REO Quick Start Guide
Welcome to your REO Quick Start Program. Your program will focus on 4 areas to get you started
towards being a successful REO Agent/Broker.
Call 1.
Applying to be a REO Agent - This step of your program will help you get started by
showing you how to go to the REO website and apply to become an REO
Agent/Broker.
Call 2.
Securing REO Listings - This is the step of your program where you will implement
the systems to secure REO Listings. This portion involves the implementation of phone
calls and emails.
Call 3.
Follow up Systems – This step in your program is the implementation of the Follow up
Action Plan. It is recommended that you build the action plan in your contact manager
so that you can easily stay on track with your phone calls and email drip campaigns.
Call 4.
Tracking Systems – This step in your program is the implementation of tracking
systems that will help you keep track of your REO listings. This is easily done by
utilizing your contact manger.
Remember, you are responsible for your success. By practicing your scripts daily and scheduling time to
make your daily calls to your REO Banks and Asset Mangers, you will build an awesome REO business.
The key to success with REO’s is to be consistent with your prospecting and follow up. If you discover
that a REO Bank is not accepting applications from agents, put a reminder for 2 weeks and check the
REO Banks website again.
-110 Emerald Terrace - Swansea, IL 62226
Info@CorcoranCoaching.com
www.CorcoranCoaching.com
(p)800-957-8353 (f)618-207-4806
REO Step By Step Start Up
In order to secure and build your REO business, you need to follow the following steps:
1. Go to each bank or BPO website and sign up to become approved by them to be one of their REO
agents. You should get approved within 72 hours of signing up. Once approval is received you
will want to launch the email campaigns. (The email campaign begins on page 5 of your REO
Quick Start Guide. They can easily be copied and pasted into your contact manager.)
2. Once notified of approval go to the website and download all forms and documents.
3. Enter contact name into database.
4. Purchase a $10.00 Starbucks Gift Card for each of the sites you have submitted your information
for approval to. The purpose of the Starbucks Gift Card is to say thank you and build rapport with
the asset managers.
5. Send handwritten note and Starbucks Gift Card to the asset manager.
6. Launch follow up campaign consisting of calls, emails and notes. 3 days after you send the
Starbucks Gift Card. (See follow up campaign action plan on page 5 of your REO Quick Start
Guide.)
7. Call weekly to build rapport with the asset managers. (See script on page 3 of your REO Quick
Start Guide.)
8. Call, call, call. Persist without exception and you will get REO listings!!
-210 Emerald Terrace - Swansea, IL 62226
Info@CorcoranCoaching.com
www.CorcoranCoaching.com
(p)800-957-8353 (f)618-207-4806
Script For Initial Call to Prospect:
Your number one goal is to make a positive impression with your prospect and to build rapport. Your
second objective is convincing the prospect that you are worth speaking to, again. You can use your soft
trial closes on the first call, if you have built some rapport. DO NOT “hard close” upon first contact. You
have to view this as a medium to long-term sales cycle. Remember to “Persist Without Exception”!!
Prior to launching your prospecting efforts you may want to consider establishing a separate brand for
your REO business. It will help you stand out in your prospects mind and provide you quicker credibility.
Simple names such as “team REO”, “REO-now”, “Smiths REO Team”, “SanFranREO” etc, etc, etc.
Consider building a simple web site that integrates that brand name.
First contact, introduction statement:
“Good Morning, my name is John Doe with “SanFran REO Sales in the Tri-Valley area of
California. How are you today?” ((Wait, listen and acknowledge the response)
“I was hoping you could steer me in the right direction. Would you happen to know who makes
hiring decisions for new REO agents?” (Wait, listen and acknowledge the response)
Responses: Question/Answer
• Bank contact: “Yes” Your Response: “Great, do you have their name and telephone number? (Wait, listen and
acknowledge the response)
Would you happen to know when the best time to reach her is”? (Wait, listen and acknowledge the
response)
• Bank contact: “No”Your Response: “Could you please tell me who I may contact to find out”? (Wait, listen and
acknowledge the response)
• Bank contact: “That would be me” –
Your Response: “Terrific!! - As I said, I sell REO’s in Yourtown, USA and I am looking to earn
new clients. Could you please tell me what I would need to do to get on your list of approved REO
brokers?” (Wait, listen and acknowledge the response)
Convey your knowledge of the industry:
1. “I know that the majority of banks in the country are having a challenge dealing with their
foreclosure inventory. And being in trenches myself, I know that the larger REO agents in my area
are having an equally difficult time managing theirs. Do you find that to be true?” (Wait, listen
and acknowledge the response)
-310 Emerald Terrace - Swansea, IL 62226
Info@CorcoranCoaching.com
www.CorcoranCoaching.com
(p)800-957-8353 (f)618-207-4806
2. “Because my team and I are not anywhere near running at full capacity, we are able to offer all of our
clients, world class service. Primarily because we are in the building phase of our REO services, and not
struggling to manage the business we have. I am sure that you want the best service to ensure that your
properties are sold and the transaction is smooth, right? (Wait, listen and acknowledge the response)
Great, then let me tell you about my team…(Chose which items below are appropriate). “We feel we can
offer our clients superior service and results by addressing the needs of our clients.”
