I am reading a Pat Hiban where he says that the way he started working with REO was by just sending a lot of applications to become a "certified" agent for several institutions.
Any direct experience to share?
I haven't been an agent for a while, but back in 2012 the lenders were already slashing their REO agent numbers. You still have an Abundance of experienced REO agents with contacts already established, with about 10% of the reo's that were at the peak..
I think it’s a fruitless, banging your head against the wall, endeavor, but I could be wrong.
As Wayne points out, it's a fruitless effort. That train left the station years ago. That said, if you want to be on a Bank's "preferred" agent list? Bring them an offer on one of their REO's. Then approach them and remind them you can do more than list a property and wait for the phone to ring with an offer.
@Luca Giani You can sign up on the Pyramid REO software platform. Some asset managers use that system to manage their REOs and find local real estate agents when they board an asset. It doesn't guarantee that you'll get the listing but it makes you available. Our asset manager will look up agents in Pyramid and will look outside of Pyramid only if she doesn't find one in the system. She finds them easier to work with since they understand the system and agree to work within that structure. As others have said, there isn't the deluge of REOs out there like there once was. I'd suggest going this route to supplement your current business but don't look at it as your main source. It's one more way to get listings.
I'm sure there are other software platforms out there that probably work the same way. I'm only familiar with Pyramid.
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