broker and investors

2 Replies

How do you locate a real estate broker who works with investors and bank owned properties? 

Great Question!!!

www.biggerpockets.com

Speaking as an Agent with over 15 years experience in REO working with the largest banks and secondary lenders in the country, I can help you with this problem!

How to Locate the Elusive REO Agent

Here is a step by step plan to find the ever elusive, always valuable REO Agent!

Step 1. Go to your local MLS, or call, and ask them to email you a copy of the top 50 agents in your town.

Step 2. Alternatively, if you have MLS, or know someone who does, look up the information in the statistics portion of your MLS.

Step 3.  Look for the agents with the HIGHEST number of closed transactions with the LOWEST dollar volume.    This is generally the agent who has a lot of little CHEAP homes for sale.  

Step 4. Look up that agents name in the MLS. You will see their contact info, as well as any particular listings that they have. If they are an REO agent, many of their listings will reflect this.

Step 5.  Understand... if they are a Top Producing agent, they are generally pretty busy, and generally will not be able to return calls quickly, and may not necessarily take your call immediately if they do not believe that you are a viable prospect.

Step 6.  Generally, on MLS, they will have (if again, they are a top producing REO Agent) a team.  Many times, they will have their name on top as the listing agent, and have a cooperating agent that works for them on their team handling the particular listing.

Step 7.  The Agent you want to target, is THAT agent.  The Secondary agent that works for the Primary REO agent.  Generally speaking, REO agents will have someone on their team who is responsible for a lot of the REO work, including BPO's, pre-marketing, as well as asset management.

Step 8.  This is important because THAT agent generally deals with all the buyers, all the sellers, as well as all the inquiries about the REO properties that they have.  That authority is generally delegated to them to free the REO agent to obtain more REO listings.

Step 9.  Establish a relationship with the Secondary agent.  Tell them that you are interested in buying property, and that you would like to set up a meeting at a time and place that is convenient with them to meet and ask about upcoming properties.

Step 10.  THE MOST CRITICAL STEP OF ALL.  **DO NOT SKIP THIS STEP**
Do not, under any circumstances, tell the listing agent or REO agent to "Just give me a call when something good comes in."  Take the time to build the relationship.  Go out of your way! MAKE it happen!

I can't tell you how many times I simply said "oh yeah.. sure no problem" to that question and promptly forgot whoever it was that called me.  I simply didn't have the time when I was selling 75 homes a year.

I wish you nothing but success, and by all means keep us up to date on your progress! 

Have a Powerful Sales Day! 

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