Many folks want to do REO but few realize the work that is involved. When agents realize that a true property management company along with a real estate firm is needed the picture and desire starts to pale. Add to that a bookkeeping department with billing and collections and rehabbing projects and you realize that you are looking at....a real operation. To do REO work I tell people you have to make a committment to work very hard, you have to jump in the deep end and swim like the dickens.
The REO Professional must be automated, with timelines tasked ahead of the client; he/she must have a team of professionals that communicates and the truth is that not all REO agents are created equal....but then again isn't that true of all of the agents you come in contact with? I've been doing this over 10 years and to meet the demands of the bank clients at the discounted commissions with the fees and overhead that we have, you simply must do the volume and you must find ways to do more business, faster and more proficiently.
Asset Managers pay attention to our turn around times and we are evaluated on our performance with regard to deadlines; how close our bpo's come to final sale price and many other factors depending on the client. The grading systems are stringent and if we do not perform, the assets are pulled. They monitor how much business they give to each agent to be sure that they don't over load any one agent.
One of the things I realize as I read the posts on many sites, is just how many assumptions people make regarding the REO arena and it is clear that there is a lot of misunderstanding and misinformation out there. Most of it is because the REO Agents and the Asset Managers are too darn busy to be sitting at a keyboard blogging to educate our fellow REALTORS.
Having recently experienced some very bad treatment at the hands of my REO Competitor, I've become a blogger, so here it is midnight...after a normal 14 hour reo-day....crusading to teach you how it is supposed to work, when REO is done right.
Janet Fetterman, Broker Associate/Owner, Concord Real Estate
www.MidFloridaForeclosure.com
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