Real Estate Agent · Minneapolis, MN · Member since 2008 · 193 posts · 7 votes
Even though this is a realtor question, I am hoping this forum can maybe shed some thoughts on this topic.
In the Minneapolis/St. Paul, there are about 5 Realtors that have 90% of all the REO listings. They developed relationships long ago with the asset managers at the banks and simply have new listings faxed to them every day.
I am understand selling REOs are tough because of the upkeep of the property during the listing, but if I could get 1-2 per month, my kids could get that GI Joe action figure they always wanted :roll:
How can I find the REO Asset Managers at the bank and get them to give me shot at listing/selling one of their properties?
Scott, you can go to a data base site such as jigsaw and pay a $ for contact info. Look carefully under Financial Institutions, then Banks, and look for Special Asset Mngrs or Reo Mngrs. You get full details including phone and email. For small nos go for the small to medium banks. Believe it or not lots of small banks have Reo's, but may not have dept managers...Guess what. Get the Ceo info and ask for his/her exec asstnt.
Scott, you can go to a data base site such as jigsaw and pay a $ for contact info. Look carefully under Financial Institutions, then Banks, and look for Special Asset Mngrs or Reo Mngrs. You get full details including phone and email. For small nos go for the small to medium banks. Believe it or not lots of small banks have Reo's, but may not have dept managers...Guess what. Get the Ceo info and ask for his/her exec asstnt.
Real Estate Investor · London · Member since 2008 · 3k+ posts · 74 votes
19y
Originally posted by "cricket11":
Scott, you can go to a data base site such as jigsaw and pay a $ for contact info. Look carefully under Financial Institutions, then Banks, and look for Special Asset Mngrs or Reo Mngrs. You get full details including phone and email. For small nos go for the small to medium banks. Believe it or not lots of small banks have Reo's, but may not have dept managers...Guess what. Get the Ceo info and ask for his/her exec asstnt.
best of luck.
Neil P
Neil,
Great suggestion re: Jigsaw. If others are interested you can reduce the cost to zero or a trivial amount by contributing contacts. Just check out the rules on the website.
Jigsaw is more similar to LinkedIn than BP. Not designed for RE investing but definitely an effective tool if someone has put in the contacts you need.
Another avenue you might approach is seeking out local wholesalers and get to know one or two. Build the relationship, ask questions and you might be surprised at what develops.
Do you have a local REI club you can attend? If so, attend! Ask around about who is doing what you want to do. The people doing well are known and shouldn't be to hard to find.
Whoops! I didn't realize you were a Realtor. I misunderstood. I thought you were purely an investor looking to buy REOs. In reality, you are looking to pick up listing inventory.
Residential Real Estate Agent · San Bernardino, CA · Member since 2008 · 7 posts · 0 votes
18y
Concerning REO listings,I have a friend who is receiving about 5 listings a week, she started with BPO's and decided to try alternative avenues in creating REO business.One way she has produced business is through attending REO Conferences where asset managers network,this is the REOMAC and the FIVE STAR conferences I plan to attend the REOMAC which is coming in the spring this year in CA and hope to network with success!
Banker · Lyndhurst, NJ · Member since 2008 · 17 posts · 0 votes
18y
I am also in the need to find some asset managers. Have investors looking for nationwide properties... Any help or pointers are greatly appreciated.. :groovy:
Residential Real Estate Agent · Long Beach, CA · Member since 2008 · 432 posts · 63 votes
18y
Attending REOMAC is a must if you want to meet asset managers. Be prepared for a few thousand other agents with the same idea. It's a great conference and well worth the money but you need to be ready to network like crazy. On the last day of the conference they have about 20 banks set up round tables in a ballroom. At the count of 10, the ballroom doors open and thousands of agents sprint into the room, swarming the tables vying for a precious moment to shine infront of an asset manager. Every 10 minutes a bell rings and you run to another table, throwing business cards hoping to connect with a few banks. It's a zoo, totally crazy but at least you have the opportunity to press the flesh with live asset managers.
Involved In Real Estate · desoto, TX · Member since 2008 · 12 posts · 0 votes
18y
I have a realtor friend that signed up with Ocwen...try looking it up on the web or google it. (ocwen bank) she starting doing the bpo's and then she starting getting the reo listings in the areas that she signed up for. Hope that helps!
Residential Real Estate Agent · Long Beach, CA · Member since 2008 · 432 posts · 63 votes
18y
Thanks for the tip on Ocwen. However, I went to their website and looked up their properties in my town...wow, they are listed grossly overpriced. Of course, I wouldn't say no to working for them because it would give me more experience to work with other companies but I would never take normal listings overpriced that much. Interestingly, half of their listings in my area are listed by out-of-area agents. Although I know it happens a lot, I don't understand why a bank would do that when there are so many excellent in-area agents.
Scottsdale, AZ · Member since 2008 · 342 posts · 15 votes
18y
Originally posted by "Bohemiana":
Thanks for the tip on Ocwen. However, I went to their website and looked up their properties in my town...wow, they are listed grossly overpriced. Of course, I wouldn't say no to working for them because it would give me more experience to work with other companies but I would never take normal listings overpriced that much. Interestingly, half of their listings in my area are listed by out-of-area agents. Although I know it happens a lot, I don't understand why a bank would do that when there are so many excellent in-area agents.
Its called bad servicing, hence the reason Deutshe Bank just transferred 1.5 billion worth of NPNs and REO to my company to service.
Commercial Real Estate Broker · Memphis, TN · Member since 2008 · 71 posts · 11 votes
18y
I used to list REO properties, but I sent my last listing back in March and just focus on being the buyer's agent for REO properties.
The REO listing side is burdened with maintaining the properties and doing monthly reports. Most companies require you to front the expenses until the property sells. They will ignore the proper value you set and then after 90 days re-assign it to another agent and then lower the price to what it should be and then it sells. I have been on both sides of that situation.
The listing agent commission is generally smaller then the selling agent, plus you have to pay a referral fee to the asset manager. In today's market it is much more profitable as an agent to focus on finding buyers and then picking the best REO property to sell to them. Last week I had five closings as a buyer's agent and now we are supervising the rehab on four of them.
If you insist on finding an asset manager then go to the agentsonline.net forum and go the BPO subforum and spend a week reading that resource. It has tons of companies hidden inside there.
Scottsdale, AZ · Member since 2008 · 342 posts · 15 votes
18y
Originally posted by "AllenBailey":
I used to list REO properties, but I sent my last listing back in March and just focus on being the buyer's agent for REO properties.
The REO listing side is burdened with maintaining the properties and doing monthly reports. Most companies require you to front the expenses until the property sells. They will ignore the proper value you set and then after 90 days re-assign it to another agent and then lower the price to what it should be and then it sells. I have been on both sides of that situation.
The listing agent commission is generally smaller then the selling agent, plus you have to pay a referral fee to the asset manager. In today's market it is much more profitable as an agent to focus on finding buyers and then picking the best REO property to sell to them. Last week I had five closings as a buyer's agent and now we are supervising the rehab on four of them.
If you insist on finding an asset manager then go to the agentsonline.net forum and go the BPO subforum and spend a week reading that resource. It has tons of companies hidden inside there.
Allen, You are so right, REOs listings are Brutal...They are the red headed step children of the RE game!