I recently posted on another AR blog post - Foreclosure U - which has over 100 responses and the topic for me, turned to "overloaded reo brokers".
This is what I wrote:
"Overloaded REO broker" - I like that.
I agree that "overloaded reo brokers" are difficult - or nearly impossible to contact or get a deal done with them. As a qualifier, I am fairly "new" to listing REO's. I have only been in the biz 3 years - and listing REO's and doing BPO's for about a year. But I'm very good at it. But with my "lack of experience", I guess take my comments with a grain of salt.
I believe you make a name for yourself in the reo circles. It's like anything else. Reports get done accurately and quickly - things start to happen. I get special requests from my BPO companies who can't find a good agent to do BPO'S in certain areas - high end areas! lol
Anyhow - the thing about "overloaded reo brokers" is - they are pros. They have staff that cut TO THE CHASE.
I don't have an office dedicated to my listings. it's me - and the front desk. What I see is soooooo many agents showing my reo's - and they have NO IDEA that they're completely wasting their time. they send me offers that are like 80k below asking. They spend countless time trying to contact me to "see what the bank wants.." blah blah blah.
The reo pro's - don't have time to call back some "schlub" (sorry but it's true) who makes 20k a year and doesn't know what they're doing to answer some silly questions.
I am a little nicer - but even with me - i have 4 reo's - 1 in full - another two a week away from full contract and 1 about to hit the market. And I don't return phone calls that start with..."yeah i have a few questions about your listing on..." - when i already have an at or above asking price offer and the thing is all but wrapped up and this agent calling me - in my little experience - is going to ask me stupid questions and then send me an offer that's 50k below asking price - when it's PRICED TO SELL AND PROBABLY BELOW MARKET - and they don' t know that.
That's THEY'RE problem. I worked hard and fast to learn this business. I read up on things and educated myself. I joined a broker who knew the business. I didn't waste people's time nor my own asking questions about things trying to get information for free on someone else's TIME.
So I think the reo pro's don't return phone calls - in general - or to a large point - because TIME IS MONEY. And the AM (Asset Manager) rep doesn't really care about the little deals that get messed up - they just want the product MOVED - PERIOD. (With REO broker's - usually a phone call here or there doesn't get returned and a deal here or there falls through - AM's don't care about this stuff at the end of the day.)
Emails are to the point - phone calls are minimal. Get it ready to list - list it - get offers - get highest and best - get it into contract - period.
That's the real deal with reo's. That's the "secret".
And to the larger point of the original post (how newbie's are screwing up the professionalism of the reo business) - I would say that the "newbie's" who don't get what I am writing about - or don't know how to perform an accurate bpo - will definitely fall by the wayside. once they realize how much work can be involved in doing a GOOD bpo - and they're getting paid $50 for them - they simply WILL NOT HAVE WHAT IT TAKES TO continue.
For us - the agents/brokers that are committed - sky is the limit - now and for the future.
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