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Real Estate - bank representative or bank owned properties?

I want to be a bank representative (listing agent) for banks to list their bank owned properties. Any body have idea of who i need to contact? I know banks usually hire a asset company to do it anybody got numbers or what i could do to get my foot in the door??

Public Comments

1. Banks usually hire existing real estate brokers.
2. This train has already left the station. Lenders and asset management companies have established relationships with Realtors who are marketing their properties. There are a ton of companies out there that you could sign up for, who will want you to do free BPO's in hopes of getting the listing, but you can work for free for months and never get a listing. Go to the agentsonline.net website and do a search, you'll find a bunch of information on this topic.
3. I take it you are a licensed real estate agent, correct? How about your broker? Have you discussed this with him/her? You can go to different web sites like efanniemae.com or freddiemac.com, ocwen or premiereassets.com. Follow links for professionals, real estate agents or vendors/suppliers and see what they say. There are certain criteria they will require. Like experience as successful listing agent. Some only want to work with agents who have their brokers licenses. Be aware that it is quite labor intensive to be a listing agent for REO companies. There is a pile of paperwork that is required from start to finish. As well, there is usually a time frame to get paperwork done - and don't be late. They will expect you to get repair bids, even if they have no intention of doing repairs. You will have to provide your own lockboxes and contractor lockboxes. Many expect you to visit each property at least once a week. Many times they require that you take care of turning on utilities in your name and paying, then you submit invoices for reimbursement. That may not seem like much, but if you are "holding" 10+ listings and they take 2 months to process your reimbursement, you may feel differently. And, realize, you do not set the list price. Most have on-line sites for submitting all paperwork and offers (which actually is nice compared to having to pay the "overnight" fee to send contracts, etc). Don't even get me started about the aggravation of having reasonable offers rejected. And the rep. refusal to consider suggestions for counter-offers. Although that may be changing with the current situation. On top of that you better not even *think* about turning down an offered listing because it is too far away, or too low a price point, etc. Let's see am I forgetting anything? Oh yeah, they usually offer reduced commissions to listing agents. Just know what you are getting into. It might be good to work as a team with another agent or two. Or, if you are a new agent, find a busy REO listing agent and see if you can *team* up. Your share will be less, but you will get an education. Another way to get yourself known might be to sign up to do BPO's (Broker Price Opinions). Some companies (Freddie Mac) want these as 2nd opinions on REO properties, others (Premiere Assets) ask for BPO's for refi's, of if they are purchasing the loan from another lender. They don't pay very well ($40 - $50 used to be the going rate), but that might get your foot in the door. Good luck