Do You Want To List REOs NOW?..(Here is EXACTLY How-To List REOs)

By
Education & Training with Tim & Julie Harris® Real Estate Coaching

The feedback after last weeks Harris Real Estate University Superstar Interview has been amazing,……

We interviewed the President of Excellen, Cary Sternberg. Mr. Sternberg was very generous with not only his time but, his candor when answering the questions.

As you may know HREU has had a close working relationship with Titanium for years. 

(Excellen is a division of Titanium Solutions Inc.)

If you missed the live interivew…no worries…here is the link for you to listen to the replay.

Agents, know this…its NOT too late for you to become a REO listing agent. Asset managers are looking for listing agents now. Learn how to become a REO listing agent now..watch the FREE Agent REO Secret video and download the FREE Agent REO Secrets book NOW!

Here are a few of the notes that Julie and I wrote down from this interview….

Top 17 Ways to Keep Your Asset Managers Happy!

1      Practice Excellent Communication:  Call, email asset managers often. Be available during normal working hours. Market your homes using 1800HomeHotline.com

2      Have Timely Responses: Make it so the Asset Managers can easily reach you…not your voice mail…not your assistant..YOU!

3      Operate on both a personal and professional level:  Cary made a great point….’Treat every asset as if it were your OWN home”.

4      Do not delegate your asset manager relationships to any staff members. Asset Managers are your best sellers (remember, they will often list 10-20…50 homes with you. Treat them like GOLD.

5      YOU..the listing agent must know the asset. You must know all of your listings cold…know their condition…market competition…know the market!

6      Practice MMFI for every asset manager. ‘MMFI’  Make Me Feel Important. Make them FEEL like they are your only client.

7      KNOW your inventory. Cary made it clear that you must know the market. Don’t list outside of your service area.

8      Its OK to bring in a team member to help partner with you….but, introduce this person to the Asset Manager…let them know that this team member is their personal asset manager contact.

9      Be a Problem Solver, not a Problem delegator. Don’t tell the Asset Managers about the problem….bring them the solution.

10   Be innovative. When doing an occupancy check..ask the neighbors…walk around the house. Actually…make an effort! 11   TAKE ACTION

Learn how to become a REO listing agent now..watch the FREE Agent REO Secret video and download the FREE Agent REO Secrets book NOW!

12   Treat it as if it’s YOUR HOUSE. Don’t wait to be told what to do. Again, treat every asset as if it were your own personal property.

13   Get occupancy checks back in HOURS, not in DAYS. They track this….you will earn more assets the faster you report back to the Asset Manager about occupancy.

14   Maintain low Days on the Market. They track your DOM….Warning: you will lose the asset if you don’t sell it in 90-120 days.

15   List to sell price ration. BPO vs. actual SALE PRICE should be a close ratio.

16   What works needs to be done? Get it into Lend-able condition ASAP.

17   Do your Cash for Keys correctly.  Know the Tenant Protection Act.

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  Tim and Julie Harris® Real Estate Coaching  
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Re-Blogged 6 times:

Re-Blogged By Re-Blogged At
  1. Tom Davis 01/23/2010 12:42 PM
  2. Joe Jackson 02/01/2010 11:07 AM
  3. June Piper-Brandon 02/14/2010 01:54 AM
  4. Elliott S. Topkins 02/14/2010 02:06 PM
  5. Jason Killam 03/01/2010 04:25 PM
  6. Sharon Klein 07/27/2010 04:55 PM
Topic:
ActiveRain Community
Groups:
REO
The National REO Brokers Association
REO REALTORS
Short Sale REALTORS®
Addicted to Active Rain
Tags:
asset managers
reo training
agent reo secrets
how to list reos
boi training
list of bank asset managers
reo lenders
coaches reo

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Rainer
74,176
Dean Carver
United Brokers Group/Carver Home Team - Ahwatukee, AZ

Don't forget the part about having 3k in reserves for each property. Many agents don't know that we (reo agents) front the money for the repairs and we are the bank for the banks. Be prepapered not to be reimbursed for more than net 90 in some cases.

Jan 27, 2010 04:55 AM #19
Rainmaker
244,679
Tim and Julie Harris
Tim & Julie Harris® Real Estate Coaching - Las Vegas, NV

Hi Dean and Sonia,

We found that most of the major asset management companies hire property preservation companies to do all the prep work before the home is listed. In other words, nothing out of pocket for the listing agent.

If you guys are listing assets...ask your current AMs if they do preservation work themselves. We have a student who has 100s of assets..and was doing all the preservation work herself. I knew the AM companies she was working for were using national preservation companies..and suggested she ask if they do preservation work for her local assets....they said YES! She has been listing assets for this company for 18 months or so. When she started with them she did have to do the preservation work.....but, sometime in the last year or so they contracted with a national preservation company as their outsource. She didn't know they had started doing this. So, she never thought to ask...and they never thought to tell her. True story!

So, ask....you will be surprised.

BTW, most preservation companies are using Lowes and Homedepot for the light rehabs!

Hope this helps,

Tim

Jan 27, 2010 05:04 AM #20
Rainmaker
94,159
Tamara Dorris
Master Your Market Real Estate Coaching - Carmichael, CA

Thanks for this post...I've always considered getting these listings an impossible deal, but I'll listen to the call....sounds promising!

