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I worked with another broker for 8 years doing REO properties and we sold over 1000 properties in VA, DC, and MD. In the last year the company I worked with became much less REO focused and I went out and took over another firm as principal broker an owner.
I have had to sign up with or at least try to sign up with new accounts for REO listings. Since my last partners had most of the accounts in her name it is proving to be very difficult getting my foot back in door.
Can anyone provide any tips? I am a FORCE member and plan on attending every REO convention for 2016. Any direction of advice would be appreciated. I plan on doing REO the remainder of my career along with retail transactions.
Since the Force has all the insights and contacts, I assume that they will provide you with the information you need. I would have checked with my clients before making a move. That said, I have always been with companies that did not specialize in REO while I do. I therefore have very little REO competition within the company. I like it like that.
I recommend paying the fee to join res.net and equator
I signed up with Equator/Res.net/Dispo and about every one else I can think of.
You must be signed up as a paid member with Res.net, Dispo Solutions, iAgent, Altisource, Equator, Pyramid, and be sure you have a listing promoting yourself on the REONetwork. There are another dozen smaller sites with less inventory. Contact the vice president of your local banks and credit unions as they also have REO's as well.
Hello Michael. I have the premium accounts on Res, Dispo, and Equator. I'm signed up with Altisource and Pyramid. I'll look into iAgent. I also have a REONetwork profile as well.
I'll start contacting local banks on REO as well.
Is it worth the $349 a year for iAgent?
iAgent has been great to me. There is a fee for each property you accept as well ($115) but they have given me more listings in the past year than the other companies have combined. They have all been Wells Fargo properties, not sure if other banks use this platform. But on over half of them they have also given me a $2500 agent bonus on top of the commissions.
What is iAgent website? I tried to google many of the website pop up.
you say that your previous company decreased the amount of REO properties they were doing, and you went and took over another brokerage? if there really is no one doing those prior accounts, you should be able to talk to your asset managers and ask them to make an inquiry to see if your prior company is still handling them to the extent they were. if not, maybe they will let you get your foot in.
whenever I want to expand my BPO/REO business, and I do more REO than BPO's, I google asset management companies, or REO listings, similar phrases to find new websites. the reonetwork website has been a great resource for me, also, SPS/disposolutions and res.net.
maybe when their E&O expires the door will open, the conferences should help as well.
You don't need to Google first. You can simply start with the list provided on this website near the top that says REO COMPANIES and click through the links provided by BPO AUTOMATION.
You did not say how long it has been since you Go on LinkedIn and connect with your past asset managers. Send notes about your move and new company. They will remember what a great job you did for them (if you communicated with them instead of your partner).
REOs are down in my area, PNW, because equities are up, but many foreclosures that were rescinded as trustee sales are now trickling through our judicial system.
Other areas still have a lot of inventory, but unless they have overflow, they are probably going to the agents the asset managers were dealing with in the past.