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5 Ways to Impress an Asset Manager

Reblogger
Real Estate Agent with Century 21 Prevete Real Estate 40RI0590108

Original content by Dan Rochon

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 VirginiaForeclosures 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!

 

Comments (1)

Don Williams
Keller Williams Realty - Lewes, DE

I agree, I have not taken any REO's as of yet because of the paper work, even though I know it is worth it.

Jan 18, 2010 01:12 AM