How To Find Bank REO Departments
What is an REO Bank Department?
An REO bank Department is the division inside of a bank or a lending institution
that manages the foreclosed properties the bank needs to sell. This department is
in charge of finding agents to perform BPO's and list REO properties. In this economy,
the employees inside these departments are typically inundated with foreclosed homes
needing BPO's and prelisting services.
Top real estate professionals that have become an REO agent have done so by gaining
access to the managers and processors inside these REO bank departments. It's not
an easy task. Simply finding the name and phone number doesn't allow and agent to
begin processing Broker Price Opinions or start listing foreclosed homes for the
bank.
Why Buy a List of Bank REO Departments?
Contrary to what you may have read or heard from other agents, you do not need to
buy an REO bank department list. You can find some banks on your own by using any
search engine on line. Title companies and local lenders can also be a good source
of REO bank departments that need good real estate agents.
But be prepared. Searching the internet for individual banks can be a time consuming
process. In addition, the banks you find online will have more agents calling them
and competing for your business. If you found them, plenty of other agents will
as well.
If you don't want to spend several days of your time compiling a list of lenders
and their REO bank departments, purchasing an REO bank list can save you hours of
time and ensure that the lenders and REO departments on your list are accurate and
up to date. If you believe that a day or two of your time is worth more than $40
to $100, then you're probably better off purchasing a list of REO bank departments
than searching for the contacts yourself.
The top REO bank department lists also include detailed plans for finding and registering
on the lender's website. Registering as an agent on these websites allows you to
start processing BPO's for the banks and lays the groundwork for you to become an
REO agent.
These lists range in size from as little as 10 lenders to over 100. The larger REO
bank department lists usually cost between $50 and $100 and come with free updates
and insider tips and secrets to help you utilize the contacts
How to Find an REO Bank List
Finding a quality REO Bank list can be a little tricky. While there are many lists
available, a number of the lists available are old and outdated. There are several
keys to finding a good list:
- Find a website that compares
several different REO list providers: A website that reviews only one list is
usually just a sales site for that provider.
- Find a list that offers a guarantee: If they're not willing to guarantee their list,
there is something wrong.
- Find a list with over 100 banks: Any thong less than 100 REO banks departments and
the list is not worth your money or time.
Should I Become an REO Agent?
Real estate agents always wonder if it's worth their time and money to buy an REO
department list and do the work necessary to become an REO agent. The answer depends
entirely on you. If you are willing to do the hard work required to contact and
follow up with every banks on your list, then you can make a huge income if you
become an REO agent.
However, if think all you need to do is email the banks with your contact information,
then you need to find another job. Once you get a good list of banks, you need to
continually market to that list. Tell the REO bank departments why they should use
you. Tell them about your market expertise. Email, call and snail mail them.
In addition to the steady stream of listings and income REO's can bring in, once
you become an REO agent you will have a constant flood of buyers calling you for
information on your bank listings. These buyer leads can help you grow your business
fast.
What's more, the listings you take for banks will open the door to gaining more
listings from resale sellers. Once you become an REO agent, your real estate business
can explode. All it takes is lots of hard work and the right REO Bank Department
contacts!
|
