The Real Estate Market has been a roller coaster ride for the last few years. Many Real Estate Agents have been successful buyer’s “selling” agents for transaction, but you always wonder how the listing real estate agent’s get the Reo Listings.
It’s not really a secret, but most Reo Listing Agents do not share this information because why would they want you to take a piece of their business. The average Reo Listing agent has 20 to upwards of 200 Reo Listings at any given time! Many of them are simply working Monday through Friday and earning close to $1,000,000 in commissions each year. Below we have provided some links to help you get started in getting Reo Listings.
Foreclosures “Bank Owned Homes” are still increasing and there is still a lot of potential foreclosures “REOs” expected to come out this year. 2012 is set to be another record year in foreclosures and many areas are just flooded with these foreclosures, do you want to start getting some of these Reo Listings?
To Help you Start Getting Reo Listings, we provided our Top 10 Best Ways to Get Reo Listings From Banks below:
Top 10 Ways to Get REO Listings!
1. Learn the REO 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. Here is a good Reo Asset Managers Contact list we found very helpful.
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!!!! Make sure you are listed in the Reo Agents Directory, this is one of the top places the Reo Asset Managers go to look for new Reo Agents, here is the link: http://www.instanthomelink.com
10. Sometimes the asset management companies will try you out with BPO’s. 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.