How to Profit from the REO Market
This is probably the most challenging time for real estate agents. The industry has remained troubled amid recovery efforts. But there is still an opportunity that has yet to be seized by real estate agents. That is the REO market.
The REO market has become a great income opportunity for real estate agents for many reasons. One of them is that it has not yet been fully exploited. This means that there are still many ways to profit from the REO business. On top of that, not many agents have paid attention to it. This means that the market is still not that competitive compared to other markets. Finally, it continues to grow. This is due to the number of foreclosed properties on the market. Other than that, there are still many houses that are at risk of foreclosure.
REO Earning Points:
There are many ways to earn with the REO business. But before you worry about that, you need to learn how to become an REO listing agent to get access to REO listings. Once you’ve addressed that concern, you can learn how to include the REO blog to market the services you can offer. The REO Boom can help you achieve your goals. This is a book by Aram and Tim Shah, successful REO agents who have detailed the secrets to help agents do the same.
You may have read ways on how to earn from REO business on an REO blog. Attracting buyers and selling the property remains the main job of the real estate agent. But there are more ways to take advantage of it. One way to earn is through Broker Price Opinion or BPO. This is a report to determine the price of REO property. An agent is paid for BPO performed. Many blog sites like Housingwire’s REO blog and realtor.com’s REO blog may have detailed how to do BPO. This is an important process because you need to provide lenders with a reliable BPO. This is also a crucial step because potential buyers will research the BPO and decide whether or not to consider purchasing the property. Buyers expect it to be lower than market price since the properties are owned by the bank. If they are overpriced, they will not attract buyers.
Lenders will also need properties to be maintained. In order to attract buyers, properties don’t just need to be staged correctly. They have to be in good condition. This may require home repairs, renovations, and upgrades. Agents who are familiar with property maintenance have the advantage.
REO is a promising market. All an agent needs is a plan to get started, strategies to start earning, and effective ways to keep earning. REO Boom provides strategies and trade secrets to achieve that and more. The book provides tips and guides for agents to be successful in the REO business.