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Anything new about how to get REO or become a BPO?

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Read, Read, Read and then.....Read some more!! This site should keep you busy for days reading all of the info that there is. It is one of the best sources you will find.
I think we all woukd like to know how to get more business. I think everyone on this forum is searching & digging for ways to generate business. I think it would be great if we could start a thread on sharing some ideas on improving our BPOs or enhancing our REO applications. I think the "Ask the Asset Manager" is a great tool, but also wish we could have more details on how to implement some of the suggestions. Don't know if this will help you, but if you are in some of the systems like Equator, advertise free second opinion BPOs or occupancy checks for the asset managers. If you would like a copy of my resume Sima, email me directly & you can use my outline. I believe the more we share, the more that comes back to you. A lot of this business is not giving in & staying determined. Keep filling out the applications & trying to learn all you can about this aspect of real estate. Good Luck!
Top 10 Ways to Get REO Listings

1. Learn the REO Industry and educate yourself on how this industry works. REOPro is an excellent forum. Be as willing to share as you are to take. Listing REO properties is completely different than listing a normal listing as the banks and asset management companies have many different requirements.

2. It takes money to make money. Invest in your business just as you originally did when you started real estate.

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 is quite time-consuming but it is worth it. However, I would stay away from those that want you to pay for membership. There are some exceptions like RESnet.

5. Make sure you include a 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 can bring more business to you.

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 error and omission insurance, and your broker's tax ID number. The E&O insurance policy should state $1,000,000 limits.

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 a resource. When you do receive a listing, you may need to call these vendors to go out and prepare bids for you.

9. Network, Network, 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.

10. Sometimes the asset management companies try you out with BPO's. If you accept a BPO order, make sure you complete it on time. If at all possible, submit it before the due date. The asset managers love to use agents that complete all their tasks on time. Do not call the asset managers much; most of them have a high volume of properties and are extremely busy.

Hope this helps.
Great tips - I appreciate that you shared them. What does NABPOP stand for?
Hi Rosemary,
NABPOP stands for The National Association of BPO Professionals
Good morning everyone.
What a great day today is. I just wanted to thank everyone for sharing idea and thoughts. It has defiantly helped me a lot. I am learning everyday something new about REO and BPO. I just bought 2 books to learn about how to enhance my business.

Hey,

We are a team of people having experience in manually accepting new
BPO orders for most of BPO companies. We are very prompt in accepting
orders when they are posted and can accept orders on your behalf for
companies like RRReview, Atisource (Ocwen), Clear capital, OLD
Republic, Equi-trax, SAM, Proteck, Corelogic, Emortgagelogic, BPO
Fulfillment (Mainstreet Val.), Inside Valuations, GoodmanDean,
Woodfinn etc.. and other companies.

We have one year experience and very high success rate in accepting
new orders. There is no automated software used, We constantly monitor
your email for new order and immediately accept new order when it is
available, we do it manually and it is legitimate. We can provide you
free service for a day or two if you are interested and accept some
orders for you.

You would pay for accepted orders only, no additional costs. If order
is canceled later you don't need to pay for it.

You can leave all your worries on us for accepting orders, please
shoot me an email bpoorderaccept@gmail.com

Looking forward to hearing from you.
Thank you.

Frank Stallworth
BPO Order Accept
bpoorderaccept@gmail.com

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