馃攳
How To Get REO Listings From Banks (Foreclosure Listings) - YouTube
Channel: Steve Daria
[3]
have you ever seen these local real
estate agents or brokers in your market
[8]
listing all the foreclosures in your
area and you're like how do they do that
[11]
well stay tuned hey what's up guys this
is Steve with Steven best real estate
[22]
broker as well as real estate investor
my passion is to help other real estate
[27]
agents real estate brokers as well as
real estate investors make a lot of
[30]
money in this business and ultimately
achieve financial freedom so what is an
[35]
REO an REO stands for real estate owned
meaning the bank took that property back
[41]
from a borrower because of a default now it's
considered a foreclosure and or a bank
[46]
asset now once a bank takes the property
back through foreclosure they're gonna
[51]
want to get it off their books as
quickly as possible because they're not
[54]
in the business to hold property they're
in the business to lend money so when
[58]
they get these properties back their
goal is to get it off the books as fast
[61]
as possible and they're gonna have to
hire a real estate agent in order to do
[64]
this so if this is gonna be your target
market you're gonna want to do three
[68]
things initially or you're gonna want to
build your professional resume it's
[71]
gonna include your bio it's going to
include your sales information and it's
[76]
also going to include your financial
capability second thing you want to do
[81]
is gather all the information and
contact information for large banks
[85]
asset management companies as well as
small banks that you're going to be
[89]
contacting the third thing you're gonna
need to do is apply it to all them so
[93]
you're gonna send in your resume via
hard mail email and then follow up with
[98]
a phone call now this is where 95% of
your competition is gonna stop they're
[103]
gonna send in their applications and
they're just gonna sit back and wait and
[106]
they're gonna wait and they're gonna
wait but not you you're gonna be the
[110]
other 5% the 5% that's gonna be
aggressive you're gonna be on the phones
[115]
with asset managers and/or bank managers
trying to get their assets how are we
[121]
gonna do this we're gonna make weekly
calls you or somebody of your staff is
[124]
gonna call once a week into these asset
management companies or asset
[129]
managers
and just get in front of these people
[133]
again this is extremely important in
order to start listing REO properties
[138]
the person that's going to be more
aggressive and attentive toward these
[142]
asset management companies went into our
bank managers or asset managers are
[147]
gonna actually get the listings now you
may be thinking it's the same real
[151]
estate agents that are in my local
market they're getting all the
[154]
foreclosure listings yeah that may be
true however they're not necessarily
[159]
doing a great job I mean you can
probably see in your local MLS they
[163]
probably have crap pictures not
necessarily a good write-up and overall
[167]
their response and their communication
with other real estate agents is
[171]
terrible I know you've probably
experienced this if you had the buy-side
[174]
on any of these foreclosures so you're
gonna come in you're going to provide
[177]
better service than these guys you're
reaching out to these asset managers
[181]
you're gonna have to come in with a hook
you're gonna have to come in and ask
[185]
what can you do to help them right now
you're gonna want to ask them if they
[189]
need any valuations done on any of their
properties meaning a BPO brokers price
[194]
opinion I'm actually gonna do it a whole
video on this as well we're gonna go
[199]
into detail actually how you can make
anywhere from $40 to $100 doing broker
[203]
price opinion you're gonna ask these
asset managers if you can go in and do a
[208]
valuation for them even for free all
you're trying to do is get a foot in the
[213]
door with these people to show them your
capabilities your service and so forth
[217]
now as time progresses you should be
starting to build some rapport if you're
[222]
calling these people every week many
times they're gonna lead you to
[225]
voicemail you can leave a quick
voicemail but you know they're human
[229]
beings on the other side you can joke
around with them have fun with them
[232]
start to learn more about their personal
life if possible going to want to
[237]
befriend the asset managers and when you
start to build such rapport just say you
[242]
know what I know you have your main
three guys in our market that you're
[246]
using how about we do this how about you
just give me one opportunity I'm not
[250]
asking you for dozens of foreclosures or
dozens of bank assets to list I'm just
[255]
asking you for one try me out I'll make
a promise to you with this one
[260]
if you give me the opportunity that I
will outperform all your other guys and
[264]
there's no commitment that you have to
provide to me even if I do how does that
[269]
sound and then you just wait and wait
and don't talk now that's how I got my
[275]
first asset management company they the
name of that company was called Brighton
[280]
I think since then they either merged
with another company or got bought out
[284]
and that was our first entry into
listing back assets and it worked now
[291]
that is just one asset management
company now that you got that one
[295]
secured you don't stop there's plenty
of them out there again I'm gonna
[298]
provide you guys a link below it's gonna
have a handful of asset management
[302]
companies you can click on apply and
then get on the phones guys you don't
[306]
have to stop after you get one asset
management company under your belt or
[310]
even a small bank or whatever the case
is you can build off of it there's a ton
[315]
of banks out there that need good real
estate agents and if you can provide
[318]
those services if you can provide
excellent services you stand a great
[323]
chance but you have to be persistent you
have to stay in front of these people
[326]
you have to call weekly the next thing
is you got to make sure that you have a
[329]
team in place that's gonna consist of
multiple parties asset managers are very
[333]
demanding you're gonna have to go out
and do what's the initial inspection now
[337]
