Virtual Assistants Role in Handling REOs and BPOs

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A huge boom is being enjoyed nowadays by real estate sales agent from REOs. Notwithstanding the current perks of a revived economy, the fact remains that more and more homes and properties are available for sale from financial establishments, lenders and mortgage companies. These companies normally send request to REO agents to conduct BPOs or broker price opinions. With the amount of time and the quality of information needed, REO agents can sometimes experience a quandary on how to address this demand with insufficient time at hand. Fortunately, today’s online development opened up a new avenue of virtual assistance that is meant to augment the reliability and efficiency of REO and BPO transactions.

Property Valuation Information Gathering

REOs usually require broker price opinion when valuing properties in its current market. This could be for refinancing or when foreclosure is imminent. A lender or mortgage company may require a full appraisal from a real estate agent specializing in REO and completing BPOs. Collation of important data to support this transaction can be performed by a virtual assistant. In foreclosure cases, BPO requests to real estate agents are often required by the lender to come up with a reliable estimate of current face value of the property vis-à-vis its mortgage balance. Solutions are then made after these valuations. Gathering of essential data can be delegated to a virtual assistant.

Lead Generation Support

We all know how cutthroat the competition can be in the real estate business whether REO or not. Real estate agencies and individual agents often have so much on their hands to handle inquiries and marketing tactics. REO/BPO virtual assistants offer reliable registration and asset management follow-up on various banks and lenders. This allows you to gather more sources of REOs for re-sale later on. To aid on these purported re-sales, these virtual assistants can generate lead generation services that usually include pulling or scrubbing of FSBOs, database importation and, most importantly, follow-up calls and setting up of appointments.

Virtual assistant BPO services, however, depend largely on the data provided. Some agents prefer supplying their own data gathered and have VAs provide results via specialized online tools designed to analyze these data. Some real estate agencies or agents also prefer VAs to do their own investigation on various data as provided by banks or lenders.

Managing and Coordination of Transactions

Another important function that real estate VAs with specialization on REO and BPO is in coordinating and managing of transactions involved. This could be in marketing via online avenues, arranging purchase agreements and collation of data during closing. Broker price opinions can vary according to transactions or circumstances involved with a particular property or properties. While a real estate agency or independent agent may recourse to focusing his attention to certain aspects of the business, a VA can effectively give a helping hand in using up-to-date tools for analyzing value of similar surrounding properties and current sales trend in the area. These professionals are also keen in coordinating repairs, clean-up and other arrangements with contractors when getting ready for a property sale.

There is no doubt that today’s REO business is work intensive. For real estate professionals to make it to the top, they must be more driven in terms of efforts and technology. With more and more banks and lenders using online platforms, it is only fitting and practical to make use of technology-driven virtual assistance services to successfully manage voluminous data needed to achieve your goals.