Hello everyone! At the risk of sounding like a rookie, I am not. I have been selling for 15 years and directly in the business since the 1980s. Typically I am a full service listing agent. I own my firm. My commissions are flexible. Now I really want to focus on BPOs and REO listings for at least the next 24 months. San Diego is going through a very rough time. Based on my simple MLS research, the agents who get REO listings are "all over the map" and not from one or two firms. Some are downright small or unheard of. So how do they get those listings? By the time the bank takes back the house, decision-makers are no longer in the region in which the property is located. I would appreciate any advice and will GLADLY share all my contacts with anyone, once I get some. Over $150 million sold, but never an REO. Please help!!! Thank you so much. I am new here.

I quit.

There is a ton of posts to read about this. Take some time and do so. Welcome to the forum and looking forward to your contributions.

Did you really tb? BPO's?

me too...

I would just like to know what makes you think that a "small or unheard of " agent/broker cant market REO properties? And the market is rough ever where and everyone wants to jump on the BPO/REO band wagon. And all over the map I cover 9-10 counties covering well over a 200 mile radius and I can market my properties just fine.They got those listings because the stayed up night after night searching forums,the web and countless other ideas,they have exhausted many options and most are just now reaping the benifits of 15 hour days.REO is not the same as a "regular" listing,and you have to be ready to handle it all.
Just because you have sold 150 million,doesnt mean you will be good at REO.My question for you why do you think REO is right for you?

My company is small (only two of us) & we are doing well. I work my butt off and it's really tough. Of course, I'm not new to the REO side of the business as we've been doing this for 13 years.

The top REO agencies in my area are all small companies consisting of no more than 1-4 agents. All of us are a tight-knit group and have over 95% of the REO properties in our area. I see one or two "big-time" agents/agencies getting a listing here or there, but nothing like us small companies.

I attribute it to them not working in (or even caring about) this area of the business during the peak times of the market when anyone could make $$$. I can remember many of the superstars chiding me about working with foreclosures back in "the day"! All of the long time REO agents have been doing this for many years and have established contacts.

Don't expect to buy a list of companies off of eBay and become tomorrows top agent, as it just does not work that way. Hard work, education, accessibility, true dedication to being in this business long term, extensive market knowledge, large cash reserves to handle trashouts, CFKs, repairs, etc. are all part how you become sucessful in REO.

Mega-star agents are leveled quickly in this area of the market! Quick-buck agents need not apply!

AMEN!

I would agree, the top REO companies are a small team, 2 - 4 people. I'm at 2 of us now and I would hope that #3 is not far off.

KimberlySDCA, There's nothing glamorous about selling beat-up bank repos, and having to tell leftover occupants they have to move out or face eviction.
Personally, I think the whole part of the business is being over glorified and blown out of preportion.

over 150 million ....um so how much have you made.... my calculations make you a millionaire many times over....

why dont you just retire

BPO's are a waste of time and money. I would look at another avenue. I actually quit today.

15 years and no idea how to sign up to receive BPO's........Whatever!!

If you are as succesful as you claim, stick to what you know. You'll hate REO/BPO work.

You are now just figuring this out? I've been agent for 3 years not a broker and I saw this train coming in 2006. Good luck breaking in. I really think if you aren't in by now in San Diego it will be really difficult. Everyone wants in now. Read the threads just like everyone else there are no free rides here. Then work incredibly hard 50 60 hours a weeking and maybe someone will give you a listing.

I'll trade you a third of my BPO business for a third of your "full service, nose in the air, botique, $150 million dollar real estate business"

Just kidding, I recommend you try http://www.freeBPOlist.com or start cutting you teeth on http://www.Evalonline.com

Goodness, people! She's just asking a question. There is no reason to beat her up. She doesn't know what she's stepped into, so give her a break. I agree she needs to do her own research, work hard at it, and not ask for handouts, but there are other ways to say it.

We were all green, dumb, newbies once. Don't forget that.