Send us an email at thevargems@sjcrealestate.com

Go to my website at http://www.ajanchondo.com

Go to all the conventions Reomac, Fivestar, and dinners and network with other agents in different geographical regions. Be persistent and learn ...take as many classes on Reo and Bpo as you possibily can and get good systems in place and create a great team around you. This will help you get your foot in the door.

A closing attorney you work with is usually a good place to start, this is where I have gotten all of mine. Also, find out if ayone in your office does BPO's (drivebys and interior) these companies pay $50 to $75 each to do them plus they have access to listings so if they like you they will also recommend you to the banks

I looked at the posts from the agents who recommend a certain book and signing with a certain website, and I see all their posts consist of recommending this book and website. And coincidentally, Heidi has only asked one question. I think they are spamming.

I would join these two websites. REO TRANS and BPO RE.

Chris Gurnee
ALLPRO
gurnee1973@gmail.com
206 949 0864

I think this question would have been better answered if phrased "Please explain how you (agents working REO's) got started doing REO's and continue to be successful in todays market? Secondly, what suggestions do you have for new agents that want to get started doing REO's?

Hot topic of conversation and lenders will not trust anyone outside of a proven Realtor backed by a big organization. Listings that is. Bring them all the deals you can however. . . and cross your fingers. Tough way to make a living as a rookie.

I must say I am so happy to see that there are many Realtors out there that are willing to share information with others. As one Realtor said, "there is enough business out there for everyone". There is! Never be afraid to help another. We are in an industry that has sustained for years regardless of the rollercoasters. Greed is poison and we should never visit it's path! Kudo's to all my fellow nationwide Realtors who give of their experience here on Trulia and elsewhere! Our reward is great!

Julie Lozano
Prudential California Realty
Rancho Cucamonga, CA 91701
calljulielozano@yahoo.com

There is a lot of great advice here. Follow each path until you find the one that is right for you.

As with all listings, and especially with REOs, it all depends on knowing the right people.

Hi Everyone!

My company registers you with banks!

We are a small operation..but we get the job done. As many of you pointed out, it is SO time consuming. You can check out our super reasonable prices, testimonials, and website here:

http://www.virtuallyachieved.com/Real_Estate_Agents.html

You need to register with as many REO Banks / Asset Managers as Possible! and have money in the bank to pay all the bills on the REOs untill they sell. when you get one?

I took some advice from my coach a while back and signed up for a few companies. I could probably cancel my memberships now however they have more than paid for themselves at least until the market turns around. I have bought a few lists, and sent my emails, and I also signed up with the typical reo world, areos, reo prep, reo trans etc.

A local broker just had all his listings yanked and that asset management company started calling around. I happened to be registered with them and they sent an e-mail asking about my E & O insurance. Still waiting for a listing from them but there seems to be a chance.....

You need to register with as many REO Banks / Asset Managers as Possible!

I downloaded a list of 1,000 asset managers at this site: http://www.bpoleadsystems.com/

It took me almost 3 full days to register with all of the companies, but its really starting to work.

I have signed up for a whole bunch of free companies and there seems to be so much competition when it is free. Dont get me wrong I wouldnt pay a huge fee like some of the companies charge but heck a couple bucks a month has paid off for me!!

reoprep.com rocks! I took your advice a while back and signed up with them and already received a few listings!

I noticed there are quite a few websites offering a profile type database. I have signed up for a few but it can get expensive. I have stopped using most of them because I was only getting BPO orders and not any listings. I have received several listings from REO Prep, and have maintained my membership with this site. Forums like these are great to help us agents.

I would recommend signing up at reotrans or similar sites to do bpos. They will first make you do a ton of them but hopefully before too long you'll be getting those listings that you're valuating. Good luck!

There's a website you can go to that links you directly to the lenders, asset managers, and government agencies that deal in REOs. It takes leg work on your part to find them, but at least you can cut through the many services online and go straight to the source. http://www.reoreferral.com.

It takes work but you can break in the REO listing business. Believe it or not, REO companies really do need us! They need our market expertise and they need our marketing skills when the time comes to bring an REO listing on the market.

You need to complete a lot of BPOs (Broker Price Opinions) and find ways to promote yourself and your services on each one. Check out http://www.LearnToListREO.com .

Dave