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Can anyone tell me their story on how they obtained their first REO assignment.. I have been a full-time
BPO agent for the past 4 years and never ever acquired a REO listing in all of the thousand of BPO
work.. I did. I really worked night and day over a thousands of BPO's in three counties in the state of California.. I now have been so depressed in my business and feel as if I wasted four years of my
Real Estate career.. I am so behind in finances now with my life and wanted nothing more than to
experience the REO listing side of the business.. I wish I had names of asset managers to contact directly.. or had the insight as to how other agents became a REO agent in their careers?
BPOs no longer lead to listings unless you are working with an investment group that buys notes. Most of them will ask you to do one or more drivebys and if they bid and win, after they try to do a loan mod or short sale, you will be the listing agent when they finally foreclose. The whole process can take a year or more in Ohio.
My first REO listing came from OCWEN because I was a member of the NRBA and had been purposely doing only BPOs back in the early 2000s. I don't think that works anymore either.
Don't get depressed. Do retail real estate.
Thank you for your response.. I will start to market myself as to Retail Real Estate. A week ago I walked 276 homes... wanted to hit 300 homes.. just was out for 4 hours and was tired. Next week I will be back out there again.
I appreciate your information.
Look at it as you made money when fair market real estate tanked for those years. REO is drying up as FannieMae and others are selling NPLs in bulk to investors and the market continues to improve in most markets. Market yourself and sell fair market RE.
I would not even bother at this point. I have been doing BPO'S since 2008, and Short Sales since 2007, here in Florida.
I chased the REO possibilities for several years, spent tens of thousands of dollars going to conventions, Five Star, etc....
Took all the Certifications Courses, even one from an Asset Manager. In all that time I got 2, one was a successful close, the 2nd I ended up refusing, mainly because the Asset Company wanted a 35% referral fee on a $50,000 Sale that the commission would be 2%, and then all the work involved was not worth it, plus they wanted me to front money for utilities.
After that experience, I said, let the guys that are REO Agents in my area, THEY can put up with the Bull, and low commissions. After all they have other venues of making money on the property preservation/repair side of the transactions.
Right now, in Today's market, you are better off chasing LISTINGS in fair market values. Lower your commission and look to volume.
Thank you. for your information. I am moving forward and looking at new ways to market myself. I hope it
doesn't take to long to get my business going and see myself closing escrows soon.
Just completed the REOMac conference in Dallas this year. The convention was one tenth of the size from it's hey day in 2008. The speakers encouraged us to "expand" our business including property management, BPOs, Short Sales (ugh!), and finally, Retail sales. They encouraged us to look back to our clients that were formerly underwater. Many of these sellers leased their homes at a loss to preserve their credit and now that prices have increased they no longer want to be landlords. It was suggested that we find the expired in the MLS and start marketing.
Thanks for your information. I am moving forward now.. looking at new ways to market myself.
I hope my business moves forward soon.
If you think your depressed now,,,wait until you start listing REO's...I would much rather be on the selling side of an REO,,,at least then you get a full commission. You list REO's,,you do a ton of work and get paid less. Do what CeCe said and go after retail,,FSBO's are much easier to get and you'll get paid much more $$$...keep your chin up. It gets better.
I know so many companies ask you to do free BPO and promise you to give you listing once available but it never happen I am also trying to get REO Listing last two years and spend lot of money on it. Its not like that i do not have regular sale listing but i wanted to learn something different. But we totally can not depend on BPO you can change your way any time try to start with buyer and give them good service believe me you will get so many referrals. My 100 % business through referrals and i am in real estate less than 2 years and i am closing 1 deal every month and i have 4 active listing,
You Go Girl!
I have been with LPS (Black Knight) for some time. NO REO's, but they pay, on time. Orders have been way down.
I've never heard of them. Do they pay decently? I reject the $10 or $20 BPO's.