Has anyone else noticed the lackluster marketing of many REO properties? From my understanding of the process, the asset managers get price opinions from one or more agents, assign a listing agent to the property, and set the list price. But it would appear in many instances, they don't even pay attention to the marketing efforts put forth by the agent.
Don't get me wrong, not all agents do sub-standard promotion of their listings, some have as many as 25 photos of the property, well written descriptions, property details, and everything else you would expect if you were a seller.
If I were a seller, I would look at the marketing my agent provided to ensure they are presenting my property in the best light to obtain an offer from a buyer. Yet, it seems many asset managers miss this important step.
- Is it because they get a regular paycheck from the bank whether or not they have competent agents marketing their assets?
- Could it be that they truly can't find better agents to handle their listings?
- Do they have relatives or friends in the industry and assign the listings to those agents regardless of their lack of ability?
- Or do the banks simply have no metrics for measuring asset manager performance?
There are many aspects of liquidating REO properties that seem odd, but when considered from the bank's perspective, actually make sense. If this is one of those, I'm missing it.
I'd love to hear from some asset managers as to why I see some listings that are perfectly marketable properties in good condition, yet there are only 2 or 3 dark and grainy photos with no virtual tour, inadequate descriptions while other agents have put the effort we would put into marketing a resale listing for a home owner.
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