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To the REO vets

By Jason Bhattacharya

Real Estate Agent with ARDENT PROPERTIES

December 14, 2007 04:10 AM

I'm starting to get more and more listings-- 16 now with three different companies.

Some want power on, and water off

Some want power and water on

Others want to hire their own people to do initial services and others want me to do it and front the money.

With all of these conflicting requirements -- I can see getting caught in between lenders and their requirements-- and letting something slip.

The question I have -- is what do you guys do, use or otherwise how do you keep all the different requirements, time frames etc. straight?

Also, do you put the bills (utils and the such) into an LLC name?

-Jason

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Anthony Saunchez

Campa Properties - San Bernardino, CA

How can we be of service

I have not gotten any listings yet. New to the game. I got 22 bpo's all at the same time last week from 2 different companies. I am just soaking up info right now and getting ready for the listings. I will be watching your post for the responses.

Dec 14, 2007 05:59 AM

Rich Kruse

Gryphon USA, Ltd. - Columbus, OH

You're confused at 16? Ok. I'll be your partner for 60% of the gross.

I put all the billing in the company name. For $50 a month + $2 a listing you can use a management software system called REOMeastro.

Or send me your email address and I will send you back my checklist. We have a deal at 60%, right?

Dec 14, 2007 07:39 AM

Jason Bhattacharya

ARDENT PROPERTIES - Chesterfield, VA

Rich,

Sure I'll share 60% -- However, in accordance with the 60% commission that you get-- you take responsibility for 60% of my debts-- Sound fair? :) And of course, I'll only take 40% of your gross.. :)

Do the utlility companies take LLC names? I'm sure contractors do--- so I will pay them out of the LLC account too...

Confused-- Not really-- Preparing for when I get to half of your level-- yes. We can't grow if we don't have our proper systems, now can we? :)

-Jason

Dec 14, 2007 01:29 PM

Jeffrey Dolfinger

24/7 Realty Inc. - Poughkeepsie, NY

NRBA Member

i use no system to track other than my head, i have software and calendars, but i never have the time to upload the timelines and i fly solo without any help. I run about 15 listings at a time give or take and could do a little more without the use of systems. However when i was on the other end in the corporate capacity a system to track deadlines was a must.

As for the utils i place them in my businesses name and let the bills ride as long as i can before i pay them. I have lived in my area my whole life so the local util employess know me and my family so i get a few favors as I have always paid

Dec 14, 2007 01:56 PM

Rich Kruse

Gryphon USA, Ltd. - Columbus, OH

I think it depends on how many listing you have, as to what sort of tracking systems you need. Rich currently has about 50-60 listing just in Columbus and many of them are on the same street. He has 4 listing within a 2 block range on one street and 2 listing each within 2 blocks on 2 other street, (and that's what I can remember off the top of my head) When you start having that many current listings in the same areas, I think you have to have some sort of tracking system. Excel works at a minimun or REOmeastro is the bonus plan.

As for bills, most of our firms clients don't want any utilities on, creates more utilities for them, but if we have to turn them on, it is done in either their (the client's) name or the company, never personal.

Melissa Kruse (using Rich's laptop)

Dec 14, 2007 02:14 PM

Christina Bennani-Persechini

Keller Williams Realty Boston North West - Lexington, MA

Realtor - The House For You

Every bank is different, we track our properties by bank and their policies. I have a transaction coordinator who handles it. We just set up the procedures for each bank once and that's how she follows them.

Dec 14, 2007 02:18 PM

Rich Kruse

Gryphon USA, Ltd. - Columbus, OH

Ireally do have a little checklist for you, but I can't send attachments through AR. Send me your email.

Dec 14, 2007 10:23 PM

Andrew Monaghan

The Monaghan Group - Glendale, AZ

CRS, GRI, EPro Associate Broker

Rich

I have tried to find REOMeastro using google but no luck, could you post or send me the link?

I would also be interested in looking at a copy of your checklists, at this time i need all the assistance i can get.

Dec 16, 2007 03:29 AM

Matthew Boughton

Realty World Pacific Northwest - Longview, WA

Just like you manage your resale clients, good files - read the master listing agreement - hire an assistant - work with an reo management system - Have a file for each client, when you open it you could have a checklist on their guidelines, etc. Is all about keeping good records/checklists as you get busier.

Dec 16, 2007 05:55 PM

Brian Hoots

Real Living Speckman Realty, Inc. - Bourbonnais, IL

here is the link reomaestro.com its at the top of google.

Dec 17, 2007 04:13 PM

Rich Kruse

Gryphon USA, Ltd. - Columbus, OH

thats it.

Dec 17, 2007 10:54 PM

Andrew Monaghan

The Monaghan Group - Glendale, AZ

CRS, GRI, EPro Associate Broker

reomaestro.com

If only i could spell....

thank you., ill check it out

Dec 20, 2007 01:20 AM

Laurie Logan

Keller Williams Realty, Inc., Broker Associate - Madison, WI

South Central WI Real Estate

I used to be able to keep track of the different accounts in my head. As time went on, I acquired more accounts and sometimes they changed their rules. I developed a general worksheet that listed the details, and complete one for each different account, and save it in the appropriate file for that account in My Documents.

I'm thinking reomaestro.com is something to check out... Thanks!

Jan 30, 2008 11:12 AM