How to become a REO listing agent?

Asked by Andy Kim, Fairfax, VA Thu Oct 23, 2008

I am a realtor and trying to get some reo listings from banks and asset management companies. I registered for many companies but no luck. I have sold many REO property as a buyers' agent but I want to become a listing agent. Should I get some kind of certification in order to get the REO listings? What is the best way to get the listings? I did some BPO jobs. As far as I know it is very hard to get the first listing but once I get the first, it's going to be easy to get more listings. Please let me know, thanks.

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35
Deenateen, Home Buyer, South Miami, FL
Wed Jun 10, 2015
Real estate agents can connect with these REO asset management companies to conduct BPOs (Broker Price Opinions) and provide pricing on these real estate assets, which is often a great path towards getting these REO listings.

Reference Link :http://reohomes.org/directory/
6 votes
Thank you!
Flag Wed Nov 2, 2016
Keith Ference, Agent, Palm Springs, CA
Thu Feb 11, 2010
I've been in it since 1993 and have sold hundreds of REO's...so my first question is why would you want to get into this when most of the money is made selling REO's and not listing them. As an REO agent for the asset manager or bank you usually take a smaller commission (typically 2%) and out of that pay a 35% referral fee. You are also responsible for paying up front the utilities, BPO's, meeting the locksmith and a ton of other things no one bothers to tell you.

There are tons of REO agents...my advise is to concentrate on selling current REO's at a full commission.

But to answer your question, join as many REO groups as you can. Send letter to asset management companies and know you will only be working in your immediate market. (40 mile radius)
6 votes
Keith, I am an investor and would love to work with a REO listing agent to be first in line to jump on aggressively priced inventory for my redevelopment business. Would this model be win/win to help you get a more compensation by representing me as on the buyer side too? I am wondering if there is anything that disallows this sort of representation of both sides. Let me know...
Flag Fri Jan 6, 2017
One reason to be an reo listing agent, is that MOST of the deals, will be direct. Well at least in my area. The investors are typically the only ones that qualify and they do not typically use buyer's agents, when they can go direct. So, yes, there is a lower commission on one side, and out of pocket. However, more likely to get a direct deal...
Flag Mon Jan 11, 2016
how can I establish myself as a reo selling agent? ray : ray.mckinney@cbws.com
Flag Mon Apr 15, 2013
Jason Hale, , Tacoma, WA
Mon Nov 3, 2008
I totally agree that you have to do a lot of BPOs to get your name out there. But I did buy a list of REO/BPO companies (for $20) to get registrered with and it was worth while for me.

Many of the REO (lender owned) properties are assigned to the REO Asset management companies - who then contract with Realtors to list the properties. For example Everhome Mortgage forecloses on a house and wants to get it sold. Everhome assigns the property to XYZ Asset management who then contracts with a local Realtor to list the property.

I've been focusing on REO listings for almost a year and I'm listing my 3rd bank owned property right now. Maybe I'm not setting the world on fire but I've definitely been able to list a few. I worked hard to build relationships with lenders and asset management companies. Initally, I got a list of REO management companies and lenders from http://www.YourREOContact.com. Then I started registering with every company and lender on the list. About a week later I got my first leads on a few foreclosure/REO properties. That was in February. I was able to focus on targeting the companies are responible for getting REO properties sold and I was able to have some success.
5 votes
Did you have to pay utilities and do the BPO and contact a locksmith in order to get the listings?
Flag Wed Jun 7, 2017
Hi Jason, I believe that site has been removed. Do you know if it has changed locations?
Flag Tue Oct 1, 2013
Annejuliaa, Home Buyer, Dallas, TX
Wed Jun 10, 2015
Check out: https://agentresources.bankofamerica.com/reo/broker to learn about the process to become an Bank of America REO listing agent.

