How to get REO listings from banks?
Anyone with experience in the real estate industry would know that the Pareto principle (the 80-20 rule) is in full swing when it comes to getting business from REO companies and asset managers. 80% of REO listings are purchased by 20% of REO agents. Why is this happening and how can someone new to the REO business get asset manager listings?
What should not be done
There are as many “don’ts” in this business as there are “do’s.” By sending unsolicited e-mails to asset managers, REO agents make the mistake of disrespecting themselves and missing out on what little chance they existed of obtaining REO listings. Your time is valuable and most of these emails are deleted even before being read. If you are an REO agent, please remember that unsolicited emails or emails that start like “Hi, my name is Jeff and I signed up with you a couple of months ago and I wanted to know when I can expect my first REO list” . to be removed.
An asset manager should make as many closings as possible in a given month. They need to close more to earn more and if you send uninvited emails, you are asking for nothing more than a cold reply. Your job is to close as many deals as possible and not reply to your emails. If you can show them how to make life easier for them, then you have a chance to make your presence felt.
Remember there are thousands of agents trying the exact same technique that has lost its effectiveness. To receive business, you need to think about how you can help an asset manager.
For example, an asset manager doing a market plan may need a job cutoff and the best REO agents offer the market plan narrative that is clear, concise, and objectively so perfect that the asset manager can use it without Edit. Yes, it is a small step, but if asset managers have to deal with all the market plans and do it from 45 to 50 in one day, time is piling up and literally choking their schedule.
Certifications, associations and networking
There are many certification courses for REO agents, both online and offline. This is a great way to be recognized as part of a talent pool. There are many directories online that will help you appear as an REO agent. These directories can be helpful in giving you relevant exposure, as they are like your online address. You won a website that is locally optimized and found in search engines for all possible keywords that will help you get in front of your target audience – asset managers. Social networking sites like LinkedIn and Facebook also help you establish a dialogue with asset managers. However, REO agents must understand that this is a “social interaction” and not a sales interaction.
Your resume and promises
The key focus on your resume should be to highlight why you are different. His goal selects someone in particular as he cares about sincerity, dedication, and general availability. If you can show asset managers that you never drop the ball and that you would let your other things wait for your priorities, your chances of striking a chord with them increases. Don’t overpromise and never write – we sell number 1 in a certain area, as asset managers know who is selling and who is not.
Website and search engine optimization
You should have an optimized website. Period. By optimized, we mean that when someone searches for “Area Name” + REO Agent or REO Agent in “City”, their website should appear at the top of Google. Otherwise, you lose a great business opportunity and being in front of your audience to share your story and tell them what you can do for them.
The things mentioned above are some basic principles that all REO agents who aspire to succeed in the real estate industry should follow. It’s time to get started on your resume and start looking avidly for where problems may exist.