If you read my last post and are still interested in becoming an REO agent, here's how I got started.
I was talking to an agent one day and he said that there was money to be made in doing BPOs. I was brand new and really needed some money fast, so I asked him what was a BPO, how do I do one and where would I find BPO work. Okay, that wasn't the smartest move on my part because that's like asking any agent who their seller is and how to contact them. DUH! He was kind and told me that I probably wouldn't like REO work as it's dirty and can be dangerous. He suggested that I do a google search for BPO, REO and asset manager. Well, not to be swayed, I asked a few other REO agents in my office the same questions and got the same answer.
So, I went and googled. The very first company I signed up with was luckily taking on new agents. Even agents with zero experience. I read everything I could find out about BPOs and I practiced a lot. I did find several good websites that I learned from:
I then became a BPO churner. At the height of my BPO craze, I was doing 15 or so a week, mostly drive bys. Then I noticed an interesting phenomia... I was not LISTING these properties, only providing an opion of value. So, I went back to google to find out how to get the listings.
I signed up for a FREE account
I got several additonal BPO companies and even a few listings. Nothing major, but enough that I decided I wanted more. But, I didn't know which companies to target. So, back to google and I discovered a comprehensive link to REO listings ~ a great way to find out which lenders have foreclosures in your area.
The first company I joined was Ocwen . Now, before everybody starts posting negative comments about them, I have to say that as a new agent, I was very grateful for the opportunity. I learned so much by being an Ocwen agent, both for VA and Bank properties. But, the property management side of the REO biz just burnt me out. I am great at marketing, so I decided to find REOs that just wanted a marketing agent. Now, I'm a HUD Listing agent.
So, just as with all other aspects of real estate, determine what you're good at and find your niche.
From Ocwen, it was only a matter of time before my friend google would help me find more companies to work for. I networked with Agents Online and with other REO agents.
If you want an REO Education, attend the next Five Star Convention.. I was able to meet with Asset Managers face to face. I did prepare a brochure to hand out (always include the zip codes of the areas that you service). This is where I became BPO certified, although at the point I took the course, I had already completed over 600 BPOs, and yet, I learned 2 things in that class.
It would be in your best interest to learn all there is to know about the foreclosure process for your state.
I am asked constantly about the pre-foreclosure market - again, I only know about my area. Here, in Sedgwick County, all upcoming foreclosures are posted in a newspaper called The Sedgwick County Post. Yes investors can go to the sheriff sale. Yes, they sometimes can get a good deal. Is it risky? Yes! Some investors even purchase the redemption rights prior to the sheriff's sale. Again, it's risky and should only be handled by those who are comfortable in what they're doing. Education is the key!!
Join a trade organization
The big key is to get organized! If you are challenged in this area, get an assistant who can track all the details. There are even Virtual Assistants who specialize in REO work!
Okay, so what else can I tell you?! Do I have links to asset managers in your area? Maybe, maybe not. Will I share? Of course! (You can probably tell that I like to help others). Do I have contact info for every bank/lender/asset manager? Nope, I only know about the ones in my area. But, I do know that if you get signed up with one company and do a great job, your name will be passed around. Some of the companies I work for have a rating system. The faster you get the BPO turned in, the better your grade will be. The better your grade is, the more work you will get. Don't accept more BPOs or Listings than you can handle!!
So there it is, how I got started listing REOs. If you have specific questions, jump in! If I don't know the answer, I bet someone here will!!
~~~~~~~~~~~~~~~~ JOIN ACTIVE RAIN FOR FREE! CLICK HERE TO GET STARTED!! ~~~~~~~~~~~~
UPDATE: There's a new website that provides good education via online video tutorials, a forms library and a comprehensive database of companies to work for. Check it out
Thank you for this information. I'v been a BPO agent for about 1 year now and I can't wait to get my first listing. I will follow your advice. Thanks!
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