Be Present at all Sheriff Evictions
Pay Utilities for banks and get reimbursed 60-90 days out
Ensure water systems are winterized, blown out, etc
Arrange for house cleanings and "Trash Outs"
Respond to vandalism and un-kept property complaints (Your names on the sign. Who do you think people will call?)
GET PAID!
While this list doesn't begin to give a full account of what I've done (and do) as a REO Agent for my bank owned homes, it should give you an idea of what will be expected of you.
The good news is, the money is good and if you treat you clients (banks and asset managers) well you will become a REO agent making a profit in no time.
"But How Do I Get Started as a REO Agent?"
That's the hard part. Few agents will share how they went from a normal real estate agent to a successful REO agent. I will.
The trick is to call, email, mail and very nicely, very politely, nag banks, lenders and asset managers. You need to get your name and contact information in front of them on a weekly basis. (Start with a good REO Bank List If you don't have a good REO bank list, start here )That means you need to do the following:
Send them a Weekly Email "Just Checking In"
Send them a monthly newsletter with market stats (email is ok, but a printed newsletter will be remembered)
Call them at least once a month.
Everyone loves a gift basket once in a while
Seasonal postcards work well too.
Remember, most agents will simply register on the banks and lenders website and then wait. You need to be more proactive! Banks and Asset Managers want to you're a professional and that they are not your first client.
Make sure your marketing materials include the following:
A link to your website showing you as an expert in the area.
Material confirming you can process BPO's QUICKLY. Banks love an agent that can do 24 hour BPO's
Send them notices when you sell or list each home in the area. Make sure they know you're a pro.
This may seem like a lot of work, but there are tools available that can make all of this very easy and save you time. This site reviews the top REO Agent tools and can get you headed towards becoming a REO Agent Fast!
Good Luck!
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