Stacie's REO etiquette Part 1

Stacie:  How have you been?  Its been a while, you are so right, i get alot of the same issues. I dont take it personally.  Old dogs can learn new tricks, the market will change again and all things will again be normal for most.

Hi Stacie,

The problem I've seen here is that before the property can hit the MLS its already sold! I just got an accepted offer on a property for my client. I had to "literally" sit in front of my computer for hours until something new hit the system.  Its hard to nail properties down here. I wish I could say if shows active in the MLS its available here. I've seen more than once that the property is under contract still showing active.

Keep up the good work!

There are plenty times that the bank has accepted an offer but have not signed off on it yet.  And they don't want to look at other offers.  Typically I will pend the listing in MLS just to keep other agents from wasting their time and mine, even if the seller has not signed off on it.  The other issue is that some buyers want to close in 3 weeks time, but the seller takes 2 weeks to sign the contract.  Makes it hard for the buyer to get the job done with those kind of delays.  Any advice?

Stacie, we are experiencing similar challenges in managing the communication requirements with 40 offers on each REO.  We finally developed some recommendations and some pointers on writing offers and communication tips!   But from the feedback that I am seeing here, it will not be enough to satisfy all the agents.  But Vickie is on the right track by switching from phone calls to email.  I am certain we are frustrating some of them too since we now insist on EMAILs for communications.  Catching an REO agent on the phone and asking for an update, is as productive as shopping for PC in an Apple store!!  If an offer is countered, we communicate back within few hours and notify an agent. 

We had to develop REO Offer Guidelines and Offer Summary Worksheet to help us manage the flood of offers.   One challenge was to associate a buyer with the their agent since the portals where we upload this data don't require this information!  Also, some of the offers were missing the critical information our Asset Managers require for a complete offer.  So, these 2 documents have helped us manage the flood of offers specially the Summary Worksheet which has been a life saver.   We are looking to automate more of our processes that since we anticipate this situation will continue.

We have it posted on our website.  Feel free to use it if you think it helps.   www.myREOexchange.com

We have some REO agents in NY that aren't like you. We get wrong lockbox combos, empty lockboxes, no calls for showings returned, we'r e told on Friday that a home is available and then when we fax an offer Monday someone else tells us it is under contract, and places that won't answer calls on a weekend.

Today, I drove an hour to show a home and the lockbox was wrong. I couldn't even leave a voicemail. No cell info for the listing agent. Multiply that by  about 20 from your colleagues and that might explain why agents call you.

Stacie,

I would love to work with you. Our town's busiest REO broker only does e-mails and texts and I don't blame her one bit. While I hear a lot of complaining about it I find her extremely easy to work with and very professional. The only reason I don't go to that is I don't exclusively list REO properties, so I have to answer my phone.

However, part of the problem are the REO listing agents that are not as professional as you are. Just today I posted a blog wondering what I could do about a very unprofessional REO listing agent. If you have any feedback on it, on or off activerain I would love to hear it.

Some REO agents here frustrate me to no end. They think they are so much better then you are and speak to you in a way that's disrespectful. The system is so flawed with the whole process. That's why there are agents who stay away from these types of deals and i can see why.

And I was feeling so all along....well if misery loves company I know where to turn next time I deal with a frustrating buyers agent.

Keep in touch,

John
:-)

I've had my share of less than stellar REO listing agents in NorthEast Florida - some are better than others, but there are a few brokerages/agents in particular I really hate to even call....

Great post!!! I also handle alot of REO listing in the Houston area and unfortunately I have to deal with REO agents are not as thorough as they should be.

I do agree that it is a bit confusing out here with the listings being so limited in many cases and especially the lower end listings.  Most agents say right on the MLS - no calls, no emails to inquire about the property --- > and some of those agents do not have websites to go to try and find out your answers that are not on the MLS.  Yet your buyers are asking.

Then if you wait to hear from the agent.... you look back up and the listing is gone.  Now you have to deal with your buyer.

Can't wait until things change and the communication gets better.

many good point were covered,  There are the good apples and bad apples of both sides. I agreed on both sides, some buyers agents don't read the realtors remarks, and some times REO listing agents fail to do everything. Be sure whether side you are working with, do it right. Communication and professionalism are key factors. Sometimes bad REO reputation will affect their  listings.

Probably more of the CODE OF ETHICS AND STANDARS OF PRATICE OF THE NATIONAL STANDARD OF REALTORS SHOULD BE USE MORE OFTEN IT COVER THINGS THAT SOME REO AGENTS ARE NOT AWARE OF. f

IT IS KNOW EASY TO BE A REO AGENT, IT IS HARD WORK, I STILL REMEMBER HOW STARTED AND HOW HARD WAS TO STICK TO IT.   and thanks to many courses and certification and seminars, personal growth etc. It never ends, more education and knowledge is required, but I am still the same person that plans to stay in the business even when the old reo days are gone.

Anyway whatever side you represent do your best and be professional.

Piggybacking on Marina above to do your job and do it in a professional manner. That i think is the key to this whole dilemna.

We are one of the top REO companies in South Carolina and I can tell you some of the calls we get from agents are down right nasty!!. We are all trying to do the same thing place a family in a home that they want and love. Some agents need to go back to Real Estate 101. 

Stacie, thank you for the post and creating great comments. . .

Stacie,

Great post! I can understand your situation as every REO property I have had lately has involved multiple offers.

Wow ~ I better keep my mouth shut; just when I thought I had too many offers to deal with...7...looks like a pittance compared to 39!!!  What a conundrum.  With all that traffic being driven to your phones and web sites, you ought to sell advertising over your voicemail!!! 

One thing that helped me manage time from too many voicemails was getting transcripts of the voicemails over email.  Then I can read them and see right away what is priority and what is not.  The only drawback is...Google voice is about 10% accurate on dictation/transcripting the messages, so you have to be somewhat of a Wheel of Fortune whiz.

My market is very similar.  We have less than 2 months of inventory so I get multiple offers on every offer I revieve.  I am one of the main REO realtors in my area, I have plenty of angry agents but its not because I don't communicate.  I make it very clear that email and text is the BEST way to get ahold of me.  I do return voice mail the same day but it might not be for several hours, but I can return a text or an email within the hour.  My emails go to my assitant first and if she can respond for me then she sends it out on my behalf.  Still I get plenty of angry Realtors and buyers.  The cool thing about email and text is that I have a time stamped paper trail where voice mail is more difficult. 

Any advice in how to hook in with a lender?  Still trying to move on to REO rather than BPO's.

Ginger

Pricing the property to sell is really a challange - price it too high - it just sits there - too low - and the offers start rolling in - wish I had a crystal ball.