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5 Ways to Impress an Asset Manager

So you've finally reached the light at the end of the tunnel..... your 24 hour days of endless driving, picture taking, research, and data entry have all paid off and you've earned yourself an REO listing!!!

CONGRATULATIONS!!!! DRUM ROLL PLEASE.......

Ok now, how do you keep them coming? Traci Rochon and my team have successfully been selling Foreclosures in Virginia, Foreclosures in DC, and Foreclosures in Maryland for several years and trust me... there is no greater tip that I can share with you besides the one to build and preserve a great relationship with your asset managers. Over the years I've structured my approach to this business with 5 habits that impress every asset manager I have ever worked with... and the assignments keep coming and coming and coming!

#1. COMPLETE TASKS ON TIME

Most asset companies have an internal tracking system that rates task turn over time. Anytime you are late you are dinged and your score is impacted. Carefully read thru your brokers package that is provided along with your listing and get familiar with the task map and timelines so that you avoid setting yourself up for a late task.

#2. DO MORE THEN AN OCCUPANCY CHECK

This habit sort of ties in to #1.... your first trip to the assigned property will always usually be to determine the occupancy status. Be one step ahead, save your gas, and prepare yourself for both options. If you come across an occupied home you should already know that the eviction process is to come, if your asset company offers a CFK option ("cash for keys") have a contract on hand to leave with the occupant or to post onto the front door. If the property is obviously vacant do everything you can to gain access, check for open windows, doors or garages. Bottom line... GET INSIDE, take photos, complete a damage checklist and any other assignment you know is to trigger next.

#3. PROVIDE AN IMPRESSIVE BPO

QUALITY vs TIME! Prove to your asset manager that you are the expert in your area. Take the additional time to really research your comps and the market so that you can recommend the best selling strategy. If your BPO value varies drastically from the 2nd or 3rd ordered values.... you will be questioned so be prepared to back your recommendation... (I loved having the opportunity to do that, it gives me the chance to prove my expertise).

#4. Set up the transaction for SUCCESS

ALWAYS, ALWAYS screen your prospects! It's typical for an AM to ask for your opinion on the best offer. You may think that highest offer is always best... but you may be wrong! If your buyers agent has a history of 6 month closing timelines and the lender has never worked on the financing program of the buyers choosing then buckle up and enjoy the ride. Your client wants to sell the property and often wants a recommendation on which offer has the best chance of getting to the closing table on time.

#5. UPDATE, UPDATE, UPDATE

This assures your asset manager that you are working hard on moving this listing along and that things are being done even when he/she isn't tasking you to do things. If there's nothing to update a simple "we are on schedule" or "no updates to share at this time, will follow up again tomorrow" will be appreciated!

About the author:

Dan Rochon is Operating Principal of Keller Williams Realty, Alexandria - Kingstowne, VA and Team Leader with Traci of

Dan and Traci & Consultants with Keller Williams Realty.

Dan and Traci have been featured in local and national news on the NBC Nightly News, The Today Show, The Washington Examiner, The Washington Post, CNBC, and WTOP News and more for their success in selling short sales.

If you are interested in short selling your home in Virginia, Maryland, or Washington DC call us today at 703-562-1791 ext. 2

Posted by Dan Rochon - Short Sale Specialist - Team Serving Virginia, Maryland, and DC on 01/16/2010 11:12 AM

Comments (105)

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105 Comments on 5 Ways to Impress an Asset Manager

JAN

2010

Great advice, I do not personally handle any foreclosures, however, I would follow these steps. I do know that the foreclosures can be very quite a bit to handle.

Great blog; thank you! I handle a lot of short sales now and am studying REO's. You've added good information to my base!

Dan, thanks for the tips even though I dont plan on going into the foreclosure business it is good to know.

Great advice - sounds like the same advice a seasoned agent gave me when I started to sell real estate which was... Be on time, tell the truth, and work hard. I guess that applies to many areas of business.

Great advice Dan!! Going the extra mile to do a good job will bring more business to the agent. Sometimes it is just showing that you care about the listing!! Good luck in 2010!

