To my REO agent friends; talk to me!

Jeff Smith (RE/MAX Victory) — Wed, 17 Sep 2008 14:44:30 -0700

Please allow me a minute to rant.

I have helped many clients purchase REO or bank owned properties over the years. I have purchased some myself as an investor and I have to say that dealing with some REO agents (real estate agents that primarily list bank owned properties) can be one of the most unpleasant things I do in this business. I would rather have a tooth pulled than deal with some of these high volume, successful and very unprofessional agents who will not communicate with you.

The agents I have trouble with usually have 40, 60 or even a 100 listings they are servicing(or NOT servicing). I have never had that many listings and really can't imagine servicing 100 listings. Maybe you become numb trying to keep up with all the calls and faxes or do the banks brainwash you to act like a bank?

As a real estate agent that likes working with investors and enjoys working with clients that are looking for a good property priced below market value, I want to sell some of your bank owned listings but I have to tell you that some of you make it very hard.

Here are some things that would really help me and my clients. Please feel free to pass along to your asset managers and bank clients.

Acknowledge you have received my offer? All it takes is 3 words - I Got It.

If you can't do that, please tell me how I should explain it to my clients because what I have been using just doesn't work well.

"Mr. and Mrs. Home Buyer, I know it's been 10 days since we sent your offer to the listing agent. I have left a phone message every day since, I sent several e-mails but I can't get anyone to talk with me or respond. Yes, I'll drive over to their office and see if I can chase them down. I don't know why we can't get an answer. Yes, agents should be professional"

Why is it that some REO agents don't feel the need to communicate during a transaction? I have had cases where I have gone though the entire transaction and not spoken to the listing agent once. I tried, but no luck, no e-mail and no phone calls. I got a faxed copy of the signed contract and that was about it. Sometimes your counterpart on the other side of the transaction needs to talk with you. Please throw us a bone and work on this one. Maybe you can give us 1 call a week. I'll keep it short!
Stop having dry closings. Tell your seller to quit playing around, approve the hud, transfer the funds and hand over the keys. Buyers and agents don't like finding out an hour before closing that its a dry closing for no good reason.
Don't put your house up for sale until you can actually sell it. Many of your seller's want a $50 or $100 per diem if the buyers don't close on time. I can appreciate that and most buyers understand why you require this but what really irks me is when banks list a property and don't have the sheriff's deed yet and the buyer's have to wait weeks for it to get recorded so they can close. How about your seller paying a per diem? I'll bet you have heard that one before!

I have worked with many terrific REO agents and there are many more good REO agents than bad. I also respect the amount of work and effort that REO agents put into their business. I realize the asset managers and the seller's work at their own pace and are very demanding but just a little more communication during these transactions would help a great deal. Please talk to me!

Jeff Smith's Blog

To my REO agent friends; talk to me!