Home > Blogs > Tim Taggett > Tim Taggett's Blog

REO Agents - Changing Times

Real Estate Agent with Temecula - DC Self Inc

April 06, 2009 05:27 PM

Myself as a REO Agent and the others I speak to.

Going the wrong way that is for sure, remember the days when agents would actually allow others to help them sell their property? Why are people becoming so greedy in these times of need?

Some Brokers amaze me, they have no buyers agent yet the "office policy" is only their buyer's agents can hold open houses.

Since when has it been a standard to not return other agents'/brokers' calls, especially after they have sent you an offer. It is understandable being overworked well if that is the case then stop taking on more business.

In the future these same agents are going to have some serious problems because us career consultants don't forget these types of things.

Majority of the people in the industry that I personally know initially got in the business to help people and the money was a "bonus" instead of life of their service.

So what are your thoughts about the "new agent" within this so-called depression?

Are they more or less respectful to you and your clients?

Most of the properties I show are bank owned and my clients really get frustrated when they wait and wait for days all because the listing agent is too busy for our offer.

Share some of your experiences please!

God Bless & Take Care!

Tim Taggett

Re-Blog

Comments (10)
Subscribe to Comments Comment

Show All Comments

Sort:

Matt Grohe

RE/MAX Concepts - Des Moines, IA

Serving the metro since 2003

Tim: I would like to share these quotes with you instead;

"We consume our tomorrows fretting about our yesterday" Persius (AD 34-62)

"Difficulties show men what they are. In case of any difficulty, God has pitted you against a rough antagonist that you may be a conqueror, and this cannot be without toil." Epictetus (AD 55 - 135)

Apr 06, 2009 05:56 PM

Peter Testa

Nationwide Homes - Danbury, CT

PETER TESTA

From the look of some of these Bank Owned properties they are going to need all the help they can get in selling them.

Apr 06, 2009 06:29 PM

Richard Dolbeare

Inactive - Wailuku, HI

Living the Hawaii Lifestyle

It's become a dog-eat-dog world out there and much of it is coming from the clients themselves.

Apr 06, 2009 06:52 PM

David Ravashiere

David Ravashiere, Tee 2 Green Real Estate - Chandler, AZ

Tim: I think our industry picked up some bad apples a few years back when the market was good. Tough times like these are like forest fires ... they do a lot of damage ... but they also clear out the underbrush. Perhaps we just have to wait a bit longer for the pretenders to give up (so many have already).

Apr 06, 2009 07:05 PM

Fernando Herboso - Associate Broker MD, & VA

Maxus Realty Group of Samson Properties - Clarksburg, MD

301-246-0001 Serving Maryland, DC and Northern VA

It's all about creating a niche for yourself. . reo properties aren't for everyone.

Apr 06, 2009 08:54 PM

Corey Jones

American Realty Services Group - Westfield, NJ

In my opinion agents like the ones you mentioned above would make even more money if they focused more on doing what was best for there clients and not themselves. I rely heavily on fellow agents to help sell my listings. I always return calls, emails and help them in anyway possible in a sense I treat them like a client. Make it easy for fellow agents to work with you and show your listings and you will sell your properties faster. At the end of the day that's whats best for all parties involved. Just my opinion.

Apr 06, 2009 09:11 PM

Tim Taggett

Temecula - DC Self Inc - Temecula, CA

Thank you everyone for expressing your point of view on this subject.

The number of Agents in California has already shrunk to such a low level I think really until the market recovers I will just have to deal with them and know that once the foreclosures stop they will more than likely leave the business just like most of them did in the early 90's after the 80's major crash!

Matt - Thank you for the quotes, they were greatly inspiring!

By the way Fernando, REOs have been my niche for over 2 years, I list properties for banks myself just not the big ones and not in the large volume like the people I am writing about here. (My first bank listing was back in 2007 before most people even knew what REO stood for!)

Corey - I couldn't agree more!

Once again, thank you Matt, Peter, Richard, David, Fernando and Corey.

Apr 07, 2009 04:27 PM

Gary Meek

Living in Sacramento Team - Roseville, CA

(916) 995-9385

I am an REO agent, and we pride ourselves on taking the actual phone call when it comes in and returning calls to everyone. All this with our team closing over 500 REO listings last year. We are firm believers in the personal touch and the people that make the business go round. I have had such an instance thsi last week. We are really slow as are many other agents, so I am now asking as a buyers rep for a very close personal friend and his wife as they buy their very first home. We submitted our offer on Tuesday. Called the agent to confirm they had our offer. They called back and confirmed tehy did. But they also told me the home would not go FHA, even though it was not listed in the MLS. I explained to them that I do several REO's for Wells Fargo, the same seller, and they do not have an issue making repairs to properties so that they meet FHA standards. They then told me there were other offers, and they wanted highest and best. We resubmitted and went a total of 31,000 over asking on a $159000 list. Yes, we are at 190000. Tehy then called me and told me that I had to call there Wells Fargo rep directly, i could not use my own, even thought they are both REO lenders. Some agents just dont get it. They finally called me today and told me they felt the offer was too high and they were worried about it appraising, so I had to send them comps showing that it should appraise. All this and I never spoke with the listing agent, only a secretary that is not even licensed. WOW.

Apr 08, 2009 04:34 PM

Tim Taggett

Temecula - DC Self Inc - Temecula, CA

Gary -

First of all thank you for giving the best quality of service unlike many other REO agents in our industry.

Second thank you for sharing your horrible experience with everyone for others that have not experienced it themselves to read.

Third please realize even though my blog may seem like I am trying to generalize those were not the intentions.

Once again, thank you for sharing your view!

Apr 09, 2009 02:21 AM

Kristi Roberts

Kristi Roberts Group/Premier Estates & Homes, Inc. - Temecula, CA

I have had a recent transaction that actually just went south with an REO agent. I submitted my offer at the beginning of January. We had a counter the next week (after it sat on the agent's desk for a week), we accepted within a hour of the counteroffer and then.....waited and waited and waited to get contracts. I finally found the portfolio manager's and the asset managers information and called and emailed them to get the contracts. We received contracts on the 5th of March. We cancelled on the 25th of March due to a surprise(!!) that showed up while waiting for loan documents to be issued. Sent over the cancellation and no response from the agent. Now, I'm back to harping at the portfolio manager and the asset manager. I have NEVER had the agent return a call or an email to me in 3 months.

As soon as I get the cancellation signed and my clients money back, I'm sending over my resume. Unbelievable!!

I'll leave it like this!! When the market was hot, we had bad agents who made our jobs harder. Now, we have an REO market and we have bad agents who make our jobs harder.

On the good side, we have many agents who are very competent, fun and a joy to complete a transaction with ~ REO or not. Those are the agents I hope stay in the business so we can rock and roll when the market changes again!!

Apr 15, 2009 02:16 PM

Older Post

Newer Post

Rainer
9,411