Hello all,
I am a new agent (6 mos), and I am wondering what is the time/experience before being able to list REO properties. Being that I am very new to this, I was just wondering if anyone could share some experience on this matter with me. By the way, I have been working with a Fannie Mae(direct) broker since I have obtained my license. Any suggestions?

Have they offered to give you listings? Have you done any BPO's for them?

Most applications ask how long you have been licensed for. Many companies require at least a few years to start doing work for them. With that being said you are going to find it almost impossible to pick up any reo work, and will struggle to get bpo work unless you work for peanuts. It depends on your area, and the amount of work there too.

My suggestion is to sign up with as many reputable companies as possible and be truthful on your application. I know when I was only in this business for 6 months, there is no way I would be able to do a bpo properly, or list and sell an reo. I've been doing it for several years and I learn something new every day.

No they have not.

I have completed about 50 BPO's, within the 6 months that I have been licensed. I have listed about 20 of those(input listings, scheduled repairs with SAM contractors,marketed the properties, etc). I am also familiar with AMN,RESNET, and FAS systems and procedures. They are just all under the brokers name, since he is the listing agent. We even have a split for the ones that I list. I am just trying to branch out and get my own.

Are you able to sign up with REO management companies & BPO companies under your own name? I signed up with REO and BPO companies as a new agent in 2007. It took me about 1 year of doing BPO's before I started getting listings. Times are different from 2007. If it doesn't conflict with companies policy see if you can apply under your know name.

How close are you to becoming a Broker yourself?

Sell some of your Listings; get your Broker's License; get your own E&O; set up an Office . . . . and there you go!

I have all of my coursework completed. In ohio you have to have 2 years as a salesperson, and 40 transactions. I have 1.5 years for the time requirement, and about 20 transactions to go to meet the tranaction requirement.

The time varies between providers but a minimum one year of experience seems to be the standard. Typically you need to perform a lot of free work (BPOs, Occupancy checks, etc) before an asset manager will give you a listing assignment. If you have recently gotten into the REO game, you may be waiting longer than usual to receive assignments since there are so many agents fighting for the listings.

You may want to ask if you can sign up in addition with your Broker, depending on your state requirements of course. Maybe try som different companies like equator, reoprep, reo world etc.