How to List REO Homes For the Banks
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Make $$$ Money Listing REO Homes for the Banks
1. Learn the REO Industry and educate yourself how this industry works. Listing REO properties is completely different than listing a normal listing as the banks and asset management companies have many different requirements.
2. Invest in your business! Just as you originally did when you started Real Estate, this is one field that you should invest in your business to be successful!
3. Create a Business Plan and a complete plan of action for your new business-and take action now! - 2
Get Connected with the Banks Today!
4. Register with all the Banks and REO Asset Management Companies!! This can take quite some time, however you only register once with most of these sites. Get a good REO and BPO List to save you alot of time! We provided a link below where you can get a huge free list of REO and BPO Companies to work for.
5. Make sure you include a picture photo of yourself! This may sound unimportant; however asset managers love to associate a name with a photo. Plus it helps them remember your name! This will bring many more listings!
6. When signing up with all the banks and asset management companies, be prepared to have your signed W-9 form, a copy of your Real Estate License, a Copy of your Errors & Omission Insurance, and your Broker's tax identification number (if you are not a broker). The Errors & Omission Insurance Policy should state $1,000,000 limits-Check with your broker, this is your insurance amount you usually pay each year. - 3
Get REO Listings Now! Become an REO Listing Agent Today!
7. Zip Codes-When you are registering at the banks and asset management company websites, make sure that you include all zip codes you are willing to work. This is how they assign listings- by the zip code of the property that has foreclosed on. If you are not listed in that zip code, you will not be considered for the listing.
8. Get a List of Property Preservation Companies to have as a resource. When you do receive a listing, you may need to call these vendors to go out and prepare bids for you. The banks usually give you a timeline for the tasks they will assign to you and they score you accordingly.
9. Network!!! This industry is very clicky! Almost every asset manager at the different banks and asset management companies know each other. When you do get a listing and have established a relationship with the asset manager, assure them that you can handle more and request them to send you more. They will!!!!
10. Sometimes the asset management companies try you out with bpos. If you accept a bpo order, make sure you complete it on time. The asset managers love to use agents that complete all their tasks on time. Do not call the asset managers much; most asset managers have an average of 100-300 properties they handle and are very busy, majority of asset managers contact of choice is email.
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