How REO Agents Work
usinfo | 2014-05-23 18:03

To understand why agents don't call back, let's look at how many REO agents operate. While the following is not true for every single REO agent, many of them adopt similar procedures. REO agents are often simply too busy to handle the volume of phone calls.

• REO agents take many bank-owned listings.

The top-producing REO agents list anywhere from 50 to 300 or more foreclosures a year. For many, that equates to writing one listing a week at minimum to one or more listings per day.

• REO agents often pay a fee to the asset managers.

Asset managers may receive up to one-third of the listing agent's commission in return for hiring that agent to work for the bank. This means the REO agent must produce volume to offset the discount in fee.

• REO agents are responsible for securing and / or fixing up the bank-owned home.

The REO bank typically wants the locks changed on the home, so the REO agent hires a locksmith to rekey. In addition, some homes are flooded or repairs need to be done before the home is habitable. Agents contract out the winterizing and oversee removal of debris

• Most REO listing agents list only REOs, no other type of property.

• REO listing agents often give discounts to the banks in return for its business, because these agents deal in volume.

• REO listing agents make money by either selling a lot of REOs or operating as a dual agent. Under dual agency, the REO listing agent will earn both the listing commission and the buyer's agent's commission.

• To attract buyer's agents, many banks offer a larger percentage of the commission to the buyer's agent while discounting the listing agent's commission.
• REO listing agents generally represent the seller, not the buyer.

• Some REO listing agents are so busy that they hire assistants to field calls. Many do not give out their private cell phone number, which can make communication difficult.

 

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