How to List REO Homes For the Banks
Learn how to List REO homes for the Banks and REO Asset Management Companies Now!
Due to the current foreclosure epidemic that has rocked this nation, REO (Real Estate Owned)Real Estate Agents are in extremely high demand. Many REO Agents are literally earning Millions in commissions listing and selling these bank foreclosed homes for the banks. Learn how you too can get in on this booming niche Real Estate Market.
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Things You'll Need
- Current Real Estate License
- Digital Camera
- Internet Connection
- Scanner
- Printer
- Knowledge of Real Estate Contracts
Instructions
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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!
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4. Register with all the Banks and REO Asset Management Companies!! This can take quite some time, however you only register once with most of these sites. Get a good REO and BPO List to save you a lot of time! We provided a link below where you can get a huge free list of REO and BPO Companies to work for.
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.
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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.
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Tips & Warnings
Get a Good List of REO and BPO Companies to Register with, here is a website that provides a huge list of almost 200 REO & BPO Companies free, http://www.listbankrepos.com
Be prepared to work hard, many REO agents are working very long hours due to the flood of foreclosures
Get a good Foreclosure Cleaning or Property Preservation Company that you can use, the Banks will require you to have these vendors go out and offer bids for repairs and cleaning and having one in advance will save you a lot of time
Order the Book Becoming a Master at Listing & Selling Bank Owned Properties, this is an excellent REO book that teaches Realtors how & where to get the REO Listings and all about the business
Use Caution when you go to these properties alone, sometimes there are not vacant
