Posted by Leslie Hansen on August 11, 2009 at 10:28am
I am new to listing REO's, but have been specializing in short sale for several years. Also I have been doing BPO's for Goodman Dean and Land America in hope of getting my foot in the door to list REO's. So far I have made some pocket money on BPO's but no listings. I am a broker and have my own company that I opened 1 1/2 years ago after 25 years in the real estate business. I would love to develope an REO division. I see there are comments in your blog on certifications not being particularly necessary, but how do I get my foot in the door with the banks to actually start getting the listings? I started doing BPO's 25 years ago when I first got my license and got listings then, but no action now. Any suggestions greatly appreciated.Delete Comment
Leslie I was wondering if it was because we were independent Brokers and they thought they would get more advertising out of a franchise. When I did REO's for Ocwen I was part of a franchise; but actually I carry more E&O insurance now than when I worked for a franchise. What state are you in that could have something to do with it I am in SE IA.
I am also new to REO business, Leslie, but I did exactly what I was told to do at the NFSTI REO symposium, last April, and in many other conferenses I have attended since. Go to DefaultSchools.com and take the following two online courses, "REO Best Practices," and "Advanced Evaluations." ($498.) Right there and then, apply for your RDCPro designation (no cost.) Use this designation on all your correspondences, business cards, website, etc. Since most banks/lender institutions use platforms for their REO task management and assignments to agents, you need to become certified with RES.NET and REOtrans.com. Take their certification courses online, and pay their yearly membership dues ($544.) Also, very important, don't forget to ask the AM. He will give you tons of good advice!
I have done BPOs and listed and sold REOs many moons ago, However it does not count for it is done quite differently now-a-days. You also, need to prepare a killer resume!!'...model it after an REO agent's resume! It is very specific! I will gladly share mine, but I know a few top ReoPro agents here, would also be willing to share theirs. I believe the REO education along with your 25 years of experience in listing and sales will go a long way towards connecting with asset managers in very near future. It fulfills the requirements -the knowledge necessary. Like Debbie said, go to "Partners" tab and sign-up with as many websites as you can. George's comments are also right on! And ofcourse listen to the master Jesus!! Oh...another thing, sign up for this coming REOMac conference in October. Go get them!
You need to recruit REO broker or a former REO assistant realtor who is well connected with AM. You need to standout as king of REO in an area with lots of defaults.. It is amazing how fast many high end brokers quickly get tons of REO properties from selling traditional multi-million dollars homes. Keep in mind Obama's programs seem to have an impact on foreclosures and the challenges are how to keep you team busy.
Start trying to recruit established REO brokers/agents. That will give your company some credibility and help in getting yourself new accounts. Since your already experienced don't do bpo's rather hire agents and outsource them. That way you can significantly increase the amount your doing which will increase your market presence in that forum. Also that would be good training for your agents who can in turn help you run your reo business which will allow you to handle more inventory. Good luck...
Leslie, sign up with default school training, whatever classes are available take those. Start up with one of the groups, you are already with ReoPro, it is a good starting point. Look into NFSTI REO Masters Network, great team, they have asset managers on board to teach you about what goes inside. Sign up with REO Network. There is a lot to learn as a new REO agent. Read as many blogs as you can, type in REO asset management in Google, go through everything you can find, and every company that you can, sign up. Print your sign up page before you hit submit, keep alphabetical folders, also keep an index in excel, by name of the company, date you applied and your password and usernames. If you get an email saying they are not taking any more agents, kindly reply that you will follow up in next 90 days, and do follow up. There is a good list on this site as well. Go to REOMAC conferences, they have started to give classes as well, get your name out there. It takes time, at the end, you have to be at right place at right time. Persistence pays.
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I have done BPOs and listed and sold REOs many moons ago, However it does not count for it is done quite differently now-a-days. You also, need to prepare a killer resume!!'...model it after an REO agent's resume! It is very specific! I will gladly share mine, but I know a few top ReoPro agents here, would also be willing to share theirs. I believe the REO education along with your 25 years of experience in listing and sales will go a long way towards connecting with asset managers in very near future. It fulfills the requirements -the knowledge necessary. Like Debbie said, go to "Partners" tab and sign-up with as many websites as you can. George's comments are also right on! And ofcourse listen to the master Jesus!! Oh...another thing, sign up for this coming REOMac conference in October. Go get them!
I can't stress enough, you really should read over and through the blog archive.
For example: http://reopro.ning.com/profiles/blogs/my-top-8-new-reo-agent-blogs