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.

Kimberly
Unfortunately you are slightly behind the curve at this point. However, I believe that the demand for brokers still exists in CA (and OH and FL), of course there are over 500,000 brokers and I bet a lot of them are already in line fro REO/BPO work.
If I were a top-producing millionaire agent in the good days, I would work REO on the buyer's side, it pays better and it is something you are already good at. Tour all the foreclosures you could find, get familiar with them and then maybe you could organize a Foreclosure Bus Tour or do Foreclosure buying seminars.

Ah! The glamour!

I'll tell you, I think REOs on the buyer side is a great opportunity right now. Some of the bank, despite their innate stubborness, ARE willing to deal. And you can get properties for better prices than short sales without the gigantic hassle and long wait.

... Assuming the buyer is willing to put some elbow grease into it.

And here we go, round fifteen of our main event ..........

Oh my, KimberlySDCA takes a hard hit from Vintage.

What? KimberlySDCA gets back up and does a million dollar dance to entertain the crowd.

She shouldn't of done that, she just got blindsided by pogibaby, oh my. that was a clean hit .........

Can't believe it, KimberlySDCA shurges off the hit and des a dance from the 1980's, WOO HOO .......

Here comes a real demolition style hit, moneymike hits her with a low blow, that will cost her about $150m to get that facelift she'll need after that hit .........

There she goes again, she must have a support staff in that office she owns because she's back on her feet and taunts everyone with her flexable commissions, WOW!

There we go, our local hero UpNorthGal takes a shot at her, that was a good hit, KimberlySDCA is staggering, will she go down for the count?

Stay tuned for the ending coming sometime today .......

So far no one sugested that she just sign up with Ocwen like a regular person. Call India and see what's happening.
Then take her high heels off and go to the hood for her first "assignment." The brothers always like chicks coming to photgraph their home; she might get a "short sale."

REOs on the buyers side is a GREAT area to be in! We are at a point that we need to hire a buyers agent to help us with our inquiries as we just don't have time for them and everything that we have to do on the listing side.

If you take time to build buyer confidence in you by researching the properties and providing them with a detailed analysis of what a given property offer should be, you'll do well!

No bashing, just hard facts to think about! This is a tough business & it's business that you have to put a lot into to get anything out.

Best of luck to you!

here is the deal,there are no free rides here, I too was a traditional agent at one time, however as I understand you want your foot in the door. Many of us work ridiculous hours,many times get burned financially via utilities,bad bpo Co's or other ways then have to listen to traditional agents that don't understand how this program works, complain non stop when they write an offer. Sorry to say it but we are extremely protective of our business, and I think I can good luck getting any contact info. My advice to you is research, research. absorb as much info as possible. As you find companies search this forum and read up on them you will find the good and bad. What ever you do
DO NOT ASK FOR CONTACTS IN THIS FORUM, trust me you will get lit up like a chinese fire cracker.

I don't know many millionaires that expect to be handed success.

Here is my take and I know that nobodys is asking my opinion. Not all but alot of reo agents never had much of a business in the "traditional" market. When companies came calling for BPO's busy agents turned them down (their mistake). However, I have a lot of investor buyers (sold 20 bank owneds last 6 months of last year) and its been difficult dealing with the reo listing agents. For the most part they are not in their offices, never return calls, must have 20 assistants that you have to go throught first. You never get counters or rejections in writing. For every 10 offers written only 2 get answers right of way. And I'm sorry there is a lot of agents that have never done anything but reo. I can't stand the arrogance!!! Remember this, I was around in the early 80's when there were forclosure's and yes that was a big part of the business. But it only lasted 2- 3 years and were almost there now.

Champ I can see why you would be frustrated with those agents, but there are 2 sides to every story. Maybe they are not in the office because they are out working - showing homes, inspecting new listings, doing BPOs & CMAs for their clients, etc. REO agents aren't the only ones with tons of assistants. Many agents here have huge teams and you are lucky if you can ever deal with the same person twice. If they have that many assistants, they must be busy. Many REO clients don't send counters or rejections to the listing agents in writing, which makes it impossible to send you a counter or rejection in writing. REO listing agents can't help how long it takes the seller to respond, sometimes it is right away and sometimes it is a week later.

