What is an REO Listing Agent? An REO listing Agent is an Agent who puts foreclosure listings active on the open market for Asset Managers and Outsourcers who manage assets that have foreclosed. Agents find these listings attractive because they often involve multiple listings and regular business.
REO Listing Assignments are extremely difficult accounts to get for Real Estate Agents; it is extremely competitive. Make sure you are ready to complete Asset Managers tasks without delay and without needing a lot of instruction. Asset Managers have no problem firing you, if you require too much explanation, or if you make mistakes. It is an unforgiving business, largely because Asset Managers MUST produce and meet their numbers, and they count on their REO Agents to get listings sold at prices they anticipate.
The most common question among aspiring REO Real Estate Agents are “How do I start to work for Banks, how do I get REO Listings, how can I find REO Listing Applications?”
In my effort to secure REO Listings, I documented my application links and am sharing with Agents my list of Outsourcers and Banks that I have applied with. It is important to be organized about your submitting your applications. It is also important to follow up and re-apply with updated documentation.
Some people think I am wacky to share the information that has gotten me hundreds of foreclosure listings, but I believe in sharing information. Other REO Agents have helped me throughout my 19 years as a Real Estate Broker. Through blood, sweat, and tears, I have put together a lengthy list of banks or outsourcers to sign up with to make application for REO assignments. It took a tremendous amount of time to locate the applications and to determine if they were legit. I am fully aware of how much time I am saving you by sharing my documented efforts, and updating them frequently. Please let me know if you have any to add to the list.
I should tell you that my method of obtaining REO assignments is simple: I apply through the channels that the Outsourcer or Asset Managers have made available. I do not attend REO Listing Agent conferences, I have attended zero REO Listing Agent Conferences. First I hate to travel, but more importantly, I have received a tremendous amount of opportunities and continued business submitting REO listing Agent Applications just as they instruct. I update my application information every six months. I am always looking for new portals, new outsourcers, and new Asset Managers that might need an REO Listing Agent.
The majority of my New REO accounts have resulted from the previous REO Listing Agent getting fired. The fact that Asset Managers know there is a long line of eager REO Agents eagerly waiting for work makes it clear that we are all replaceable. If you have a complete, updated REO Agent application in with all their required documentation, you could be the next in line to take over when a previous listing agent gets terminated.
To be an REO Listing Agent, be prepared with BPO (Broker Price Opinion) experience to avoid screwing up a big opportunity. Trust me; every REO listing assignment is BIG deal! If you mess up or do not meet an Asset Managers deadlines, they will re-assign the REO listing to another REO Listing Agent without a second thought. It is truly a dog-eat-dog business, much more so than traditional real estate sales. Here is how you can get BPO Broker Price Opinion Work.
Some Real Estate Brokers complain about REO Listing Agents being terrible or non-responsive, but I promise their Asset Managers are getting top notch service from them to keep them active. Be ready to do a great job for any Outsourcer or Asset Manager that gives you the first shot with their listings. A first REO Listing may require you to enlist a more experienced REO Agent through your first few listing assignments. Pay a referral fee to an REO listing Agent out of your service area just for their experience. Having someone to ask questions to that is NOT the Asset Manager is smart. You should fake it until you make it, and REO tasks are not typical listing agent tasks.
Asset Management Companies can be large or small, REO Listing Assignments can be divided by company, region or Asset Manager. This is a list of Agent application links that I have compiled since I started applying for as an REO Listing Agent in 2008. The list is not area specific. I suggest completing Agent Applications for every place that is accepting them.
In the ever-changing REO BPO business, new companies are offering REO business all of the time. Please post below if you have found a new REO applications to add to the list, or in a link is dead.
Items to have available to you to start making application, most will require the following. REO BPO specific Resume, REO service area zip codes served. Real Estate License, Errors and Omission insurance policy number and coverage details, which comes in a document referred to as a declarations page, general Insurance policy number and coverage details, Agent photo, and Agent contact information, REO BPO references, and W-9 signed and dated within the current year. Documents should be in PDF format. REO Outsourcers usually have a Master Listing Agreement that requires signature and upload. Good luck! The work really starts once you get your first REO assignment! =)
Advent REO (no longer, so removed link)
AMRE Solutions (no longer active, removed link)
ASD America (no longer active, removed link)
Archon Group (no longer active, removed link)
Asset Disposition Management (no longer active, removed link)
BA Urban Solutions LLC (Website taken down)
California REO Management (no longer active, removed link)
Conix no longer active, removed link)
Default Resource Mortgage Default Servicing Solutions (Website taken down)
DispoSolutions Renamed to Exceleras
Elam REO Services Inc (no longer active, removed link)
ETC REO Management (no longer active, removed link)
Executive Asset Management Changed to Default Resource
Green River Capital
IAS (Integrated Asset Services) (no longer active, removed link)
Mortgage Services (merged reo with One West Bank, then merged with CIT
LAMCO Lenders Asset Management Corp (no longer active, removed link)
Leading Edge Companies LEC
Loan Servicing (no longer active, removed link)
LPS (Lender Processing Services Inc) Now Servicelink
Servicing, LLC (no longer active, removed link)
National Real Estate Asset Management (no longer active, removed link)
Brokers (seems like site might be hacked, enter are your own risk, google name to see if you can reach, I didn’t want to keep link active)
New Vista Asset
Management (no longer active, removed link)
NLA (National Listing Agent Management) (REO Application Taken Down)
NPR Capital (no longer active, removed link)
Optimal REO Solutions (proceed with caution with this company, have heard some questionable feedback)
Premier Asset Services Now AspenGrove IAgent
PlatREO Platinum Marketing Services (no longer active, removed link)
Red 2 Black (no longer active, removed link)
REO Allegiance (no longer active, removed link)
REO Brokerage Group (no longer active, removed link)
REO World (no longer active, removed link)
REOSOURCE (either not active, or website problems)
Stewart Financial firstname.lastname@example.org
TREO International, Inc (either inactive or website problems)