REO Agents That Do a Terrible Job - Virginia Real Estate - www.TheGPSRealtyTeam.com

I would like to list REO's in the O'Fallon, MO area.  However, I'm not sure how to begin.  Any ideas?

Check out John Occhi's blog he is starting to help people to understand REOs

You are correct about this. also alot of the agents I have dealt with that do REO properties are rude as well.

Until recently I haven't really sought the REO business but I have begun going in that direction.  It's probably not for the reasons that come immediately to mind but it's because I have gotten SO frustrated when trying to get the information I need to try to sell these properties.  Most of the REO agents in my area have dozens of these listings, with minimal information, crummy pictures(our MLS requires atleast 1 photo) and slow response time to requests and offers. Often they haven't even seen the properties themselves because their assistants do all the leg work.   In my opinion they are offering these companies a subpar service.  I do want to do it better & faster!  I hope these companies will start sending their listings my way!

All the Best!

Kathy Fisher Lexington TN Real Estate

Exactly, numerous listings in the MLS are full of incomplete data that make it hard for even a seasoned Realtor to be interested in much a buyer searching on local web sites. Reality check for those who are doing this STOP and do the right thing for your clients and buyers. 

Ron Craft - Realtor

Serving Stafford, Spotsylvania, Fredericksburg, Prince William, and surrounding areas

Coldwell Banker Elite - rcraft@coldwellbankerelite.com

540-273-2867

Vincent,

 In my market, the agents who take care of the foreclosure and bank owned properties, are agents that the general public would fire the first day.  Why do you suppose banks/REO''s, etc. tolerate this level of service.  Could it be that it is not THEIR HOME they are selling, just an asset owned by someone, somewhere.

Linda Lipscomb, Realtor in Lexington, TN.

I understand your frustration.  We all need to remember "fiduciary responsibility"  Don't take on more listings than you can service, don't take listings outside your regular market area (many markets have specific challenges that may not affect your market)  Do for your sellers as you would like someone to do for you!!

There are agents that specialize in the REO world.  Some are good and some are bad just like the rest of us.  The bad ones stand out because you see them a lot at different properties.  The bank likes them because the properties sell in spite of the agent.  The bank doesn't know the difference.

Agents that list REO's are just like all other agents - some are better than others!

Take at look at my site http://AForeclosreInRichmond.com

Bank that are REO clients get the same marketing attention that any other client receives.  Asset managers check up on their agents and will weed out the underperformers in time. 

If this is a market you are interested in pursuing, be prepared to give first and then get.  It is NOT an overnight get rich scheme.

 

We all could do a better job than Most of these listing agents. So why do the banks and asset companys choose to use a select few agents, think about it, wouldn't you rather deal with someone that knows the forms, the process? I have my first REO and I try not to bombard my asset manager with questions but its hard not to until I know the process fully. These asset managers are swamped with work and want to deal with a few people and not train a whole batch of newbies not matter how much better we new agents are.