This is the needle in the hay stack.
Free information regarding asset managers and reo listing companies is very rare. You’ll find all kinds of seminars on how to do bpo’s, set up a resume and on and on. That information is all over the net. What you really want is the contacts at the asset management companies. People who you can contact and direct all that good information you’ve learned at those other places. You won’t have to get you’re wallet out for this though. All the information is free, sample bpo’s, telephone numbers, emails and in some cases addresses.
The only way you get it is if you’re the actual agent getting the assignment.
But these are the precise people you have to be in contact with in order to get the listings. You can sign up with asset management companies’ everyday, but it you’re not on the actual asset managers list when they need new agents you’re getting passed up. Some of these companies are now handling Fannie Mae properties. As some of you may have heard, Fannie Mae has outsourced management of their assets.
If you’re sending resumes to companies, make sure these guys get them, and send it often.
Make phone contact. These guys and gals get hundreds of emails a week. Your email will get buried in the bunch if you just email. Call, email and call again. I’ve talked to several unfortunately they don’t handle assets in my area. Perhaps it can help some of you.
Taking REO listing is not that complicated, you just have to be talking to the right person.
If you have property management experience, make sure they know. They will always look closer at someone with property management under they’re belt. That is what you’ll be doing after all. Selling the home is just an extra for them.
For those of you who do land an assignment from one of these contacts.
One of the first things you will have to do is an interior bpo. Make sure to properly handle the initial bpo. Review it and make it as complete as possible. Make sure to take pictures of all sides of the home and be as accurate as possible with your estimate of repairs. Be especially particular about your pricing strategy; show them you have a good idea of the surrounding market.
Good luck and make sure to follow the blog.
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