Fannie Mae & Freddie Mac listing agent click to submit

REO agents have many tasks starting with the email received from the asset company stating a new REO has been assigned to you. This is where many agents and brokers start making their first mistake and continue the same process of time wasting procedures. This article may be controversial or just downright foreign to those that are obtuse to the subject at hand and to those that are running high profile high volume accounts, will simply concur. If any reader of this article does not want to know how to save time in your real estate business, then I suggest closing this blog and go back to looking at the pile of papers on your desk wondering what to do.

The key word is SYSTEMS. I know, it sounds like a boring subject but I promise I won't bore you. I am narrowing this down to REO agents and brokers even though it applies across the board for all. Here is just one of the main areas that requires a proper system and will hinder an agent's ability to achieve proficient productivity:

Offer management:
Listing agents receive offers everyday and selling agents submit those offers. They are sent by email, overnight, fax, hand delivered and sometimes snail mail. The term 'received' is ambiguous and cannot be proven in most cases. The classic is, "I emailed it to you and my email shows . . ." So what, that does not mean someone received it on the other end. I faxed it, this too can be mangled, out of paper on the receiver end and does not prove it was received. The agent called and said he or she received it. Did you record the conversation was there a witness? Hand delivered, did you get an initialed copy stamped with received? Snail mail, well that doesn't even count because the mail system is flawless at least in my South Phoenix post office, NOT! And the best one I like is the overnight package. Who put the contract in the package? Did someone else use a check sheet to verify the entire contract was placed in the envelope and was that check sheet initialed by someone other than you? Does anyone see the logic here? That's a rhetorical question. And just so I can throw the biggest wrench into the pile, if the department of real estate (DRE) received a complaint about a transaction and wanted to see every offer with time stamps, could it be done? Categorically and a resounding NO! Granted there may be a few out there that have already caught the wave of the future but 99.999% of agents and brokers are at a loss. In less than 5 years all other receiving procedures will take their place along with 8 track tapes and smoke signals.

How do you solve this problem? On one hand the DRE says that all offers must be kept for at least one year in most states and some up to five years. Whoa, that's a lot of wasted paper. The solution is an electronic offer management system that receives both uploaded files or faxes and places them, along with other entered data, chronologically in order by buyer's name. Additionally the response or counter offers must be handled the same way. All the documentation that is sent back and forth then must be confirmed back to the representing brokers. Finally once the offers are complete and accepted, that file then must be sent to the third parties such as title, mortgage and other parties to delegate their duties.

Now that we have established the method at which offers will be received, I want to introduce to you the most revolutionary offer management system in the world by Realty Pilot called Offer Runway. Selling agents enter the offer, listing agents can manage every part of the offer system and third parties receive their information with a few clicks of a mouse. The power behind this system can save an agent hours and hours of time and provide more business. This is truly a fail safe to the term 'received'.

I mentioned at the beginning that this blog was directed at REO agents and brokers. www.OfferRunway.com is the first offer management system to submit the offer to Fannie Mae's AMN site and Freddie Mac's Homestep site in seconds. It can also submit to any other asset management site. Lastly when the offers are submitted, they can be sent directly to asset managers or sellers without the agent having to take additional steps to email it themselves.

If anyone would like to know more about this system, please sign up for one of Realty Pilot's webinars