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.
BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votes
15y
Originally posted by Kate Hammershmidt:
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!
Interesting strategy . . . are you a real estate agent? What state are you licensed in?
I have had excellent results purchasing lists of asset managers, but the response rate is low. Out of 2,500 names, I was able to form relationslhips with only 3-5 asset managers and receive a few assignments.
I also had excellent results attending conferences and meeting asset managers. At some of the conferences like 5 Star and REOMAC, lenders have open houses or seminars, which allows you to make face to face contact with them.
Asset managers are reluctant to try new agents if they have good relationships with existing agents, because it could cost them their job if tasks are not performed correctly. Banks can get and do get sued if evictions are not performed to the letter, if the previous owner's belongings are not removed and stored correctly, etc. If you are soliciting yourself to asset managers, be sure to emphasize your experience with REOs, and any trainings and certifications you have.
Orlando, FL · Member since 2011 · 1 post · 0 votes
14y
I am also looking for Asset Managers. I am a licensed agent but I am not looking to list REO properties. I work exclusively with a very well qualified buyer who is currently purchasing properties in Central Florida. They can close quickly, with cash with and purchase properties in As-Is conditon.
Looking for Asset Managers with Florida Real Estate Portfolios. Preferably Orange, Osceola, Seminole & Polk Counties. My buyer is direct and in need of additional inventory sources! • 60% to 70% ARV below 90k per door • Direct to decision maker contacts only • Also looking for Fractured Condo projects throughout Florida, properties built or extensively remodeled 2005 or later. If you think you have something that would fit into this criteria, please call or email me today!
Rental Property Investor · Colorado Springs, CO · Member since 2010 · 476 posts · 305 votes
14y
Scott Ficek I honestly didn't read through all the responses, but I have found some asset managers on LinkedIn. Some of them like to join the linkedIn Groups in real estate. Or you can do a search for them on linkedIn. I have found linkedIn to be a great resource.
Real Estate Investor · Chicago, IL · Member since 2009 · 178 posts · 62 votes
14y
I think for those looking to find asset managers an important thing to remember is these are people too. They cannot take a constant barrage of cold calls from real estate investors - they wouldn't get anything done! Oftentimes, an asset manager will go out of their way to stay out of LinkedIn and other online things.
The truth is the way to get to know asset managers is through the old way - friendships and relationship building. If you walk up to a person and the first thing you talk to them about is YOU, or the real estate investment that YOU want them to give you, then the asset manager probably isn't going to be interested in talking to you. The bank is taking losses, the guy is managing $500 mil in "Special Assets" and you want him to give you real estate to buy? Who are you again?
Get to know these people! Get to know their friends, through social organizations, through doing more deals, through drinks after work and lunches. Word of mouth, personal referrals and relationships work better than cold calls and emails. Someone always wants to do deals with people they like, so go out there and be useful and likeable! Its not Chicago politics, but is just good business. Be genuine to the people you meet and they will give you a shot.