Techniques for Additional REO Business

I have been working REOs for the past 10 years getting 10-15 listings a year. I primarily have been working with one sales manager and probably 6-7 asset managers at this particular servicing company. I got started doing BPOs and just got lucky one day receiving my first REO. 

I'm looking to add to this volume going into 2021. 

What are some things you are doing to further grow your REO business?

Are you planning on paying for certain platforms?


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  • I have been working REO Properties for over 16 years and was fortunate to close 187 properties in 2008 and Continued to close to that number range for several years I was honored to be given many awards #9 in world with Century 21 in 2008 and recognition for my hard work throughout the industry. Fortunately in one regard; the Real Estate Industry is very good in the DFW Metro area which brings a Great Income to the Retail agents. With the down turn of REO I chose to change my course to build a niche with Probate Real Estate and work with Investors that I had worked with in my sphere. I am working on signing up with any of the REO Companies that I have not worked with in addition keeping in touch with all of my previous clients. I have signed up for a Fannie Mae Training in my area to become one of their preferred agents. I have been with Equator,, Exceleras and other sites for several years, it is costly but a necessity. I have had membership with Reomac, REO Partners, Five Star and others as well. Looking forward to being part of the REO Pro Network. Any advice on growing again would be gladly accepted.
  • Hi Todd I have been thinking about signing up for REO Net work the only thing is they want $600 for 6 months and they do not show the dates of the raving reviews also I was thinking about Equator platform as I was on that in 2017 and 18 and got nothing so I am really dragging my feet. These platforms are costly especially when you are on multiple sites they can add up, are you on any sites?
    • One thing that you must understand in order to make money you have to invest. Vendors such as EQ, ResNet, Pyramid, etc is only a portion of your REO business career. Too bad you have not received the reaping of those monies you have paid in the past, but now it is the time to re-think and invest again along with what Jesse is recommending in signing up with all of those sources in this forum. That's one of the ways to get acquainted with your prospect clients. Good luck to all of us out there, prepare your resumes, and the usage of video advertising until the closure of Covid-19 is over.
  • Growing your REO business can be approached one of two different ways. The way most people do it is by the shot gun approach. They go to and just sign up with all 43 companies, hoping that one or two will land them more business. This seems to be the more popular approach as it's the easiest to do. The second approach is to network and make contact with decision makers. As you can imagine, the 2nd approach is not as easy but, it works. Truth is, every single REO listing I've ever gotten was a direct result of someone reading my blog here on REOPro or an introduction to a decision maker from someone here on REOPro. Finally, as paying for a platform in hopes of getting business, that way is likely the most expensive and the least productive. I'm not saying it doesn't work, I'm just saying most Asset Managers don't just log in and pull an agent out of the blue from a platform....that is not unless they have any other choice. It's been my experience this is a relationship industry and those relationships are what build your business.
    • Jesus, I should of read your post before I reached our to Todd. By reading your post I have decided not to pay for Equator or Reo Network. I will work the contacts I have. I wonder about Todd question (Do you think it's appropriate to ask him about other contacts)? The best way I thing to approach a current manager is after you have completed the job and the manager is pleased that is the prefect time to say thank and now that you see my results do would you mind passing my name to other asset managers as you already have a relationship with the person you are speaking with at least 45 days.
      • Back in 2005, when I was trying to get my foot into the door of this industry, I found it almost impossible to do so. I even was fortunate enough to professionally know a mega REO agent in my office who was closing 400 deals a year and still found it impossible to enter the industry. It was that experience that made me go out and create which turned into the we know today. My point is, I personally know the hardship that goes along with trying to break in and that is why we here at do things a little differently.
        I cannot speak to or about any other specific network however, as the admin of this network, let me share some insight. First and foremost, the REOPro Network is free. We do not charge our members for any of the current services we offer. This is partly because at our core we are a "networking" site. More specifically, we encourage our members to come on, share their ideas, thoughts, processes, insights and of course most importantly, who is or who is not hiring.
        Another reason we do not charge is because we always want to be on the benefit side of a person’s cost-benefit analysis when it comes to the network. Too often I have heard stories about people who paid $5-$6-$700.00 to be a member of this platform or that network and a year later, they have nothing to show for it. This is primarily because a network or platform are not in positions to be the decision maker when it comes to assignments. We know this but, many do not, and it is my personal opinion those networks or platforms who can’t offer a no questions asked, money back guarantee and promise of future business shouldn’t be taking your cash. If a network or platform is taking your money, knowing they have no ability to get your business, it is fraud.
        The REOProNetwork is a resource sharing site. People are members because they are looking to build their brand, build their business and they do that by the tools we offer. The use blogs to highlight their expertise through stories and editorials, the use the forums to spark debate or ask questions to gain insight and momentum, they can upload videos to industry related news or to showcase their media knowledge, they link to their LinkedIn, Facebook or Twitter accounts to case even larger nets. So, the best way to work in the REO industry is to put sites like REOPro to work for you.
        The REO Pro Network is a professional social network for independent Real Estate Agents and Brokers. Our purpose is to come together as independent p…
        • Apropos of the contact vs platform approach: over time, many of the asset managers jump from one company to the next. If we are lucky enough for them to remember us, they then contact us from the new company - thereby broadening our reach. BTW, one other thing I have noticed is the AMs rarely utilize these platforms as intended!
          • Have you used Resnet or Equator in the past?
            • using now because one of my companies does: have used them since 2007? Equator from 2007(?) to 2013
              • I can't decide what I wanna do. The REOs I've received over the past 10 years has not been because of Reset, Equator or any other platform.
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