Real Estate Asset Managers List - Why It’s Challenging to Get Into the REO Listings Business
I get many questions from agent. The most common is "Why is it so challenging to get into the REO listing business?" The best way I can answer this is by addressing the corporate sellers major concerns. A corporate seller will more often than not, want someone with property management experience. If they don't have experience in property management, they'll want a proven track record with the handling of assets. That's the reason, for those of you who have been in real estate for a while, you see the same agents getting REO listings, as in the previous REO market. They are usually agents that are in contact with the lenders during the markets when there isn't REO listings.
One thing most over look is that during the good times of real estate, there is still some foreclosure activity. Most forget about foreclosure during "good markets." They're to much work, they don't pay enough, there's to many demands. This is something they typically hear from agents. That's precisely the reason they go back to agents that have served their needs. Taking on new agents exposes them to inexperience, miss-management of the asset and liability for anything that may happen in the property while its in the care of the agent. Not to mention they make less money if they have to be taking the listings from one agent to another, when one fails to perform.
The best way to be considered for listing assignments is by proving to your contacts or asset managers that you are serious about the business. You need to learn the language and get educated in that side of the business. Certifications help. It tells them you at least take the time to get some education on the subject. Not just ask for listings because you have a license. Real Estate Asset Managers List
For that reason you see agents that complete BPO's day and night getting a listing here and there. They have proven they have the work ethic it takes to be an REO agent. I know colleagues who have been tenacious about they're pursuit of listings and have attained them, through constant contact with asset managers. Via any means possible, face to face, email and phone. It's not always necessary to do BPO's till your blue in the face. It's a good way, just not the only way. Consistently contacting asset managers, if you know where to find their information, will also get you listings.
Finally, as I mentioned above, get educated in the REO side of real estate. It will take dedication to learn. Complete BPO's and most importantly, be consistent when you contact asset managers. They will blow you off. Expect it, yet understand that at some point in time you will catch them with their guard down and they will let you in, hopefully with a listing. Real Estate Asset Managers List
Curtis Johnson: If you want to learn out to invest in real estate and be successful check it out at Curtis Johnson Realty and read some of the topic about Curtis Johnson Real Estate or visit http://www.curtisjohnsonrealty.com
One thing most over look is that during the good times of real estate, there is still some foreclosure activity. Most forget about foreclosure during "good markets." They're to much work, they don't pay enough, there's to many demands. This is something they typically hear from agents. That's precisely the reason they go back to agents that have served their needs. Taking on new agents exposes them to inexperience, miss-management of the asset and liability for anything that may happen in the property while its in the care of the agent. Not to mention they make less money if they have to be taking the listings from one agent to another, when one fails to perform.
The best way to be considered for listing assignments is by proving to your contacts or asset managers that you are serious about the business. You need to learn the language and get educated in that side of the business. Certifications help. It tells them you at least take the time to get some education on the subject. Not just ask for listings because you have a license. Real Estate Asset Managers List
For that reason you see agents that complete BPO's day and night getting a listing here and there. They have proven they have the work ethic it takes to be an REO agent. I know colleagues who have been tenacious about they're pursuit of listings and have attained them, through constant contact with asset managers. Via any means possible, face to face, email and phone. It's not always necessary to do BPO's till your blue in the face. It's a good way, just not the only way. Consistently contacting asset managers, if you know where to find their information, will also get you listings.
Finally, as I mentioned above, get educated in the REO side of real estate. It will take dedication to learn. Complete BPO's and most importantly, be consistent when you contact asset managers. They will blow you off. Expect it, yet understand that at some point in time you will catch them with their guard down and they will let you in, hopefully with a listing. Real Estate Asset Managers List
Curtis Johnson: If you want to learn out to invest in real estate and be successful check it out at Curtis Johnson Realty and read some of the topic about Curtis Johnson Real Estate or visit http://www.curtisjohnsonrealty.com
