subject: Bank Of America Reo Broker Application - How I Started Listing Bank Owned Properties [print this page] Bank Of America Reo Broker Application
Getting my first REO listing started with an idea. Or maybe it was a compulsion.
I always had listings, but only 1 or 2 at a time. I wanted more.Other Realtors consistently had 10 active listings or more, and I wanted to know their "secret". At some point, I noticedcertain agents had multiple listings all with the same owner name: "bank owned".
I started asking questions immediately. How did they get a bank to list a property with them? Let alone 2 or 3... or 10 listings. I was used to going on listing presentations but I had never shown my marketing plan to a bank. How could I approach a bank about listing bank owned property? Who would I call? Bank of America customer service? Wells Fargo?
The task seemed daunting, but it was clear that some agents had cracked into this niche. And I refused to let go until I figured it out.
One day I got a strange call. Just by chance, an up-call in my office from a company called Summit Valuations wastransferred to me. Summit needed a BPO (Broker's Price Opinion) on a house near my office and I reluctantly agreed. I was offended when they explained they needed my social security number and a completed W-9 from me. How dare they ask for my SSN?!! I finally took the leap of faith, gave them my SSN, andcompleted my first of many BPOs. Eventually, this lead to my first bank owned REO listing. Bank Of America Reo Broker Application
BPOs were my way in. Soon I understood BPOs were something of value I could offer. Isigned up with another BPO company and an REO company... then another. After a while, I was completing 2-3 BPOs per week. I kept my expectations low in the beginning but I tried to promote myself on every BPO.I was in this for the long haul and was ready to complete 100 BPOs or more if need be.
I was pretty awkward at first when I spoke with asset managers and BPO companies. I didn't know what to say -- or what not to say. After each embarrassing moment, I took notes on what worked and what didn't. I got better. I was desperately looking for ways to make the jump from completing BPO's to actually listing REO's. Learning this transition was the most critical step to understanding how to consistently list REO properties. There's a lot of agents that complete countless BPOs but never get the REO listings. I didn't want to be one of them.
Today, I regularly complete 3-4 BPOs per week and I consistently list REO properties.I maintain a database of title companies, trustees, attorneys, and REO contacts along with the rest of my sphere. There's no reason you can't do exactly what I've done. The hard work has paid off for me and it can pay off for anyone willing to study the right techniques and work at this part of our business. I'm not smarter than anyone else, but I have learned what works. REO listings can be yours whenever you're ready to begin. Bank Of America Reo Broker Application
Bank Of America Reo Broker Application - How I Started Listing Bank Owned Properties
By: Real Estate Expert
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