These REO agents average 462 homes sold per year, worth $59 million, and $1.7 million commissions.
REO Agent Interviews – Top 10 Pack
Ten top REO agents share their business secrets, strategies and systems in these up-close and personal interviews.
Is it too late to get into REO?
Ask Jeremy Chubb. He’s a 22 year old real estate agent. He wanted to get into REO. The established agents told him it was too late. All the REO accounts were locked up. Luckily, Jeremy didn’t listen. Instead, he went for it. In 2010, he sold 19 homes. In 2011, he sold 213 homes. Jeremy likes selling 213 homes better.
I just read that 4 million homes have been foreclosed since the recession started in 2007 (five years ago). Another 6 million homeowners are still under water and owe more on their home than it is worth. Some experts predict anywhere from 5 to 10 more years of strong REO sales. Who knows for sure? But if you are interested in learning more about REO, why not learn from the best?
I’ve interviewed ten of the top REO agents in the nation. Amazingly, they are very open and told me exactly what they did and what they are doing now. These REO agents average 462 homes sold per year, worth $59 million, and $1.7 million commissions.
Here are just a few of the questions I asked and they answered:
- How did you get your first account?
- How did you find the asset managers?
- Did you use a contact list? Where did you get it?
- Are purchased list worth the cost or a scam?
- How should you approach an asset manager or bank?
- What approach worked best for you? What failed?
- Should you send a resume? What should be on it?
- What should you say to an asset manager? The first time? In the follow up?
- What mistakes do rookie agents make when talking to an asset manager?
- Should you call, email, snail mail, or visit the asset manager?
- What do you say when you call?
- What would you mail?
- How do you set up a face-to-face? What do you present?
- Can you share a sample prospecting email? Resume?
- Did you start by doing BPOs (broker price opinions)?
- Is it worth your time to do BPOs?
- How did you learn how to do BPOs properly?
- How did you educate yourself on the REO industry?
- Are designations and certifications worth the price?
- Did you take any classes? Which ones?
- Is it worth it to go to a conference?
- Did you have a REO mentor or coach? Who?
- If you had to start over, how would you start today?
- How is REO different from traditional sales?
- Once you get the approved by the asset manager, what happens next?
- Is there an application process or do you just start getting listings?
- Do you sign a listing for each property or is there a master listing agreement?
- What exactly do banks and asset managers want you to do?
- How much do banks and asset managers pay?
- Are the commissions the same, higher or lower than normal listings?
- Do you get all the commission or do you have to share or pay referral fees?
- How do you secure a foreclosure property?
- When do you get involved?
- Do you have to evict residents?
- What is cash-for-keys? How much do you offer?
- Do homeowners usually take the cash or fight?
- How do you handle tenants in rental property foreclosures?
- Do banks usually sell the property “as-is” or do they make repairs?
- Why would the bank fix up a property?
- Do you prepare repair bids?
- Do you have to oversee construction and repairs?
- How do you find reliable contractors?
- How does the bidding process work?
- Can you hire your cousin?
- How do you advertise the property?
- Do you make any special discosures to the buyer or buyer’s agent?
- Do you price the home above, below or at market?
- What kind of discount will the bank accept?
- How do you handle multiple offers?
- Do you have any tips for agent who are presenting an offer on an REO?
- How long is the bid process?
- What are banks looking for in an acceptable offer?
- Who signs the contract?
- Do buyers get an inspection?
- Do banks every make repairs based on the inspection?
- Who attends the closing?
- How do you get more business after the sale?
- Do you have to front a lot of money on each listing?
- If yes, what is the average amount?
- How do you get your money back?
- What documentation do you have to give to the bank?
- How long do banks take to reimburse you?
- Have you ever been stifted by a bank?
- Are there banks that do not require the agent to put up any money?
- How do you find them these banks?
- How should you market an REO listing?
- Who decides how the home will be marketed, you or the bank?
- What software do you use to track?
- Do you need a team to do this work?
- Who should you hire first? Second? Third?
- How do you pay the staff?
- Can you find people to work for free?
- How do you arrange your office?
- Do you ever co-list a REO property? How did that work?
- Will the banks let you buy your own listings?
- Can you really make money in REO?
- Are you profitable?
- What is your net profit margin?
- How is the industry changing?
- And more…
Here are the 10 top REO agents I interviewed:
Ok, Mike. I’m impressed. But what’s this going to cost me?
10 Top REO Agent Interviews Value:
- $39.95 for each interview when sold separately
- x 10
- $399.50 total value for all 10 interviews
- $59.95 (for a limited time)
- $339.55 (85% discount off full retail price)
But the real question is what will you make?
If you learn just one idea that brings you one closings check, it would pay for this program 10, 20, even 30 times over.
Of course you are going to hear more than one idea. Way more.
And banks don’t give just one listing, they give many. Over and over again.
The ROI is too high to calculate.
Plus, I am going to improve the offer even more.
Bonus Interview with Chantel Ray.
When you buy today, I will also include the interview with powerhouse REO agent, Chantel Ray.
That makes 11 Top REO Agent interview for only $59.95.
This is a no-brainer.
You’ll hear over 16 hours of incredible REO agents answering your most pressing questions.
In fact, you’ll be listening to the first interview in the next five minutes.
All the interviews are waiting for you on the other side.
You can listen online.
Or download the MP3 audio recordings and listen on your computer, iPod, or burn them to CD and listen in your car.
Play them in the background as you work in the office, work out in the gym, or drive to your appointments.
Inspiration and knowledge are only a few minutes away.
So click the Buy Now button below and listen to 11 top REO agents tell you how the REO business works and how you can list REO homes too. When you click the Buy Now button, you’ll be taken to PayPal where you can pay securely with any major credit or debit card (takes about 3 minutes). PayPal keeps your information safe (I don’t even see it). Click the Buy Now button below and you’ll be listening to top REO agents in less than 5 minutes.
60-Day, No-Questions-Asked, Money-Back Guarantee
I am so confident that you’ll learn the secrets of REO from these 11 top REO agents that I am willing to make you a money back guarantee. If you don’t find these 11 interviews to be the most educational REO interviews you’ve ever listened to, just send me an email anytime in the next 60 days and ask for a refund. You don’t have to give me any reason, I’ll simply refund your money. I’ll take all the risk. Of course, I know you’re going to love the interviews, but I want you to be in control. So click the Buy Now button above and start listening in less than 5 minutes.
Success is not for the timid. Click the Buy Now button above and take control of your career today.
-Mike Cerrone, Master Mind Agent LLC