Great info thank you

Very good advise. I have not listed any REOs yet but one of my goals for 2010 is to list and sell some..................chris

Great advice. I find #5 can be a tad over the top and clogs up their email systems really depends on the AM I think with that one but I agree being ontop of things keeps them coming back.

Thank you so much for the information. I am a new agent and lucked up on a REO referral from a bank I have been working with. I was so shocked when the asset manager said "Kim I have a property in Mantua and I want to refer you to the bank handling it" WOW! He did and right away she called me. I have followed through with every thing they have asked including assessinng the property for damages, referring a bonded cleaning crew and finally listing the property. I am grateful for the referral and hope that there will be more. I will follow your instructions to a tee. I needed to hear this. Thank you so much.

Thanks, Dan!

Really good tips. I wish I had a database of asset managers.

Thanks. Common sense, but since it is so lacking, thanks for the reiteration. My asset managers appreciate my communication skills, not only with them, but with the whole team including potential buyers and buyers' agents. They love the turnaround time, too!

Thanks for laying out these steps. Asset managers are overwhelmed these days for the most part - so making their job easy is greatly appreciated.

Great list and thanks for sharing, in other words, do your job well.

Thank you for the great advice! Now when can I expect the follow up on how best to get in the door to talk to the AM? Thanks again from Cumming Georgia, USA.

What we should be doing anyway. My problem is getting to the drumroll. Plenty of BPOs under my belt, but none have led to that drumroll.

Hi Dan, I agree with you that follow up always needs to be done if you want to stay on top! What would you say would be the best way to get on their list to call me? I have never done one or know how to get myself in the door? Gail

Dan,

Great post! We always strive to provide our asset managers with the quality service they deserve!..

On #2: Also a great time to save steps and do your re-key!

Best regards, umbrella

Nice list, that seems like it would be common sense?

Very good Dan. One of the things that I have encountered here is houses that have been foreclosed (builders) by the Commercial side of the bank and they have given it to someone to sell and then the asset is transferred over to the Residential side of the bank and they don't know that the house is under contract, etc. That hapened the other day .... went out had the house re-keyed and did the BPO for the bank (for which I won't get paid). Got all that subitted (the house was ready to go) and sent out the contractor to do the winterization. When he got there people were living in the house. The REALTOR Commercial used didn't list the home in the MLS and then it sold. Fortunately we had put a lockbox on the house for ease of people getting in and they were able to get their keys out, etc. This was truly a mess.

# 2 and the words "obviously vacant" scare me. I have had properties with no furniture, just a mattress on the floor in one room. Looks vacant but someone is living there. Now you doing an illegal entry.

Great list Dan! Yes, being on time with your tasks is the # 1 way, and the easiest way, to impress your asset manager. Also, updating your asset manager is great advice as well as the last thing they want are surprises! Asset Managers want agents that will SAVE them time and that means being one step ahead! Nice bog!

Good post, Good tips, I do them too, unfornunately, not all assett manageres are easy to please and are so demanding.. goes with the business .

Marlene Shelton Giles, RE/MAX 1st Olympic, Lynchurg, Va

You may want to expand your #3 comments about if your "...BPO value varies drastically from the 2nd or 3rd ordered values". In my opinion the comps used in a submitted BPO should always be within a reasonable range of your suggested price. If not, you either are not using the proper comps or your value isn't right. You need to expand your parameters to find comps that justify the suggested value. The asset managers usually have guidelines on what they are expecting for variation so it's important to find out what they are.

If your comment is concerning other BPOs or appraisals that you know the client has, then by all means you are correct to fully support your BPO and know why the other opinions of value are faulty. But from a practical perspective, you are not likely to be provided with any information on other valuations that the bank has received.

And finally, if you are significantly lowering your estimate of value (this is your 2nd or 3rd price opinion submittal now) then you absolutely need to be well prepared as it might look like you inflated your initial BPO which won't be well received.

Great article - just wanted to make sure that everyone understands what quality means if there are some variations in value!

