July 20, 2024


Mad about real estate

How Do I Start Listing Reo Properties

So You Want To List REO Properties For Banks?

Before you ask “How Do I Start Listing REO Properties?,” you need to understand what REO agents do on a daily basis. It’s not easy, but it is rewarding and listing REO properties can be a great way to earn money in this down Real Estate Market.

Here’s a short list of some of the daily tasks you’ll be required to perform once I help you answer the question: How Do I Start Listing REO Properties:

  • Pay Utilities for banks and get reimbursed 60-90 days out
  • Be Present at all Sheriff Evictions
  • Ensure water systems are winterized, blown out, etc (If your REO Property has frozen pipes, your REO property won’t sell)
  • Arrange for cleanings and “Trash Outs” for all Bank Owned Properties before your list them
  • Respond to vandalism and neglected property complaints (Your names on the sign. Who do you think people will call?)

While this list doesn’t begin to give a full account of what I’ve done (and do) as a REO Agent for my bank owned homes, it should give you an idea of what will be expected of you once you start listing REO Properties.

”But How Do I Start Listing REO Properties?”

That’s the hard part. Few agents will share how they went from a normal real estate agent to a successful REO agent. I’ll try to tell you here.

The trick to start listing REO properties is to call, email, mail and very nicely, very politely, nag banks, lenders and asset managers. You need to get your name and contact information in front of them on a weekly basis. (Start with a good REO Bank List If you don’t have a good REO bank list, start here )That means you need to do the following:

  • Send them a Weekly Email “Just Checking In” or “Why I Should Start Listing REO Properties For Your Bank.”
  • Send them a monthly newsletter with market stats (email is ok, but a printed newsletter will be remembered)
  • Call them at least once a month.
  • Everyone loves a gift basket once in a while
  • Seasonal postcards work well too.

Remember, most agents that ask themselves “How Do I Start Listing REO Properties” will simply register on the banks and lenders website and then wait. And wait. And wait some more. You need to be more proactive! Banks and Asset Managers want to know you’re a professional and that they are not your first client.

Make sure your marketing materials include the following:

  • A link to your website showing you as an expert in the area.
  • Material confirming you can process BPO’s QUICKLY. Banks love an agent that can do 24 hour BPO’s
  • Send them notices when you sell or list each home in the area. (Especially if you Listed a REO Property for another Bank!) Make sure they know you’re a pro.

This may seem like a lot of work, but if you’re really asking yourself: “How Do I Start Listing REO Properties” there are tools available that can make all of this very easy and save you time.