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YOur broker is ultimately responsible for generating leads to fulfill your dream.
If you use 25% of what they teach you and apply it efficiently, you will be a famous realtor. To get a head start you must treat it as a business, with a solid plan put in place. 95% fail after 1st year.
San Jose, CA
Why should they tell you a source of their business? I no longer do them so I will tell you to check out Resnet. When you sign up and pay you become listed on their referral network. And yes there is usually a referral fee to be paid on all REOs now.
Patricia, there's no free ride in real estate. Do your research, then put what you learn to work for you.
San Jose, CA
I am sure you found the way out.
We chose not to do REOs and opted for Short Sales...
Developing strong relationships with lenders can be an effect step towards getting REO listings. Be prepared to demonstrate a successful record of REO sales in your area. You can sell the listings of others.
Patricia - it appears that you are the broker for your company so my suggestion would be to start here, find out which banks have the highest number of REO's, then try to find out who is currently servicing these homes. Make a connection with in the bank or in their asset managment department, once you do that you will need to know what they are looking for from an REO agent or brokerage
Bbe prepared to have some deep pockets or financial backing as most of these require an out of pocket expense by the listing agent, for replacing locks, keeping up with home maintenance, replacing fixtures etc., and if they hand you 20-30 listings it could add up to several thousand dollars very quickly.
This can be a very lucrative market, but it takes a lot of work to make those connections and build that trust and then $$$ to keep it running.
Hope this helps.
Go to your broker and ask for help. He/she should be willing to help you get started. If they don't you may need to look for another place to go.
Patricia Harris - not an expert at REO - however, for listing, easiest one is - call FSBO, Expired. There are some services that will provide you with such listings - of course, you'll have to pay for it.
You're talking about two totally separate things. if I were you, I would focus on listings first, and just gradually work towards learning the reo business. To get listings, you need to generat leads, then turn a % of those leads into appontments, then a % of appointments will become listings. Many agents won't tell you because they don't know.
The process into REO is different than getting listings.
Take great care regarding the business you pursue.
You want information on how to obtain listings! That is easy you need to call sellers of expired listings. Or you can snail mail them a letter after their home expires. Reo you can meet with a managers of a bank or go to homepath or hud and sign up to get listing of REO in your city or state. Good Luck! PS ask your broker or other agents in your office.