I always recommend you to bring somebody
or even a security officer to this
[342]
depending on your area at least always
have somebody else going with you
[346]
because this is the first inspection you
don't know if anybody's gonna be there
[350]
you don't know if there's gonna be a
squatter in place you don't know if the
[353]
previous owner is still living there is
disgruntled and pissed off so always
[357]
bring somebody with you because you're
gonna have to go ahead and inspect that
[361]
property see if anybody's living there
and you're got to report back to the
[364]
asset manager I'd say 80% of the
listings that we took or REO
[368]
listings that we took had a ton of
trash a lot of times the sellers that
[372]
are disgruntled they don't care they're
picking up they're leaving the next day
[376]
and they leave a lot of things behind
furniture clothing trash all over the
[382]
place so you're gonna want to have a
good team in place that's gonna be able
[386]
to come out trash that property out as
quickly as possible
[389]
get a dumpster do it they need to do you
know where to get this property in
[393]
better shape third person is always have
a good handyman in place a lot of times
[398]
asset managers will ask you your opinion
on safety or if there's anything that
[402]
you could do to make the property look a
little bit better so you're gonna want
[406]
to have a good handyman that can
probably go in and fix some drywall to
[410]
do a little bit of paint some asset
managers don't want to spend any money
[414]
on stuff like that next person on your
team you're gonna have a good cleaner I
[418]
think that all real estate shows better
even if it's you know rough shape if
[423]
it's clean so make sure they have a good
cleaner on staff the next person is a
[427]
general contractor who's essentially
licensed to a lot to do bigger projects
[432]
for a residential real estate or even
commercial real estate we've always had
[436]
a general contractor on our team big
thing in Florida were pools that didn't
[443]
have fences or fences blew over
Screened lanais we're blown out and
[448]
by law those have to be secured so
instead of doing fences and so forth we
[454]
would actually have our general
contractor build a platform over the
[457]
pool this way nobody would sneak in and
drown on the property which would cause
[461]
more liability for the bank lawn and
land maintenance make sure you have a good
[465]
person for this some properties you're
gonna pull up to and you're gonna see
[468]
grass four feet high they're gonna have
to come out with a brush hog and really
[472]
knock this stuff down they're gonna need
to trim them up shrubs trees and really
[477]
just clean the property up again curb
appeal is everything and you're also
[480]
gonna want to make sure that they're
maintained on a weekly or monthly basis
[485]
to keep the lawn and shrubs and
everything looking clean and nice and
[489]
the last person on your REO team you
should have somebody that's gonna go out
[494]
and do the weekly inspections for you
a lot of asset management companies as
[499]
well as banks and small banks they want
weekly inspections some even want twice
[504]
a week and it can be a pain in the ass
so you're gonna wanna have somebody
[507]
that's gonna go out and inspect the
properties make sure there's no
[510]
break-ins they're also gonna have to
take pictures date stamped pictures and
[514]
report that back to the asset management
company now that's
[518]
grunt work that should not be for you
that should not be your job what you
[522]
should be doing because your job should
be back on step one which is going after
[527]
these asset managers and building up
more inventory getting in touch with
[531]
more asset management companies and
trying to get them to list with you and
[534]
last treat these properties as if there
are any other kind of properties I know
[540]
you know starting the beginning of this
conversation a lot of these real estate
[545]
brokers and agents they do a crap job
they filter through these properties
[549]
they don't they really don't market
these properties how they should granted
[554]
they're all going to be priced
competitively and they should sell
[557]
fairly quickly however you guys
need to treat these listings just like
[562]
any other listing so get the drone shots
get the high quality photos do what
[567]
you can to stand apart and also videos
put a package together an email to the
[572]
asset management company especially
after your first listing and
[575]
do that routinely with every listing
that you take again it's gonna set you
[580]
guys apart from your competition
so again if you're starting with one
[584]
listing in an asset management company
and you're providing these links and
[589]
videos and updates and you got the other
guy over here they barely hear from he's
[593]
selling their real estate but they
barely hear from and they're not doing
[597]
as good a job as you what do you think
is gonna happen inevitably if you're
[601]
doing a fantastic job going above and
beyond you're gonna start getting their
[605]
market share you may be the top dog
after a couple months six months or even
[609]
a year listing all those properties in
your local market so my question to you
[614]
guys is what's your experience dealing
with other listing agents who are
[619]
listing REO property and as mentioned
start right now there's gonna be a link
[625]
below click on it you're gonna actually
be able to read some more content about
[628]
listing REO properties take a look at it
at the very bottom there's gonna be a
[633]
handful of asset management companies
that you can go ahead apply for I'm not
[637]
gonna say it's gonna be easy but I can
tell you it's gonna be rewarding and if
[641]
you found this information valuable
please subscribe hit the little bell as
[644]
well I appreciate it we're gonna have
more videos coming at you
[648]
the next ones probably to be on BPOs
broker price opinion so make sure you
[652]
look out for that one as well I know
other local real estate agents in our
[656]
market that are making upwards of six
thousand dollars a month just doing BPOs
[660]
which were essentially valuations of
Bank assets so thanks again for checking
[666]
out this video until next time
Most Recent Videos:
You can go back to the homepage right here: Homepage