It's frustrating on the other end as well when you get offers from agents that don't include a pre-approval letter or POF even though it is clearly stated in the MLS that it needs to be submitted with the offer. It's also frustrating to get calls from agents who have shown one of your REO listings wanting to know how old the furnace/roof/water heater are when they know that it's an REO. How about the agents that call you just to ask you how they can get REO listings? That's fun too.

If we all conduct ourselves as professionals and extend each other common courtesy, it would certainly make things better for all of us. Of course you are always going to run into the agent that is an arrogant a$$ or a complete idiot, but if you take the high road, you'll be better off than if you sink to their level.

Where were you in the 90's reo market, lol?

Um, do you think this market is in ANY way the same as far as magnatude? Do you think this reo mkt is winding down now?

I have to ask. I used to ask similar questions to those that said we would experience a 'soft landing.'

Ok, I feel better.

Slo... Stay tuned for the ending coming sometime today .... I hadn't laughed so hard in days. Don't forget to post the ending!

ok maybe i was hard on her....

kimberely....im going to pm you my best bpo contact...they will send you work very fast.i started with them, and they are one of my best companies..they are a EVALuation company based in florida somewhere i think...do good work and you will recieve more...

Watch out MM. Adolfo is going to come running in to save the day and defend Kimberly again!!!

Look people can make alot of money and never save it to!!!

I can make EVERYONE happy here saying I DO NOT want to be in the REO listing business.You guys can have all the listings you want.It's not that I am not well versed in foreclsoures and could do it if I wanted to.

Now is an awesome time to deal with investors.Foreign investors especially with the conversion rate on the dollar they are getting for purchasing here and that includes land,reo's,preforeclosures,commercial,development,etc,etc,

You see all these people wanting to do REO's seeing BIG MONEY,BIG MONEY.

The truth is until this boom alot of reo agents over the years didn't have many defaulted assetts in there areas and now they are having boom times.Those times will end and levels will regulate back down and the fast buckers will be on to something else.

Read this forum and you will see reo's is a very dirty job.

I am happy doing commercial but I still post and read here as I am an investor too.

Don't ever do something for just the money it does not buy happiness.

Champ, OHAgent is correct.

REO agents are a busy bunch. There is always a lot more work than hours in the day and tasks are being shot at them "ad hoc".

I used to feel the same way you expressed, until I started working this side of the fence. Some agents are plain ridiculous. Mainly, they just don't pay attention and want information spoon-fed to them. I've had people leave me messages asking if the ACTIVE listing on the MLS is really ACTIVE. Please, do you think I have time to have *THAT* conversation?

My recommendations for anyone putting in an offer: READ the entire MLS listing TWICE. Read the showing instructions. Take the initiative to see if there are any attachments to the listing. FAX the darn offer to the RIGHT number. Include every single piece of doc asked for. Make it a simple offer without asking for the moon.

And that's just for starters.

More reo's than in early 80's, most of the forclosures were va and hud, didn't have many assett management companies. I do feel this reo market is going to be booming through 09. Revovery will be slow.

Adolfo... I agree with everything you said EXCEPT: I don't like showing an REO listing anymore until I verify that it is actually STILL available. It's happened to me TWICE now, in recent weeks, where the REO agents neglected to put the pending status into the MLS! Very frustrating, escpecially since my client wanted to write an offer on one of them.

The same is true for REO agents, as well as traditional agents.... "some agents just don't pay attention to details". And then some have simply taken on more business than they can proficiently handle, so alot of things get missed, including status change to the MLS. So if an agent calls to be sure it's still available, don't think he's just being a jerk because they may have had the same bad experience that I've had. If you are so busy to return a call to verify the availability, then you probably need an assistant to handle some of the annoying little tasks such as that.

I am quite sure that you are a very proficient agent, but I think you may not be sensitive enough to some of the challenging issues that the buyers brokers are sometimes faced with when it comes to dealing with some of the less proficient REO brokers out there. And yes, it would be nice if a buyers agent read all the comments regarding procedures for submitting an REO offer and followed the procedures when submitting the offer.

