How to become an REO Agents

Question

Im interested in applying as a listing agent for REO's.  What is the best way to work with banks and asset managers ? and what is the best way to go about applying to be assigned listing agent ? How do you go about becoming an REO agent?

Andy Mirza · Answer

@Marjorie Tornatore One way to get REOs is to sign up as an agent on one of the REO management platforms. Once you're in the system as an agent, asset managers that use that particular software will search for registered agents in the vicinity of REOs that they onboard. Our sister company uses Pyramid but I know that their are others out there as well.

Phil Z. · Answer

I'll tell you what will not get you any listings. Doing BPOs.

Ron S. · Answer

It's Ron, and i don't assign my assets to buyer's agents.

Josh McKnight · Answer

I list Reo properties in southeast PA. I was able to get in as a result of the recession when brokers were needed and they had the inventory to assign. Believe it or not I picked up my Fannie Mae account because they Tweeted that they needed an agent in my county.

Ron S. · Answer

if you want to work with a bank on REO's, the best thing you can do is bring an offer to them on one of their REO's. Anyone with a heartbeat can list a property but not everyone can bring in an offer. Those are the agents i work with. The one's asking for listings to be handed to them go into my round filing cabinet.

Ebony D. · Answer

I'm looking to get into REOs also, and I've been the buying agent but it seems like there's a small pool of agents and people prefer who they prefer. How do I change their mind? I see of lot these REOs sit b/c folks are confortable. I walk them just to see the potential and I say to myself wow

i'm suprised it is still available

Derek Montes · Answer

@Phil Z. Not true.

If an asset manager reaches out to agents for a BPO, why wouldn’t that be taken as an opportunity to create a relationship with an asset manager?

You better capitalize on that.

Sometimes AMs need a favor for a BPO and that’s why they are reaching out to you. Now, I’m not saying that you do countless BPOs.. you have to learn how to manage the opportunity. If still no assigned assets, then reach out once a quarter via email to the AM.

I have only sought out a buyer agent one time in couple thousand transactions. I forget how the BA got in contact with me, but they notified me of something my list agent at the time was doing and I agreed they should not have been doing. I completed the transaction with my list agent but never used them again. Now I assign all assets in that area to the former BA as they have proven themselves time and time again. Long story short, do not rely on AMs to get in contact with BAs it’s rare.

Also do sign up on the various platforms: Pyramid, Equator, Res.net.

Consider joining REO specific groups, but weigh out the costs and benefits. There are events like Fivestar- it can be ineffective but also opportunistic.

Good luck

Andy Mirza · Answer

@Marjorie Tornatore Glad to be of help! Good luck!

Marjorie Tornatore · Answer

@Andy Mirza Thank you Andy ! This validates I am on the right path.  Yes, this is what I am doing.  I just submitted an offer through Pyramid.

Ron S. · Answer

If you have a website you are working through, that implies its one of the "Too Big" bank's REOs. If its R.E.L.S., probably Wells Fargo, BofA has their own, and so forth but many of the smaller banks just list their REO's through a local broker. I can't tell you how to get in with those sized entities but for us normal banks, if an agent brings in an offer that one of my brokers has a listing of mine on, i pay attention to that. I keep that agent's information so that in the future, i'll use them to list one of my properties.

How to become an REO Agents

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