Basic knowledge of residential real estate as well as how to deal with bank owned properties is a must. A real estate license, membership to the local real estate association and Multiple Listing Service (MLS). You will also need your own computer—nothing fancy, a Pentium-class system will work fine—with internet access, email and knowledge of Microsoft office/other software. It would also be helpful to have marketing, budgeting and financial management knowledge. Not to be forgotten are strong negotiating skills, time management, lots of patience and ability to work with different personalities. What other skills do you think or have you found necessary?
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  • No one asset company is easier than the other. Listings are earned, not given. I do alot of BPO's and worked hard to make sure it's accurate and complete as well as timely. That's the way to get listings.
  • I would like some advice to what asset company is easy to get listings and how you got in to the REO listing business. I've been applying to lots of different companie's and don't get a listing. Maybe somebody can gi\ve me some hints and tips how to get in...
  • And realize there are hours of extra requests asked of a reo agent unlike the average listing. We need to personally inspect these homes regularly, make sure the place is snow plowed, lawns mowed, kept clean, etc. The property always has to be ready for a showing no matter the market trend. What else?
  • It's a must that you have the financial fortatude to handle the carring cost associated with REO. Trying to jump into REO without any substaintial reserve account is simply asking for trouble!!! Trust me because I DID IT!! It's not easy at all. If you are a struggling agent as it is and you think that REO is the answer.........IT'S NOT!!! It will only add to your financial troubles. Most agents are not told about the cost of REO before giving it a try, so this is my attempt to forewarn you!!
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