Hi Dan. One certainly wants to make sure that what appears to be "obviously vacant" is indeed vacant. It wouldn't be good to be climbing through a bedroom window otherwise. Has anyone out there shown a "vacant" home only to have the occupant emerge from the bedroom in his underwear???

I think the bigger question everyone wants answered is how do you get "in" with asset managers in the first place. I've listed and sold a few dozen REOs over the last few years. Several of my asset managers have lost contracts and are basically out of business. Others give you plenty of BPOs but the listings are few and far in between. I'm never late on getting a BPO submitted, so that's not the problem. Any tips for getting more listings?

One thing I have noticed w/ last year's moratoriums is that it appears that some companies have "cleaned shop" of the REO agents who were letting the chickens run the coop. I am pretty impressed over the last three months on getting calls returned, etc (from a buyer's agent perspective.) I have done both and y'all have it pretty rough out there and I respect you!

Great advice!!! I have done several BPO's on time and well researched but still waiting to get that first listing! I have shown a lot of REO's and sold a few and I am always amazed at how some agents hang on doing bad jobs and getting tons of listings from the same bank!

Dan,

Great tips! You suggest getting into the property. What was your most DIFFICULT entry???

great tips!

Congrats on your success working REOs! Having worked as a Senior Asset Manager, I can say the one thing that impressed me was a knowledgeable agent/broker that was quick to respond. Although I understand your item #5, too many "empty" updates can needlessly clog an AM's email and may be irritating to an overloaded AM.

Great tips. Very good information to work with. I especially appreciate #5. Many Realtors forget this, and I also think it is important to communicate even if there is nothing to communicate. Just remind them you are working to sell the listing. Good communication can lead to future listings.

Great advice, some are a little over the top but if it works for you - you must be doing something right. I don't do climb through windows or second guessing vacancy - because of the potential danger. The updating - use your own judgement on this one. I mean a couple of messages like that with nothing to say - might be frown on by some asset managers -- and that is a definite backfire too.

BPOs should be as close to market value as you can get, but you really can't control if they don't like the price because it does not match either the appraised value or another opinion. So be calm when and if there are questions and be able to justify your opinon - without show of attitude is a good place to be.

Now, how do you get more listings - more companies to pay you attention and give you new assignments? The more contacts with different asset managers the better. Any tips?

good information. As other's have said, I've never gotten an REO listing, but have been on the buyer's end of many.

This is a great post. I have been doing REO for 5 yrs and I have learned to implement all of of your suggestions. It does work and you do gain a better relationship with the Asset Managers.

I love your post. I have been trying so hard to get into REO Business and still have to no avail. After signing up with about 30 companies, do you have any suggestions?

Very good tips, Dan. I was wondering how you get to know who the asset managers are. I have done a ton of BPO's and have yet to get a listing. I asked the companies I prepared the bpo for and they told me to just go to the website and sign up. I have done that and still nothing. Do you have any other tips for that process?

That is really nice of you to share this information. Lots of REO agents do not care sharing what they know. I have been considered and "expert" in short sale and I am ready to move to REO. Great advice!

Charita King

562-276-8681

I have a couple asset managers and I treat them very professional and they are so good to me as well. We have a lot of communication and they like that.

Great stuff here Dan and Traci,

Congrats on getting the Feature Post.

- Bart

Good advice. As always, do more than is required if you want repeat and referral business!

This was great advice. I complete BPOs and try to communicate as clearly and concisely as possible my knowledge about the home and the marketplace. I've had appraisers write to me to tell me how excellent my work is. I can only hope these actions set me apart apart and assist me in reaching my goal. Thanks for your input!

Great and timely post. I just got hired on to handle some REOs in northern Michigan, and am awaiting my first assignments. These tips will really come in handy. Thank you!

Good tips for doing REO's. Thanks for the post.

Great post! Great tips and well written and to the point. I work with a team that does REO's and I'm always looking to learn to be able to contribute more to the team. I look forward to checking out your future blog postings.

Thank you for sharing on such an in depth level. I am a West Palm Beach, Florida Realtor specializing in 'bargain-priced Downtown properties. I will use your advise here in my market.

