What is an REO Asset Manager Job?
An REO (Real Estate Owned) Asset Manager is a professional who manages properties that are owned by a bank or other financial institution. These properties are typically acquired through foreclosure or other types of default, and the asset manager's role is to oversee them until they are sold or otherwise disposed of. The job involves managing a portfolio of properties, coordinating with various internal and external stakeholders, and ensuring that the properties are maintained and marketed effectively.
What Usually Do in This Position?
An REO Asset Manager's primary responsibility is to manage a portfolio of properties that are owned by their employer. They are responsible for overseeing the maintenance, marketing, and eventual sale of these properties. This involves coordinating with various internal and external stakeholders, including real estate agents, property inspectors, contractors, and other service providers. The asset manager must also ensure that the properties are in compliance with local regulations and that any necessary repairs or upgrades are made in a timely and cost-effective manner.
Top 5 Skills for Position
- Knowledge of real estate law and regulations
- Strong organizational and project management skills
- Ability to negotiate with contractors and service providers
- Experience with property management software and tools
- Excellent communication and interpersonal skills
How to Become This Type of Specialist
To become an REO Asset Manager, you typically need a background in real estate or property management. A bachelor's degree in a related field such as business, finance, or real estate can be helpful, but it's not always required. Many employers also require several years of experience in property management or real estate, particularly in a foreclosure or REO context.
Average Salary
The average salary for an REO Asset Manager is around $70,000 per year, according to data from Glassdoor. However, salaries can vary depending on factors such as experience, location, and the size of the employer.
Roles and Types
There are several different roles within REO Asset Management, including:
- Asset Manager: This is the most common role, which involves managing a portfolio of properties and overseeing their maintenance, marketing, and sale.
- Foreclosure Specialist: This role focuses specifically on managing properties that are in the foreclosure process.
- Loss Mitigation Specialist: This role involves working with borrowers to help them avoid foreclosure, often through loan modifications or other types of debt relief.
Locations with the Most Popular Jobs in USA
REO Asset Management jobs are available throughout the United States, but some regions have a higher concentration of opportunities than others. Some of the top cities for these jobs include:
- Dallas, TX
- Phoenix, AZ
- Atlanta, GA
- Los Angeles, CA
- Miami, FL
What are the Typical Tools
REO Asset Managers use a variety of tools and software to manage their portfolios of properties. Some of the most common tools include property management software, accounting software, and project management tools. They also use various communication and collaboration tools to coordinate with internal and external stakeholders.
In Conclusion
REO Asset Management is a challenging but rewarding career path for those with a background in real estate or property management. With strong organizational, communication, and negotiation skills, and the ability to work well under pressure, an REO Asset Manager can help financial institutions effectively manage their real estate portfolios and maximize their returns.