Getting Started as a Reo Listing Agent Broker

Good news is that with the current economic situation it is causing banked owned real estate to flood the market, there is just too much work for one REO agent to handle, so its time to start training and helping each other get these deals done.

The popularity of becoming a REO listing agent is the fact that the commissions are so high, one can make a really good living and the status of working with asset managers becomes almost like being a celebrity. Once you are known for doing a good job listing and managing default properties word gets around and you will be given more listings, but the key is results. Banks want to see that you can get the property cleaned up and ready for resale, networking with investors and buyers is your shot for achieving that goal.

You have probably heard all the reasons why you DO NOT want to be a REO listing agent, these may just be scare tactics but the truth of the matter is that it takes a special kind of person to be able to handle the stress and social worker aspect of the job, you may be called to accompany the sheriff on evictions, secure and re-key the property, schedule showings, fill out BPO’s, have property winterized, pay the bills and wait for reimbursement from the banks, coordinate cleanup, trash outs and lawn care with field service contractors.

Many will suggest that the best way to get started is to register with REO asset management websites, as well as networking with other REO listing agents and share asset manager contacts. I suggest you do your research, beware of companies that say that they provide listings for a fee. They are just out to separate you from your money.

Other places to find valuable information that will help you become a REO listing agent is to check the real estate forums like activerain.com and trulia.com. Competition is high because the foreclosure market is HOT, more real estate agents are trying to get their hands on listings of default properties, this will lead to banks and lenders opting not to pay such a premium for the work being done, since there is eager novices ready to jump in for very little pay.

Those who are currently selling and listing homes are aware that there is money to be made in BPO’s. The sad part is that to find out how to get started is like breaking into Fort Knox.  You can sign up with an REO network that lists your bio and picture as well as your credentials so that anyone looking for your services will know where to contact you. Next find out which lenders have foreclosures in your area, especially the free REO property directories.

Meet asset managers face to face and become BPO certified at conferences and tradeshows like at the REO Expo and the Five Star Conference, then join a trade association such as REOMac a Mortgage Default Industry Resources for Professionals and (NRBA) the National REO Brokers Association.

It just boils down to getting the right REO education to become a REO specialist you probably will have to invest in your education one way or another, just make sure you are learning from an experienced and seasoned professionals who can give you the skinny on what is happening in your industry when it comes to applying for BPO work and listings.

Tags: Agent, Broker, Getting, Listing, Started

Posted in Real Estate Management