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.
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.