Re: REO Broker Sales

Posted by steele in minnesota on July 23, 2008 at 06:28:28:

In Reply to: REO Broker Sales posted by Trevor Smith on July 16, 2008 at 17:55:35:

That's the million dollar question for many agents right now who are trying to "break into" the REO business. And there are lots of real estate trainers jumping on the band wagon with training programs and promises.

As an REO Specialist with bank experience going back some 18 years, the reality is that there is no "formula" for getting this business. Much of it has to do with persistance and being in the right place at the right time.

Most lending institutions do not do their own foreclosures inhouse anymore. They use asset management companies to do the foreclosure (through local attorneys) and prepare to market the property )local real estate agents). These companies tend to use the people that they have always used. Experienced REO agents that they have known for years.

Now, there is some opportunity right now. The experienced agents are overwhelmed right now. And that has caused some asset managers to search for new talent. So what you need to do is to get out there and let them know you exist.

A major way of being known is to sign up with as many BPO providers as you can. This is the "grunt work" of the REO business. It doesn't pay alot but might get you noticed.

Google "asset management, real estate" as well as the many lender site that have REO listings. Some will have sign up. You can also take any number of online courses. Most are very elementary but a good place to start. The better ones will have lists of REO and BPO signup sites as part of their offering.

One of the better instructors out there is Margot Murphy. I don't know her site but just google her. That could be a good place to start.

Good luck. You will need to be persistant. Every agent and her brother is trying to get in this area right now.

Steele V. Propp
Foreclosure Specialist
Schatz Real Estate Group
Minneapolis, MN
http://www.MinnesotaForeclosureNetwork.com

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