REO Agent

Replies

- CECILIA D FOX > Dorothy Monette April 17, 2015 at 12:37pm
  
  Dorothy, there's nothing to figure out. Just do a search on any company that approaches you for listings or BPOs. I stopped doing BPOs for brokerpriceopinion.com over 4 years ago for nonpayment and they are still duping agents. The $400 upfront schemes continually show up under different names. Most are out of Colorado.
Coleen M. Hugney April 17, 2015 at 4:06am

I have been with LPS (Black Knight) for some time. NO REO's, but they pay, on time. Orders have been way down.
- Dorothy Monette > Coleen M. Hugney April 17, 2015 at 12:28pm
  
  I've never heard of them. Do they pay decently? I reject the $10 or $20 BPO's.
MANOJ JAKHAR April 17, 2015 at 3:34am

I know so many companies ask you to do free BPO and promise you to give you listing once available but it never happen I am also trying to get REO Listing last two years and spend lot of money on it. Its not like that i do not have regular sale listing but i wanted to learn something different. But we totally can not depend on BPO you can change your way any time try to start with buyer and give them good service believe me you will get so many referrals. My 100 % business through referrals and i am in real estate less than 2 years and i am closing 1 deal every month and i have 4 active listing,
- Laura Chaney > MANOJ JAKHAR April 17, 2015 at 3:45am
  
  You Go Girl!
John Giddens April 17, 2015 at 3:31am

If you think your depressed now,,,wait until you start listing REO's...I would much rather be on the selling side of an REO,,,at least then you get a full commission. You list REO's,,you do a ton of work and get paid less. Do what CeCe said and go after retail,,FSBO's are much easier to get and you'll get paid much more $$$...keep your chin up. It gets better.
Laura Chaney April 17, 2015 at 3:13am

Just completed the REOMac conference in Dallas this year. The convention was one tenth of the size from it's hey day in 2008. The speakers encouraged us to "expand" our business including property management, BPOs, Short Sales (ugh!), and finally, Retail sales. They encouraged us to look back to our clients that were formerly underwater. Many of these sellers leased their homes at a loss to preserve their credit and now that prices have increased they no longer want to be landlords. It was suggested that we find the expired in the MLS and start marketing.
- Stephanie Belleville > Laura Chaney April 18, 2015 at 10:24am
  
  Hello Laura,
  
  Thanks for your information. I am moving forward now.. looking at new ways to market myself.
  
  I hope my business moves forward soon.
Coleen M. Hugney April 17, 2015 at 2:46am

I would not even bother at this point. I have been doing BPO'S since 2008, and Short Sales since 2007, here in Florida.

I chased the REO possibilities for several years, spent tens of thousands of dollars going to conventions, Five Star, etc....

Took all the Certifications Courses, even one from an Asset Manager. In all that time I got 2, one was a successful close, the 2nd I ended up refusing, mainly because the Asset Company wanted a 35% referral fee on a $50,000 Sale that the commission would be 2%, and then all the work involved was not worth it, plus they wanted me to front money for utilities.

After that experience, I said, let the guys that are REO Agents in my area, THEY can put up with the Bull, and low commissions. After all they have other venues of making money on the property preservation/repair side of the transactions.

Right now, in Today's market, you are better off chasing LISTINGS in fair market values. Lower your commission and look to volume.
- Stephanie Belleville > Coleen M. Hugney April 18, 2015 at 10:25am
  
  Hello Coleen,
  
  Thank you. for your information. I am moving forward and looking at new ways to market myself. I hope it
  
  doesn't take to long to get my business going and see myself closing escrows soon.

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