REO listings are exciting. Getting a notification for a new listing assignment can be a real rush for a listing agent. It’s appealing to work with REO sellers on properties that have a high probability of selling. So, how do you go about increasing the number of REO listing assignments you receive? Following these five tips now to grow your REO listing business.
Visit your local banks and credit unions
Local banks and credit unions are an excellent place for agents (even newer agents) to start working on REO. Often these clients will give preference to an agent that give them mortgage business or hold their accounts at the institution. This is a great place to build references.
Update/create your REO resume
You should treat getting new REO clients like getting a job. Job hunters are often evaluated on their resume. Completing a resume highlighting your REO experience is an excellent was to get new clients. Once completed, post the resume on LinkedIn and upload to the client REO portals where you have registered.
Work on paid broker price opinions
A great way to learn more about what is going on in the local REO listing inventory is to complete broker price opinions (BPOs) for pay. Companies including Clear Capital, RRReview and Asset Val assign broker price opinions to local agents and pay them for completing the reports. Be sure to read the order instructions and complete the report on time.
Build a page on your website about your REO listing expertise
Many companies research agents online prior to assigning a listing. A page on your website that speaks directly to REO listings is a great way to build confidence. What should you include on this page? Ideas include your sales statistics, zip code coverage area, memberships as well as your contact information.
Join REO Agent Society (REOAS)
REOAS has worked tirelessly to compile the sources of REO listings. Join REOAS to find more sources of revenue in your real estate business. Membership is affordable and can help you maximize your business potential. You can join REOAS by clicking on this link.
Investing some time in the above five steps will grow your REO listing business. Take the time today to position yourself as a REO specialist. What additional ideas do you have? Let us know your ideas by commenting below.