April 15, 2024


Mad about real estate

How To Influence Broker Price Opinions – Why Lenders Need REO Agents

How To Influence Broker Price Opinions

What is an REO Agent?

Most real estate agents sell homes for years without understanding exactly what an REO agent does. REO agent’s responsibilities not only include listing homes for lenders but also include all of the prelisting duties necessary to prepare a foreclosed home for listing on the market. Some of the major duties of a typical REO agent beyond listing the home in the MLS include:  How To Influence Broker Price Opinions

  • Scheduling trash outs and cleaning of the foreclosed property
  • Water shut off and de-winterization
  • Turning on and paying of all utilities during the listing period.
  • Scheduling lawn maintenance / snow removal
  • Negotiating the contract, sale terms and dates with buyers or their agents

Why Lenders Need REO Agents

Most agents don’t fully understand why lenders need REO agents. They don’t comprehend that listing REO homes requires an agent intimately familiar with the local real estate market the foreclosed home resides in. This area expertise allows lenders to quickly learn the true value of a property.

Without the REO agent’s valuable market knowledge, lenders and banks would be forced to hire and rely on appraisers for a home’s value, a management company’s services to maintain the home while it’s listed on the market and an auction company to market and sell the foreclosed home.  How To Influence Broker Price Opinions

How to Become an REO Agent

Due to the sudden increase in bank foreclosures, many real estate agents are struggling to learn how to become an REO agent and start listing reo homes for lenders. While listing REO homes for lenders can entail a great deal of work, especially early in your REO career, it can also be a very profitable real estate specialty.

The good news for agents is that with some hard work, any licensed real estate agent can become an REO agent. There are no required certifications or licenses to begin listing REO homes for lenders. You only need to know which lenders to contact and how to sign up with those lenders. There are a few good services available that provide agents with comprehensive, up to date lists of lenders that can help you become an REO agent immediately.

Benefits of Becoming an REO Agent

While most agents know that becoming an REO agent can mean increased income, many of the agents that are considering a career listing REO homes for lenders fail to understand all of the benefits that come with it. Obtaining  REO listings can mean a stream of potential buyers calling off your yard signs and advertisements. You can never have too many buyers. In addition, listing a foreclosed home can allow you to begin listing other homes in the same neighborhood as your lender owned homes.

If you are considering listing reo homes for lenders, there has never been a better time to get into the market. Find a good lender and bank list and become an REO agent today!

Good Luck and Don’t Give Up! How To Influence Broker Price Opinions