If you are a real estate agent just starting to work in REO's you know it's hard to break into this market. You may be doing BPO's for companies but have no listings yet or you may have no accounts for REO'S or BPO'S. REO stands for Real Estate Owned and BPO stands for Broker Price Opinion.
BPO Companies and REO Companies are not always the same. Many companies only do BPOS and never hand out REO assignments to agents. Its important to know that some companies are just BPO mills.
BPO's are ordered for many different reasons. A seller may need a home equity line of credit and the bank will use a bpo instead of an appraisal. Investors and Hedge funds use BPO's to value a property and help in the decision making on whether to purchase a property. Third reason, the bank needs a value due to the homeowner being behind in payments. The home may be ready to go into foreclosure.
The best place to get started and begin to receive assignments is from local banks in your area. Start with the bank that you personally bank with. Call and ask for the reo department and find out how you can get onto their vendor list. You also want to check for outsourcers that the bank uses. Most banks do not handle all of their reo properties themselves but turn the properties over to outsourcing companies to handle the work load.
There are national outsourcing companies who handle properties nationally and some handle different regions of the country. The best place to meet asset managers and outsourcing companies is by attending REO conferences.
The Five Star Conference that is held each year in Dallas Texas is a very good resource for obtaining new business. You not only meet companies on the showroom floor but many companies will host a meet and greet session and give out their contact information at the conference. I have always found the conferences to be a wealth of information and a way to obtain new business.
A second conference you can attend each year is REOMAC. This conference is held in California. The membership to REOMAC is closed for most areas but anyone can attend the conference. They also have meet and greets with asset managers.
The Redbood is a great place to advertise your services along with finding new clients. You can also read DS News and subscribe to them. This is one of the best default magazines for the REO industry.
The Ebook "How to Be An REO AGENT" on amazon explains how to get started in REO, what you need to sign up with banks and asset management companies and also has a list of 100 banks and asset management companies for you to get started with.
Remember that a BPO will not guarantee you to get a REO Listing assignment. Some companies only do bpo's but you will get your name out in front of asset managers. I hope this article has helped explain what you need in order to get reo assignments.
BPO Companies and REO Companies are not always the same. Many companies only do BPOS and never hand out REO assignments to agents. Its important to know that some companies are just BPO mills.
BPO's are ordered for many different reasons. A seller may need a home equity line of credit and the bank will use a bpo instead of an appraisal. Investors and Hedge funds use BPO's to value a property and help in the decision making on whether to purchase a property. Third reason, the bank needs a value due to the homeowner being behind in payments. The home may be ready to go into foreclosure.
The best place to get started and begin to receive assignments is from local banks in your area. Start with the bank that you personally bank with. Call and ask for the reo department and find out how you can get onto their vendor list. You also want to check for outsourcers that the bank uses. Most banks do not handle all of their reo properties themselves but turn the properties over to outsourcing companies to handle the work load.
There are national outsourcing companies who handle properties nationally and some handle different regions of the country. The best place to meet asset managers and outsourcing companies is by attending REO conferences.
The Five Star Conference that is held each year in Dallas Texas is a very good resource for obtaining new business. You not only meet companies on the showroom floor but many companies will host a meet and greet session and give out their contact information at the conference. I have always found the conferences to be a wealth of information and a way to obtain new business.
A second conference you can attend each year is REOMAC. This conference is held in California. The membership to REOMAC is closed for most areas but anyone can attend the conference. They also have meet and greets with asset managers.
The Redbood is a great place to advertise your services along with finding new clients. You can also read DS News and subscribe to them. This is one of the best default magazines for the REO industry.
The Ebook "How to Be An REO AGENT" on amazon explains how to get started in REO, what you need to sign up with banks and asset management companies and also has a list of 100 banks and asset management companies for you to get started with.
Remember that a BPO will not guarantee you to get a REO Listing assignment. Some companies only do bpo's but you will get your name out in front of asset managers. I hope this article has helped explain what you need in order to get reo assignments.
About the Author:
Want to find out more about REO Lists, then visit Vicky Schulte's site on how to become an reo agent bank lists for your needs.
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