Starting my first REO list with an idea. Or maybe it was a compulsion.

I always had listings, but only 1 or 2 at a time. wanted more Other realtors consistently had 10 or more active listings, and I wanted to know their “secret.” At some point, I noticed that certain agents had multiple listings, all with the same owner name: “bank property.”

I started asking questions right away. How did they get a bank to list a property with them? Not to mention 2 or 3… or 10 listings. I was used to quoting presentations but I had never shown my marketing plan to a bank. How could I approach a bank to quote a property from the bank? Who would I call? Bank of America customer service? Wells Fargo?

The task seemed daunting, but it was clear that some agents had entered this niche. And I refused to let go until I found out.

One day I received a strange call. By chance, I had a call transferred to my office from a company called Summit Valuations. Summit needed a BPO (broker’s pricing opinion) on a house near my office and I reluctantly agreed. I was offended when they explained that they needed my social security number and filled out the W-9 form. How dare they ask for my SSN?!! I finally took the leap of faith, gave them my SSN, and completed my first of many BPOs. Eventually this led to my first bank owned REO listing.

BPOs were my way in. I soon realized that BPOs were something of value that I could offer. I signed up with another BPO company and an REO company…and then another. After a while, I was completing 2-3 BPOs per week. I kept my expectations low at first but tried to promote myself in every BPO. I was in it for the long haul and was ready to complete 100 BPOs or more if necessary.

I felt quite uncomfortable at first when talking to asset managers and BPO companies. I didn’t know what to say, or what not to say. After each embarrassing moment, I took notes on what worked and what didn’t. I’m better. I was desperately looking for ways to make the leap from completing BPO to REO listing. Learning this transition was the most critical step in understanding how to consistently list REO properties. There are many agents who complete countless BPOs but never get the REO listings. I didn’t want to be one of them.

Today, I regularly complete 3-4 BPOs per week and consistently list REO properties. I maintain a database of title companies, trustees, attorneys, and REO contacts along with the rest of my sphere. There’s no reason why you can’t do exactly what I’ve done. The hard work has paid off for me and it can be worth it for anyone who is willing to study the proper techniques and work on this part of our business. I’m not smarter than anyone, but I’ve learned what works. REO listings can be yours when you’re ready to go.

Good luck!