| As a top producing REO agent in our marketplace, I | | | | up! You need to hand write them a thank you note. |
| often get asked the same REO questions repeatedly. I | | | | Then set them up on a consistent email campaign to |
| thought I would answer them for all of those agents | | | | stay in contact with them. |
| looking to become a REO agent. | | | | These few steps will set you apart from most agents, |
| REO Agent FAQ | | | | but if you really want to stand out, you can use one of |
| 1. HELP! Where Do I Start? | | | | these REO Lead systems to skyrocket you to the top |
| The first thing you need to do is get a good, up to date | | | | of the REO bank's list of REO and BPO providers. |
| REO bank list to contact. This step is crucial! If you | | | | While some of these can be a little pricey ($147, |
| have a bad REO bank list, all of your other marketing | | | | including the REO Bank List), the right REO Lead |
| efforts will be wasted and you might as well market | | | | System can help you become a REO Listing agent |
| your REO services to your mom. There are several | | | | much quicker than starting from scratch. |
| ways to obtain a good REO bank list: | | | | 3. What Will Banks Expect of Me Once I Become a |
| * Search Google, or your local phone book for your | | | | REO Agent? |
| local REO lenders, banks and asset managers. Get | | | | Being a REO agent isn't always a cushy job. Some of |
| their phone number, mailing address and their email. * | | | | the things the banks and asset managers may ask |
| Ask your title company for a "notice of default list." | | | | you to do once you become a REO agent include: |
| This will give you a list of all local properties currently | | | | * Be at all Sheriff Evictions * Pay electric / gas bills for |
| defaulting on their mortgage with a list of the lenders | | | | banks and get reimbursed in 60-90 days * Ensure |
| being defaulted. their phone number, mailing address | | | | water systems are winterized and turned off. * |
| and their email. * Buy a REO bank list. For under $100, | | | | Arrange for complete house cleanings and "Trash |
| you can find a list of REO banks to get you started. | | | | Outs" * Respond to vandalism and property complaints |
| Of all the money you will spend in starting your career | | | | (Your name is on the sign. Who do you think people |
| as a REO agent, this will be your best purchase. | | | | are going to call?) |
| These lists are well researched and contain all of the | | | | 4. Should I Process BPO's |
| major BPO companies out there. | | | | In one word, yes. Especially at the beginning of your |
| 2. I have a REO Bank List. Now WHAT!? | | | | REO career. Many people will tell you processing |
| Now you need to convince the REO leads on your list | | | | BPO's is time consuming and does not pay well. That |
| that they should give you their business. Create a | | | | may be true, but at the beginning of your quest to |
| systematic marketing program that forces you to | | | | become a REO agent, you need to get your name in |
| contact each potential REO bank at least 3 times a | | | | front of REO leads and banks. The easiest and |
| month. | | | | quickest way to become a REPO agent is by building |
| Start with a phone call. Introduce yourself as a REO | | | | up your name awareness through processing BPO's. |
| agent in the ____ area. Let them know you'd love to | | | | Want even more appreciation from banks and |
| earn their business and ask how you can get | | | | lenders? Let them know you'll process their rush |
| registered on their list. Once you're on their list, Follow | | | | BPO's with 24 hour notice. |