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REO Agent FAQ on Becoming a Top REO Agent

As a top producing REO agent in our marketplace, I often get asked the same REO questions repeatedly. I thought I would answer them for all of those agents looking to become a REO agent.

REO Agent FAQ

1. HELP! Where Do I Start?
The first thing you need to do is get a good, up to date REO bank list to contact. This step is crucial! If you have a bad REO bank list, all of your other marketing efforts will be wasted and you might as well market your REO services to your mom. There are several ways to obtain a good REO bank list:

  • Search Google, Yellowpages.com or your local phone book for your local REO lenders, banks and asset managers. Get their phone number, mailing address and their email.
  • Ask your title company for a "notice of default list." This will give you a list of all local properties currently defaulting on their mortage with a list of the lenders being defaulted. their phone number, mailing address and their email.
  • Buy a REO bank list. For under $100, you can find a list of REO banks to get you started.Of all the money you will spend in starting your career as a REO agent, this will be your best purchase. These lists are well researched and contain all of the major BPO companies out there.

2. I have a REO Bank List. Now WHAT!?
Now you need to convince the REO leads on your list that they should give you their business. Create a systematic marketing program that forces you to contact each potential REO bank at least 3 times a month.

Start with a phone call. Introduce yourself as a REO agent in the ____ area. Let them know you'd love to earn their business and ask how you can get registered on their list. Once you're on their list, Follow up! You need to hand write them a thank you note. Then set them up on a consistent email campaign to stay in contact with them.

These few steps will set you apart from most agents, but if you really want to stand out, you can use one of these REO Lead systems to skyrocket you to the top of the REO bank's list of REO and BPO providers. While some of these can be a little pricey ($147, including the REO Bank List), the right REO Lead System can help you become a REO Listing agent much quicker than starting from scratch.

3. What Will Banks Expect of Me Once I Become a REO Agent?
Being a REO agent isn't always a cushy job. Some of the things the banks and asset managers may ask you to do once you become a REO agent include:
  • Be at all Sheriff Evictions
  • Pay electric / gas bills for banks and get reimbursed in 60-90 days
  • Ensure water systems are winterized and turned off.
  • Arrange for complete house cleanings and "Trash Outs"
  • Respond to vandalism and property complaints (Your name is on the sign. Who do you think people are going to call?)

4. Should I Process BPO's
In one word, yes. Especially at the beginning of your REO career. Many people will tell you processing BPO's is time consuming and does not pay well. That may be true, but at the beginning of your quest to become a REO agent, you need to get your name in fonrt of REO leads and banks. The easisiet and quickest way to become a REPO agent is by builind up your name awareness through processing BPO's. Want even more appreciation from banks and lenders? Let them know you'll process their rush BPO's with 24 hour notice.