As the top producing REO agent in our market, I am often asked the same REO questions repeatedly. I thought I would vouch for all those agents looking to become REO agents.

REO Agent FAQs

1. HELP! Where do I start?

The first thing to do is get a good, up-to-date REO bank list to contact. This step is crucial! If you have a bad list of REO banks, all your other marketing efforts will go to waste and you could also market your REO services to your mother. There are several ways to get a good REO bank list:

* Search Google, Yellowpages.com, or your local phone book for your local REO lenders, banks, and asset managers. Get their phone number, postal address, and email.

* Ask your title company for a “default listing notice.” This will give you a list of all the local properties that are currently in default on your mortgage with a list of the lenders that are in default. your telephone number, postal address and your email.

* Buy a list of REO banks. For less than $ 100, you can find a list of REO banks to get you started. Of all the money you will spend to start your career as an REO agent, this will be your best buy. These lists are well researched and contain all the major BPO companies out there.

2. I have a list of REO banks. Now what !?

Now you need to convince the potential REO clients on your list that they should give you your business. Create a systematic marketing program that requires you to contact each potential REO bank at least 3 times a month.

Start with a phone call. Introduce yourself as an REO agent in area ____. Let them know that you would love to earn their business and ask them how you can get on their list. Once it’s on your list, follow up! You have to handwrite them a thank you note. Then set them up in a consistent email campaign to stay in touch with them.

These few steps will set you apart from most agents, but if you really want to stand out, you can use one of these REO Lead systems to elevate you to the top of the REO bank’s list of REO and BPO providers. While some of these can be a bit pricey ($ 147 including REO Bank List), the right REO Lead System can help you become an REO Listing agent much faster than starting from scratch.

3. What will banks expect of me once I become an REO agent?

Being an REO agent is not always a comfortable job. Some of the things banks and asset managers may ask you to do once you become an REO agent include:

* Be at all bailiff evictions

* Pay banks electricity / gas bills and get a refund in 60-90 days

* Make sure water systems are winterized and turned off.

* Organize complete house cleanings and “Garbage”

* Respond to vandalism and property complaints (your name is on the sign. Who do you think people will call?)

4. Should I process BPO?

In a word, yes. Especially early in your REO career. Many people will tell you that processing BPO takes a long time and does not pay well. That may be true, but at the beginning of your quest to become an REO agent, you need to put your name in front of potential clients and REO banks. The easiest and fastest way to become a REPO agent is by increasing your name awareness through BPO processing. Want even more recognition from banks and lenders? Let them know that you will process your urgent BPOs 24 hours in advance.