Champ,

What you described is opportunity. The exact same thing happens in my market area. The big REO Agents have 50-170 active listings. I love these folks. I slide my few BPOs under their nose and at a lower price. My REOs sell while theirs rot. I keep my zip codes close and I hammer away at my REOs to sell them. These big agents don't even know what they have let alone keep up on the pricing.

PacificBreeze, you make good points, but the issues you bring up are not unique to REO listings. They can, and do, happen with every type of agent and listing, including missing details and taking on too much work.

You're absolutely right Adolfo, which is why I also call on ANY listing before I show it, IF I'm pretty certain it may be one in my client's top pick. But I'm certainly seeing this type of thing happening alot more on the REO properties than traditional properties. After all, REO agents are the busiest agents at this time, so it makes sense that these types of things are happening more with REO listings.

Ooooh.. you people who call to see if it is still available are the bane of my existence!!

I received 42 offers in the last 24 hours. Each of those agents called at least 3 times asking if I heard anything yet, add to them all of the people who called before showing my listings, and my assistant and I literally spent all day on the phone.

While we would be on the phones we would get 3-4 voicemails!

For a slow market people in this area sure have a lot of active buyers!

Yea... Your right Auburn. I've been saying it for over a year. Once the prices really tank to "normal" levels, there will be quite a few people buying again.

Just for the fun of it I took a count yesterday:

37 emails, not spam mind you
13 phone calls

Now if each email or call takes 6 minutes of my time to deal with that takes 5 hours of my day ...........

So after that I get to work on files and REO management on line ......

So after that I get to do BPO's .......

THen out in the field to manage & take pictures ......

For the last 2 months I've average 15 hours per day Monday through Friday and 8 hours each on Saturday & Sunday .......

Who says it's slow ...........

An people still think we are over paid .........

Please can I have a 2 hour vacation?

BTW, I sit here in my home office in shorts I wore to bed, 3 days growth on the wiskers, no shower for 4 days .....

So glamourous KimberlySDCA, please by all means take off your high heels, smart looking business outfit and trade in your Mercedes for a utility vehicle so you have room for the cleaning items you need and a tool kit .........

Oh, and don't forget that toothbrush you need to keep in the glove box along with a can of foo foo spray ......

Granted, SLO. And you can take it tonight from 2-4 a.m.

The phone calls are a big issue. Not that it's wrong or unreasonable for agents to call. It's the sheer volume of time that it takes to field those calls, even the simple ones.

That's why it's imperative that REO agents push out in front of them as much information as possible. Take the time to create a rock-solid MLS listing that gives agents the answers to their most common questions, things like showing instructions, addenda to include, etc (hopefully your MLS supports things like attachements). For buyers too, like using a toll free "hotline" number with an extension unique for each property.

These things take more time to set up for sure (and to maintain as well, like if you include price in your hotline info and change that price). But for the most part, once they are set up, they fly on auto-pilot, allowing you to have more time for other things, like sleeping, eating, and visiting the toilet on ocassion (optional).

To be sure, you'll still get calls. But those will usually be from people who are ready to deal with you OR from unattentive agents. The latter you can easily deal with by saying, "It's all on the MLS. Check there." After all, you are not in front of your computer all day, right?

I'm not sure why you complain about calls from an agents to see if a property already has offers on it and such. What else are they supposed to do? I've called on REO properties to see how many or if any offers were already put on it. I can't tell that from the MLS listing when it just says active. Isn't taking that call easier then dealing with another offer contract from an agent that hasn't called before hand? I can see how the calls to see if you've heard anything back from the lender on already submitted offers would get annoying, but the ones just asking if there are any current offers should be just the price of doing REOs. After all you can't put info like that on the MLS. Or can you? I don't think my MLS allows that and I haven't seen it on any REO properties. It has to stay active until it is officially under contract no matter how many offers are being submitted. For myself when I'm thinking of purchasing an REO property if I call and the agent says they already have 10 offers or multiple offers I just forget about it. And for you REO agents that say you're so busy you sure post alot on this site.

Colorado Koolade ...........

This is one of the few areas we can take a 10 minute break for our sanity.

Let's be real here, when an agent calls to see if there are 'offers', he or she is really wanting to know if they can 'low ball' the asset, which in turn takes up my time to deal with an offer that isn't going to fly.

