How to Become a Foreclosure Agent Specialist
Foreclosure Agent Specialists specialize in sourcing, marketing and selling foreclosed properties -- normally for larger companies. Becoming a foreclosure agent specialist requires a certain skill set which, while not unmanageable, can be challenging to learn.
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Instructions
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Train with a seasoned foreclosure agent specialist first. Learning the ropes under a veteran specialist is most likely the best way to learn the business and how to succeed in a highly competitive marketplace. Most agents will take on an intern -- unpaid, of course -- to pass on their skills and potentially train a future employee. Simply look in the classifieds or online at a community bulletin board where foreclosure agent specialists advertise and begin making calls.
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Learn all you can from your mentor. Go out on house visits -- after the property's been foreclosed -- and learn to assess the property in an "as-is" condition. Foreclosed homes are notoriously in poor shape (sometimes frustrated borrowers take matters into their own hands), and one skill a foreclosure agent specialist has is an uncanny ability to price a dilapidated property, market it and find a buyer quickly. One of the best ways to learn this process is to witness it first-hand with your agent-mentor.
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Start small when you head out on your own. Most first-time agents have a tough time drumming up business -- the market is quite competitive. Similarly, inventory can be hard to come across: Foreclosures are constantly popping up and being sold off, so it's your job to figure a way into the game. The best way is to start selling HUD (Housing and Urban Development Administration) foreclosures. See Resources below to begin this process. The government will provide you with recently foreclosed HUD and FHA properties that you can in turn sell -- as long as you pay part of your commission to the government.
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Market your business to your community. Again, it's best to begin small here. Work with local Realtors in your community to develop networks -- you never know who may toss business your way. Attend Realtor meetings and join the National Association of Realtors -- a trade group representing Realtors in the United States. Spread your business cards around town, put lettering on your car, and introduce yourself to lenders and bankers in your area. The more people hear your name and about your business, the more properties you'll ultimately come across.
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Enter the private market. While doing business with HUD is a good way to get started in the business, it can cut into your profits. If you've successfully marketed your business (and your brand), you should have no trouble acquiring properties on your own. When you don't need to rely on HUD to supply you with inventory, your profits will climb dramatically -- all commissions will go to you.
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