Special offer

My REO Start

By
Real Estate Agent with ARDENT PROPERTIES

I joined REOTrans a little over a year ago--- originally, I had about 50 zipcodes and was running a monthly bill of about $70. 

After about 8 months of getting nothing except page views-- I cut my zipcodes to about 10.  Then I decided to let my credit card expire-- and just not inform them of the new number.


About a month after I did the credit card thing-- I got an email telling me that I was being offered a listing.  Needless to say that I fell out of my skin and accepted.  I completed the Occupancy check within 4 hours-- and the BPO in 1 day.

I got 10 more listings from them (in the past two months). 


What I learned thus far:


-When they say "NO EXTERNAL ONLY BPOs" they mean it.  The problem that I was running into-- was the contractors that were assigned -- were not completing the rekey in enough time for me to do the internal BPO (and they were failing to notify me that the work was done). So what to do?  You can either push the company to do the Rekey company harder-- or you can ask the asset manager for an extention-- or you can be late on your assignment  Or you can do an external BPO-- and disregard the initial instructions (We can't be late, now can we?).   --- What I did for the first several BPOs was do an external BPO-- until the AM shot me an email and informed me that if I do exterior BPOS then I am doing my client (the bank) a huge dis-service. 

   So what after that constructive critisism --  I decided to do interior BPOS-- even if it meant that I did not get the one day turn around time that I wanted to.

 -Be Confident in your BPOs.  Do not inflate the price to "get the listing" -- you already have the listing-- a good asset manager wants the truth-- not some fabrication that you can not ever attain.  On the flip side-- if your values are low-- be able to defend them.  Do not lowball your BPO -- Just to sell the property quick.   Asset managers want to see fair value --- And they will check behind you (they order verification BPOs) 

 -Ask for feedback from the asset manager or the assistant-- You will learn a lot

-Ask why you were selected -- This will help you market to others in their profession 

 -When they give you feedback-- be GRATEFUL-- They could easily take that work somewhere else.

 -Be BRIEF on the phone -- they have workloads of sometimes 500+ properties -- And you REALLY ARE NOT THAT IMPORTANT (especially when they are trying to get home to their families).

 -DO NOT SEND GIFTS --- I made this mistake--  Most REO companies have STRICT rules against gifts from agents.  If you do so-- it might hurt you in the future.   (I will post the content of this letter in another blog without the contact information).

 -Asset Managers DO APPRECIATE AND ARE ALLOWED TO RECEIVE CARDS (Thank You, Holiday, Etc.)

-Remember:  If you are not willing to do it -- someone else will!!! And they might give all the deals to the "GOTO Person"

-- See my upcoming Blogs on BPOs and what I have learned about proper completion ... (It will also relate to what I have learned working with listing properties for this one bank).

 

This is what I've learned so far-- love to hear tips from others as well!

 

-Jason

 

Comments (24)

Rita Gibbons
MacDoc Realty LLC - Fredericksburg, VA
The Gibbons Group

Thank you so much for your insight - I'm signed up with REOTrans - and have only received a couple of BPOs - I appreciate the helpful hints and suggestions!!

With the foreclosures on the rise - and we'll see an increase in inventory - that's where I want to be - listing REO properties!!

Nov 28, 2007 12:27 AM
Rita Gibbons
MacDoc Realty LLC - Fredericksburg, VA
The Gibbons Group

Thank you so much for your insight - I'm signed up with REOTrans - and have only received a couple of BPOs - I appreciate the helpful hints and suggestions!!

With the foreclosures on the rise - and we'll see an increase in inventory - that's where I want to be - listing REO properties!!

Nov 28, 2007 12:27 AM
Rita Gibbons
MacDoc Realty LLC - Fredericksburg, VA
The Gibbons Group

Thank you so much for your insight - I'm signed up with REOTrans - and have only received a couple of BPOs - I appreciate the helpful hints and suggestions!!

With the foreclosures on the rise - and we'll see an increase in inventory - that's where I want to be - listing REO properties!!

Nov 28, 2007 12:27 AM
Rita Gibbons
MacDoc Realty LLC - Fredericksburg, VA
The Gibbons Group

Thank you so much for your insight - I'm signed up with REOTrans - and have only received a couple of BPOs - I appreciate the helpful hints and suggestions!!

With the foreclosures on the rise - and we'll see an increase in inventory - that's where I want to be - listing REO properties!!

Nov 28, 2007 12:27 AM
Heather Fitzgerald
REALTY WORLD-Harbert Company, Inc. - Greenwood, IN
REALTOR Greenwood Indiana Real Estate

That is great Jason.  Have you tried your local credit unions for REO business? Google and try to find a list of the large credit union's for your area/state, it could be beneficial.

