What is an REO Bank Department?
If you're looking to expand your real estate career and become an REO agent, then you already know how important it is to find the REO bank departments and market yourself to the personnel inside those companies. However, if you're like most agents you may think an introductory email and a registration on the banks website is all it takes. Wrong!
If you want to truly become an REO agent, you need to do more than the typical agent is doing. Sure you need a good REO bank list, but it's what you do with that list that will make all the difference in the world.
First: Know Your Competition
As a real estate agent, you know that this economy and its effect on the housing market has created a lot of out of work agents. Some of those agents think that if they become an REO agent all of their problems will disappear. Because of this misconception, you are going to be competing against many agents who have bought a list of REO bank departments. The good news is, those agents will contact the bank one or two times and give up.
Here's how a typical agent tries to list foreclosures for banks:
- They buy an REO bank department list
- They send an email to all of the contacts on the list and let them know they're available to list REO's
- The register on the banks' websites
- They wait
- They wait some more
After waiting for REO listings, these agents usually give up and try another tactic to drum up real estate business.
Second: Out Market Your Competition
If you've been a real estate agent for any length of time, then you know that you need to constantly market to your past clients, current clients and potential clients. You would never dream of sending your marketing list one email and then waiting for them to call you! You need to take that same approach as you strive to become an REO agent.
Treat the bank employees and asset managers like you would any potential lead:
- Send them a hand written note thanking them for allowing you to register on their website
- Send them your promotional material. (A pen, calendar, etc). Make sure it has your name, your area, and the fact that you list REO properties.
- Send them a monthly newsletter. Email works well, but a tangible mailer works better.
- Send them a $5 coffee card as a thank you when they assign you a BPO (careful, some organizations prohibit gifts)
Be Consistent
It's important that you do all of these activities on a regular basis. Set up a reminder in your calendar system. It may take weeks or months, but if you market to these REO bank departments like you would your other clients, you will succeed in your quest to become an REO agent.
You didn't become a successful residential agent overnight. The same will be true of your REO career. Find a good list of banks and outwork your competition. 99% of agents give up after 2 emails and a website registration with the banks. If you are willing to work hard, you will succeed.
Don't give up!
My team lists over 100 REO properties each year and we share our knowledge to help you become an REO agent on our website, Blog and review sites. You can learn more about where to find REO Bank Departments here.
Article Source: http://EzineArticles.com/?expert=Brian_Anthony
