started getting them direct from CITI but had never applied with them directly. Please understand, I'm definately not complaining and will take them direct or through outsources...just not sure what I did to start getting listings direct. Anyone have similar situation?…
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A few of our REO and BPO clients include; IREP - Integrated Real Estate Processing, Olympus Asset Management, Citi Financial, Lighthouse, VSS - Valuation Support Services and a few others. Rest assured that we are looking to build a long-term relationship with your company that will be beneficial to you, and your clients!
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l life doing it. I can't wait until the market's good and the only REO left is 600SF junk houses because that means everybody else will be chasing other things.
Number 1. Make sure the BPOs you are doing count. Make sure that they have the ability to assign listings. Avoid mills other than to keep your skills sharp. When you do get an AMC BPO do an excellent job. My first asset was from U.S. Res 1 year after I started doing BPOs. I have also received REO from TREO, 3 Pointe Asset Management w/ Equity Pointe from the BPOs. I have done 2 BPOs for 24 Asset and I will get those assets if they take over the servicing. That's my first hand advice. From this site, it appears Goodman Dean is a good bet Keystone, SAM, just look around this site. I treat Ocwen and Old Republic like a mill but will update if I ever get a listing. I treat Clear Capital like an AMC because I kknow of one agent who did receive a listing from one of thier BPOs.
Number 2. Register. Register with as many sites as possible. ***IMPORTANT*** KEEP YOUR PROFILE UPDATED! If an AM is looking in your area it just may be your turn. This is how I landed Precision and Olympus. I called Precision some months after I registered with them to verify my profile was up to date. I needed to updated one thing, and two weeks later I received my first assignment from them.
Number 3. Prospect. This is great with local/regional banks. You can often get names of REO officers with your local banks. Call them every so often - not enough to be a pest, but often enough to where they know they have a dedicated ally in the area. I landed one asset after the first call doing this, just like they told you could happen when you first started real estate. Because of this technique, I also have (5) 5 acre lots coming up (may sell as one development piece) and 2-20 "slumlord houses." (Asset managers words, not mine :) with two other local/regional banks.
Number 4: When you get an asset in, everything else is secondary. Appointments cancelled. Mill BPOs on hold. Retail showings on hold. Like a madman, your only objective in life for that day is to get occupancy and secure the property, complete BPO and submit the requested paperwork. You need a preservation guy that can re-key at the drop of a hat. Mine knows how important my REO business is to me and he has been there for me from 9:00 PM to 7:00AM on a Saturday. I try to have all of that done in day 1. They give you to day 4. Get my point? From that point foward, all your tasks are completed way ahead of time and with a quality that makes you stand out.
Number 5: You have done a great job for your AM and they remember you and appreciate it. So every so often drop them a line. "Just to let you know I'm here if you need anything." Short and sweet. They are very busy so keep it short but remind them. You have done a great job for them so they will remember you.
I have spent 30 minutes writing this because I too have been in your shoes. I have ogled the soft blue hue of Equator at 3:00AM after completing 10 BPOs and zero assets. I know where you are at. If I can help somebody else acheive their goals from my own experiences, to me that is one of the greater pleasures in life. So in return please keep us posted of your progress.
Obviously you are dedicated, or frankly I would not have spent the time that I have on this one post. I think you just need to expand your arsenal a little. I have far to go to be where I want to be, but this is how I broke in. I have yet to land one of the big direct clients but you build a business one client at a time. One asset at a time. I cannot tell you how to manage 50 assets, YET. But I can tell you what has worked for me.
Hope this helps & good luck!…