ATTENTION NEW REO VENDORS

Friday, October 28

How Do I Contact An REO Asset Manager For Property Preservation Jobs

Many new vendors are clueless about the role of an REO Asset Manager, whose job it is to manage the re-acquisition, maintenance & repair, and ultimately the sale of each and every foreclosure property. Their goal is to get the property "off their books" as soon as possible because they are not in the business of owning property. Some banks have their own in-house REO asset manager department to expedite this process and other banks outsource the asset management of their REO properties to a completely different company.



They are required by law to document and keep records of every single action and transfer of information, no matter how unimportant it may seem to be. All this documentation takes up an enormous amount of their time to properly comply with all of these requirements because of the large amount of time consuming paperwork and data entry that is involved.

Some new foreclosure service providers have been led to believe that these REO asset managers are waiting by the phone for them to call and will welcome the foreclosure services business owner with open arms. This couldn't be further from the truth. In fact, most REO asset managers do not directly work with contractors who provide foreclosure services; instead, they pass that duty off to the real estate agent or REO broker who is also in charge of listing the property for sale. There is a small possibility that the REO asset manager will refer you to the REO broker if you are clever enough.

So before you head over to the nearest REO property preservation forum asking how to go about locating a list of REO asset managers or start randomly contacting REO brokers and REO asset managers, make 100% certain you are really ready to carry on an intelligent conversation with them. It would be a terrible mistake to attempt to contact any REO brokers and REO asset managers until you can honestly say to yourself that you know what you are talking about. Stay on top of this ever-changing industry by subscribing to the only newsletter dedicated to the Property Preservation contractors. You can signup here to receive our Property Preservation Newsletter

And for those of you who truly believe you are ready to begin accepting property preservation jobs and are not scared by the preceding information, you can access an article we published about our own customized REO asset manager phone script that has been working very well for the past 5 years now and I hope somebody finds it helpful.

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