Buying REO similarities – How Do You Get Started
Flexibility and agility to respond to the dynamic real estate market are the must-have traits for real estate professionals. Buying REO character listings is one of the top strategies among real estate investors.
So how do you get started?
1) Market yourself to the REO Asset Managers and REO Realtors
Be easy to find. They are not going to come looking for you but you can go find them. Search the internet to discover the asset managers of edges and mortgage companies and REO Realtors. After you find them, you need to contact them and start building a relationship with them.
Search for all REO agents and strongly market yourself when contacting them. Don’t just contact them carelessly, but take some time to concisely specify how you can address the needs of a particular bank or mortgage company or REO Realtor. Highlight your strengths: experience, well-recognized real estate specialized in the community, cultural affinity with specific buyers, and etc.
2) Utilize Your Network and Network Some More and More!
Ask the people you know in the bank or loan officers you had past transactions before as a buyer for a referral to their REO departments. Mention to them that you are looking to buy several similarities; do check-ups on the houses for occupancy; and buy similarities that have been on the market for a while or ones that they just can’t sell. Go to conferences and network not just with bank asset managers but also with other REO agents. Remember that no one will be willing to proportion their contacts with you, without you offering to help them in addition with your contacts.
3) Be an Assistant to an REO Agent
For new investors that want to specialize in REO similarities, one of the best ways is to learn the business is to become an assistant or staff of an REO agent.
REO agents are too busy to mentor you on the side so the best way to get close to them is to work for them. You will also get to know the systems that veteran REO agents have put in place to manager the amount of work and deadlines that goes with the job. The best part is that you will get progressive notice of listings that are coming on the market.
And lastly, once you get an asset manager or REO agent to send you a deal, be patient, communicate well (politely always!), and work hard to get the character closed on or before the agreed upon closing date. Best of luck!