Who uses REO Exchange?
Bank REO
Asset Managers & REO Agent
Primarily, those who benefit from membership on REOX most are lenders and asset managers, and most REO agents and brokers. This network is designed to bring this special group of professionals together to transact deals around bank-owned properties. Asset managers can view detailed profiles of agent brokers that includes a profile picture, short professional biography, recent REOs the agent broker has sold, days on market (DOM) rate, any professional accreditations and affiliations the agent broker may have, and pertinent contact information, including phone, email and websites.
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REO Asset Manger
Asset Managers are getting overwhelmed with new listings. Some have over 1,000 properties to manage at one time. Banks either manage the properties through their own REO department or they hire asset management companies. An asset management company deals with the property by doing varies things like clean up, changing the locks on the doors or evicting the tenants. An REO management company or reo asset manager a lot of times has their own realtors that they have worked with in the past. However, with the changing and constantly expanding countrywide market they need to establish new relationships with realtors and brokers. Especially in new areas where they have no experience. REO asset managers need the expertise of a local real estate broker or agent to tell them what to set the price at and what they should do to get the property sold quickly.