a) Full time staff
b) In place, reliable contractors
c) Buyers agents
d) Reduced commission on double end deals.
e) 20 years experience in real estate
3. “I have heard from other asset managers that one of the biggest challenges they face is decreased
quality of service from their current REO service providers, along with their crazy work load. We believe
that this is because REO agents are being forced to prioritize their efforts on their largest and most
profitable clients. Are you finding any truth to that within your business?” (Wait, listen and acknowledge
the response)
4. “I’m wondering, I was putting together an offer the other day for an REO property. I called the listing
agent and got his voice mail. His message states that he only works Mon-Fri…Do you only require your
agents to work Mon-Fri? I know I am available to my clients 7 days a week.” (Wait, listen and
acknowledge the response)
5. “My team and I developed a business plan designed to meet the needs of our clients by offering
services that are not always provided by other REO agents. Furthermore, we can customize our services to
satisfy your demands.” (Wait, listen and acknowledge the response)
More good questions:
1. “Are your current agents selling 100% of their inventory?” (Wait, listen and acknowledge the response)
2. “What would I have to do for you consider our services?” (Wait, listen and acknowledge the response)
3. “We surely would not expect you to start flooding us with listings right away, but do you have any
agents that are not producing the results you are looking for?” (Wait, listen and acknowledge the
response)
4. “Do you have any inventory that is about to “expire” that you might give us an opportunity to sell for
you on? (Wait, listen and acknowledge the response) Maybe even just 1 property that has been a real
tough one to move?” (Wait, listen and acknowledge the response)
-410 Emerald Terrace - Swansea, IL 62226
Info@CorcoranCoaching.com
www.CorcoranCoaching.com
(p)800-957-8353 (f)618-207-4806
5. “May I sign up to start completing BPO’s for you? (Wait, listen and acknowledge the response) I am
open to completing “non-pay” Price Opinions…if I can have a chance for the listing, is that possible?
(Wait, listen and acknowledge the response)
Set yourself apart, anyway you can:
• If you speak a foreign language with enough proficiency to explain a real estate transaction, you bring
additional value. Stress the benefit of knowing a second language in your coverage area. Send a follow up
letter to the Vendor Manager in English and the other language that you speak.
• If you are an area specialist you already follow every foreclosure and can add historical perspective and
accuracy that an outsider simply cannot match. Your objective is to get a few opportunities to prove that
you've familiarized yourself with the client's unique requirements.
• If you have worked for an REO agent, be sure to emphasize this.
• If you have sold any REO properties, this is another feather in your cap.
• Ask to accept "left-overs" for the assets that didn't sell with another agent.
• Ask for the problems and respond with a creative solution.
One example of something REO agents “do not” do is “virtual tours”. For the extra $100 it costs per
listing, you may want to tell prospects that you do this on all your REO listings and explain the edge that
it gives them in higher conversion rates and reduced market time. Learn what other REO agents are doing
and what they are not doing. Set yourself apart in any way you can.
Apply Salesmanship 101
Implement Acknowledge/Ask and Answer/Ask technique in all scripts! Keep the golden rule in mind
when asking “any prospect any question”; never ask questions in which the response is unknown or
unfavorable to the outcome. By taking control of the conversation you will gain a new client.