Please contact me for more information: http://reohomes.org/bank-of-america/
3 votes
I would like more information on REO properties. I am in Boston, MA.
Flag Thu Jun 1, 2017
I WOULD LIKE MORE INFORMATION ON REO PROPERTY'S I'M IN NEW YORK
Flag Fri Dec 16, 2016
I would like more information on reo properties. I am in Phoenix, AZ .
Thank you Rebecca Schoppe
Keller Williams
Phoenix
Flag Thu Oct 13, 2016
Tim Grossgla…, Agent, Scottsdale, AZ
Tue Feb 26, 2013
I would highly suggest either http://www.REOAgentSource.com or REORockstars Both are sites from TOP REO Agents
2 votes
Florida Capi…, , Miami, FL
Mon Dec 19, 2011
There’s a great book called “REO BOOM” by Aram Shah and Tim Shah. This book will explain step by step procedures on how to become a successful REO Agent. Please contact me for more information. You can also become a top producer in the wonderful world of REO's
2 votes
Please contact me about becoming an REO agent. Thanks
Flag Fri Dec 20, 2013
Please contact me with additional information to become an REO agent. Thanks
Flag Fri Dec 20, 2013
Great! Thank you I would like additional information on becoming a REO Agent in Jo Daviess County in NW IL. I am located a rural area and there seems to be an increased foreclosure properties coming on the market. The agents that have these properties are almost 1 hour, no one local- I want to be that LOCAL REO LISTING AGENT!
Flag Sat Apr 20, 2013
123456789, Both Buyer And Seller, Califon, NJ
Tue Oct 5, 2010
Create a free profile on REO BLUEBOOK website. This will give you more exposure to banks and asset managers. Also they have a membership services. They will do all the dirty work for you. Apply you to over 200 contacts and fill out all your credentials . Even better they prepare a presentation for you of things that asset managers look in a real estate agent.
Web Reference:  http://www.reobluebook.com
1 vote
Joan Toovey, , Las Vegas, NV
Thu Apr 29, 2010
Right now the asset management companies are taking on Short Sales. The will be looking for agents that have the SFR and the CDPE designations. SFR is through NAR and CDPE is through RE/MAX (it is cheaper to go through RE/MAX) or you can go directly to CDPE.com. They will be assigning top down shortsales, meaning from the bank to you, not from you to the bank.

The REO business is very difficult to break into at this late date. So many agents have signed up in the last few years that most companies are not taking on new applicants. Doing bpo's is a start, but does not guarantee you will get a listing. It is a major part of the REO business so doing them won't be a waist of time.
Many of the companies I worked for in 2008 have few or no listings due to this administrations tactics on loan mods etc. What it has done is caused the banks to attempt loan mods before foreclosing, if that doesn't work then the gov puts out another program to try etc. So there is a huge back log of default loans not being released to the market, hense a shortage of REO's. Until they release the homes, there probably won't be any new agents added to the reo systems.
1 vote
Alyssia Essig, , 21210
Fri Apr 2, 2010
One of my agents at my former broker was a team that was one of the top 100 agents nationwide. They were solely REO agents. They built their business primarily by networking with asset managers at the REO conferences which are held all across the country a few times a year. They also had systems in place to manage the properties. Being an REO agent is more about units than volume. The listing agent commission is usually very low. Systemizing your processes will be key and being able to verbalize your systems to the assest managers while at the conferences will get you the accounts! Many REO agents are swamped, don't have good systems in place and the asset managers are looking for new agents to handle their contract. The business is out there to be had!
I'd suggest starting by joining the National REO Brokers Association. There is a conference coming up in CA on April 14. Good Luck!
1 vote
Steve Mangus, Agent, Oklahoma City, OK
Wed Mar 31, 2010
Andy, thank you for asking this question--I was wondering the same thing. After reading all the comments I'm not sure I want to even go after ther REO listings now. I think I'd rather just sell them.
1 vote
I was thinking the same thing Steve.
Flag Sat Oct 31, 2015
Jamesy, , Dallas County, TX
Wed Mar 31, 2010
Hello Andy, i have become an reo agent by completing bpo's for various companies, but it did take some time. here's a free list of companies http://www.bpocompanieslist.com
1 vote
Lisa Jones, Agent, Mount Dora, FL
Mon Mar 8, 2010
Andy,
I received two REO listings because of where I placed on a Realtor search online. One was from a hard money lender looking for an agent in my area and another was from an Asset Manager who simply went to a website for a city that I am a member of the Chamber of Commerce. I didn't even know that Asset Managers searched for agents. Who knew?!
I agree with the other comments about purchasing lists. Seems to be a big waste of time and money.
Good luck!
Lisa Jones, GRI
ljones@tomgrizzard.com
1 vote
Kevin Kalins…, Agent, Reno, NV
Tue Feb 23, 2010
REOs are the past; the future is in Short Sale listings.
1 vote
Johnny Huang,…, Agent, Walnut Creek, CA
Tue Feb 16, 2010
Before you spend your money on lists, books, courses, designations, go to the social network that is helping agents. Link below and this is a FREE site.
Web Reference:  http://www.reopro.ning.com
1 vote
Joan Toovey, , Las Vegas, NV
Wed Jul 1, 2009
Signing up to do BPO's is the most reliable way to build a relationship with a bank or asset company. The faster and more accurate you are the more they will notice your work. It is a lot of work, but you will eventially get noticed. But please note. If you do get bank assignments you must have money behind you. You will be required to front most costs on behalf of the bank and then will have to submit to the bank for reimbursment. If you don't do it in exactly the right way or within a limited time frame, you will not get reimbursed. period
Web Reference:  http://sunnynevada.com
1 vote
David Hale, , Renton, WA
Fri Dec 12, 2008
You really do have something that REO companies want: your market knowledge. Completing BPOs is your opportunity to show off your market knowledge, your responsiveness, and attention to detail. Unfortunately, you usually have to do a lot of BPOs before you begin to get noticed. For me, the key was figuring out how to make myself stand out on each BPO (not unlike standing out on a listing presentation).

