HREU Student Success | How To List REOs
Marvin Von Renchler Success Story!
Marvin sent this to me late Friday evening….thought his email to HREU would give everyone a little weekend motivation!
Dear HREU,
WOW!! Today was my first day to call REO managers. I was nervous and a little afraid this wouldnt work.
I looked up and down the list, discounting all the main names everyone knows—Saxon, etc. I thought that all would be calling those so I pretty much threw a dart at the list and got an oddly named company in the southern states.
It was almost 5 PM their time but I called and a man answered. He sounded really put out and I though…’Oh-oh, this wont go well’.
Not wanting to subject him to a lot of “Here is my info—Im so great so please use me”, I simply said. “Hi Bob, I have a clear weekend and am ready for more BPOs”.
He said, “What did you say your name was and I told him”. (He acted like he didnt want to be embarrassed about not knowing me, lol.)
Now the WOW part!
He said …”Man, Im glad you called. I just had a list of BPO/ REOs dumped on my lap and its the weekend—can you do BPOs by Tuesday morning?” I told him that was no problem.
Then he said “These are all commercial and we pay $150 per commercial BPO–is that OK? Instead of saying HOLY COW YES YES… I said ‘Thats good, I can do that, what do you have?’ (Thinking 3 or 4 properties.)
He said, ” FORTY! Can you do 40 BPOs by Tuesday noon? “(Thats $6,000 in BPO fees)
I asked if he could send me the list so I could get started immediately… Without asking me ANYTHING else about who I was, what company I was with, he emailed me the entire list. He gave me a cell phone and told me to call when I was completed.
Understand that these BPOs should lead to 40 commercial listings….all from ONE CALL!
Not bad for my first BPO call. Just wanted to thank you very much for your coaching!
Marvin Von Renchler
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In Hawaii, we just found out that it is illegal for a Realtor to collect money for doing a bpo for any bank. We can do comps in the line of listing a home, but not for an exchange of money. Hope this helps if you’re in Hawaii, and hope this makes you more appreciative if you’re not in Hawaii.
Well now Ive made it to the point where I am receiving from 5 to 20 bpos a DAY. They are coming in so hard I had to hire help. How did this happen? Well, I figured it out on my own. Completely different than what you have read about.
Marvin Von Renchler
Great to hear you are doing well!
Tim