Follow up Action Plan:
Day 1- Send SB Card
Day 5 - Call to verify receipt
Day 12 – Email Just A Note Touch Base
Day 19- Call to Say Hi
Day 26 – Email To Touch Base
Day 30 – Talk to your Implementation Specialist about moving forward with your program. By making
the choice to move forward within the next 5 days, you will receive a $2,000.00 credit towards your REO
Telephone Implementation Program. That means that for only $1999.00 you will not only get your initial
investment of $750.00, but an additional $1250.00 credit. Don’t let this opportunity pass you by.
-510 Emerald Terrace - Swansea, IL 62226
Info@CorcoranCoaching.com
www.CorcoranCoaching.com
(p)800-957-8353 (f)618-207-4806
Email Drip Campaign:
Subject: <<Your Market Name>> Assets
Asset manager name,
Are you looking to take on more REO Brokers for <<your area>>? We service the greater <<Your service
area>> Areas. You view our service area at www.YourWebsite.com .
Agent name
Subject: New REO Broker.
Asset manager name,
Just wanted you to keep me in mind when referring REOs to <<Your service area>> Areas.
Agent name
Subject: Current REOs.
Asset manager name,
I am curious about the service you have been getting in the past from your REO Brokers. What have you
liked? What have you disliked?
Agent name
Subject: How is the Market?
Asset manager name,
I was just wondering how the disposition of your Assets is coming along. Are they selling in 30,60,90 days ,or
more than 6 months? What are some of the challenges?
Agent name
Subject: Just Checking In.
Asset manager name,
Just checking in if you have any Assets you need help with in South Florida. Maybe ones that other agents
could not sell. Please keep me in mind.
Agent name
-610 Emerald Terrace - Swansea, IL 62226
Info@CorcoranCoaching.com
www.CorcoranCoaching.com
(p)800-957-8353 (f)618-207-4806
Subject: REO MAC Conference
Asset manager name,
I went to the last REOMAC conference. They had a great session on current statistics about the marketplace
and showed that they expect a lot more foreclosures to appear over the next 18 months. Did you go?
Agent name
Subject: REO in <<Your Market>>
Asset manager name,
I was at the past REOMAC Conference and met some new Asset Managers and got your name. Are you
assigning REOs for <<Your Service Area>>? If not, do you know how is? It would be our pleasure to help
you. You can see our full services at www.YourWebsite.com .
Agent name
Subject: REO Disposition Tip #1.
Asset manager name,
One of the biggest complaints by agents trying to show an REO Asset is "I can never get a hold of the listing
agent". We use a service called Centralized Showing Service. They have live professionals standing by 7
days a Week, from morning until night, to give the showing instructions so that agents can show your Asset
quickly and efficiently. They even obtain feeback, and you can log in anytime to see the feedback yourself.
You can see the service at www.Showings.com . If your REO Broker is not using them, make sure they do. It
will increase the number of showings and make it a faster sale.
Agent name
Subject: REO Disposition Tip #2.
Asset manager name,
Just wanted to share with you a great idea which has increased the number of showings on my assets. It is
called Range Pricing. If the list price on your asset is $300,000, then buyers searching up to $275,000 will not
see your property in the list. By putting a range price of $250,000 to $300,000, the list price doesn't change,
but the asset will come up in the buyer's search because the $275,000 max price for the buyer falls within the
range. If they like the property, they might be willing to pay a little more than their $275,000 limit.
Agent name
-710 Emerald Terrace - Swansea, IL 62226
Info@CorcoranCoaching.com
www.CorcoranCoaching.com
(p)800-957-8353 (f)618-207-4806
Subject: REO Disposition Tip #3.
Asset manager name,
If you are still stuck using only pictures to see what your asset looks like, then your broker needs to do
better. We make video tours of all our assets. There is a camera called the HP Photosmart R927, which
shoots panoramic pictures that get stitched together right on the screen. With this you can truly see the
whole view and the entire street scene of the asset. The camera also has 30 minutes of video, so the
broker can walk through the entire asset so you can really see how it looks and make the correct
recommendations. You can view one of our sample video tours of one of our assets by clicking the link
below.
Also, this allows out of town buyers and investors to buy without seeing it, since the video shows the
entire picture.
Agent name
-810 Emerald Terrace - Swansea, IL 62226
Info@CorcoranCoaching.com
www.CorcoranCoaching.com
(p)800-957-8353 (f)618-207-4806