| I’ve been a successful REO agent for many years. | | | | REO Bank Lists can be acquired in various ways. |
| As I talk to newer agents trying to get started in the | | | | Some people spend days and weeks researching the |
| REO business, I often get asked the same question | | | | REO companies online. The problem is, it’s very |
| over and over: “Do I need a REO Bank List to | | | | difficult to get names, email addresses and phone |
| Become A REO Agent?” | | | | numbers of actual people at the banks from a |
| The short answer is yes, but the question they forget | | | | website. Usually you simply get a generic website |
| to ask is how big should my REO bank list be? | | | | where you register to a BPO agent or a REO agent. |
| That’s the tricky part. | | | | A good REO list should include real, live people you |
| How Big Should My REO List Be? | | | | can email, call and build a personal relationship with. |
| Every REO agent needs a list of REO bank contacts, | | | | Usually you need to get a REO list like that from a |
| but how many REO banks need to be on that list | | | | reputable provider. They usually cost between $99 |
| varies greatly. For instance, if you have personal | | | | and $150, but when you calculate that creating that list |
| contacts at REO asset management companies or | | | | yourself would take days, its really well worth it. |
| banks, you may only need one or two people on your | | | | If you do plan on building your own list, you need to |
| REO list start listing dozens of REO properties. (I knew | | | | make sure you get a REO Bank List with at least |
| a very successful REO agent who had 1 contact.) | | | | 75-100 contacts. REO banks get assignments across |
| Of course, most of us aren’t that lucky. When I | | | | the nation without rhyme or reason, so maximizing |
| started as a REO agent, I didn’t know one single | | | | your exposure will help ensure a steady stream of |
| person in an asset management company or anyone | | | | REO assignments. |
| who was in charge of REO properties at a bank. | | | | I Have My REO Bank List. Now What? |
| Because of my lack of personal contacts, I needed a | | | | That’s a topic for much more discussion. I’ve |
| BIG REO LIST. Really big. If you’re reading this, you | | | | written more article on this site about it, or you can |
| probably need a big list to. | | | | check out the REO Agent Blog here. |
| How To I Get My List? | | | | |