Many real estate professionals involved with the listing of REO property are looking for professional development and REO training. The right education and training can help you acquire more REO listings and achieve greater success, so this is a great investment in yourself.
REO, which stands for Real Estate Owned, refers to property that has already been to the foreclosure auction and now belongs to the bank or lender. Shortly after the auction the bank or lender will assign the property to a servicing company. In some cases the banks and lenders have departments in-house, but most of the time they outsource it.
The BPO REO industry is a very lucrative industry that will be very profitable for the next 3-5 years because of all the foreclosures that are coming. There are many ways for real estate professionals to profit from this business, if you are a real estate agent or broker you can profit from completing BPO’s (broker price opinion) and listing the REO properties. When you list REO properties, not only do you get the commissions from the listings, but all the buyer leads that come from those listings as well. Real estate investors can make profits from rehabbing or wholesaling these listings.
Picking The Right REO Training
There are many REO training courses out there. If you are interested in REO training, you should do your research because most of the time established REO agents will not share their information and while some of the larger companies provide certification, they often don’t actually help you get the REO listings.
REO Training vs. REO Certification
Don’t confuse REO training with REO certification. There are a lot of REO training courses that will help you get started, which I recommend you pursue before attempting to get certification. Certifications all cost money and some even require experience, so you will want to making money and gaining experience first before going through the certification process. Start with the training first to start your BPO REO business, then after you get some experience, you can invest in certifications.
If you are interested in becoming an REO agent you should focus on building a BPO business first because before you can start getting listings. The servicing companies prefer you have experience. If you build the BPO business first, not only are you gaining the experience needed, but you are earning a great income as well. Getting into the REO business does take some work – that’s why I recommend that you build a BPO business first, once those relationships are built, they can be leveraged to get the REO Listings. Investing in REO training is a great idea if you are interested in jump starting your career in the BPO REO business.