| You're ready. You know you want to REO listings | | | | be on their list. I avoid this. I'm willing to complete |
| and completing BPOs is going to be your foot in | | | | some BPOs for free in my target area but I'm |
| the door. You have gotten yourself a list or REO | | | | reluctant to pay money to be on a list of brokers |
| or BPO companies and it's time to start signing up. | | | | with no guarantee of any return on investment. |
| The more the better - so you think... | | | | 4. Keep track of your applications. Don't just apply |
| Wait a minute. Let's slow down. I know you're | | | | and then forget about the company hoping that |
| excited but let's not get ahead of ourselves. Long | | | | one day you will get a call. You won't. Take notes |
| term success in real estate always comes from | | | | on all the companies you've applied with including |
| deliberate planning and execution. Shooting from | | | | the date of application so that you can follow up |
| the hip usually leads to wasted effort and | | | | by calling those companies. |
| frustration. | | | | 5. Remember your goal: to stand out. Everything |
| | | | you do needs to help you to stand out from |
| 1. Make a plan of attack. How many companies | | | | other Realtors that are applying. I treat every |
| are you going to apply with? Do you have a | | | | BPO as an opportunity to show my |
| résumé to submit? Do you have | | | | responsiveness and attention to detail. Contact |
| your Errors and Omissions Insurance information | | | | the BPO company to follow up after the BPO is |
| (you can get it from your broker.)? What areas | | | | submitted. You need to find anything you can do |
| are you going to focus on (don't say "all areas"!)? | | | | to set yourself apart. |
| To be effective, you need to think about your | | | | 6. Be tasteful and professional. Don't ask |
| plan of attack before you get started. | | | | obnoxious questions like "So how many BPOs do I |
| 2. Don't avoid a challenging application process. | | | | need to do before I get offered an REO listing?". |
| Some BPO companies are easy to apply with - fill | | | | Instead say things like "If you need any other |
| out an online form and click "submit", then wait | | | | BPOs or have questions about any other |
| for a response. Others are harder. They require | | | | properties in this area, just let me know anytime. |
| you to contact them directly and describe your | | | | I'll hop right on it." Remember you're doing this to |
| background and experience. The more hoops you | | | | serve the BPO company. Be professional and |
| have to jump through when applying, the fewer | | | | consistent and the REO listings will come. |
| other Realtors you will be competing with. | | | | Please feel free to contact me anytime if you |
| 3. Don't pay to join a preferred broker list. Some | | | | have questions about BPOs or breaking in to the |
| BPO companies ask you to pay an annual fee to | | | | REO listing business. |