Marsha Montoya Mayer- Realtor, Paradise Properties of Florida, Inc.

Email: marsha@mypalmbeachrealty.com Cell: 561-329-0428

Great post and advice. I do think the asset managers really appreciate it when you go ' the extra mile', in many cases it saves them time and aggrevation, which they always seem to be short on time, because of their work load.

Fabulous coverage! Bless you REO agents. I'm not one of them, but I've worked with a number of them and I know you all catch some abuse. Best of luck to all of you!

Great information.

Glad that you shared this with me.

Ginger

Great advice that applies to anything one does.....

I have done plenty of deals from the buyer's side, but none from the banks"

Thanks, Dan. I appreciate your thorough, informative post -- not just for the good advice you shared but the (unintended) chuckle it elicited. The post arrived via my Blackberry with the headline "5 Ways to Impress an Ass..."How could I not click through to that one?!

Good solid tips, thank you! I currently have only one BPO and am up to the 3rd asset manager in 3 months. They seldom return my calls, they are so swamped and it's hard to impress a moving target. Maybe I can get some reos with asset managers I can impress soon ;-)?

thank you for a primer on how to manage REOs and now, if I just had some... Seriously, Your advice makes perfect sense to me.

Recently I've completed a number of BPO & short sale training through Default School and Five Star Institute. I'm ready to get going. Your tips will be taken to heart as I complete assignments

Minneapolis Real Estate

I do many BPO's a week and I find that the AM's don't understand that some people live in very rural areas and comps are far and few. But good advice overall.

Great advice! However, I have found that no matter how many timley BPO's and online applications/following up with them, it really is the luck of the draw and who you know! That being said...my luck has not happened yet and I guess I dont know anyone important enough in the Asset dept. lol. Good luck and continued sucess!

Great information. Our team does a large number of BPO's and REO's. Staying on top of them is not easy, but will get you more results and new vendors.

Good info. Thank you.

Thank you for sharing your great tips! I haven't personnally worked with BPO's or REO's & it looks like they can be quite a challenge for anyone not having the persistance & professionalism that you show. Wishing you continued success in 2010!

Great post to show buyers who the listing agent for the REOS really cares about. ;)

This is great info. Thanks. I am now soliciting connections with any Asset Managers that I can be of help to.

Terry

Just a couple of details that I have found handy to have with me....Tools to make sure the windows are all locked (some can be stubborn), 1X2's to cut to fit windows that won't lock and to insert in sliding glass door tracks, No Trespassing signs and tape to post in the windows, long handled tool (I use a hoe) to disconnect the power from the garage door opener, wide tape to cover cracked window panes, mace in case there is an unfriendly dog, flashlight in case the power is off, wrench in case I have to turn off main water inside home AND the contractor keybox coded to the bank specific code to hang on front door. These are just in case the house is found vacant or at the cash for keys transfer of possession. I have been managing REO properties for 10 yrs now. Great business.

Good but BE CAREFUL of #5 - I don't have a single (I work with 7) Asset Manager who want's an update that there is NO UPDATE. They are handling 1,000 plus assets and up to 3, 4 or even 500 (yes, HUNDRED) Agents. They don't want a call telling them there is NO UPDATE or that things are on schedule. They want the calls that are milestones and the final completion call.

Don't forget to send your Asset Managers Starbucks or Coffee Bean gift certificates! They can't take traditional "gifts" but they can stuff a gift card in their pocket wtihout any problem. It works and has gone a long way in my business.

Good luck to you all.

***Response from an Asset Manager***

Here is a response that was emailed to me. More great insights. Let me know your thoughts...

"Dan,

I am not a member of Active Rain, so I am emailing this instead.

I am a long time Asset Manager. I am also a broker for many years and a certified real estate instructor. As a manager, I have listings that I manage through to disposition in all states, including yours. While your points are clearly helpful...allow me to tell the TOP three things that would impress an Asset Manager.

