How To Get REO Listings From Banks (Foreclosure Listings)
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How To Get REO Listings From Banks (Foreclosure Listings)

have you ever seen these local real
estate agents or brokers in your market listing all the foreclosures in your
area and you’re like how do they do that well stay tuned hey what’s up guys this
is Steve with Steven best real estate broker as well as real estate investor
my passion is to help other real estate agents real estate brokers as well as
real estate investors make a lot of money in this business and ultimately
achieve financial freedom so what is an REO an REO stands for real estate owned
meaning the bank took that property back from a borrower because of a default now it’s
considered a foreclosure and or a bank asset now once a bank takes the property
back through foreclosure they’re gonna want to get it off their books as
quickly as possible because they’re not in the business to hold property they’re
in the business to lend money so when they get these properties back their
goal is to get it off the books as fast as possible and they’re gonna have to
hire a real estate agent in order to do this so if this is gonna be your target
market you’re gonna want to do three things initially or you’re gonna want to
build your professional resume it’s gonna include your bio it’s going to
include your sales information and it’s also going to include your financial
capability second thing you want to do is gather all the information and
contact information for large banks asset management companies as well as
small banks that you’re going to be contacting the third thing you’re gonna
need to do is apply it to all them so you’re gonna send in your resume via
hard mail email and then follow up with a phone call now this is where 95% of
your competition is gonna stop they’re gonna send in their applications and
they’re just gonna sit back and wait and they’re gonna wait and they’re gonna
wait but not you you’re gonna be the other 5% the 5% that’s gonna be
aggressive you’re gonna be on the phones with asset managers and/or bank managers
trying to get their assets how are we gonna do this we’re gonna make weekly
calls you or somebody of your staff is gonna call once a week into these asset
management companies or asset managers
and just get in front of these people again this is extremely important in
order to start listing REO properties the person that’s going to be more
aggressive and attentive toward these asset management companies went into our
bank managers or asset managers are gonna actually get the listings now you
may be thinking it’s the same real estate agents that are in my local
market they’re getting all the foreclosure listings yeah that may be
true however they’re not necessarily doing a great job I mean you can
probably see in your local MLS they probably have crap pictures not
necessarily a good write-up and overall their response and their communication
with other real estate agents is terrible I know you’ve probably
experienced this if you had the buy-side on any of these foreclosures so you’re
gonna come in you’re going to provide better service than these guys you’re
reaching out to these asset managers you’re gonna have to come in with a hook
you’re gonna have to come in and ask what can you do to help them right now
you’re gonna want to ask them if they need any valuations done on any of their
properties meaning a BPO brokers price opinion I’m actually gonna do it a whole
video on this as well we’re gonna go into detail actually how you can make
anywhere from $40 to $100 doing broker price opinion you’re gonna ask these
asset managers if you can go in and do a valuation for them even for free all
you’re trying to do is get a foot in the door with these people to show them your
capabilities your service and so forth now as time progresses you should be
starting to build some rapport if you’re calling these people every week many
times they’re gonna lead you to voicemail you can leave a quick
voicemail but you know they’re human beings on the other side you can joke
around with them have fun with them start to learn more about their personal
life if possible going to want to befriend the asset managers and when you
start to build such rapport just say you know what I know you have your main
three guys in our market that you’re using how about we do this how about you
just give me one opportunity I’m not asking you for dozens of foreclosures or
dozens of bank assets to list I’m just asking you for one try me out I’ll make
a promise to you with this one if you give me the opportunity that I
will outperform all your other guys and there’s no commitment that you have to
provide to me even if I do how does that sound and then you just wait and wait
and don’t talk now that’s how I got my first asset management company they the
name of that company was called Brighton I think since then they either merged
with another company or got bought out and that was our first entry into
listing back assets and it worked now that is just one asset management
company now that you got that one secured you don’t stop there’s plenty
of them out there again I’m gonna provide you guys a link below it’s gonna
have a handful of asset management companies you can click on apply and
then get on the phones guys you don’t have to stop after you get one asset
management company under your belt or even a small bank or whatever the case
is you can build off of it there’s a ton of banks out there that need good real
estate agents and if you can provide those services if you can provide
excellent services you stand a great chance but you have to be persistent you
have to stay in front of these people you have to call weekly the next thing
is you got to make sure that you have a team in place that’s gonna consist of
multiple parties asset managers are very demanding you’re gonna have to go out
and do what’s the initial inspection now I always recommend you to bring somebody
or even a security officer to this depending on your area at least always
have somebody else going with you because this is the first inspection you
