Posts Tagged ‘real estate agent’
There is no denying that now is a tough time for the real estate industry. Buyers are hesitant to purchase a house because of the economic down turns. Those who are willing to purchase a property cannot qualify for financing because of the stricter bank requirements. In addition to that, we are currently in a buyers’ market. Offers are low and buyers have the upper hand during negotiations. Since this is the case, it is only right to consider other options.
One of the most ignored opportunities in the real estate industry is the REO market. But that is about to change as more and more agents are starting to realize its earning potential. Check out the REO Boom, a book about how you can profit from REO business. It presents an action plan that will get you started in the business.
Earning in the REO market:
The number of foreclosed properties continues to grow. This is why lenders need assistance in handling their REO properties because this will not generate them any income if they are not sold. Lenders will need the help of a good real estate agent who will help the lender sell the properties. In order to do that, the real estate agent should know how to become REO listing agent first. This allows him to access REO listings. Only few agents have access to such lists, which makes it vital for one to become a certified listing agent.
You can also earn through the Broker Price Opinion or the BPO. This is a report that lenders refer to for the determination of the property price. The price shall be lower than the market value of the property. This is determined by considering the location and the house itself. Lenders pay the agent per BPO he makes. Since there are many properties that require BPO, the REO agent has the potential of earning more.