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The majority of all sales today are foreclosure and short sale. No one is more popular, in our market, than the REO listing agent.

I get asked weekly, "How do I become an REO agent?"

An REO agent is one who, among other responsibilities, lists and sells foreclosed properties for banks and other institutions.

I recently held a seminar where we discussed REO and short sale. There was such high demand that we ended up having to hold four separate sessions over two days. The liveliest part of the discussion was on REO listing agents.

If you would like to be invited to future live seminars, please send me an email.

With so many foreclosures, some agents are looking to enter this seemingly lucrative part of the business. However, many don't realize the hard work and challenges the REO agent faces. It's certainly not all glamorous.

In my experience, and I have had dealings with some of the top REO agents in Las Vegas, they are extremely well-versed in the business. They are very smart and experienced. They have many years in the REO business and they stay focused on this niche regardless of market condition.

When the market was on fire, and we were in the greatest real estate boom in history, very few homes went into foreclosure in our valley. Sellers who were in financial trouble simply listed their home with an agent and found a buyer before they lost the home.

Many of the top REO agents you deal with today were REO agents during this cycle as well. It was a challenging time for them. Now the current real estate cycle has turned in their favor.

There was simply to no way to predict the volume of foreclosures we are faced with today and many of these agents have so many listings, it can almost be overwhelming.

We have all heard the complaints that some REO agents have too many listings. Some banks are looking to add REO agents.

Are you looking to be one of them? Do you want to jump into this specialty?? Here is what you can expect.

The not-so-glamorous duties of the REO listing agent....

EVICTIONS AND RE-KEY
The REO agent figures out if the client is still living in the house. This may mean grabbing his flashlight and sneaking around the back at 5am to peak in the windows. If the tenant or someone else is still there, the REO agent is responsible for eviction. This may mean verbal or physical threats from the tenant. This may mean evicting a family with small children crying on the lawn or elderly family members begging to stay.

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