Here lately, it seems I have been getting the same question over and over again and that is, “Why do banks have a waiting list to become a REO Agent?”
First of all, let me share some insight with you.
Banks are being bombarded by struggling Realtors who are looking to make fast cash in this back to the fundamentals market. The barrage of request to join the banks REO teams has brought out every type of Real Estate Industry worker, from the novice to the experienced professional. The problem these banks are having is, they really can’t weed out the true professionals and those who are faking it. You would think that a simple interview process would cast out the lackeys however, that isn’t always the case. Simply put, the banks don’t have the resources, time, energy or infrastructure to verify all the resumes, letters of interest and voice mails pleading to be on the REO Team. In fact, the banks have had such a large share of amateur Realtors that now, most have realized it’s best to only work with those they have trained themselves or only with the REO Agents that have verifiable experience through the personal relationship with an Asset Manager or Loss Mitigation Officer. So, the waiting list accomplishes more than just allowing the bank to have a pool of possible Realtors, over time it will weed out those people who aren’t going to last on their own in this fundamental market. The bank’s prospective is, if you can’t last on your own as a Realtor, why would they ever trust you with their clients. It may sound a bit cruel but, if you stop and think about it but, it makes sense. These banks are looking for high quality, high out put Realtors, anything less is just going to cost them money and time. If you are a part time Realtor because this market has forced you to take on a “real” job, then most likely you aren’t going to be the right person to take on a REO business.
Just some food for thought.