| What is an REO Agent? | | | | many real estate agents are struggling to learn how to |
| Most real estate agents sell homes for years without | | | | become an REO agent and start listing reo homes for |
| understanding exactly what an REO agent does. REO | | | | lenders. While listing REO homes for lenders can entail |
| agent's responsibilities not only include listing homes for | | | | a great deal of work, especially early in your REO |
| lenders but also include all of the prelisting duties | | | | career, it can also be a very profitable real estate |
| necessary to prepare a foreclosed home for listing on | | | | specialty. |
| the market. Some of the major duties of a typical | | | | The good news for agents is that with some hard |
| REO agent beyond listing the home in the MLS include: | | | | work, any licensed real estate agent can become an |
| - Scheduling trash outs and cleaning of the foreclosed | | | | REO agent. There are no required certifications or |
| property | | | | licenses to begin listing REO homes for lenders. You |
| - Water shut off and de-winterization | | | | only need to know which lenders to contact and how |
| - Turning on and paying of all utilities during the listing | | | | to sign up with those lenders. There are a few good |
| period. | | | | services available that provide agents with |
| - Scheduling lawn maintenance / snow removal | | | | comprehensive, up to date lists of lenders that can |
| - Negotiating the contract, sale terms and dates with | | | | help you become an REO agent immediately. |
| buyers or their agents | | | | Benefits of Becoming an REO Agent |
| Why Lenders Need REO Agents | | | | While most agents know that becoming an REO |
| Most agents don't fully understand why lenders need | | | | agent can mean increased income, many of the |
| REO agents. They don't comprehend that listing REO | | | | agents that are considering a career listing REO |
| homes requires an agent intimately familiar with the | | | | homes for lenders fail to understand all of the benefits |
| local real estate market the foreclosed home resides | | | | that come with it. Obtaining REO listings can mean a |
| in. This area expertise allows lenders to quickly learn | | | | stream of potential buyers calling off your yard signs |
| the true value of a property. | | | | and advertisements. You can never have too many |
| Without the REO agent's valuable market knowledge, | | | | buyers. In addition, listing a foreclosed home can allow |
| lenders and banks would be forced to hire and rely on | | | | you to begin listing other homes in the same |
| appraisers for a home's value, a management | | | | neighborhood as your lender owned homes. |
| company's services to maintain the home while it's | | | | If you are considering listing reo homes for lenders, |
| listed on the market and an auction company to | | | | there has never been a better time to get into the |
| market and sell the foreclosed home. | | | | market. Find a good lender and bank list and become |
| How to Become an REO Agent | | | | an REO agent today! |
| Due to the sudden increase in bank foreclosures, | | | | |