Ive applied to EVERY website related to REO out there, I have a background in successful short sales(list and buyer agent) and extensive knowledge of preservation but cant catch a break. Ive reached out to REO agents in MD hoping to learn from them and expand their REO business to my area they are currently NOT covering, not trying to take their business, trying to expand it for them in a new territory and assumed with that experience Id get some actual real REO experience NO LUCK, HELP!!
You need to be a member of REO Pro Network to add comments!
Comments
I agree with Eugene. Many years ago it was common to get into a company thru the asset manager. It was common to work with the asset manager from Pre FC to closing. Now each step you deal with a difference person. The Pre FC specialist, pre marketing rep, eviction specialist, closing coordinator. The asset managers don't pick the brokers or assign the properties anymore, and often the people that do are in another country. Sad, REO used to be a great business.
I would like to add my 2 cents. It is not really the asset managers, it is the hiring vendor managers. For example, at my previous brokerage, I worked on the listing side with my broker listing Fannie Mae properties. I had developed good relationship with about 6 asset managers. I left the company, for another company. Just so happens that during that time I received an invitation to apply. After I applied, about 2 months later, I still had not heard anything. I called a few asset managers, and they mentioned that they did not have anything to do with the vendor selection part. But, if I was selected, they would look for my name. 7 months later still no response. Freddie Mac posts updated list of counties they are looking for agents in every 2 weeks.
Forget REO's, get real listings from decent homeowners. Most REO's are trashed and some REO companies expect you to front all the money for repairs, power, trash out etc. then you hold your hand on your *** waiting to get reimbursed. Reo's are not the "gravey train"
Turn Key says that you have to be registered with RES.NET to be assigned listings,,and of course to be with RES.NET there is a basic site and they will require you to upgrade your profile at $700 a year. I am an AMP Certified Pro with RES.NET and I have received listings through them with other AM companies but nothing with Turnkey for my coverage areas. of course I think that every agent that has anything to do with REO's is registered with RES.NET,so if your an AM your going to be picking one and using them regularly depending on the service,,,if they are doing check ups on the agents like they should,,because let me tell you there are agents that are handling REO's and I know full well that they are not doing what is required of them,,,and hopefully someday they will be found out about,,and get the bad creds. Good Luck!
Thanks for the feedback, I learned a long time ago to do the BPO for payment vs thinking Im gonna get a listing. What is annoying is for example last two days go out for BPOs (paid of course) and both subjects are vacant and pre-foreclosure, I've done this a LONG time so you just can tell and I dont get the listing why not is my question??? Ive never actually been offered the "if you do this BPO you MAY get the listing offer even" but now Im hesitant and always have been of such...I dont work for free and I assume asset managers dont either...hmmm
On another note, anyone heard of turnkey asset? They contacted me and of course I completed the master listing agreement and jumped thru all the hoops which I always do, so now I just wait and hope I get picked, who knows, slowly losing interest, back to basics I guess.
BTW.. Dana,,if you have not already done so...Windy suggested you go to her for info,,,The REO Network,,,you can sign up for free but they will want to push the "Premium Membership" on you with a cost of $600 for six months,,just to improve your exposure to AM's,,,,Bull****!!! Pardon the expression....do not get duped into paying for services that are not going to get you any more exposure than you have right now. Zero...If you have applied to every website out there then your exposed,,,so has countless other agents,,,AM's are working with the agents they selected long ago and will continue to use them. I have not received 1 listing from any AM that found me on the site...and I have done tons of BPO's for ClearCapitol,,,no REO's whatsoever!! Save your money,,or invest it in marketing yourself to sellers and like Marvin said below: LIST,LIST,LIST...listings are the name of the game and if you list you last.
Dana - Listen to the other Marvin (the one with the black nose) and John.
Also regarding BPOs - I did them for a couple of years and nearly went broke. Some AM that is now out of business handed me a dozen or so REOs, but I do not think I ever got a REO from doing BPOs.
You will run your butt off and take a reduced commission and do all the things John mentioned.
ADVICE - LIST, LIST,LIST,LIST,LIST,LIST. Then post those listings on every free web site (incl. Craigs list) that you can find. The AMs have their favorite agent in your area. Most agents in my area that were getting all the REOs back then are now selling the big home because they are not getting those REOs.
Your chances of getting REOs are slim and none. Don't worry about it. Just concentrate on listings , listings, listings, listings. Don't sit around and hope someone is going to send you some business. Get the business yourself. Listings are money in the bank.
Dana,,my suggestion would be to stay away from REO's...you may think that they are easy and you get a listing that you know will sell quickly...but the TRUTH is...REO's are a nightmare..I have been working with REO's for many years and I busted my a** to get the scraps of listings that were assigned to me..in the past I have done countless BPO's in the hopes of gaining new business or to get exposure to AM's attention,,I have spent thousands of dollars on advertising my profile to AM's,,,honestly I have gotten on average 2 listings per month over the past 7 years,,and these properties I had to maintain the electric,,pay to have them trashed out,,then wait 45-60 days to get reimbursed,,market the properties,,visit them once per week to submit weekly inspections,there are numerous tasks you have to complete and most of the time they only give you 24hrs to complete it and if you don't complete the tasks on-time your profile gets a bad rep,,,I have set up showings,,handle offers with counter addendums with all required documentation some packets 35 pages or more and if your documents are not correct,,you get a bad rep,,,,negotiations,,and once the property goes to closing anything found on title has to be cleared,,so I have to pay for it and wait to get reimbursed...if your original BPO value does not fall within a certain percent of the selling price,,,GUESS WHAT...another bad rep....then when closing happens,,my split is 2 - 2.5% or 3% but you have to pay the AM company 35% of the listing commission..you don't make money by listing REO's...you have to try and find the buyer to represent so you can get both sides to make any money..I have always try to figure out why all the same agents are getting the bulk of these listings and getting rich,,,but they are not following all the protocol with servicing the listing,,I have seen this many many times,,homes without power,,,grass not cut,,,trash,,no lockboxes,,no keys in lock boxes,,,no one answering the phone when called,,,and still these agents are getting the majority of listings,,,and not selling them....so this business is very UNFAIR and only profitable to those few who didn't deserve it,,,due to the disservice they do when they do not comply,,,but are still getting those listings,,,thats my rant,,hope it helps! Good Luck!
Hi Dana! You are in a great area that you should be able to still break into the REO market. When you have time, please send me an email at windy@reonetwork.com and I will send you some ideas that might help.
-
1
-
2
of 2 Next