How do I get started doing REO’s? Where can I get more information on becoming an REO broker?
Like all other clients, getting bank clients is a matter of relationship building.
If want to reach a specific bank we’d recommend looking into the Lane Guide (www.laneguide.com) a directory of bank and lender contacts.
Many REO Brokers get their start and introductions to banks by doing BPOs (broker price opinions), or working with smaller local banks and lenders where it is possible to meet management in person (very rare these days).
Here are some other resources to look into:
National Association of REO Brokers - NRBA.comFive Star Conference - FiveStarConference.comREOBroker - REOBroker.comREOConnection - REOConnection.comREOMAC - REOMAC.comREONetwork - REONetwork.comREORedbook - REORedbook.com
Countrywide now uses REO trans.com to track all of its transactions you will not get any assignments from Countrywide on this site as you have to already be an approved agent for them to list properties with you. They do say that it gives exposure to banks looking for BPO’s and you may possibly get a listing out of it.
Here is some feedback on REO trans. Note that there are a lot of these REO outsourcing firms out there. Most promise listings in exchange for doing broker price opinions (BPO’s). Note that a number of the folks in the feedback link above say they got paid zero for the BPO’s they did. Seems to me going rates are in the $75-150 range.
Any of our experienced REO brokers have any good advice for those looking to get started?
Have you been sucessful with any of the listed companies?? I’m very interested in getting connected with some Asset Mangers and becomming an approved vendor.? Any assitance with this would ge appreicated. ? Linda R.
Check out AssignREO.com a free?network of REO professionals who list and sell REO properties nationwide.
I started searching for Banks and Asset Managers back in January.? I purchased a product called REOShortcuts.com for $99 dollars and i now have 7?accounts and sold two houses last month.? I made my money back in BPO’s in 1 months.? REO’s are a lot of work but we are dealing with motivated sellers! ? Good luck, ? Christine
Wells Fargo pays $50 for drive-by BPOs and $75 for interiors. Their system, Premier Asset Services (PAS), is easy to use and works well. I would not do freebies for any of these other asset management companies. Remember, they’re not doing them free for the banks, and there is no guarantee you’ll get any REO listings from them, or that they even have any. Nor would I pay $300+ to subscribe to these services, for the same reason. My impression is that a lot of these “asset management” companies are spin-offs by employees who saw how much the company there were working for was making and decided to go out on their own. Their forms are often identical. I’ve spent enough time looking through them that I can tell some of them are just getting started and have just a few listings. ?
I Took this e course and it actually was pretty informative as far as getting some direction.
Hi; Please tell me how do you do that? Do you need sign up REOShortcuts.com for $99 and you got 7 accounts and sold 2 homes? Thank you
I took the course at http://www.brokerpriceopinion.us. It had great info and also a list of companies + came with a complete database.
I recently purchased the kit from www.bpomoneykit.com. They have like 300 direct contacts of the indivuals who actual hire BPO professionals. I have only gone through contacting about 30 of them but have already started getting assignments here and there.
Do they have many BPO reports that don’t require any interior inspections or drive by inspections or require interior photos or exterior photos to be taken?
Hi Suneetha, It depends on the lender. They will ofter order exterior only BPO’s so it is possible.
Can you be financially independent doing only broker price opinions? Thank you!
Hi Suneetha, We do know some brokers that are making a substantial income off of their BPO business. I suppose it has to do with your definition of “financially independent”.
I want to get BPO work of accounting from UK & USA for my firm so hows it possible? is there any straight way to contact the clients? please reply me as possible as earlier.
Thank you .
Hi Hemang, You would need to get on the approved lists for the asset managers or BPO companies. I listed some ideas in an older post shown above.