How can I list REO properties?

8 Replies

I am an investor and recently got my licensed. I am working with a great company but I want to know how some of the real estate agents list reo properties?

Any tips ?

Are your "payola" skills well developed?...

@Brent Coombs I am getting there but I would like to work on it more. any suggestions or tips?

I want to keep moving to the next levels.

Originally posted by @Mahan Shahverdi :

@Brent Coombs I am getting there but I would like to work on it more. any suggestions or tips?

I want to keep moving to the next levels.

I'm out! [Clearly, my attempt at humor got lost in translation. But yes, being a suck-up can work].

The answers you seek will likely come from the experience gained (over time), by working hard

Reo’s have been a shrinking market for years....banks are cutting their agents as the volume is about 10% of what it once was. Also, many require you to be their free property mgr, paying for many services and getting reimbursed later, let alone lower commissions.

@Mahan Shahverdi I have a couple REOs listed, process may vary in your state but in PA we;

Created accounts/profiles in various REO platforms/systems (Equator, ResNet, Pyramid).
The systems ask for broker information and a copy of your E&O Coverage (you’ll very likely need your brokers blessing for listing these properties as basic E&O coverage typically isn’t enough when handling/listing REOs).

Once that is all verified your profile is available for bank asset managers to see and select for listing their properties.

You’ll generally list zip codes of areas you’ll take on listings and once a property is available in a selected zip code of yours an asset manager may pick you to list the property they’ve been asked to manage.

You’ll be ranked against other REO listing agents based on how timely (and accurately) you turn around and complete assigned tasks so it may take some time to get some “good” REOs. Be prepared to take on some real charmers initially.

As a caveat, you are generally not allowed to bid on/purchase an REO you list and manage.

I have watched many webinars on this subject and even paid once for a "system" to help me list REOs.  The system told me to do the things that @Brian Faust mentioned above along with tips about getting BPO work.  I decided it wasn't for me and promptly asked for my refund on that system

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