| What is an REO Bank Department? | | | | If you've been a real estate agent for any length of |
| If you're looking to expand your real estate career and | | | | time, then you know that you need to constantly |
| become an REO agent, then you already know how | | | | market to your past clients, current clients and potential |
| important it is to find the REO bank departments and | | | | clients. You would never dream of sending your |
| market yourself to the personnel inside those | | | | marketing list one email and then waiting for them to |
| companies. However, if you're like most agents you | | | | call you! You need to take that same approach as you |
| may think an introductory email and a registration on | | | | strive to become an REO agent. |
| the banks website is all it takes. Wrong! | | | | Treat the bank employees and asset managers like |
| If you want to truly become an REO agent, you need | | | | you would any potential lead: |
| to do more than the typical agent is doing. Sure you | | | | - Send them a hand written note thanking them for |
| need a good REO bank list, but it's what you do with | | | | allowing you to register on their website |
| that list that will make all the difference in the world. | | | | - Send them your promotional material. (A pen, |
| First: Know Your Competition | | | | calendar, etc). Make sure it has your name, your area, |
| As a real estate agent, you know that this economy | | | | and the fact that you list REO properties. |
| and its effect on the housing market has created a lot | | | | - Send them a monthly newsletter. Email works well, |
| of out of work agents. Some of those agents think | | | | but a tangible mailer works better. |
| that if they become an REO agent all of their | | | | - Send them a $5 coffee card as a thank you when |
| problems will disappear. Because of this misconception, | | | | they assign you a BPO (careful, some organizations |
| you are going to be competing against many agents | | | | prohibit gifts) |
| who have bought a list of REO bank departments. | | | | Be Consistent |
| The good news is, those agents will contact the bank | | | | It's important that you do all of these activities on a |
| one or two times and give up. | | | | regular basis. Set up a reminder in your calendar |
| Here's how a typical agent tries to list foreclosures for | | | | system. It may take weeks or months, but if you |
| banks: | | | | market to these REO bank departments like you |
| - They buy an REO bank department list | | | | would your other clients, you will succeed in your quest |
| - They send an email to all of the contacts on the list | | | | to become an REO agent. |
| and let them know they're available to list REO's | | | | You didn't become a successful residential agent |
| - The register on the banks' websites | | | | overnight. The same will be true of your REO career. |
| - They wait | | | | Find a good list of banks and outwork your |
| - They wait some more | | | | competition. 99% of agents give up after 2 emails and |
| After waiting for REO listings, these agents usually | | | | a website registration with the banks. If you are willing |
| give up and try another tactic to drum up real estate | | | | to work hard, you will succeed. |
| business. | | | | Don't give up! |
| Second: Out Market Your Competition | | | | |