The volume of defaulted real estate coming onto the market nationwide has reached unprecedented proportions, with more than 40 percent of homes for sale representing lender real-estate-owned properties.
Thousands of agents have seen the conventional market drying up and have turned their focus to REO sales, but are running into fierce competition in securing listings. At the same time, asset managers for lending institutions are becoming more and more hard-pressed to find enough agents qualified to handle their REO portfolios.
Southern California-based ""REOTrans"":https://www.reotrans.com says it has come up with a solution for both problems, called the RT Certified Agent Program, an online training regimen that educates agents on the REO sales process.
Chris Saitta, CEO of REOTrans, said that his company has been working on the project for several months, and it was officially launched at the end of May.
""By becoming RT-certified,"" Saitta said, ""an agent is far more likely to be selected by sellers to handle their listings. They know certified agents are literate on our RT Workstation and are conversant with the rules, regulations, and lender’s procedures.""
Saitta explained that REOTrans has been providing basic training on the use of its Workstation free of charge at various industry meetings, but the sessions were constantly overbooked. ""So we decided to create an online series of courses - and the response has been fantastic,"" Saitta said.
The company offers three levels of certification. An agent can choose Silver, Gold, or Platinum levels. At the end of the course, the agent must take an exam based on the level chosen. A score of 80 and above qualifies for certification.
RT-certified agents are flagged as having completed the training on REOTrans' Workstation, to let lenders know that the agent is qualified and ready to accept listings. They can also attach the certification logo to their business cards and marketing materials. Saitta explained that a ""modest fee"" is charged for the coursework.
""To get started, all they have to do is log onto ""REOTrans.com"":https://www.reotrans.com and follow the instructions,"" Saitta said.