Interestingly I've yet to sell an REO at less than the full listing price. THat is what I tell agents who are 'fishing'. I tell them, "Unless it's close don't waste my time, can't tell you not to write an offer and send it my way but you need to know I've yet to sell an REO for less than the full listing price, so please do us both a favor and write your best offer the first time as most asset companies entertain the best offer rather than counter several offers".

Good advice to the buyers agents SLO, if your REO listings are priced right (and it sounds like they are) but ColoBroker still has a valid point about calling before showing. If you already have 10+ offers under review, I wouldn't want to be bothered showing it. And in most cases, they don't show as pending for at least a week, until they get "signed" acceptance back from the AM. While I respect the large REO agent's time, there needs to be some respect for the REO selling agent's time too. It takes alot of time and energy for the buyer's agent to preview and show those REO listings. Why waste time if an offer has already been accepted, just waiting for the ink? Again, I still believe that if an REO agent has that many listings, they need an assistant to handle all the petty calls... it's just a necessity if you are going to handle alot of REOs. By the way, in my area, ALOT of our REO listings sell well below list price.

Our MLS has had a problem with agents who don't post their listings as "Pending" when they get accepted offers. Why? The agents aren't comfortable that their accepted offer will close, and they wait for the commitment letter from the lender before they change the status. In an effort to encourage agents to post the change in status, we now have a "Continue to Show" status. This tells agents that there is an accepted offer; however, backup offers will be accepted. Hopefully, this cuts down on the number of phone calls to the listing agent that some would consider to be nuisance calls.

Good move on the part of your MLS... then the LA could also add remarks like "accepted offer pending, waiting for final signature from lender" which should REALLY cut down on the calls. Actually, agents could put the same info in the remarks even while it's ACTIVE which would probably help cut down the calls.

you look cute in your avatar.. how about you send me some photos and Ill send you some bpo companies...



doesnt anyone remember hard work?

You guys are missing the point ..........

The question is asked like this, "have you had many offers?" ..

They didn't ask, "id this listing still available?" ....

Two very diiferent questions ........

When they ask about offers they really are eanting to know if they can low ball it .........

I guess the question should be is it worth me making any offer? For example you might have submitted several offers that one of probably will get accepted a week before I even called and you are just waiting to hear back from the lender on which one they would choose. I call to ask that because I don't want to go through the paper work writing the offer and
getting a pre approval letter from my lender just to have one that was submitted 2 days earlier get accepted. That's generally how it is in my local market. And now that I think of it has this thread gotten off topic or what? From the millionaire $150 million agent wanting to do REO to arguing about realtors calling about listings. he he

This would work beautifully with diligent agents, but they aren't the problem. I call on just about every house I show, because a 30 second phone call is far less bothersome (for anyone) than having your clients schlep out to a listing and fall in love with it just to find out its been under contract for 3 weeks. And the call often leads to the listing agent offering pertinent information not included in the MLS.

When I show *regular* listings as a buyer's agent, this is my process:

1. Send the list to the buyer.

2. Get the buyer's picks for showing.

3. Get showing instructions for each of the listings from the MLS (unless the listing specifies otherwise).

4. If and when the buyer wants to make an offer, which may be days or weeks after seeing the property, THEN I call the other agent to get specifics on availability, existence of other offers, etc. At that point in time, I expect the listing agent to be attentive and happy to get my call because we have a potential deal in the making. And they usually are! And I preface my questions with "I've read your MLS listing and here are the specific questions I have for you."

Someone please tell me why this would have to be different for REO properties, other than I'm just looking for excuses not to show property.

To me, getting the preliminary info not very useful. Any information I give you when you call can change minutes after we hang up. Active now, pending this afternoon, or maybe not! 0 offers now, 2 offers 2 hours from now, or maybe not!

The bottom line is you can't eliminate 100% of your risk. You are going to have to take the chance sometime that a listing (REO or otherwise) just may not be there for you when your buyer is ready to put in the offer. That's just the nature of the business.

Finally, I don't have a problem with people calling. My issue is with people calling for information that's right in front of them. Or who don't want to look it up themselves and find it easier to just pick up the phone.

foo foo spray=deep woods off! deters hitchhiking fleas

Has anybody noticed that the originator of this thread hasn't posted since it was started?

Just wondering...