I know BPOs are hard work. I completed about 90 BPOs (so far) in 2008 and I did almost 30 of them before getting offered my first REO listing. Eventually the work paid off but it took me a while to see how important it is to promote my services on each BPO. I have a Strategy Guide at http://www.LearnToListREO.com where I explain the things I did to get noticed by REO companies and asset managers. Eventually this led to 3 REO listings for me in the 2nd half of 2008.
1 vote
Scott Godzyk, Agent, Manchester, NH
Thu Oct 23, 2008
First do not waste your time nor money trying to buy a list or take a shortcut, you need to do the bpos to get the listings, plain and simple. most companies are not registering new brokers but have had waiting lists for a good 6 months, you best bet is to go to the banks and mortgage companies you give your loans to, and ask to register there. you already have a relationship so build on it. again, dont pay for lists. there are no short cuts in reos as in life.
Web Reference:  http://www.ScottSellsNH.com
1 vote
Jonathanbowm…, Home Buyer, Fairfax, VA
Mon May 23, 2016
You can definitely get tons of listings from asset managers if you apply to the right companies. I connected with this company called REO Education and they provided the companies and the training on how to service and sell the listings. Take a look at http://www.reoeducation.com
0 votes
Franceakite, Home Buyer, Dallas, TX
Wed Jun 10, 2015
Most people I have met who are/were REO agents either knew someone at the bank or got lucky in the very beginning. I receive calls all the time from companies who ask me if I can do a BPO and they will pay anywhere from $50 for a drive by to $125 for internal photos. The catch is they want me to pay $295 or $395 to get access to their website. They give you one BPO and you never hear from them again.

I was at a conference with Wells Fargo about 4 months ago. The VP of REO said they only look for new agents when all of their current agents have 10 REO's each. They currently are averaging less than 2 each.

Additional information: http://reohomes.org/
0 votes
helen, , Plantation Key, FL
Tue Mar 31, 2015
I am a new property preservation vendor who needs some advice on how to get my company's name out to the REO community i can cover dade and broward counties. Help!
0 votes
Teamrlw, , San Diego County, CA
Fri Jan 27, 2012
I train and motivate Real Estate Agents/Brokers about REO/BPO. I have trained over 35K agents all over the country and have been an Expert on REO/BPO panels at REOMAC and Five Star as well as a REOMAC and Five Star Certification Trainer!

Class topic; 6 Steps to SuperStaREO Success;

1. REO resume - Register with Banks - Accepting BPOs
2. REO & BPO Portals (Equator - RES.net - others)
3. Complete the “RockStaR BPO” - Use BPOs to get listings – leverage those BPOs
4. Opening the new assignment “Cradle to Grave”
5. Cash for Keys “Relocation Assistance”
6. Property Preservation, Accounting, Offer Desk, Transaction Coordinator, Listing Coordinator

These topics can be for the beginner to advanced REO agent!

My class is fun, energizing, educational and very motivating! The class is 2 hours of POWER! Webinar or LIVE!

References and testimonials available upon request!

Robert L. Weichelt
Founder - SuperStaREO
Short Sale & REO Trainer / Coach
619-890-4806
http://www.SuperStaREO.com
Web Reference:  http://www.SuperStaREO.com
0 votes
Reo Agent, Agent, Los Angeles, CA
Wed Mar 16, 2011
I joined REOIndustryDirectory.com and got REOs within 4 months, and a few BPOs from companies that might assign me REO bank listings soon. Among these are Chase, Bank of America, and Wells Fargo. REOIndustryDirectory.com invests a lot into marketing to the asset managers, which is really smart, because they also make it really easy for them. Users can create a free profile or be featured for a small yearly fee, then they can be searched and their entire Real Estate Profile is displayed on their own REO profile webpage.
0 votes
Gene "resear…, , Ila, GA
Tue Dec 21, 2010
REO BLUE BOOK -