Heather in Indy

Nov 28, 2007 12:06 PM
Sandi Bauman
Chico Homes Real Estate - Chico, CA
Chico CA Realtor
Jason, congrats on your success, and thankyou for sharing!  I've been with Reotrans for a few months, and have found it to be very profitable.  The most important thing I've learned?  They want a response, when they want a response!  Lucky for me, I've picked up a couple of listings because they weren't happy with the first agent-  suffice it to say, I learned vicariously.
Nov 28, 2007 01:13 PM
Rick Turner
Key Realty - Toledo, OH
Puts People In Their Places!!

Jason,

Very insightful post!  I was told by an agent here locally to make the investment with REOTrans, after reading this I'm going to!

Thanks, 

Nov 28, 2007 01:55 PM
Jason Bhattacharya
ARDENT PROPERTIES - Chesterfield, VA

Heather,

When I spoke to my credit union-- they gave me the BS line that they don't have REOs...

Have you had succes with REOs? How did you approach them?

 

-Jason

Nov 29, 2007 03:29 AM
Joel Bennett
Long & Foster Real Estate Inc. - Columbia, MD
The Joel Bennett Group
Very helpful post for us new to BPO.
Dec 24, 2007 10:24 AM
Anthony Saunchez
Campa Properties - San Bernardino, CA
How can we be of service
Great post Jason. Thanks for all the tips.
Dec 24, 2007 12:46 PM
Courtney Cooper
Cooper Jacobs - Seattle, WA
206-850-8841
Nice post - Jason - hope you are still having success!
Dec 27, 2007 03:27 PM
Sue Paige
ERA Today Realty, Windham, ME 04062 - Windham, ME

I just signed up on reotrans. Do they email your for a listing or how do they reach you to have you go and list? I see the area to see if there are any bpo requests only.

thanks in advance

sue from maine

Dec 28, 2007 09:46 AM
Jason Bhattacharya
ARDENT PROPERTIES - Chesterfield, VA

Sue,

The asset managers dig through all the profiles-- and then elect who to assign a listing to.  They notify you by email.

 

-Jason

Dec 28, 2007 09:55 AM
Sue Paige
ERA Today Realty, Windham, ME 04062 - Windham, ME

Thanks, Jason. I am so glad we have this forum.

sue from maine

Dec 28, 2007 10:24 AM
Dwenda Everson
Brokers Network, LLC - Tucker, GA
I was with reotrans a couple of years back.  I did not get anything so I discontinued my paid membership.  I felt that I was giving out free $$$.  With the foreclosure rate so high, I think I going to start-up again.
Dec 29, 2007 02:51 AM
Todd Jones
Weichert Realtors - Hibble & Associates - Clarks Summit, PA

Jason,

I just joined REOtrans about 4 weeks ago. So far nothing but views, but I am optomistic. Glad to hear you are doing well. Thanks for sharing some of your thoughts.

Dec 29, 2007 12:45 PM
Anonymous
Romilda Smith
Hey Jason, this is Romilda.  I met you at the HOME Speakers' Bureau.  Imagine my surprise to see your blog.  I have been signed up with REOtrans and have received nothing.  I have gotten emails, but never seem to get there to get the BPO.  I was thinking about letting my service lapse.  I must admit that I didn't sign up for many zip codes.  Maybe I should do more.  I only have about 6.  I would like to get with you here in Richmond if possible (or through your blog) to see what other things I can do.  I have already done some foreclosures, but it has been with another agent in the Northern Virginia area.  I would like to get some here locally. 
Jan 20, 2008 02:49 PM
#21
Jason Bhattacharya
ARDENT PROPERTIES - Chesterfield, VA

Hey Romilda,


Good hearing from you, and glad to hear that you are doing well.  I unfortunately, can't give you the "Magic Bullet" to REOs.  They are hard, time consuming and extremely difficult to work-- However, they are rewarding in the manner of business-- and the structure that is offered.

However, keep working hard-- and I'm sure that one day it will happen!

-Jason

Jan 21, 2008 12:25 PM
Billie Dalessio
Home Run Realty, LLC - North Haven, CT
Jason, Congrats! glad to hear of your success. I hope all of your hard work continues to pay off. thanks so much for the post.
Mar 12, 2008 02:00 PM
Aida Pinto
Independent Real Estate Broker - Los Angeles, CA
Real Estate Broker (562) 884-6196

Hi Jason,

Great Posit.

Can you give us an update on your experience with ReoTrans?---I just signed up with them and paid for some zip codes--I was wondering how good they were--are they still giving you listings?

Thanks for sharing.

Jul 08, 2008 08:57 AM