Hope this helps.
I knew of two agents that just got into REO about 1.5 yrs ago. They were in the same area, both registered with the same company's they found lists for online, but one went after the BPO business and did about 100-200/month and the other did very few of them. The one that was hungry for BPO's got his name in 100's of more systems and databases and infront of 100's of moe asset managers.
That hungry BPO agent has about 60 REO listings now and the other agent has 5.
We here at Prospect Mortgage have partnerships as a preferred lender with the REO companies locally. We are pretty close to full with direct REO listing agents at the moment but I can you a great way to still get involved without wasting time cold calling on asset managers who wont bother getting back to you.
What we do is provide you the lists of REO's on the market with our partnered companies, including Homepath. I can provide you a list of these based on your area of interest specifically and what we do is allow you as an Agent, to schedule and sit at these properties for open houses. These listing agents have 100's of listings and cannot service them all.
We are Basically taking the reins and partnering with agents to do these open houses on REO's, with specialized high impact "bank owned" yellow open house signs and marketing materials. To drive your traffic, gaining buyers and we also can sit at them with you, doing pre approvals on the spot and turning them over to you as hot buyers.
Plus, once you get involved that way, and sell some of their properties, you have a much better IN to getting hired on as an REO listing agent too when spots are available.
1. Go to work for a current REO broker....get your feet wet for a year or two. Learn the system, contribute it to making it better and when you think you are ready break out on your own. There are always changes in the business and you can probably capitalize on the changes without interferring with your previous employers business model.
2. Once you have a sold relationship with several lenders, ask them for a shot at the action. That's payback time for the business you give them and continue to give them and will give them when you get their listings.
I personally will focus on small banks, credit unions, and the like that manage and service their own properties.
last week I just got a new REO from a secure assignment I did last NOv! (secure assignment meaning making sure the house is re keyed, safe from vandalism, occupancy etc)
good luck out there!