How to become an REO (Real Estate Owned by banks) Broker?

Asked by Cynthia, Phoenix, AZ Fri Jul 27, 2007

Where to look or apply to become an agent for the bank to represent their REO properties?

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22
Bruce Lynn, Agent, Coppell, TX
Wed Oct 22, 2008
Contact the loan officers you currently do business with. Contact your hometown banks. Contact the asset managers for properties that have expired, contact the asset managers for homes you have sold on the buyer side. Do business with people you know. That's probably the best angle.
Web Reference:  http://www.teamlynn.com
3 votes
Mark, , Ohio
Tue Jul 15, 2008
Start with some information on the industry - read blogs, get training, access information wherever you can. Then register for free on websites of BPO and REO companies. Some require experience, others don't. Then go to some conventions. Here is a list of key REO/BPO websites that I keep on me:
http://www.DSNews.com
http://www.REOMAC.com
http://www.NFSTI.com
http://www.NRBA.com
http://www.REONetwork.com
http://www.ClearCapital.com

Hope this helps.
3 votes
Debra (Debbi…, Agent, Livingston, NJ
Thu Nov 4, 2010
who is answering 3 year old questions?
why are the answers out of order?
2 votes
Mitch Larriv…, , Orlando, FL
Thu Jan 13, 2011
Haha.. the real question is WHY IS THIS QUESTION STILL COMING UP ON THE 1st PAGE in the Q&A?!
1 vote
EmpoweredBuy…, , Bethany, OH
Sat Dec 11, 2010
Do a boat load of BPO's.

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.

Good Luck!
1 vote
Frank Schofi…, Agent, Reston, VA
Fri Oct 23, 2009
Take a look at http://www.sellmorereo.com. They have list of 90 companies that give out BPO and REO assignments. This year i'm on track to hit 100 REO properties. Good Luck
Web Reference:  http://www.sellmorereo.com
1 vote
Mario Pinedo,…, Agent, Cupertino, CA
Fri Jul 27, 2007
Most banks will take applications from agents in every market they lend in. Contact the bank's REO departments and request to be on their list of approved agent. These lists are getting long right now. Although if you work in a smaller market, there may be better chances for you. I would also contact small and local banks and credit unions. They get far less inquiries than say Countrywide.
1 vote
Reo Agent, Agent, Los Angeles, CA
Wed Feb 27, 2013
Check out http://www.reoindustrydirectory.com if you want to become an REO agents and I would also recommend that you look into doing more short sales. This is a great company that only takes a 25% referral fee per closing and sends you GREAT seller leads. I've closed a few already with them! http://www.shortsaleagentfinder.com/ great for short sale agents.
0 votes
Jeff Star, Agent, glendale, AZ
Sun Dec 5, 2010
I'm not trying to be a jerk, but how many of these agents that are giving all this advice how to get REOs are actually doing REOs or getting any. It's not as easy as just signing up on a website, it's who you know and the right contact you happen to meet. I heard a true story about an agent that just got out of real estate school had the right contact or asset mgr. and is doing 30 million their first year in sales with just bank owned. Thats crazy.
Jeff Star
RE/MAX
0 votes
Kyle, , Scottsdale, AZ
Fri Dec 3, 2010
Nice Danny, pretty obvious you're selling that list. I highly doubt asset managers are just shelling out listings to Any agent who buys that.
0 votes
Kyle, , Scottsdale, AZ
Fri Dec 3, 2010
Do you work with buyers also Cynthia?

I have 2 REO companies that my company is a preferred lender for and can help you sign up with them if you are interested in working together.
0 votes
Kyle, , Scottsdale, AZ
Thu Nov 4, 2010
I have a way to assist you with this if your interested,

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.

kyle.hufford@prospectmtg.com
0 votes
Azrentalhome…, , Phoenix, AZ
Sat Mar 20, 2010
Why bother at this point? REO supply has dropped off leaving many asset managers with more good agents then assets to assign. Unless the "Wave of Foreclosures" actually occurs, you are in for an uphill battle and be weary.....there are many ways to spend your $ on programs filled with false promises. The bottom line.....its all about connections at this point.

http://www.AzReoPro.com
http://www.ISellShort.com
Web Reference:  http://www.azrentalhomes.com
0 votes
Tonya Brobeck, , Everett, WA
Tue Mar 2, 2010
Talk to the lenders you work with, visit your local banks. There is no need to buy a secret "in" into the BPO/REO listing world. Work hard & talk to lots of people, word of mouth advertising is always the stronger of any foundation
0 votes
Bruce Lynn, Agent, Coppell, TX
Fri Feb 26, 2010
This is a bear of a business......but if you really want to tackle it....
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.
Web Reference:  http://www.teamlynn.com
0 votes
Peanov, , Fort Lauderdale, FL
Thu Aug 27, 2009
http://flagentbpo.weebly.com/ sorry i guess i posted the wrong website before. Good luck
0 votes
Al Lazzaro, , Naples, FL
Wed Jan 28, 2009
well I have tried a ton of courses and the one that covers it all with video, mp3's, and ebook downloads for a super low price is The REO Kit they cover everything from bpo's to how to make videos of your listings to get maximum exposure in order to impress the asset managers. Plus they have a money back guarantee...I am super happy with some of the internet tricks they showed me for getting leads. Hope this helps Al Lazzaro Sales Agent Naples. You can click the link below!
Web Reference:  http://www.REOkit.com
0 votes
Walter Delga…, Agent, Palm Harbor, FL
Tue Aug 26, 2008
I found the quickest way to break into the REO business. I found this site http://www.reoshortcuts.com and registered. I started geting BPOs within the 3 days and now I'm growing my REO listings. Check it out and let me know what you think.
Web Reference:  http://www.reoshortcuts.com
0 votes
Leanne Smith, , 95247
Mon Mar 31, 2008
A lot of agents will tell you that you have to do bpo's first etc. but the truth is you don't! sign up on http://www.res.net yes it cost a few hundred bucks but it has been successful for me, there other sites like this out there, look on the web. if you want to go the bpo route go on line and type in bpo co's, and start signing up on every single one, you will get bpo's and maybe down the line an reo listing.
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!
leanne
0 votes
Shirley Cord…, Agent, Scottsdale, AZ
Sat Mar 15, 2008
I would contact all lenders,and I have ,even the out of towners, many Lenders from other states lend in Arizona,it took a long time for a response but it will happen
0 votes
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Amy L Gerrish, Agent, Scottsdale, AZ
Thu Feb 7, 2008
Check out the forum below. A wealth of information in BPO Discussion Category.
Web Reference:  http://www.agentsonline.net/
0 votes
Bridgette Ko…, , Florida
Fri Jul 27, 2007
Usually, you start by building a good reputation with BPOs...
0 votes
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