REO companies assign bank assets to reo brokers. REO Realtors market and sell these foreclosure listings for the best prices they can in the shortest period of time. Agents must specialize in this unique industry by becoming familiar with doing BPOs (Broker Price Opinions), cash for keys, and other vendor required items. It’s easy to become REO certified and stand out.
REO asset management companies seek qualified industry professionals to handle the distressed inventory. REO agents and vendors can apply to become a preferred listing agent for banks. They register on websites and send their experience, training, license and insurance information.
Asset managers are in charge of up to hundreds of reo properties at a time. They rely on third party vendors and REO Agents to help with the load. It’s a lot of work, but highly rewarding. When you get your shot, be extremely diligent, and make a lasting impression with your professionalism in bank owned real estate.