Ive applied to EVERY website related to REO out there, I have a background in successful short sales(list and buyer agent) and extensive knowledge of preservation but cant catch a break. Ive reached out to REO agents in MD hoping to learn from them and expand their REO business to my area they are currently NOT covering, not trying to take their business, trying to expand it for them in a new territory and assumed with that experience Id get some actual real REO experience NO LUCK, HELP!!
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Dana, the only way to get noticed is to keep your name out there. You have to do BPO's. If you don't do them your name is not seen. When you do lots of them, lots of asset managers see your name and notice your hard work. It's about getting the job done, not who you know. The days are over, you must work and work hard. If you don't understand the bpo's you will never be able to help the asset manager, which is what they want.
In 2005 I started doing BPO's to gain experience. In 2007 I pursued Wells Fargo and became one of their preferred listing agents. But then, they had 100's/1000's of REOs in my community. I closed about 400 of them over the next 5 years. And then REOs went away. They pared down their listing agents and I was one that was cut out of the program. It was great while it lasted and who knows what will become of us if REOs every become the number one way to liquidate assets.
My advice is to keep it up and cash those checks. Keep your ears open. I guarantee, if the banks that you are doing BPOs for every need agents, they will look to the faithful first.
However, do not WAIT for them. Stay ahead of the market and always pursue the next best way to catch your listings.
You probably will not. Its a myth. BPO companies may try to entice you into a horrible BPO or one 25 miles away by telling you the listing may come to you. BS. Only a few very big offices with a lost of money get the REO.
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