Why Banks Need REO Agents

Why Banks Need REO Agents

Many real estate agents sell homes for years without knowing exactly what an REO agent is. REO agents are responsible not only for listing properties for banks but also for all of the prelisting duties need to prepare a foreclosed home for the market. Some of the duties a typical REO agent is responsible for include:

* Trash outs and cleaning of the foreclosed home
* Water shut off and de-winterization
* Yard and lawn maintenance
* Turning on utilities and paying the utilities during the listing period.
* Listing reo properties in the MLS
* Negotiating the contract and sale terms with Buyer's agents


Why Bank Need an REO Agent

Many agents don't understand why banks need REO agents. They don't comprehend that listing REO properties requires an agent intimately familiar with the local market the foreclosed home resides in. This knowledge helps banks quickly learn the true value of a home.

Without the REO agent's valuable knowledge banks and lenders would be forced to rely on appraisers for a home's value, a management company's services to take care of the home while it's on the market and an auction company to sell the home.

How to Become a REO Agent

Because of the recent increase in bank foreclosures, many agents are attempting to find out how to become an REO agent and start listing reo properties for banks. While listing reo properties for banks can entail a good deal of work, it can also be very lucrative real estate specialty.

The good news is that with a little hard work, any licensed agent can become an REO agent. There are no special certifications or licenses required to start listing reo properties for banks. You simply need to know what banks to contact and how to sign up with those banks. There are a few good services available that provide comprehensive, up to date lists of banks that can help you become an REO agent quickly.

Benefits of Becoming a REO Agent

While most agents understand that becoming an REO agent means increased income, many of the agents that are considering a career listing reo properties for banks fail to understand all of the benefits that come with it. Having REO listings can mean a flood of potential buyers calling off your yard signs and advertisements. In addition, listing a foreclosed home can open up the door to listing other homes in the same neighborhood.

If you're considering listing reo properties for banks, now is a great time to get into the market. Find a good bank and lender list and become an REO agent today!