I see that bank owned properties are really the only sales that are consistant in my area. Does anyone have any advise how to get bank owned listings? Is that something you have to pay for?
I have signed on with a couple of banks and I also have been doing a couple of BPO's. No listings yet, can somone give me some advise? Thanks!!!
I've read a lot about working with banks REOs. Where I am, there are not lots of REO, thank god.
What I've read is that you should try to build a relationship with whoever handles the REO from any specific bank. Its hard work, but you must present them with market status, show your list of buyers, and always try to build good rapport with them. Is like working with a long term seller, keep following up with them and mentioned all your good attributes in this market. Offer freebies, such as paying the utilities of the home while listed with you, that you will clean it up, etc. Sometimes, those little things will take you a long way. I would love to get involved but we don't have much REO in my area, so never got to use what I've studied. Good luck and let me know how it goes.
One thing, if they ask you how long your listing contrat is for, never go over 4 months. They always want a quick sale. This will show them you don't need a lot of time to sell their inventories.
Im not sure that the advice above on Freebies is the way to go. Free expenses (utilities, clean outs, lawn care) can get very expensive easily. The ability to front the money and wait for the reimbursment helps though. You can easily find yourself waiting for 10K+ in vendor expenses.
Patience is the key. Keep signing up with more companies, continue doing BPOs. It took 2 years to get my first listing, but then they started to flow. Building a relationship prior to the AM (Asset Manager) rarely works, they are under enough pressure to unload their assets. A personal card may catch their attention, but never put anything of value in that card. Thats the quickest way to be put on a do not use list. AM's are not allowed to accept gifts from vendors,
Be able to rattle off REALISTIC sales prices for the area. You can then offer them a free BPO to support it. With the free BPO be ready to coordinate the lock change for access, estimates on what needs to be done, and the ability to get the work done.
Do a good job once, the AM will return to you.
Hi, welcome to Active Rain! I hope to see more of your blogs in the future. Learn from others, share your knowledge and experiences and enjoy yourself! Take care! ---Kirk.
I just stopped by to welcome you to Active Rain. I hope that you find it a great benefit to your business and that you see the value that I have also found here. I am from Charlottesville Virginia and using Active Rain has really increased my business!
My main blog on Active Rain is here: Charlottesville Real Estate Blog, not the link at the bottom of this post.
I hope you will look into the many groups as there are some great group both local and broad based,....
enjoy!
Hi Tara,
Welcome to Active Rain--I am new here to (not even two months) but I have learned a lot--if you join groups dedicated to REO and search for info here--you will learn a lot. I've been in real estate for over 20 Years and I myself am have a difficult time breaking this "reo" golden egg. But once you break in and do a good jog--you will be set for life. I am not giving up and you shouldn't either!
Good Luck and keep us posted on your progess---this site is all about sharing. I find that the more I share the more I get!
Hey thanks guys, I will let you know my progress!!!!!! Please keep me informed if you have any advise!!!
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