Today we sat down to discuss how we got into selling bank-owned property.
How did I initially get into selling bank-owned properties? Back in 2001, a former agent in our office also had a home inspection business on the side. He called me one day because he did a home inspection on a bank-owned property that another agency had listed, but the property had mold in it. They didn’t want to do it, so he asked me if I was interested in taking on the assignment.
I spoke with the asset manager, who was appreciative that I was willing to take it on. She asked if I could pass my name on to a couple of her friends, and that was how I got my foot in the door. Again, this was back in 2001 before selling bank-owned properties had taken off in the market.
I looked at it as an opportunity to do maybe eight to 12 extra deals a year, but I didn’t know what was about to happen until I started working with a national REO company in Denver. They had an annual meeting where they brought in agents from all over; one of their staff was an economist with a Ph.D. who told us in 2006 that a tsunami was about to come as a result of the housing crash. It did, and I’ve been helping to sell bank-owned properties ever since.
If you have any questions about selling bank-owned properties or anything else to do with real estate, don’t hesitate to reach out to me. I’d love to hear from you.