Agents considering listing properties for banks often hear the words “REO Bank List” and wonder what everyone is talking about. An REO bank list is simply a detailed list of banks that have foreclosed properties they need to sell. These lists contain names, addresses, and phone numbers for the key decision makers at each bank or lending institution.
The top REO banks lists also include instructions for locating and registering on the bank’s website. Registering on these websites allows an agent to start processing BPO’s for the banks and paves the way for the agent to become an REO agent.
The lists range in size from as little as 10 banks to over 100. The larger REO bank lists usually cost between $50 and $100 and come with free updates.
Why Buy an REO Bank List?
Contrary to what you read, YOU DO NOT NEED TO BUY AN REO BANK LIST. You can find some banks on your own by using an online search engine. Title companies and local banks are also a good source of banks that need agents.
However, if you don’t want to spend several days compiling a list of banks, purchasing an REO bank list can save you valuable time and ensure that the banks and lender on your list are up to date and accurate. If you feel that a day or two of your time is worth more than $50 to $100, then you’re probably better off buying an REO bank list than searching for the banks yourself.
How to Find an REO Bank List
The next question agents ask me is “So where can you find a good list?” It’s a great question. There are many lists available, but a great deal of these lists are old and outdated. There are several keys to finding a good list:
-Find a review site that compares several list providers: Any site that reviews only one list is usually just a sales site for that list.
-Find a list that offers a money back guarantee: If they’re not willing to guarantee their list or system, there is something wrong.
-Find a list with over 100 banks: Any less than 100 and its not worth your time or money.
Why Should I Become an REO Agent?
Many agents wonder if it’s worth their time to buy a list and do the work necessary to become an REO agent. The answer depends on you. If you’re willing to make the effort required to contact and follow up with everyone on your REO bank list, then you can make a great income if you become an REO agent.
Besides the steady stream of listings and income it can bring, once you become an REO agent you will have a constant influx of buyers calling you regarding your bank listings. These buyer leads can help you grow your real estate business exponentially.
In addition, the listings you take for banks will open the door to taking more listings from standard resale sellers. Once you become an REO agent, your real estate business can snowball. All it takes is hard work and the right REO bank list!
My team lists over 100 REO properties each year and we share our knowledge to help you become an REO agent on our website, Blog and review sites. You can learn more about where to find a REO Bank List here.
[tags]REO Bank List, Become an REO agent, buy an REO Bank List[/tags]
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