Good morning/afternoon/evening where ever you may be!
I'm sure we've all seen chatter about a coming market crash, homes going underwater and the end of the world as we know it. There is certainly merit in all that sentiment but it has me thinking--how can I become the agent banks call to list their foreclosures? I've begun building a relationship with an officer there and I'm confident he can point me in the right direction in regards to who to speak to at this bank. Relationships and networking are key but I'm curious if anyone has any tips or experiences they would share.
Real Estate Broker · Hyde Park Tampa, FL · Member since 2019 · 2k+ posts · 3k+ votes
4y
You will need to demonstrate experience/track record as a REO Realtor. It's a different strategy than doing general real estate and it would be to your advantage to get REO Realtor Certification before approaching the lenders. Your local Realtor Association or Realtor Training Companies can provide you with course information/requirements.
Real Estate Agent · Morristown, NJ · Member since 2020 · 206 posts · 128 votes
4y
Kyle- good question. My response wont specifically answer your question, but I do think it's crucial for realtors to have relationships with banks and credit unions to help better serve their clients- especially their investor clients. You often hear basic concepts being tossed around by retail consumers and investors that may be true in another state or majority of the time, but not necessarily always the case for that consumer. For example, people say that 15% down is required for owner-occupied multifamily but in my experience, that thought lacks depth; as I know banks that allow less of a down payment under certain criteria.
Real Estate Agent · Auburn Hills, MI · Member since 2022 · 45 posts · 67 votes
4y
Building relationships with banks is not the easiest thing to do. You should begin to network like you're doing here but also do your research on asset managers. Find out who they are and become friends with them on FB and Linked In. Build an organic relationship with them, see what they drive, where they eat, what they do for fun and maybe you'll be top of mind when some opportunities become available.