How do you find the REO Asset Manager
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.
best of luck.
Neil P
What about properties located in Colorado, anyone know some good contracts for this area?
As far as contacting the asset managers, it seems as though you can only get REO business if you know someone in the asset side. But I believe colorado has tons of inventory so maybe now is good time to make some contacts..
anyone have advice?
thanks
steve fraire
Keller Williams
As far as contacting the asset managers, it seems as though you can only get REO business if you know someone in the asset side. But I believe colorado has tons of inventory so maybe now is good time to make some contacts..
anyone have advice?
thanks
steve fraire
Keller Williams
The reason why it seems as though you can only get REO business if you know someone on the asset side is there are too many agents wanting REO listings. I get 20-50 calls a week from agents and brokers looking to list REO properties. How are we suppose to keep up with all of them?
Ya I understand, everyone is hungry in the business and is wanting to do everything and anything to make a living.
Well I have spoke with several agents that sell REO's and they say its a very hard business to get into, he says he has seen agents buy asset companies trips to vegas, strippers, gifts on weekly basis. He says to try doing this after I get a hold of a asset manager and see if that gets me in the door. but if you know of anyone who would like to start being showered with gifts that can provide some listings please please let me know and I'll let the showering begin
thanks
steve frarie
Keller Williams
Who here does not have an account with a bank?
Start with where you bank, learn about their REO process. As an investor, you can gain a lot of insight into the banking business, if you already have an account with money that the bank is using for other business purposes.
great thank you... I will try that.
I believe his account is with Country wide, he met a friend of a friend and since has been making good money.
I just need to find that friend of a friend. lol
Allen, if your still around...how do you attract your customers? Are you using the same group of investors buying the properties or do you find new ones?
I began coming on here trying to learn how to get listings for REO's. I read, and researched, and asked, and found that doing BPO's is a good start. I started doing BPO's, (tidious, not too lucrative, but money...and money is good), but then I started identifying REO properties, going to see them, trying to be the first agent in my area to see it, then I would talk about it for a few days...especially if it was a good deal, and then watch as it sold. I would gestimate how fast, and for how much the house would sell...and a lot of the time I was right. I started to notice that sometimes a property sells ASAP, down here min 3 days on the market. And observing those properties let me know what Fire Sale prices were, and what condition the property is in.
This Market knowledge alone is the reason I have closed 4 deals this year with 1 more on the table.
Its not a lot, but I am certain I am the REO expert in Hollywood, FL (Collectively). But I have a hard time finding "Real" Customers. Whats the secret? I would love to be doing 3 a month, which is realistic because I have the properties. I have buyers who submit contracts...just not at the prices I tell them to, and they end up loosing it to a higher offer within that 3 day period.
I have figured out how to get properties sent to me from various banks, before they go listed. I do not take the listings, but the information should be valuable, I use it to build my reputation, the only thing I can't figure out is "Where ARE the BUYERS"?.
Sorry, that was a little rant, I needed that. Also, Allen...
How much do you charge for "Supervisor" positions? I have done more of a project management role, but whatever you call it, what is the market value of these services. I have 1 friend who is a "Project Manager" and makes $150,000 per year. He works 5 days a week. I only made $2800/month for my role in planning a 63 townhome development, but I think I should have been making more.
Anyway, do you base your salary of the profit on the sale, do you charge a flat fee, or By The hour?
Do you think you could get anything in Los Angeles CA?
As I have many investors that want to purchase in this area!
I am in LA, are you looking for REO property in the Area? i may be able to help you put something together
Josh
Josh, et al:
I am a newbie to this forum, so bear with me.
[EDITED BY MODERATOR - No discussion of bulk REO purchases in this forum, please. Use bulk REO forum only. Follow special rules that apply to that forum.]
Jeff from Los Angeles
-full contact info available if you PM me.
Ooops.
Sorry.
Will do.
Thank you!
Jeff from Los Angeles
I would have to agree. Asset managers are probably your most credible sources for REOs. If anyone has any insight as to how to locate them besides a contact database please advise.
Thank you Bohemiana on your advice regarding REOMAC seminars. Have definite plans to attend. Will look into it.
