If you have your REO Systems in place and you are experiencing growth, have you considered an REO Team?


If so, what would you consider looking for as you build your team? I have just chosen three tips for this post. There are many more, but I find that these three are important to building a successful REO business.


1. Experience

2. Education

3. Integrity


How much experience does the potential member have in doing BPO’s? What asset companies have they dealt with and for how long? What about tasks such as Utility set up and ordering services from your vendors? When it comes to the closing transaction tasks, how much experience do they have in dealing with escrow/title companies, lenders and co-agents? These are just a few of the question you should consider when building your REO team.

This is important because the REO market is different for every REO agent. And it is crucial to have a good amount of experience in dealing with asset companies, asset managers, banks, title companies, lenders and other REO agents. I have found that there is a basic flow to an REO transaction, but sometimes there are exceptions. And I have found that learning from that exception, adds to my REO experience. And I can add this to my REO process to reach a successful transaction.


Training is so vitally important. Would you consider adding a team member to your business who already has been trained on various REO portals or someone who you have to train? Time is critical, especially when it comes to tasks such as BPOs or determining occupation status. Do they know the criteria for searching for comps for the BPO?

And when it comes to the contract to close tasks, how much training does the team member have in using various online transaction management systems? Such as EbrokerHouse, SettlementRoom, RELAY, TransactionDesk, TAZAREO, and others? Again, your time is important and having a member who is proficient in using these systems will save you time and money.


Enough can’t be said about this topic. Simply put, everyone needs to be honest in their business dealings with one another. I feel that this is a foundation in a truly successful business. If a member is cutting corners to try to get the job done, it will come out in the end. Just a quick example. If a bid (quote) is submitted by a vendor for a repair on the REO property, don’t change the amount when submitting it to the asset company. I have known of this to happen and the person did think they were getting away with it. And since it was just a small amount in the beginning, it was not discovered. So the person felt safe and increased their bid amounts. But when the asset company discovered this, all monies had to be refunded for all of the bids. And of course that agent lost their business with that asset company. A hard but powerful lesson.

I hope these few tips: Experience, Education and Integrity can help you in your search for a successful REO Team.

To your business success!



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  • Great Info


    My team consists of Trashout groups, who can also do minor carpentry, drywall and painting and yard work.

    I have two great trash out groups

    One assistant for closings and paperwork, and title research, and an accountant, my wife. 

    Two other Realtors, of which I have taught them the various portals.  Portals are easy to learn on the fly. Each of them was a contractor or builder at one time.


    Learning to do estimates on rehad to FHA / VA standards or Lender minimal standards for loans  all the way to Full upfit of MARKET expectation conditions. This to me is the most important part of REO work.


    as far as portals, Resnet and Equator, is really about it.  ( yes Resnet is work it ) Other portals, one learns on the fly. 


    As far as certificates or paying for training, I am not to sure about.  Most I have seen are 3-6 months out of date.  Short Sale classes or Certificates and 6-12 months out of date when the class comes out. Just that basics and knowing how to use Equator or find a closing attorney who know Equator is essential for short sale.

    The only certificate I use is the REO 20/500  Over 20 years and Over 500 sides. Yes I made that one up, but have to documents to show what I have done over the past 20 years.  So what the heck.


    The REO / BPO business changes all the time. Servicing companies come and go, no big deal.  Just change with the times.   When work is hot  grab it and run with it.  When work is not, I go to North Carolina beach of a month.


    Also I believe every REO Realtor  should buy, rehad and flip  1-2 properties every 2-3 years.  So there is personal involvements in the whole process.  When one starts managing their own REO assets, you have much bigger understanding of the whole process.


    Is it hard work?  Nope,  just 12-16 hour days  6-7 days a week.  But it is what I love to do.


    TGIF soon = Thank God its February I can take 2 days off.


    Good Luck and have fun with it



    Going down to the court house, or where ever your foreclosure actions are held is also a big eye opener. 



  • Thank you Charlenia for the encouraging comment. And I wish you success in your REO business, because as you state it is a lot of hard work to get it right and keep it right!

  • Roxanne you are so correct and thank you for this post.  Many people think that the REO game is simple and we are sitting around just waiting for a deal to close.  But REO is not always glitz and glam.  The team is so important but often the skill set is lacking and training is important, however our time is so limited because of the deadlines.  Some asset managers are not requesting that the REO agent manage the transaction from the hiring of the contractors, ordering trash-outs, re-keying, putting the utilities on in my name and thing else you can think of.  I really think you are spot on with this post!  Great job!

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