Demystifying 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 demystifying 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.

demystifying reo agents | Demystifying REO Agents

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 are the ones who will 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 a lot of different 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, as well—but are more so the liason. 

Basically? REO agents have a lot of responsibilities:

What Is It That REO Agents Don’t Do?

REO agents report to the seller, not to the buyer—meaning that their priorities and responsibilities can be quite different than a buyer’s agent. One of the biggest misconceptions about REO agents is that they work for the buyer, but that’s not the way it goes. Essentially, REO agents are in charge of securing an REO property, fixing up said REO property, listing the REO property, and then coordinating its sale. While they’re a jack-of-many-trades in a lot of ways, REO agents aren’t a jack-of-all-trades. Instead, they’re the ones working with the bank or asset manager to sell the property. They’re not the spokesperson, the contractor, or the home inspector.

What Makes a Good REO Agent?

At VRM Mortgage Services, excellent REO agents are an integral part of our operations. As the people who help us sell REO properties quickly and efficiently, we wouldn’t be able to do what we do without them. Some of the most valued traits in a REO agent are:

As asset managers, we understand the importance of finding team members that integrate with our mission. Since 2006, VRM Mortgage Services has listed, marketed, managed, and sold over half a million properties with the help of strong, smart REO agents. By seeking out REO agents that know their stuff, selling REO property is more profitable and less time-consuming.