I am a former Residential Appraiser newly licensed as a agent. My wheelhouse was FHA/VA and REO inspections and would like to utilize my vast knowledge but...I can't even get many BPOS at this point let alone a listing in Southern MD. I'm becoming discouraged. I don't have an abundance of financial resources to buy into Equator or Res.Net right now. Any suggestions on how to get opportunities? I also have probate listing experience and a general contracting company for preservation services
A newer agent is unlikely to score a bunch of REO's. Also you may not want them. With an REO you as the agent are responsible for carrying all the costs of the utilities on the property until the property sells, then you get reimbursed at settlement.
Most of the REO's in our area are handled by small single person brokerages who have a working relationship with the asset managers at the banks and Fannie Mae. It is a hard shell to crack, and frankly one worth not cracking in my opinion.
BPO's I guess are ok to make a few bucks, and I do them occasionally....but your time, money and effort is better off spent marketing to your sphere of influence and getting a farm up and running.
Thank Russell. I hear your sentiments and it "is" discouraging. I am a tenacious individual and have heard for many years I "can't" do something and frankly it becomes a challenge and all the more sweet when attained. I currently do Property Preservation as one of my many hats in this industry and frankly the asset managers are missing out on a agent that knows REO from every angle imaginable. An appraisers knowledge of true market value and approaches to obtain it with specialty in FHA, a general contractors knowledge of preservation and building, and a agents knowledge of sales. I do not have a sphere of influence here because I moved here recently. My sphere has been working with banks. Unfortunately that has been where most if not all of my former experience lies. I'm still hoping I get an opportunity to shine. Thank you for replying.
Agree with Russell. A week and a half after I got my license in 2012 I went to the REO expo in Dallas. While everybody was groveling for listings, I decided I'd pass. You act as a free property manager, have to do weekly inspections, sometimes months before you can actually list it, pay for all the maintenance, utilities, etc. out of pocket, and all for a reduced commission. Also, the last couple of years all banks have been slashing their REO agent pool, not adding to it. Too late to try and get in the buggy whip business.