How to get REO listings.

How to get REO listings

How to get REO listingsHello and welcome to Todd Miller TV. I wanted to do an update today on how to get REO listings with your real estate agent. You probably see that there is a group of agents who see they have all the listings from a bunch of different banks, the big offices with a bunch of staff and you sort of want to break in to that. Get some business for yourself so I want to go over some of the key things you would need to do. Nothing I’m going to give you here is super secret. It is not anything that you probably don’t already no or you haven’t heard but I’m going to go through it in a way well maybe it will make sense to you, okay. The first way to get REOs is to start doing BPOs for companies. Now you got to be careful with this. A lot of the companies do BPOs for can never, ever give you an REO; they are just feed BPO companies. So what you have to do is you have to figure out which company by doing the BPO score may adopted in an REO listing.The best way to do that is to ask them you know when they contact you to do it or send you an email just respond and go hey is this, am I getting 50 bucks and I will never see business from it or maybe start to get REO business. If you are getting paid like 50 bucks you are probably never going to see anything from it you are just working for the BPO. So go and ask if they are free then maybe they are going to buy the note or buy the trustee sale and then list it with you afterwards so you just have to be careful with it.I have heard of agents do 100 free BPOs never got a listing and that is just you know the way it goes is one thing you have to watch out for. Second way is go to conferences 5 star is a good one REO Mac is a good one you know the excuse I hear from most agencies oh I don’t want to buy a plain ticket to Dallas or California and then you know pay for hotel room and just go to some conference and that was a waste of time.The idea of going is to learn to educate your self and then meet people within the industry. If you are not doing that then you know you are not going to get listings. Okay the next way is loan officer relationships. A lot of the banks require that you be referred into the network but someone, either you are doing business with them; you have a relationship with a loan officer. They just want to know that you are you know legitimate that third party endorsements really all they are looking for.There is no quid pro quo. It doesn’t matter if you done a lot of business or a little. Really what they are looking for is, is this someone we can trust so sometimes they don’t know just because you signed up on their website. They want another person say yeah I have done business in there. They are a good person, okay. So here is the last way, this is probably the sneakiest way to do it and a lot of people haven’t figured this out and this is actually the most controllable for you out there.So all an REO is the property has been foreclosed and there is nothing special about it. It is actually probably easier to do a regular listing than an REO because of the tons of money you have spend up front to do repairs and utilities and hopefully get reimbursed on the backend, but the concept is you want to seller who has a lot of property who has some you know regular flow that is the benefit of having REO listing. Well the way to do this is to generate them yourself. Your own REOs and how you do this is through the trustee sales or courthouse sales or whatever happens in your market place.If you go down there you will see all these investors who are down there. They are buying properties. Well on the other end of that they have a real estate agent because a lot of these properties are just flipping. They do repairs and flip and you are pricing well but they are already hooked up in relationships that I’m not going to break into that. that is true but what you can do is create your own market.The way you create your own market is you go out there and you find the investor and then you show them the opportunity and you get a group of investors or you know a couple of investors you do it yourself and you go down there and buy properties you can do it with a hard money lender. You can buy properties and in the end you just do the REO process yourself. You can be doing a lot of work. You are going to have to deal with an eviction maybe a cash or keys relocation type program to get people out.Repairs on the property or fronting money for that or having an investor do it to end up with a listing so there are definitely to get REO listing you just have to be diligent if your goal is to just go sign up an REO websites and hope you get in. There are thousands of agents who have done that you know that something you can do. You might randomly get pitch but you know the truth is that REOs are hot right now everyone wants to get in on it but the best thing you can do is just sort of take it one step at a time and you know do the things I mentioned do BPOs.Try to get it with trustee, sales and some investors doing that. You can sort of create your own market and create your own niche. Anyway that is my update for today. If you want to subscribe you can just click on this subscribe button and put your email address and do an RSS to subscribe and anyway. Thanks a lot.