I just finished an REO mastermind this afternoon in my office with 4 of our REO agents. The discusion was all about being an REO agent and what the pros and cons of the business are and how to optimize that business for the most profit possible while still maintaining a balanced life. The undertone of the meeting was even thou it is a lot of work dealing with asset managers and banks that they still felt very fortunate that they had the REO business. I believe a lot of real estate agents would love the opportunity to be a listing agent of REO properties. The one thing I learned today is that there is no secret of how to obtain REO listings it just takes a lot of hard work and you have to prove to the asset manager that your willing to work extremely hard for the business. Being a listing agent is and always will be a big part of being a real estate agent. So in this market there are really only 2 choices to list properties and that is short sales or REO's. One of our agents hasclosed 4 transaction in the last 45 days all from sign calls from there REO listing's, these listings have also sold. Bank owned property is just to big apart of the real estate business to ignore right now.
I agree with your statement that Bank owned property is and going to be a BIG part of our business and should not be ignored. I currently have a contract on one because I knew it was going to happen and jumped at the chance to sell it for the bank. After we had a contract I simply asked them for a list they currently have in foreclosure and went out to view these properties. I asked to list them and they said no because we are a smaller town and didn't want to play favorites. I understand that but guess what? I have a list of local properties that have foreclosed and how many agents even have thought of asking them for one. My next move should be to go visit in Person to gain a relationship with each bank around. I always wondered how these other agents are getting these listings? Most of them are NOT local banks. I think I would be doing a good deed to help local banks and return it will be helping me. Good luck to you!
June
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