Understanding REO Agents

In the world of property and real estate, there are so many terms, so much jargon, and so many details that it can be easy to get confused… quickly. When it comes to managing REO assets and finding people to trust, it’s incredibly valuable to understand the importance of a great REO agent—and to understand what exactly it is that they do.

By defining the roles and importance of REO agents, our clients and customers can get a better understanding of the process as a whole. Beyond that, understanding REO agents can add an entirely new level of confidence and structure to REO property.

So… What Exactly Are REO Agents?

REO agents work with real estate owned property, or the assets foreclosed upon and owned by the bank. These agents manage the sale of those properties, work with asset managers and lenders, and ensure that the property is ready to sell.

What Is It That REO Agents Do?

REO agents wear many hats when it comes to selling property, doing everything from securing the listings themselves to readying properties for sale. REO agents aren’t your typical realtor—though many of them also sell typical listings—but are more so the liaison.

Basically, REO agents have a lot of responsibilities:

• Securing the Listing: REO agents work hand in hand with asset managers and may pay a fee for access to sell certain properties.
• Coordinating Evictions: They often negotiate evictions or coordinate "cash for keys" with former tenants.
• Prepping the Home: They deal with tasks like cleaning or repairing damaged properties with trusted contractors.
• Completing BPOs: They appraise the property and complete Broker's Price Opinion paperwork.
• Paying Attention to the Details: They handle multiple offers on tight deadlines with precision.

What Is It That REO Agents Don’t Do?

REO agents report to the seller, not the buyer. Their responsibilities include securing, fixing, listing, and selling REO properties, but they don’t act as contractors, inspectors, or spokespersons for buyers.

What Makes a Good REO Agent?

At REOProp, excellent REO agents are integral to our operations. Some valued traits include:

• Web-based Systems: Our tools pair the right agents with the right jobs efficiently.
• Attention to Detail: Great agents are responsive and meticulous.
• Proactivity and Compliance: Experts who comply with regulations and exceed expectations.

Since 2008, REO Properties has listed, marketed, and sold over 10,000 properties with the help of strong, smart REO agents, making the process more profitable and less time-consuming.