1. Send in a complete contract packet, don't make me have to do hand-holding to get it! READ my directions. All Asset Managers (to your disdain, I know) require different things, have a different approach...yet, I send my directions and they are NOT followed. Don't ignore my written instructions. I process hundreds every week, some from the people in your blog... and, this week, I received TWO contracts out of 380 that came in complete. Yes, I have a precious TWO agents who will get my business repeatedly. The rest make themselves just annoying to work with, as they dont follow the instructions, and soon hit the 'do not use' list.

2. Program your cell with my incoming phone number, so you will take my calls, when I need you. Again, I have some precious agents who do this, and they are mine forever.

3. Give me real 'meat' in the monthly status reports, under the section 'Recommendations'. Don't say 'reduce the price'. That is a given. GO with this...position it for me, give me a verbal snapshot, such as 'This listing is 3rd from the top in price. Two will have to sell before this one will get a bite. There are 7 more actives on the market since last report. There is a new board up in the area. Give me changes, give me our position. If I am not getting this, it renders your MSR 'un-valuable'. WHen I get a valuable one, that agent goes on my 'Continue to Use' list. Sometimes I can reduce, sometimes I cant. BUT...when I CAN reduce, these comments are my ammunition, these words are used in my 'justification'.

And, here is an unsolicited, yet helpful 'hint' to agents: I hesitate to tell you this secret... but, one of the fastest ways to get on the avoid-at-all-costs lists, is caused by your assistants. Their manner is not sales-oriented like yours. You need to teach this. Therefore, agents with teams of assistants and clerical 'help' rarely become the favorites. This is one area where the 1-man real estate operation has it over you. Unbelievable? Believe it! There is no insulation between the agent and me...what a relief. Life is so much easier for the asset manager."

Thanks for the REO info.

Hi Dan,

Do you have any advice on how to get in touch with an asset manager?

Wow! These are all good points and I especially like the "inside scoop."

Thanks for putting the email from the asset manager in the comments. What very sage advice. I love it.

As a former Asset Manager with one of the Fortune 500 companies, I would have to say that you are right on track. The main thing is completing the tasks on time (or ahead of time if possible) and communicate/respond in a timely manner.

Respond to all emails within 24 hours, even if you don't have an answer, at least confirm receipt of the message and let the AM know that you will have an answer shortly or that you are working on it, and make sure to follow up and deliver on the promise in a timely manner. The AM doesn't need an email or phone call everyday or every week, only if they request something from you, then it's important to respond.

A lot of the AM's compensation and incentive pay may be directly impacted by the number of actual closings and other monthly scorecard items, so if agents aren't completing the tasks on time or making sure closings are on track, then the AM's pay may be adversely affected, and when I was an Asset Manager, I had no problem "firing" an agent to find one who would work within the bank guidelines and time-lines.

Another important tip is to make sure complete, executed contracts are uploaded or submitted correctly, cross the "T"s and dot the "I"s, make sure no pages are missing and everything is in sequential order, give them what they ask for exactly the way they ask for it, trust me, there's a reason.

Keep in mind that the AM could be handling anywhere from 300-500 files managing several different states, and they have to answer to someone for each of those files which could be audited at any given moment. If one piece of information is missing or incorrect during an internal audit, the AM gets dinged, so please help the AM stay employed so you can continue to receive your listings.

Communication and status updates are important, don't wait until the last minute to communicate a problem, if you foresee a potential issue or are aware of a problem, give the AM a heads up right away so you can lay out an alternative strategy or backup plan for dealing with the issue, try to be proactive whenever possible.

TIME IS OF THE ESSENCE with everything, if an AM needs something now, their boss needed it yesterday.

I've had the fortunate opportunity to work both sides and can really appreciate the hard work of agents and asset managers, I commend you on all of your efforts, keep up the great work!

Great Insight Dan, you may have picked up new business by helping other agents here on AR. The AM comments are great, I never really put any thought into the fact that AM's are here on AR.

I broke into the REO market back in 2008. It took a lot of hard work, a little luck, and being in the right place in the right time to get my REO business off the ground.

It is true you have to be on time, produce quality work, and make sure your deals follow the path of least resistance.

Thanks for the post!

