Inventory has been low for the past year due to moratoriums and it has brought the worst out in some agents. On an average my listings see between 2 and 40 offers. Which means that every listing I have has multiple offers on it and I get to work with one happy buyer and one happy buyers agent. What else do I get????..... 1-39 mad buyers and 1-39 mad agents. Lucky for me right?? Thought being a REO agent was easy?? Well sit in my shoes just for a moment. I have to manage not only the expectations of the banks, asset managers, my team, agents but buyers and their agents as well. The agent etiqutte I have seen lately is very shameful so let me help by giving a coulpe etiqutte pointers so you are not "That" agent.
Calling on availablity and Offer status. All of my listings are updated daily. If it's in MLS as active it is. I am not sure why I still get calls when I put in the MLS not to call and if they see it in MLS it's still active. REO's are always active until we have sellers signatures on the contract and addendum's thus the reason why you want to write your highest & best the first time since it may take some time to get sellers signatures on your offer. Calling on offer status....I know buyer wait anxiously to hear any news about their offers but calling the list agent everyday on status is kind of a no no! Think of it this way.....The banks have thousands and thousands of REO's across the country, Asset managers have thousands or REO's to manage and REO agents have many (some have a fleet and some have a basketball team) but to your client their is only one. It is your job as the buyers agent to manage their expectations. Calling on offer status you are most likely going to hear " I have no news for you yet but as soon as I do I will call you." The banks are inudated and they don't have time for status updates on all the offers that come in on all the properties they have across the country. Tell your clients "If it is ment to be it will happen."And insead of calling list agent send a quick email asking "any new news?" You are more likely to get a responce.
Blaming list agent for your offer not getting accepted. When did my role as list agent turn into the seller as well?? I get calls all the time from agents who are mad and want explainations and I start to give them what they ask for and as soon as I start talking they talk over me or try to explain why I did something wrong. This does nothing but waiste my time. I am limited on that so I ask that as a buyers agent you take into account that your client is not the only one out there and that when writing an offer on a REO you give it your Highest & best the first time so you don't get beaten out and have the rug swept out form under your clients. If they want to play around and see if they can get a REO for less then asking price then it is their gamble they are taking and maybe they will listen the next time you write an offer.
That is all for now cause I can go on and on and on but I will save that for future blogs.........