Well its a popular subject that is never ending.

The hot topic on the street, how do I get these REO Listings, where do I begin, what does it take?

All top REO Agents will agree on a few things.  REO Companies accepting Applications will usually look at Equator.com and/or REs.net and REOVM.com to see if you are a registered agent on the system.  I wouldn’t suggest paying money for any other sites besides these.

Keep in mind, some of the asset managers are also looking for agents to bring into the soon to come pre-approved short sales.  A Few banks are testing these out right now and they will be assigned the same way REO properties are assigned.  Typically through equator or res.net

A few tips:

  1. Start networking and build a working relationship with local loan officers in your area that WORK for the bank you want to market REO Listings for.  Banks like, and typically have, recapture rates.  They want to hold a percentage of loans on the REO’s they assigned to you.  Having this working relationship with one of their lenders and sending them business on a regular basis will possibly place you on their RADAR!
  2. Get a good resume.  Want to learn how to build a resume (in fact have the resume built for you and your applications to over 80+ companies submitted for you), check out REOWarrior.  This is a service offered by a former Asset Manager.  The one person who knows what you need to do!
  3. Attend any local NAR or Local Association conferences where bank asset managers will attend to teach you about the market.  Make sure again you have that resume and a special business card outlining your professional services and your unique, yet powerful marketing system (a very cool tool they love and are amazed by is Text Marketing) – Check out Mobile Marketing for Real Estate Agents.
  4. Be prepared to spend some time working at this before you get any listings or even contacted by an asset manager and/or bank.  Some agents got listings after a few months, some spend a year or two networking and applying.  It varies on your area and the needs of the asset managers.

Keep this in mind.  Don’t be discouraged.  The banks are switching things up.  Too many big REO agents got TOO Busy.  They had 50-150 listings per months and their performance dropped dramatically.  Banks are starting to put limits on the amount of homes any one agent can have, they are also placing a zip code radius around their registered address (A lot of banks have reduced this to 5 miles!!).  What does this do?  This creates an opening for new agents to get into the business!