REO Agent

Can anyone tell me their story on how they obtained their first REO assignment.. I have been a full-time

BPO agent for the past 4 years and never ever acquired a REO listing in all of the thousand of BPO

work.. I did. I really worked night and day over a thousands of BPO's in three counties in the state of California.. I now have been so depressed in my business and feel as if I wasted four years of my

Real Estate career.. I am so behind in finances now with my life and wanted nothing more than to

experience the REO listing side of the business.. I wish I had names of asset managers to contact directly.. or had the insight as to how other agents became a REO agent in their careers?

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  • I have been doing BPO's for 20 years and have gotten very few REO listings, quite frankly I do not want them, you never get a 7% commission , they always whittle it down or have a sliding scale.  Get out and sell real estate, promote yourself, do open houses etc. ..Many times you are doing a BPO for a company that just does that and never gets the listing or you might be doing it for the second mortgage company.  Raise your BPO feess, evaluate how much is it costing you in gas, wear and tear on your car, hours you put in  etc.

    • After completing my 2014 tax return, it costs approximately $35 per BPO to pay for E&O; MLS Access; A part time assistant; Mileage Per Diam and Computer Access.  Making a profit completing BPOs is based on volume.

      • What percentage of each cost do you allocate to BPOs vs sales activities?

        • We do not expect to get listings from the BPOs.

          In 2014 about 14% of the  BPOs that were completed by us were not paid for by the vendor.

          Thus the average profit last year, per BPO, was approximately $13.60 each.  

          • So your business is 100% BPOs and the costs you outlined are allocated 100% to your BPO business? 

  • I got one recently from boa just because I have an account from equator. My info is at least 4.5 years old and dated.  My name is also on file with Countrywide which boa acquired.

    It was sold as a REO presale from auction before putting it on the mls. Yesterday, I received a thank you letter from the lender reo dept. That estate could not be sold and many agents tried to sell it before me. My knowledge about the house from a BPO pays off I anticipate all issues ahead and stay on top everything was the key to this sale. There were abandoned cars and barns and barns left over trash. I got the well and electric system working as a realtor prompted to the successful sale through auction before reo sale.

    "Good afternoon Sam,

    It was pleasure working with you on this file. I appreciate all your help in assisting with resolving the code violations as well as your continuous follow-up with SXXXX to ensure that the initial services were completed correctly and within a timely manner.

    Thank you"

  • Well, I worked with SingleSource, IMortage, Nationstar. Some companies I never did BPO orders for.

    Find out who gives you the BPO orders, they also give out the REO listings. Do a Great job, and ASK,Ask,Ask.

    Never complain! I'm just now getting back in, after I took off to work Timeshare. So, I'm starting over. One thing I did learn, is never complain,, just do what your told.

    I hope this helps:0)

    • Hello Bettie,

      Yes I worked for SingleSource also and many other companies.. I did ASK, ASK and ASK for the listings

      I just never got any listings.. I am moving my business forward now. Thanks for the response.

  • I think you started too late. California's real estate market is booming! There are virtually no short sales or REO's. 

    Go for retail sales. there are plenty of people with money to buy.

  • There are still REO's but certainly not the amount as in previous years.  Some data bases are still open, but for the most part the Asset Management companies are looking for agents in rural areas.  When I was the President of REOMAC in 2008 and 2009, the market was huge for REO's.  As an Asset Manager at that time, I was always looking for agents.  Now, it is time for all agents to build on other opportunities.  I spoke with Freddie Mac recently and their inventory is continuing to drop.  Depending on where your market is will determine the opportunity to get into REO.  But never give up on traditional real estate.  Now that I am the Executive Director of WinDS (Women in Diversified Services) I know how hard some of our members are struggling.  At our conference May 3-5 at the Marriott Newport Beach, Newport Beach, CA we are bringing a varied array of speakers that will give other ways to grow your business.  We also have Asset Managers that are still looking to add to their data base.  The REO field is not dead, just clinging to life right now.  But as is the nature of the business, all cycles come full circle, so who knows when the REO market will pick up again.   If you are interested in finding out more about the WinDS conference go to  Conference is open to both men and women.

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