BPO/REO blog

Working Directly with Banks for BPO and REO Listings

No shortcuts

Some real estate agents think that they can just call a bank and ask for their REO Department, and BOOM!  Instant BPOs and REO listings!  In the real world, that’s not the way it works.  It takes hard work, just like anything else in life.  There are no shortcuts – you must put in your time and eventually you will be rewarded if you work hard

Many real estate agents want to start listing foreclosures for banks but they are unaware of all of the steps required to begin. For example, unless you have a personal contact at a bank, it’s virtually impossible to just call a bank and start listing their REO properties.

To receive BPOs (and eventually list REO properties) directly for a bank, you need to build a relationship.  Isn’t that what being a Real Estate Agent is about anyway?  This is no different.  You’ll need to network, schmooze, perform quality work when given the chance, and then do it all again & again. 

If the bank DOES assign out REO listings directly to agents, they will need some sort of assurance that you will perform quality work.  What can you offer to a bank if you’re just starting off in a brand-new relationship?  Let’s brainstorm here.  

• Offer to do “X” BPOs for free/for a reduced price
• Partner up with an agent who already has an established relationship with the bank
• Attend events where you can get some one-on-one face time with decision-makers within the bank.

Offer Free/Reduced BPOs

This is a good way to get your foot in the door.  If you’re dealing directly with the bank, often you can “prove your worth” by offering free or reduced-price BPOs.  This is a no-risk way for the bank to get to know you and your quality of work.  Present it that way to the bank – “no risk, high-quality BPO service”…

How successful you are with this technique will depend on a lot of factors such as your persistence, your drive, your determination, your selling skills, your personality, the bank’s current needs, the bank’s business model, the bank personnel’s personality, and many more things. 

Partner up with an established agent

This can be the most effective way to get your name out there.  Find out who the big hitters are in your market, or in your office, and offer to partner up with that agent.  Once again, your success will depend on many factors but most of all, your success depends on you – how well you can sell that agent that you can help them with their business.  Don’t go up to this super-agent and grovel, beg, plead, or act self-serving.  That won’t work.  You need to present it as beneficial to that agent.  Otherwise, what’s the point in working with you?

Attending Events

Sometimes, it all comes down to networking.  That’s how many things get done in life – a chance meeting with some decision-maker that turns into a long-lasting, profitable relationship.  Attending events where you know these bank decision-makers will be present will increase your odds of picking up new BPO and REO business. 

Some examples of these events would include your local Chamber of Commerce meetings, local Realtor® meetings, title company gatherings, any local event involving the bank you’re targeting, and national lending/REO/foreclosure seminars.

As you can see, a lot depends on you, the agent and your own efforts. Put in the time, effort, and hard work it takes to build a solid foundation and you will have the best chance of succeeding in this highly-competitive field.

As always, feel free to leave your comments or questions below.