How does an RE agent get foreclosure listings?

Question

Hi Everyone,

I'm an agent in CT and want to become a foreclosure agent. How do I get   in with the banks to represent these properties? I've researched a bit   but have only found some scams. Places that say they'll get you   foreclosure listings but just take your money. How does an agent   legitimately get the listings?

Thanks so much for any insight you can give!

Andy Mirza · Answer

Our sister company, Coastline Capital Asset Management LLC, finds its agents through the Pyramid REO management platform. I have no idea what other asset management companies use it but I agree with the other advice in that you should sign up for as many as you can. I suggest that you sign up on Pyramid and the others and then it becomes a waiting game and requires a bit of luck. When the asset management company gets a listing in your area, they will start looking for local agents. The agents that have better ratings (which depend on past performance) have a better chance at getting called but you have to put your hat in the ring to get a chance in the first place. If you're the first one to answer the asset manager's call, you might get the listing. I wouldn't focus on this as a main source of listings but only as one of many sources....

Ron S. · Answer

The best advice I can give to anyone soliciting me for listings is to bring an offer first. Anyone can list a property and let the system and process do its thing. It's another thing to do the work and bring another bonafide offer to the table. Those are the agents I would tend to give listings to...the agents that can actually bring in offers to purchase my REO listings. Those that try to slide in with someone they know at the bank, or those that start off with stating they are more local than the person I have with the listing, goes to the back of the line.

Michael Noto · Answer

@Kim Handelman Very tough to break into listing foreclosures here in CT if you are trying to go about it by yourself. The best route would probably be to join the team of a high producing REO agent and develop your reputation from there.

Michael Ablan · Answer

@Kim Handelman  There's services like Paragon who have web portals that offer up foreclosures to agents.

As for getting in with banks, you should visit them and look to talk with asset management.  They should be able to get you in touch the appropriate person.  From there it's all about developing a relationship and staying top of mind.  Keep in touch with them constantly.  When they do give you a shot, make sure to astound them with your professionalism, feedback and work ethic.

Peter Tverdov · Answer

It's almost a borderline racket but I respect it. Broker gets 75 listings from banks to put on the MLS at a fire sale price, that anyone could sell...of course not before wetting their beak and picking a few off the top for themselves.

Frank Wong · Answer

Yup, everything Bryant said.  It certainly can be done but it is much harder for you now since you will be competing with brokers who are already approved and have the experience from the last downturn.  If this is the market you want and target.  I suggest joining a broker or team that is already approved with the lenders and getting REO listings.  You need direct experience.

Bryant Tumbelekis · Answer

Hi Kim,

You need to sign up through some of the popular REO/VA Foreclosure websites as a registered agent. Once you do that, each site is different and requires different criteria and/or certifications. Generally speaking, before you will "land" these listings, you may have to do some BPO's (Broker Price Opinion's).

Once you establish yourself through BPO's they will eventually throw you a bone or two. Keep in mind that many of the agents that do REO's have been doing them for a very long time. So it can be a tough thing to break into. If you can, try and find someone in your market or a surrounding one to give you a walkthrough.