I keep seeing posts from agents asking if they should pay large fees and register on web sites claiming to connect agents with asset managers who assign listings. As an agent who has specialized in marketing and sales of REO/ Bank owned properties for more than 12 years, I would like to take a moment to advise you not to waste your hard earned money. Since the downturn in the economy, everyone is trying to get on the REO bandwagon. The truth is that asset managers want to use experienced, seasoned REO professionals to list these properties. You cannot BUY your way into the REO industry.
As a matter of fact, many of the largest asset management companies and banks have closed their registration sites due to the sudden volume of new registrations. Agents who once turned their noses up at these properties are now asking "How do i get on board?".
The very best way to evolve yourself into a successful REO agent is to sign up with as many BPO outsourcers as you can. Provide accurate, professional property evaluations over and over again for $45, $50 or maybe $55 each. That will get your name in front of the asset manager preparing to list a property. Then, sit patiently (sometimes for months) and wait for someone to notice your hard work and competence and call on you for a listing assignment. And when you get a listing, love it, care for it and give it all the attention as if it were your only child.
And then you build REO experience from there.