Allen:
I tried to get REO listings for a whole year last year, mostly in vain. I agree that buyers are great these days--I LOVE THEM! I have considered going to out-of-area REO agents who have listings in my area to see if I can work their buyer leads for a percentage. As you know, rarely do buyers get any attention from REO listing agents and it seems to me it could be a nice referral opportunity for REO listing agents so get sign calls. Some of them may have buyer's agents but I doubt most of them do. Any thoughs on this??
Also, Paul of Green Tree:
80% of the REO listings in my area go to 8 agents but 20% goes to a bunch of others including agents from other cities. Can you tell me what is the criteria you use to evaluate an agent to become a listing agent? I know a lot of it is personal relationships but how do you choose an agent you don't personally know to work with?
I am an REO broker in San Diego County, and the question that is asked - how do I get to sell REO properties by getting in touch with asset managers, is not as easy as it may seem. Asset managers do not usually make the decision on which broker to use. Most large REO Asset Management companies have a vendor manager that keeps track of broker performance, makes sure that license information, insurance, and contact information is current, and then a broker is 'approved' in their office to conduct REO sales. There is then a pre-marketer that assigns an occupancy check on the property, and coordinates a cash-for-keys or eviciton if necessary. After the property is vacant, the asset manager then assigns 1 or 2 BPOs to agents, and then does a marketing plan, and assigns the Listing to one of the agents who completes the BPO. Companies are different, but that is the general practice.
Also, asset managers do not sell 'bulk' REOs, that decision is made on the corporate level. Asset managers have timelines and performance metrics that generate pay bonuses based on how fast and how close to value, each property is sold.
If you are interested in meeting vendor and asset managers, the best place to start is www.reomac.com - they have a conference coming up in October in Ft. Lauderdale.
Start doing BPO's Sign up with every company you can that does BPO's for banks. After a few hundred you might get a REO tossed your way. But an AM will never just decide to send an agent a REO one day. Get your Preservation team together, locksmith, website and start looking like you can professionally take care of a banks Asset. Other wise, an AM can not afford to take a chance with you. And to be recommended by one of the agents that do 90% of all REO in your area, will seal the deal!
I just noticed the Views, over 14,000!! Just my point. AMs are not going to give their job security to any and every agent that has a license. You have to earn that trust through actions, a phone call will go unnoticed. Because 14,000 people are calling wanting the same thing. Please feed me, I want one to.
The best way that I have found to get in with an asset manager, First off you have to be in there system. Sign up by filling out the application on their website. Then the tricky part, you have to get a name and a number, which are usually found by good research on the web. Start with the cold calling, which sucks I know but thats the best way to get yourself out their. Let me add that these asset managers are harder than the pope to get on the phone. Eventually when you a get a hold of someone just tell them a brief description on who you are and the area your looking for assets in and flirt if it a the opposite sex ( haha it tends to work ), then ask for there email if you don't already have it. Send them an email attach your resume with all the zip codes you are able to work in. That is a key step, because if one of their usual agents aren't in that specific zip they will look towards you if your in that area, and that an in right there. All it takes is a few good listing that are pricing right that sell fast and then they will be dumping assets on you. Also remember to have a good REO team when working with these banks. They love to see that your team will be able to manage their assets for them. Wish everyone the best of luck with this and I'll be right along with you doing this everyday untill the ship is made and ready to sail away.
Just got of the phone with REOMAC and apparently im late to register, they are completely sold out. Any suggestion on how to get inn for this conference in palm spring??
John, never say never. My first REO listing came from nowhere. I got an email with the listing. At that time, I had never done a single BPO. I got another REO from another company after I did my one and only BPO for that company and the first listing agent couldn't sell it. I sold it in 30 days and the AM called me a miracle worker but have not heard peep from them since.
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Scott,
Is the reason for determining who an asset manager at a bank would be was to get the choicest REOs from that bank?
Are you afraid the the Good Ol' Boy Bank System is derailing you from making a living at REOs? Hey, I think you are too worried about what the other guy is doing! You'll never break down that system unless one of the particpant's passes on.