Take care,


Tamara

Jan 27, 2010 06:06 AM #21
Rainmaker
299,825
Heather the Realtor Orlando, Lake Mary
LemonTree Realty - Orlando, FL
First Time Home Buyers, Bank Owned Homes

Excellen from my area manager is only taking active members for their reos and will not add anyone to their list at this time from what I ahve been told.

Jan 27, 2010 06:25 AM #22
Rainmaker
244,679
Tim and Julie Harris
Tim & Julie Harris® Real Estate Coaching - Las Vegas, NV

right...they are giving preference to the existing HRC...Titanium reps...so, go to the Titanium site and get signed up...problem solved.

Hope this helps!

Tim

Jan 27, 2010 06:52 AM #23
Rainmaker
513,963
Maggie McFarland
RE/MAX Pearland - Maggie McFarland - Pearland, TX
Pearland Realtor, Homes for Sale in Pearland Texas

Thank you for the information. I am have signed up.  Very interested to see how the call goes.

Jan 27, 2010 07:32 AM #24
Rainmaker
103,193
Jesse Madison
One Point Plus Real Estate - Laguna Niguel, CA
List For Less...Sell for More | 1% List Fee!

I am very excited to begin working with them! Thanks for the post!

Jan 27, 2010 12:01 PM #25
Rainmaker
181,988
Sherry Chastain
Hendersonville, Nashville, Old Hickory, Lebanon Tennessee - Hendersonville, TN
Realtor, Selling Homes, Lake Properties,Luxury Homes,Short Sales

Have got the video on the to do list tommorrow. Great info thanks!

Jan 27, 2010 03:05 PM #26
Rainmaker
565,125
Norma J. Elkins
Elite Realty Group - Morristown, TN
Realtor - Elkins Home Selling Team

Thanks for sharing --- I am bookmarking it for later today ----

Jan 28, 2010 10:10 PM #27
Rainer
174,471
Betsy Schuman Dodek
Washington Fine Properties - Washington DC Area Real Estate - Potomac, MD
SearchPotomacHomes.com

Thank you very much for this invaluable information! I am going to watch the video.

Jan 28, 2010 10:11 PM #28
Rainer
134,661
Jim O'Donnell
Raleigh Cary Realty - Fuquay Varina, NC

Thanks for the post.  I just took a short sales/foreclosures class.  Still weighing if I want to take my business in this direction

Jan 29, 2010 03:15 AM #29
Rainer
76,606
Mike Sparks
The House Company Galveston Texas - Galveston, TX
Galveston Island Real Estate

Great tips, also iin general it's how a listing agent should treat all their sellers.  1. Be available. 2. Be responsible.

Jan 29, 2010 03:50 AM #30
Rainmaker
131,078
Karen Pannell
Real Living / Home Realty - Owensboro, KY
Owensboro KY Real Estate -270-903-2167 Homes, Cond

Great tips!  A lot of hard work goes into marketing these types of homes.  Not for the "non-detail" oriented agent.

Jan 29, 2010 05:14 AM #31
Rainmaker
771,650
Lanre-"THE REAL ESTATE FARMER" Folayan
Keller Williams Select Realtors-Buy a home in Washington DC. Sell a home in Washington DC - Bowie, MD
I don't make promises.I deliver results.

I am going to have to come back and read this one. The title definitely got my attention.

Jan 29, 2010 10:21 AM #33
Rainmaker
164,060
Lora Pratt-Umbarger
Exit Realty Partners - Manchester, TN
www.LoraUmbarger.com

Good points. Listing REOs is definately not for agents who aren't willing to work or who don't have a detail side. Amazingly I find that my busiest day with REOs is Friday. Maybe it is just the asset managers checking on us.

Jan 29, 2010 10:42 AM #34
Rainer
10,581
Ann Zeilingold
First Meridian Mortgage - Spring Valley, NY

Dealing from the mortgage end, there is a HUGE difference between a good REO agent and one who isn't.  Great Post. Realtors, only list REO's if you are willing to put in what it takes.

Feb 13, 2010 11:32 PM #35
Ambassador
1,226,540
Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

This is a nice list. The bottom line is that you need to be willing to do everything for your customer and provide excellent, quick, efficient, and professional customer service.

Feb 14, 2010 01:03 AM #36
Rainer
34,741
Niema Thomas
Century 21 Beachside - Alta Loma, CA
CDPE, SFR, MBA

Great Information. The key is Keeping the asset Managers happy. The list is put together nicely. Thanks

Feb 14, 2010 02:33 PM #37
Ambassador
2,698,145
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

This is a great summary of how these properties should be listed and marketed. 

Sadly, it doesn't represent the real world. 

Feb 14, 2010 10:15 PM #38
Rainmaker
1,803,133
Joe Jackson
Keller Williams Capital Partners Realty - Columbus, OH
Clintonville and Central Ohio Real Estate Expert

While this is an "old " post , the information you gave is still very important today

Jan 19, 2015 05:14 AM #39
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Rainmaker
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Tim and Julie Harris

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