Some real estate agents have decided to learn more about the REOs as the housing slump continues.
Some go into it expecting to make quick money. But it does require a lot of work, such as cleaning up houses, scheduling repairs, covering utility bills and other duties.
A recent article in REALTOR® Magazine stated that “Bank real-estate-owned (REO) staffers want to work with real estate pros who know their markets and know what banks expect of them, said Rupi Rupwani, a director of the Connecticut MLS and owner of Rupwani Associates, a real estate company in Naugatuck, Conn. Banks being flooded with REOs won’t be patient if you approach them and don’t know the basics of what they expect, he said.”
The real estate agent also has to be persistent in keeping up with the large amount of paperwork. If the agent decides to do this type of work, one has to take in the pros and cons in terms of the time involved and the income generated.
If the real estate agent will have a lot of REO’s it will advantageous to have a real estate virtual assistant help them. The REVA can greatly reduce the amount of time you spend on the paperwork. A real estate virtual assistant can also help the agent in the following ways:
* Pulling the Comps for the subject property
* Filling out and completing the BPO forms
* MLS Searches
* Feedback Reports
* Coordinate all activities with vendors
* Order inspections
* Help with Monthly Marketing Reports
* Maintain and monitor your account activities using QuickBooks or Excel
* And more!
REO’s can be profitable. And if your REO business continues to grow, it would be advantageous to have the help of a real estate virtual assistant to help grow this part of your business.
Roxanne Tidmore, NAR Certified REPA
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