Breaking into the world of REO’s and generating consistent, leads is one of the best ways to guarantee a continuous flow of income to your Real Estate business. Once you open the door to these banks and asset managers, the BPO leads will flood in. In fact, many top REO agents are forced to actually turn down many of the BPO that they don’t want.
Why Generate BPO Business?
Many agents don’t understand the benefit of generating and working BPO business. Many agents see the customary $50 fee paid by asset managers and think it’s not worth the time and gas to do them. Big mistake. While many agents make a good living working only BPO leads, generating this business carries with it several other HUGE potential upsides, usually overlooked by real estate agents.
Listing Bank Owned Properties:
BPO business gets your name in front of asset management companies, lenders and banks. The more BPOs you process, the more BPO business you generate and the more your name recognition rises with asset managers and lenders.
Not only does this “snowball effect” lead to more BPOs, but after a BPO is completed and reviewed by an asset manager, they need an agent to list the property. If your name gets associated as an “expert” in the area, you are more likely to receive those listing assignment. Keep in mind, that in most instances, your name is attached to those BPOs which are reviewed by a number of people with the power to assign you listings.
Marketing REO Properties for Buyers
While processing BPO’s and REO Listings are great, 90% of REO agents neglect to take the next step towards boosting their income – marketing their REO listings for buyers.
In this market taking the time to keep a flier box stocked, a website updated and a phone answered can literally mean opening the door to dozens of buyers being added to your business. By positioning yourself as a REO expert or Foreclosure Specialist to the general public, your buyer side commissions can skyrocket.
Listing Short Sale Properties
In this market, many homeowners owe more than their home is worth. In addition to BPO leads increasing your REO business, you can generate an entire side business in short sales by marketing your expertise with banks and lenders to struggling homeowners though postcards or websites.
Many agents ignore this segment of the market because of the time needed to negotiate with banks. This leaves the market wide open for the agents willing to put in the time.
How to Get Started
There are many websites offering unbelievable promises on getting your BPO Business started. But every successful REO agent knows that the only way to really succeed is through hard work. While you can spend thousands of dollars hiring a coach or mentor, the truth is, you really only need to spend $50 – $150 on a good BPO Bank list and then invest your time and energy working that list(see the about me / resource box for a link). But if you have personal contacts in an asset company, use those contacts first. Don’t spend money if you don’t have to!
Good Luck and Happy Listing!
My team lists over 100 REO properties each year and we’ve made enough mistakes that I know what I should have done to get started even quicker generating BPO leads on my way to becoming an REO agent. You can see our reviews of the best BPO and REO Lead Generation Systems Here.
[tags]BPO Leads for REO Agents , Generating BPO Business by doing REO, Listing REO, BPO System, BPO Leads[/tags]
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