Posts Tagged ‘Advantage’
Many real estate agents are worried today because of the condition of the market. It has not improved as expected in the last couple of years. Foreclosed properties continue to rise and fewer buyers are willing to purchase properties even if the prices have dived down.
Although this is the case, there is still good news for the real estate agents. Thanks to the REO market or the real estate owned properties. These are the properties reacquired by the lenders after the borrowers foreclosed. Lenders’ REO properties have piled up and it has reached record breaking numbers. They cannot earn from these properties unless they sell them, this is why lenders need the services of the real estate agents.
You can earn from the REO market in many ways. But before that, you need to penetrate the market. This is not easy. You need to have an effective action plan in order to start the REO business. The book entitled, REO boom presents a 30-90 day action plan that will aid you in entering the REO market. You will have an idea of how to become an REO listing agent. Becoming a listing agent is crucial for your success because this allows you to access REO listings. Only few agents have access to the said lists.
Other ways to earn from REO market:
The REO Boom also presents different ways to earn from the REO market. One of them is through the Broker’s Price Opinion (BPO). The lender will need the BPO to determine the price of the property. Each BPO made by a competent agent is paid. And since there are a lot of REO properties in the market, there is a great chance of maximizing earnings.
The lender would require someone who can deliver accurate price assessments right away. This means that the agent must be knowledgeable about evaluating properties. Factors that will be considered are the location of the property, the prices of the properties in the area, the house itself and its condition.