With the over overwhelming number of foreclosure properties in the nation, banks and financial institutions are needing more and more real estate agents to list and sell these properties for them. And with the predictable future for the real estate market, we know that the bank owned homes (REOs) are just going increase over the next few years.
In turn there are many real estate professionals out there that are getting left behind due to local top REO agents in their area. So why not start listing some reo properties for yourself. There are many ways to start listing reo properties, and many top reo agents will not disclose their secret.
Well i have put together a few tips that any licensed Realtor can do to increase their chances for some reo listings.
1. First thing, an agent wanting reo properties should do is, get to know how an REOs and BPOs work, the process from beginning to end, because if the asset manager assigns a listing to you and you screw up, you will not get another chance. There are many online articles, forums and ebooks that someone can get ( i will be posting the process in the nearby future).
2. Make sure and sign up with companies to complete BPOs, this will give you a better chance of receiving an REO, but the key to doing bpos is to do them right. The information on the broker price opinion needs to be very information and professional, the banks like this, which sometimes will turn into a listing.
3. Is get a hold of a list of REO Asset Managers. With a list that has phone numbers and emails, an agent can keep in contact and build a relationship with these asset managers, which can turn into reo listings.
Below i have provided a few REO Asset Management Companies to get you started in contacting them. You can also use this great list list of over 1000+ asset managers here.
Atlas REO Services
215 South Highway 101, Suite 200
Solana Beach, CA 92075
Telephone: 858-259-8758 Fax: 858-225-3403
www.atlasreo.com
Coldwell Banker
7100 W. Commercial Blvd.
Fort Lauderdale, FL 34222
Telephone: 800-711-1258, Ext 200
www.reoexperts.com
Davis Owens REO
2083 Main Street
Stratford, CT 06615
Telephone: 203-377-6644 Fax: 203-386-9991
www.owenreollc.com
Fidelity Asset Management Solutions, Inc.
10385 Westmoor Drive, Suite 100
Westminster, CO 80021
Telephone: 800-430-3320 Fax: 720-566-8100
www.fnams.com
First Preston
5040 Addison Circle, Suite 400
Addison, TX 75001
Telephone: 800-934-3009 Fax: 972-387-2004
www.firstpreston.com
Integrated Asset Services
4600 S. Syracuse Street, Suite 700
Denver, CO 80234
Telephone: 303-770-1976 Fax: 303-793-0769
www.iasreo.com
Keystone Asset Management
100 W. Main Street, Suite 310
Landsdale, PA 19446
Telephone: 215-855-3350 Fax: 215-393-6018
www.keystonebest.com
Olympus Asset
6 Lincoln Avenue
Scarborough, MA 04074
Telephone: 207-885-1200
www.olympusasset.com
Precision Asset Management Inc.
23530 Hawthorne Blvd., Suite #100
Torrance, CA 90505
Telephone: 310-530-0600
Email: info@precisionamc.com
www.precisionamc.com
REO World
Telephone: 949-720-7009
Email: info@reoworld.com
www.reoworld.com
Thanks for the information, i actually recently got my first REO by following up with asset managers and staying on their good side. Its good to know that there is a list out there to help with this process. When i started, i basically made my own list.
looking for more BPO work and REO listings
Hey I’m new and I guess this is as good a place as any to see if anyone knows of a good loss mitigation training course?
I keep hearing about people making tons of money becoming foreclosure consultants.
So, If you have any info or you have purchased a good course, please share. I’m retired and looking for a home based business that I can earn a decent income with.
Thanks,
Hello HipHopStar – if you’re a licensed agent you can get bpo work, there are many bpo companies out there. Also one company that i heard about that does loss mitigation is called Titanium Solutions.
check out our forum for more help http://www.agentbrokerforum.com/forum/
Thank you for the insight! I worked with an agent last year who had an REO listing, she was HORRIBLE! I thought to myself, “how in the world can this agent keep getting these listings & act as if they don’t matter. If only I had an opportunity, I would make every buyer’s agent happy (or at least keep them informed)!” Now, thanks to you, I may have a chance!!
I have been listing and selling many REO properties for the past 6 years, and still with all the experience I have , I still have a hard time getting onboard with some of these REO companies. I read one persons comment about how horrible the listing agent on an REO property where she was the buyers agent. I see this all the time and ask the same question. These agents develop a good working relationship with the asset managers and the asset managers keep giving them listings.
C-Level list of REO companies like precision
Could someone e-mail me @ light@quixnet.net Thanks , Bob