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Just GAVE A LISTING BACK

By
Real Estate Agent with ARDENT PROPERTIES

Some of you might remember a post from me about a month ago-- about my accepting a listing that was way outside of my coverage area and my MLS.   What I did after I realized what I did-- is I called a local agent and promised her all the sign and AD calls-- if she gave me comps and data from her MLS (not a bad deal-- and it worked for me in another market).

If you also remember, I deleted that post-- because I was paranoid that it would get back to my asset manager-- and she would cut me off completely.


She and I talked today about 3 other properties that I had--- and we had a nice conversation.


Well, I reflected on the conversation-- and decided to call her right back -- and tell her what was going on.  We talked for about 3 minutes-- and I informed her that the MLS (For the subject property) was not returning my calls (which they wern't) and I admitted that I was probably shooting myself in the foot by asking her-- but I asked her to reassign it (and take it away from me).

I mentioned to her that I hoped that I wouldn't be shooting myself in the foot by doing this--- but I couldn't keep working a listing that I didn't feel I could adequetely cover.  


She told me that she was happy that I did not continue with a property that I could not adequetly cover for them-- and she told me (when I asked) that this would not affect my future workings with their company.


What did I learn?  Besides not to accept a deal that I can't work?

-If you make a mistake-- admit it

-The worst that can happen is you get fired

-It is a LOT less stressful to have to ask the asset manager to reassign the listing-- then it is to continue to ask other agents in other areas for favors.  --- On a scale of 10-- my stress level dropped by 3 points by letting this listing go.

I sincerely believe her-- when she said that this would not affect me.  So I have learned a lot-- and actually, I wish I did this much earlier.

 

A lot of the seasoned pro's already learned this lesson-- But I'm sharing it with those of  you --who like me are REO Newbies...

 

-Jason

 

p.s. to those who keep reading my posts (gratefully) -- I just got another listing assigned by a BPO company-- my FIRST BPO to LISTING!!!

Comments (6)

Jeffrey Dolfinger
24/7 Realty Inc. - Poughkeepsie, NY
NRBA Member
You the man!  I would have never done that.  I'm too damn greedy
Dec 13, 2007 12:48 PM
Jason Bhattacharya
ARDENT PROPERTIES - Chesterfield, VA

LOL--

Jeff,  So am I!! That's why I took the listing!


However, I was relying on a lady there to give me my comps, and all my market updates.  She proved to be unreliable -- and I couldn't attach my name to a property that I couldn't even pull comps on.

 

There are deadlines that are attached to the property-- and I was running into deadlines --instead of my trademark "Early Completion".  With those delays-- It was inevitable that I would get bad information-- then pass the information to the bank-- and then lose all credibility.  Also, it was a crappy 100k listing-- that was overpriced by about 40k.  So it would have been taken anywyas before it sold--and someone else would have told the bank that I was not in that MLS.  Then the AM would have REALLY been pissed-- had they lost 6 months....

 

Yeah Buddy,  it took me over a month to do this-- I was thinking "Why the hell should I dump a listing" then I said screw it-- I can't maintain my sanity and my reputation when I'm having to almost beg another agent to give me information.

 

I'll never compromise my position again! 

 

-Jason

Dec 13, 2007 01:21 PM
Karen Hurst
RICOASTALLIVING.COM - Warwick, RI
Rhode Island Waterfront!

Jason,

Good for you! And congrats on the new BPO to REO listing. It's ALWAYS better for your psyche to take the high road! Having a pile of listings is not the road to riches, as you are learning. The old adage, work smarter not harder is something to think about also. The Asset Managers I have spoken to have all been really nice and I think they appreciate honesty.

Dec 14, 2007 12:16 PM
Rich Kruse
Gryphon USA, Ltd. - Columbus, OH

Jason - I'm getting more and more inventory assigned directly from the banks that is outside my area.  they know it, but are basically asking me to be the asset manager and not the agent.

In one recent case, the agent was not reponsive at all and I pulled the deal from them.  Your asset manager has a timeline to meet and people to answer to, just as you do.  Better to punt and play again later than blow it and never get called again.

Dec 14, 2007 10:34 PM
Andrew Monaghan
The Monaghan Group - Glendale, AZ
CRS, GRI, EPro Associate Broker

like Jeff, im too greedy to give back a listing although there are places i will not go, our MLS is huge (phoenix) and covers 2 counties, i will not go into the next county due to distance and the different structure there.

Dec 15, 2007 01:57 AM
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

You did the right thing!  Way to go.

Mike in Tucson

Dec 18, 2007 02:42 PM