Thanks for sharing. How do you get to know or find out who the asset managers are? This is one of my goals for 2010, we have worked the Buyer side successfully, but would like the seller side.

In my opinion, I disagree with your approach in item #2. The assest managers assign tasks for each step they want completed. Why would you complete a task that has not been requested. You must always consider the liabilty in everything you do. Just because you do a BPO on a property does not mean you will be getting the lisitng. Even when you are not careful you can run into unexpected situations with regard to occupancy. How can you offer a CFK when you dont know who the occupant is( owner /tenant or possible squatter) and the assest manager has not assigned that task? The property could also still be in the redemption period.REO properties can be monitored for months without any further action being taken after the intial BPO is completed. I am all for time saving techniques but also suggest working within the guidelines as well. Have a successful year!

We are NEW to the REO Listings and could not believe the amount of paperwork required!

We did as you saved and got it all done quickly.

Appreciate you insight and encouragement about staying ahead of what is required. Joy

Several have asked how to get into REOs. I would suggest as a first step to sign up for as many Loss Mitigation, BPO, and REO companies. If you are interested, I can connect you with a company that can sign up for these companies on you behalf for you at a VERY low cost. Email me direct at Dan@GreetingVirginia.com if you would like an introduction.

Of course, doing BPOs alone will not always get you into the door. Which leaves the basic 2 ways of getting business - prospecting and marketing. I am going to write another post next week to expand on this and I encourage you to subscribe to my blog so that you do not miss that. When I post the, "How to get REO business" blog, I will provide detailed action steps.

I wish you the best of luck!

I have wanted to be a lot of things in my life. Never has it been an asset manager. God bless their soles. I dare say 500 files would cause me distress.

Hi Dan,

Lots of good information, particular the email from the AM. I have always wondered why the one man shop gets so many of the listings. They may be pleasing the AM, however they sure make it difficult for the rest of us. A great deal of those type of operations in my market area, I can never get a hold of; when I want to show, ask questions about the property or turn in an offer. Then typically what they tell me I never know whether to believe. Are there other offers or not... There weren't an hour ago, now when you hear I have an offer all of a sudden there are now 5 offers? What is that?

Dan this is an awesome post! I credit you for getting all this info out. During my time as an Asset Manager I couldnt stress enough to my agents how important it was to GET IN if you thought the the home was vacant. When I asked that acess be obtained by breaking the back door lock or climbing thru a window they would get defense thinking that It was against the law to break in and someone would call the police... but ITS A BANK OWNED PROPERTY.... as you mentioned part of coming there prepared its to have an listing agreement or assignment on hand. Some lenders don't provide that up front so you can take the extra step and research county records to get an updated copy of the deed to present if you are ever questioned. Now, once you do come in and see that the home may be occupied... turn around and walk out. Simple as that!

JAN

2010

Thank you for the information. I have just started to receive REO's and these 5 steps will be of benefit to me.

EXCELLENT INFO! From your blog list to the follow up email and the comments by current an ex asset managers.

Great info. Definitely getting into the swing of things with Asset Managers!

Morning Dan, While many of these seem driven by common sense I guess it is what sets you apart ! Continued success !

Dan,

I am trying to get into the foreclosure business, so this helps a lot.

Good information. Success is in the details!

Thanks for the post, Dan, REO listings can be great, I'm told. My last experience with an asset management company left me a little cold to the idea. After 4 months of pre-listing activities (yes, 4 months) and NO SIGNED LISTING AGREEMENT, I was asked to put the utilities in my name for the property. I was a little disgusted, said no, and they listed it with another Realtor within a week. Carrington Mortgage has still not paid the vendors for installing new locks on the doors and that happend 60 days ago. I understand it's common practice for asset managers to have Realtors pay for items and then be reimbursed on a 30-day cycle, right? These guys agreed to a 6% commission, recaptured 1% for themselves at closing and limited the listing agent's commission to 2% of the final sale price. Does all of this seem normal or did I have a bad experience. Curious to know.

Thanks for sharing! Good basic information...

