I have been involved in listings Foreclosures “REO Properties” for the banks for years. I decided to write this blog post to provide some information about some of the best places to get foreclosure training for real estate agents/realtors.
Everyday as Real estate agents we are getting advertised to buy some new sales idea or course, etc. etc….. There is no need to waste your money on them as most of them are not worth the paper they are written on. However, when getting foreclosure training, you will want to educate yourself on what the banks requirements are to become an REO Agent for them. All the Banks, Asset Management Companies, and REO/BPO Companies have an application process to be placed on their REO Agents list. There are hundreds of Banks, Asset Management Companies, and REO / BPO Companies to sign up and register with. You can google search out these properties, however you will probably not find them all and it is very time consuming. When I got started, I decided to search out a Bank contact list to assist me. Here is the website: http://www.dreamstreetinvestments.com/Reo-Asset-Managers-List.aspx
It was very helpful as it also contains the phone numbers and many other bank contact lists do not.
Learning the Foreclosure Industry for Real Estate Agents/Realtors:
I do highly recommend you learn what it takes to Become an REO Agent, it is a very good service to offer, however you will want to understand what is involved.
Here are my Top 10 Tips to Getting REO Listings for Real Estate Agents/Realtors:
Top 10 Ways to Get REO Listings for Real Estate Agents and Realtors:
1. Learn the REO Foreclosure Industry and educate yourself how this industry works. Listing Reo Properties is completely different than listing a normal listing as the banks and asset management companies have many different requirements.
2. Invest in your business! Just as you originally did when you started Real Estate, this is one field that you should invest in your business to be successful!
3. Create a Business Plan and a complete plan of action for your new business-and take action now!
4. Register with all the banks and asset management companies!! This can take quite some time, however you only register once with most of these sites.
5. Make sure you include a picture photo of yourself! This may sound unimportant; however asset managers love to associate a name with a photo. Plus it helps them remember your name! This will bring many more listings!
6. When signing up with all the banks and asset management companies, be prepared to have your signed W-9 form, a copy of your Real Estate License, a Copy of your Errors & Omission Insurance, and your Broker’s tax identification number (if you are not a broker). The Errors & Omission Insurance Policy should state $1,000,000 limits-Check with your broker, this is your insurance amount you usually pay each year.
7. Zip Codes-When you are registering at the banks and asset management company websites, make sure that you include all zip codes you are willing to work. This is how they assign listings- by the zip code of the property that has foreclosed on. If you are not listed in that zip code, you will not be considered for the listing.
8. Get a List of Property Preservation Companies to have as a resource. When you do receive a listing, you may need to call these vendors to go out and prepare bids for you. The banks usually give you a timeline for the tasks they will assign to you and they score you accordingly.
9. Network!!! This industry is very clicky! Almost every asset manager at the different banks and asset management companies know each other. When you do get a listing and have established a relationship with the asset manager, assure them that you can handle more and request them to send you more. They will!!!!
10. Sometimes the asset management companies try you out with bpos. If you accept a bpo order, make sure you complete it on time. The asset managers love to use agents that complete all their tasks on time. Do not call the asset managers much; most asset managers have an average of 100-300 properties they handle and are very busy, majority of asset managers contact of choice is email.
BONUS TIP: Receive your FREE 2011 REO & BPO Bank Contact Lists!! OVER 175 REO & BPO BANK CONTACTS TO SIGN UP DIRECTLY *Free with your purchase of the award winning REO E-book Becoming a Master at Listing & Selling Bank Owned Properties–Click here to Download Now-
This excellent Foreclosure REO Real Estate Training E-book is available in e-book and can be immediately downloaded. Also you Get 1200+ Direct Bank Foreclosure REO Contacts for all the Banks, Mortgage Lenders, and Asset Management Companies. Bonus-Receive a Platinum Lifetime Membership “Instant Home Link” to the #1 REO Agent Directory that the Banks, Mortgagelenders, and Asset Managers rely on to find their REO Agents.
They now have a Foreclosure Training Product that includes all of these products and probably for less than I paid originally, here is the website link:
Here is the Bank Contact List I got when I first started:
NEW 2011 REO ASSET MANAGERS LIST
OUR NEWEST AND MOST COMPREHENSIVE BANK REO CONTACT LIST CONTAINS OVER 1200 DIRECT BANK REO CONTACTS TO REO ASSET MANAGERS, BANK REO FORECLOSURE DEPARTMENTS, LOSS MITIGATION DEPARTMENTS, REO COMPANIES, BPO COMPANIES, AND REO ASSET MANAGEMENT COMPANIES-INSTANT DOWNLOAD NOW!
I am a Member of the Foreclosure Cleanup Network, this is a good place to start when also looking for FREE Foreclosure REO Training, Here is the website:
Start Networking with REO Agents, Buyers, Investors, & more…
CONTACT THE REO ASSET MANAGERS DIRECTLY
Join Instant Home Link-You will want to make sure you are listed here: It is the #1 REO Agent Directory that REO Asset Managers go to find REO Agents-At Instant Home Link they submit all Platinum members resumes directly to the REO Asset Managers & Banks every month! Have the REO Asset Managers find you now! Join Today! To get your information sent to the REO Asset Managers, make sure to sign up for the Platinum Membership.
Finally, work hard, be patient, and you WILL get REO Foreclosure Listings, then do a good job and reassure them you are ready to