Check out this blog before going forward -

http://reopro.ning.com/forum/topics/reobluebook-1?commentId=…

Check out this blog before going forward -

http://www.agentsonline.net/forums/ubbthreads.php/ubb/showfl…
0 votes
jo, , Hollywood Hills, Los Angeles, CA
Fri Dec 10, 2010
Keith gave a really good answer...Its true, there are alot of headaches that go along with listing REO's.
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Fri Dec 3, 2010
Here in NC the appraisers have raised a stink about Realtors doing BPO's to the point where the real estate commission now says that you are crossing a line doing BPO's without an appraisers license. I did hundreds last year and never got a listing from it and stopped because the threat of loosing my brokers license was too great to risk. When times get bad everyone complains.
0 votes
Daniel Del R…, Agent, Modesto, CA
Mon Sep 20, 2010
I'm with everyone else on this. If you're in the business and want to stay in the business focus on what you can control. If you have the connections and the resume try for the REOs but don't dwell on them all day. You need to focus on building a solid foundation for your business. I've done a few REOs myself but what I'm most proud of is my buyer business. Agents that are focusing on buyer business will be the wave of the future as buyers will eventually become sellers. When everyone was trying to tap into the REO business I was busy helping my buyers get into properties. I did 80 buyer transactions so if I do what I'm supposed to do I should be able to eventually list 80% of those same buyers as sellers. Then people will say I'm lucky... but really I was smart and not scared to put the ground work.

Good Luck
0 votes
Joan Toovey, , Las Vegas, NV
Thu Apr 29, 2010
https://www.myreoassetmanagement.com Here is an asset manager I used to work with before he opened his own training company. He has a lot of good ideas and I always enjoyed working with him. He has classes on filling out an REO resume, how to work with asset managers etc.
0 votes
Mike Linkena…, Agent, Jacksonville, FL
Wed Apr 28, 2010
There are some good training courses and resources out there Andy, check out
0 votes
Alex Cortez, Agent, Kihei, HI
Tue Apr 20, 2010
Has anyone here been certified through Equator? If so, has that led to listings? I was thinking about but it's a rather big expense (up to $499 a year) for something that is not guaranteed to work. Any input would be most appreciated.
0 votes
Bank of America is using them - worst short sale of my life. BoA hires and oursources so much that if 1 line is wrong they throw the whole thing out and make you start all over and equator is not user friendly. I would say go with res.net - much easier
Flag Mon Jul 9, 2012
Ron Scott,GRI, , Milton, MA
Mon Apr 5, 2010
Get to know your local bank managers and lenders. Let them know you want to list their properties and would like to sit and pick their brains.
0 votes
Alex Cortez, Agent, Kihei, HI
Tue Mar 9, 2010
To reiterate what others have already said: BPO's!!!! and then... MORE BPO's!!!!
0 votes
Ben Balsbaugh, Agent, Modesto, CA
Mon Feb 22, 2010
I am in agreement with most, most of the lists are a waste of time today...although I think they did work initially. You have to pound the pavement. Network, go to events...meet other agents and asset managers.
I would also encourage you to reach out to REO agents in your state, outside of your market area. They sometimes have opportunities to list properties outside of their area, and they turn them down. Maybe you could work out a referral agreement with them to get those listings.
Web Reference:  http://www.ben.pmz.com
0 votes
Dave Hanson, Agent, Seattle, WA
Wed Jul 29, 2009
If you have a Keller Williams office near you, move your license to that office. They have a program specifically for REO's. There are agents in my office who have not done one BPO and getting business left and right from banks. Keller Williams is the place to be in a market like we are in because they have the training to get you business. We should all look to our company because that is what they should do for us not to outside sources that just cost us money.
0 votes
Jonathan, , Tampa, FL
Thu Nov 6, 2008
Thats true, DONOT pay for a list - it took me 1 year of doing many bpo's to get my first listing. Just work hard and they will come.

Oh and make sure you have funds in the bank to cover repairs on reo's, because most banks will not pay for repairs up front.
0 votes
Shelda Hodges, , Lake Worth, FL
Mon Nov 3, 2008
ANDY,

YOU ARE ON THE RIGHT PATH. I WOULD SUGGEST FORECLOSUREU.COM . CFS DESIGNATION. I AM NOTICING BANKS ARE USING AGENTS, WHERE THERE IS A REO DEPARTMENT, AND THE AGENTS THAT CAN HANDLE PRE-FORECLOSURE TO THE CLOSE OF ESCROW. REO BUSINESS CAN BE VERY EXPENSIVE, PAYING DEPOSIT ETC. BE PREPARED. GOOD LUCK. KEEP ON SIGNING UP.
0 votes
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