Anyone who has listed an REO knows that monthly updates are a necessary evil you must do to inform the seller of market conditions. This is all well and good when you have a few listings. However, when you have 17 Active REO listings and about 15 in the pipeline just waiting for a list price....monthly reports become a waste of time in my opinion. I mean, do the bank sellers want us out trying to sell their home or do they want us in front of a computer 12-14 hours every day?!
If there is ever just ONE industry standard across the board, I hope it's that monthly reports can be done with a simple email to the asset manager. This email will explain viewing activity, market activity, and what needs to be done to sell within 30 days. I mean, it's not like they will listen to us anyways :) This would take the place of 100 different forms from each lender. All are very simple, but some are just too time consuming when you have a ton of listings you would rather be selling! I know, I know...that is how we get price reductions.
How many times have you thought "If they would price it where I told them, it would sell without a price reduction". I thought it just about every day, lol.
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Some of these monthly reports are just ridiculous. I have one company that has 13 pages for each monthly report. It is all on line, but there is a page for each of the comparable listings and sales. By the time I do a couple of those, my day is half done.
Recently we just started working with a company that wants "Quick BPOS", which means they need all of the work done in 6 hours or less, and for that service they are will to pay a whopping $100. As with other BPOs, there is no promise of actually listing the property so there is not much entusiasm to drop everything we are doing to get those done.