If you’ve seen the rise in foreclosures, you know it’s a great time to become a REO agent. But, there are some qualifications you’re going to need — some will be similar to the skills of a general real estate agent, but a few will be specific to REO agents. Here are some ways to increase your qualifications and become a qualified REO agent.
Learn the necessary skills. If you haven’t already, take any advanced courses that will help you learn about selling REO properties, listing REO properties and creating broker’s price opinions. You may be able to find these courses at your local colleges, business schools or online.
Get registered. Register yourself as a bank management-approved and qualified REO agent. Certain groups keep a record of people who are able to represent properties within communities or geographic regions, which could help you when you’re marketing yourself as an REO agent. Start by contacting banks and lenders in your state or city.
Start marketing your services. Join real estate associations within your community and make connections with banks that often have REO listings. Additionally, join and engage with professional online networks, such as Facebook or LinkedIn groups for agents, to search for connections and listings.
Legal knowledge. While it isn’t necessary to have every legal code memorized, you should be familiar with the most common legal terms and know when it’s best to refer an issue to a qualified legal expert.
Negotiation skills. The art of negotiation is necessary for your career as a qualified REO agent. These skills could come in handy, not just for your own benefit, but also for the benefit of your clients.
Listening skills. In any business, listening to your client’s needs is imperative. This will allow you to process what they want and help them find properties that meet and exceed their expectations.
Technology know-how. You don’t have to know how to create a website or fix a computer, but you should know your way around the Internet. With the majority of people starting their home search online, it’s important that you’re familiar with many of the common real estate websites.
To become a qualified REO agent, you should learn as many of these crucial skills as possible. People looking to buy and sell houses want to know that they’re working with a well-connected agent that knows the ins and outs of the industry.
The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of Altisource Online Auction, Inc., Altisource® or any Altisource affiliate. The foregoing content is not intended to constitute, and in fact does not constitute, financial, investment, tax or legal advice by the author, Altisource Online Auction, Inc., Altisource or any Altisource affiliate.
