I am a real estate agent. How would I go about listing foreclosed properties? It's hard to talk w/the banks!?

Question

I've tried calling the banks listed as the lenders for some properties without success. Their customer service number is usually the wrong number to call for this. Is there a placement service out there for what I want to do? Thank you!

Answer 1

A REAL real estate agent wouldn't be asking such a question.  You just want a list.

Answer 2

Post flyers, and make signs.

Answer 3

There is a lot of competition for that end of the industry right now and trying to reach let alone get REO listings from them will be very tough.  The loss mitigation departments of most banks send their business to "proven" brokers/agents.

The way you get started is to complete BPO's (Broker or Agent Price Opinions).  Most of are on a first come first serve basis.  Start off by visiting:

www.clearcapital.com

Once you complete a few of them, a lender "may" decide to use you as their listing agent.  There are a lot of other sites out there, but be wary of the sites that require money.  

Another way to get reach of possible REO's is to list properties that are inevitable short sales.  You'll develop a relationship with the loss mitigation department and eventually become "proven."  

Many of the lenders require experience and these are great ways to get started.

Good Luck

Answer 4

The large lenders all have pre-established networks of agents they use to handle their foreclosure properties.  It's not easy to break your way into that game.  Your best bet is to start to do BPO's for possible foreclosures, and work your way into the business that way.  Expect it to take a year or two before you get going in foreclosures.

Answer 5

There is no way to call in and get work.

You need to have a loan officer that works for said bank recommend your broker (contracts are to brokers not agents).   If they like the recommendation they call and request a resume (your brokers) and may interview the top producing agents.

The system is set up to avoid you harassing them, they will contact you.

Answer 6

Most banks will not talk to a single real estate agent about their list of foreclosures.

Most have strong ties with real estate agencies that sell their houses they have on their REO list.

You may get a list of those that are listed on the MLS and work them as if they were your listings. I am sure the listing agency would have do problem with that idea.

You appear to have a problem of marketing yourself. If you have not read or attended classes on how to market yourself perhaps you should.

Marketing yourself put you in front of people that want to purchase what you are selling, therefore you will have a constant list of buyers and sellers.

This is a problem that most real estate agents have, they get their license, but have no idea as to how to market themselves.

You can work and area in your city of about 5000 to 10,000 house putting out flyer's for 2-3 months followed by a once a month newsletter.

You also need a professional team that supply you with a steady stream of referrals.

You need a title rep, a notary, an insurance salesperson, several  attorneys that does probates, divorce  and business and personal bankrutcies.

These people might vary depending on what you want and need.

You should pass out their business card to anyone that you know that need their services and they should pass out your cards to anyone needed your services.

You might have to change these individuals until they are doing as expected and not using you.

I hope this has been of some use to you, good luck

"FIGHT ON"