don’t know if anybody’s gonna be there you don’t know if there’s gonna be a
squatter in place you don’t know if the previous owner is still living there is
disgruntled and pissed off so always bring somebody with you because you’re
gonna have to go ahead and inspect that property see if anybody’s living there
and you’re got to report back to the asset manager I’d say 80% of the
listings that we took or REO listings that we took had a ton of
trash a lot of times the sellers that are disgruntled they don’t care they’re
picking up they’re leaving the next day and they leave a lot of things behind
furniture clothing trash all over the place so you’re gonna want to have a
good team in place that’s gonna be able to come out trash that property out as
quickly as possible get a dumpster do it they need to do you
know where to get this property in better shape third person is always have
a good handyman in place a lot of times asset managers will ask you your opinion
on safety or if there’s anything that you could do to make the property look a
little bit better so you’re gonna want to have a good handyman that can
probably go in and fix some drywall to do a little bit of paint some asset
managers don’t want to spend any money on stuff like that next person on your
team you’re gonna have a good cleaner I think that all real estate shows better
even if it’s you know rough shape if it’s clean so make sure they have a good
cleaner on staff the next person is a general contractor who’s essentially
licensed to a lot to do bigger projects for a residential real estate or even
commercial real estate we’ve always had a general contractor on our team big
thing in Florida were pools that didn’t have fences or fences blew over
Screened lanais we’re blown out and by law those have to be secured so
instead of doing fences and so forth we would actually have our general
contractor build a platform over the pool this way nobody would sneak in and
drown on the property which would cause more liability for the bank lawn and
land maintenance make sure you have a good person for this some properties you’re
gonna pull up to and you’re gonna see grass four feet high they’re gonna have
to come out with a brush hog and really knock this stuff down they’re gonna need
to trim them up shrubs trees and really just clean the property up again curb
appeal is everything and you’re also gonna want to make sure that they’re
maintained on a weekly or monthly basis to keep the lawn and shrubs and
everything looking clean and nice and the last person on your REO team you
should have somebody that’s gonna go out and do the weekly inspections for you
a lot of asset management companies as well as banks and small banks they want
weekly inspections some even want twice a week and it can be a pain in the ass
so you’re gonna wanna have somebody that’s gonna go out and inspect the
properties make sure there’s no break-ins they’re also gonna have to
take pictures date stamped pictures and report that back to the asset management
company now that’s grunt work that should not be for you
that should not be your job what you should be doing because your job should
be back on step one which is going after these asset managers and building up
more inventory getting in touch with more asset management companies and
trying to get them to list with you and last treat these properties as if there
are any other kind of properties I know you know starting the beginning of this
conversation a lot of these real estate brokers and agents they do a crap job
they filter through these properties they don’t they really don’t market
these properties how they should granted they’re all going to be priced
competitively and they should sell fairly quickly however you guys
need to treat these listings just like any other listing so get the drone shots
get the high quality photos do what you can to stand apart and also videos
put a package together an email to the asset management company especially
after your first listing and do that routinely with every listing
that you take again it’s gonna set you guys apart from your competition
so again if you’re starting with one listing in an asset management company
and you’re providing these links and videos and updates and you got the other
guy over here they barely hear from he’s selling their real estate but they
barely hear from and they’re not doing as good a job as you what do you think
is gonna happen inevitably if you’re doing a fantastic job going above and
beyond you’re gonna start getting their market share you may be the top dog
after a couple months six months or even a year listing all those properties in
your local market so my question to you guys is what’s your experience dealing
with other listing agents who are listing REO property and as mentioned
start right now there’s gonna be a link below click on it you’re gonna actually
be able to read some more content about listing REO properties take a look at it
at the very bottom there’s gonna be a handful of asset management companies
that you can go ahead apply for I’m not gonna say it’s gonna be easy but I can
tell you it’s gonna be rewarding and if you found this information valuable
please subscribe hit the little bell as well I appreciate it we’re gonna have
more videos coming at you the next ones probably to be on BPOs
broker price opinion so make sure you look out for that one as well I know
other local real estate agents in our market that are making upwards of six
thousand dollars a month just doing BPOs which were essentially valuations of
Bank assets so thanks again for checking out this video until next time

About Ralph Robinson

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6 thoughts on “How To Get REO Listings From Banks (Foreclosure Listings)

  1. Interested in listing and selling short sales? The market will shift and will you be prepared? Check out this course!

  2. why do i need all this men on my team just to do a bpo ? or just to get a listing. I am not flipping the property myself . what am I missing ?

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