Hello,

Thanks for the post. I wish that I could get any asset managers to respond to me. The market seems to be taken up by a couple agents in my area. I can't even get my foot in the door. Is there a class I should take or a list to buy? I have 30 years in real estate and a team to help me handle an REO to come my way. Could you help?

Sharon

Greaadvise, It is true that the AM will expect you to stay on top of things.t

This is great advice, for those who have both the time, patience, and inclination to get involved in listing REO's.

Great advice. I'll keep this in mind on my next one!

Dan,

Listing REO's is not for the faint of heart. Thanks for the information!

Great advice do you have any for short sales?

I find the Asset Managers change like night to day so it is hard to develop any relationship. I just try to send them excellent and on time work....it also helps that I have had Buyers lined-up for when the home hits the market making it so the property is under agreement within days of hitting MLS...That makes the Bank happy!

Good post and good tips. Thanks for the information and heads up.

It looks like the most difficult part might be getting into the house to begin with. (#2). I found the response you posted from the asset manager to be enlightening. Thanks for all the information and training. Looking forward to next week's blog.

Thanks for all of the great comments! I appreciate you. I think that Eugene (post #92) sums it up, "Listing REOs is not for the faint of heart". It is rewarding work, but it does take a lot of hard work.

Stay tuned for some tips on how to get REO business and some useful tips for short sales. My team services both and we are happy to share our experiences and hope to learn from you as well.

If you have specific questions email me at Dan@GreetingsVirginia.com and I will respond. As always, I am available to assist you in any way that I can.

Best of luck to you!!

JAN

2010

great post....on the reo....

These are great hints and reminders. All too often, we see REO agents that aren't professionally qualified to have the listing - the listing is 40 miles from their office, they lack the communication skills with the buyers side (no telling how poorly they are servicing the AR) and they are contencious, rather than helpful.

I'd like to add one other thought - too many REO agents hide behind "as is, where is". As Realtors® we have an obligation to disclose material defects to the seller and these items must also be disclosed to the buyer's agent and/or the buyer. We must follow lawful instruction from our clients. This means that if you are aware that the furnace is not functioning, you MUST disclose it. If you are aware of a smell in the house, you CANNOT cover it up without disclosing that there is an unknown source of the smell. If the house was zoned 2 family and there is an apartment upstairs - YOU MUST DISCLOSE THAT THE CURRENT USE IS NON-CONFORMING.

JAN

2010

Hi. How do you get the asset managers to call you to do BPO's?

JAN

2010

thanks Dan, and now that I am armed with your information I am ready...but how do I get to the asset manager? Where can i find the person that makes the decision to give a listing to me or another agent?

JAN

2010

These are great tips. Not only for Banks but any client.

FEB

2010

Thanks for the tips. I is hard to built a relationship with AM's. When you get your foot in the door, you have to work hard.

FEB

2010

Thanks for the advice. You can never stop learning!

Thank you so much for sharing the letter received by the asset manager. Great points. Each company is different. I wish they would hold a personal orientation with each agent and asset manager. Though they handle so many I know the would be next to impossible. Yet for new agents it is hard to get a handle on how each different company deals with their assets.

I do know of one agent who travelled over 2,000 miles to buy lunch for about 100 am's. It was a great way to get more listings & valuable insight of how each dealt with their assets.

Carole Tyne, CDPE, almost completed my Five Star Designation

RE/MAX Preferred Choice Phoenix, Peoria, Glendale, Cave Creek, Scottsdale

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Dan Rochon - Short Sale Specialist - Team Serving Virginia, Maryland, and DC

Alexandria, VA

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Dan and Traci & Consultants - Keller Williams Realty

Address: 6354 Walker Lane #100, Alexandria, Va, 22310

Office Phone: (703) 562-1791

Cell Phone: (703) 346-2776

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Short Sale Specialist in Virginia, Short Sale Specialist in Maryland, Short Sale Specialist in Washington DC, Short Sales in Alexandria, Short Sales in Fairfax, Short Sales in Reston, Short Sales in Herndon, Short Sales in Annandale, Short Sales in Springfield.

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