Instead you should figure out how to take advantage of what the system leaves in place because what is left makes a killer income. [SOLICITATION AND E-MAIL REMOVED]
Ken
Scott,
I agree with Shari Posey and Diedre Williams most of the Asset Manager and friend Real Estate Agent network is sewed up in the Buddy System. They have been doing business for a long time like that and a few Real Estate Agents have the whole thing in the bag.
Did you do as Neil Palmer suggested? 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. I would also go to any local (not National) small Bank and sit down in front of the President and ask for REO Listings.
I was sure I saw a list on the internet for $67 USD that provided Asset Managers for every major bank. I looked today but could not find it.
Mark Azevedo had a great suggestion in hunting around locally to wholesalers like myself they get the properties in after the AM has released it to them in a purchase, but they still need to resell it unless they "buy/hold".
Another option would be to contact your local Real Estate Investment Clubs and Cash Flow Clubs to see if they have any listings to release to you.
Susan Flowers had a great idea also about doing BPOs, but there are lots of web sites that will do that for around $8 to $13 per door. You could offer your services to local Short Sellers to do their BPOs and show up when the bank does their BPO to influence the SS BPO. The Short Seller works closely with Loss Mitigation at the banks they may be able to point you to the top person in Loss Mit who may give you the name and number of an Asset Manager.
I also agree with Kristian Peter his discussion is right on the mark.
Read John Andre's posting as he says BPOs are part of the deal. Not one or two but hundreds of them. Then put a team together.
I myself have signage folks nationwide, lawyers, Hard Money Lenders, Loan Servicing for my Land Contracts, Property Managers and I pick local RE Agents, Lawn Care specialists,
locksmiths, painters etc...
Even so if you get an AM's contact information there would be no guarentee that he/she would talk to you.
Enough Said
Ken
Ken,
Alot of great suggestions. I recently entered in the property preservation business and see how time consuming it can be to reach asset managers. If possible I would also like to see your powerpoint presentation. I sent you an email.
i recently purchased Lane Guide, a list of banks. i located them on foreclosureRadar dot com, that is good info for auctions. check tax, and liens, set your preferred net. margin by area. the lane guide is good for contact avenues, follow the FDIC number. -- Dawn
...By calling, polite persistence and dilligent follow up. All the contacts i made, except for 1 of the 18 (which resulted from 250 phone to different banks in about 3 months) came after a 4th or 5th follow up message, email or verbal message left with an assistant. Do what others won't do...period. Everyone and their mother is looking for the short cut. If you want a short contact one of these daisy chain
bandits.
And keep in mind that EVERYONE is trying to make these same calls while offering BPO and maintenance services. Try other avenues.such as local land lords, mortgage companies and out of town owners. Hedge funds are also an untapped market. They buy in bulk and usually flip a good 70% to the secondary market or smaller investors immediately. From their they keep some for their own portfolio and wind up selling a good portion of those as well.... but you have to know who to talk to and how to present yourself. Be prepared. It won't just be like, "hi, I would would like the opportunity to list your REO's in X town and State". They definitely need to know that you can sell quickly and are qualified to do so. This approach is not for the meek...i promise you but can be very profitable if you get your foot in the door. It helps to have some lingo down to show some credibility. I also recommend getting in good with a well known and experienced reo broker in your town. That way you can use their credibility in all your efforts
I'm presently getting my RE lic to do just that and work with a top REO RE broker in my city. In the past, in the process of forming relationships with several banks to broker NPN's and REO in bulk both resi and commercial, I found recently that their was a very nice niche where I could use my knowledge to go after listings as well.
Hope this helps a bit.
Will
Sorry for the double post.
I should add that I did not just buy a list or two and suddenly had asset managers knocking at my door; I searched some of the names to see if they were speaking or attending conferences, invited some to meet at the 5 Star and REOMAC conferences or just met them at the conferences, and found other ways to differentiate myself from the myriad of agents that must hound them regularly. I also came up with a program to donate $500 from each REO closing to a charity of the AM's choice, and I think this was very effective in proving that I was not just another hungry agent chasing the almighty dollar.
Best of luck!