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Originally Posted by pdxrealtor
Congrats on your success! It's the people like you who have been in the game since before the boom who I have real respect for. You were here before and will be here after... most of you anyway.
Like I said, I've been doing BPOs, small small quantity, since 04 when I first started selling RE.
Now that I'm getting REO listings I'm really liking them. If I can manage to keep them coming and make a living between REO and my close clients I'll continue to focus on REO.
Def. has it's down falls.... but so does res. re-sale in any kind of market... just my experience so far..... I'm only a 6 year, almost 7 year, guy.... I have a lot to learn! 
One of the first RE/Max offices I worked out had a REO star and that was in 2004... she was top RE/Max agent with over 85 properties sold in 08!!! 
And she has no team.... |
I've been licensed for 17 years and have been in REO for 11. Have owned my own brokerage for 10 years now. It's a niche I fell into and have exploited it. If you are going to make it in REO its all about volume. I average 300+ REO's a year....with a career sales of over 3500 properties.
BPO work if good to hone your skills.
The biggest issue most agents have with REO work is the reimbursment process. Fronting money for trash outs etc can get daunting and at times we have $100K out in reimbursements. If you can get a "system" in place for handling the properties and meeting the timelines, you can do well. Many of our clients arent looking for new agents so its difficult to break into the REO gig. Asset managers dont want to be training an agent, they want an agent that will produce.
What i like about REO work is.....the average person will buy a house once every 12 years....so you always must be looking for new business. With REO work, you establish a relationship and then they feed you the work on a recurring basis.
But its not for everyone. Getting fleas, chased by dogs, walking through human feces and god know what....well isnt for the faint of heart thats for sure.