Stacie's REO etiquette Part 3

By
Real Estate Agent with Altera Real Estate

Well Happy Saturday rainmakers.........I haven't updated my blog in a bit and I have ran into a couple more scenarios that require some attention. One that I was awoken to here on Active rain this am!! I hope you find it useful and entertaining. Now let's get down to business.........

"How do I get my foot in the door to sell REO's".............Do you know that when I hear this it translates in my mind into "May I have your checkbook?" The same answer goes to both....Why would I hand you my check book or my business?? I get asked this via email, via active rain, via phone calls and even at my own office. Am I being asked this because people think I asked this and I had someone open up an REO treasure chest and I was then blessed with a ton of assets?? If so, they live in a land of unicorns and pixy dust where there is always a happy ending!! The truth is I put in time! I did my home work! I have networked my *** off!! There was never a free lunch for me and when I get asked this very question  I am offended. Many agents feel there is plenty of work for everyone which may be the case but I believe it should go to those deserving of the work and not agents who had their hands out! Many clients would rather give one agent a ton of assets because it translates into one phone call to the asset mgr thus saving time and energy. Plus that agent may be seasoned and can handle volume rather then trying out a new agent to see if he can sell one REO.

Maybe is I complain about another agent I can get my foot in the door.........More like a foot in the back!! If you feel that an agent  is terrible and not deserving of the 50 REO's he has listed and you somehow figure out who their seller is by no means calling that bank/outsourcer to complain will be a way to get your foot in the door. In fact it will work against you. Please realize this is an almost everyday occurrence for asset managers and they are immune to this tactic not to mention this is a huge ethical issue! I suggest if you do find out who that client is you sign up with them and send your resume and find out who the vendor manager is and try and get your foot in the door that way.

Send the bank a letter/call/email when the property goes back in foreclosure.............. About 24hrs after a property goes back to the bank in foreclosure it has already been assigned to an outsourcer or direct to an agent. Agent sometimes send letter basically stating "Dear mr bank, I have a buyer for your property located on XXX I can sell your REO. Thanks Agent trying to impress to get in door." Again...ethical issue. Property already has an agent and just because its not in MLS at that time doesn't mean they do not representation.  Actually had this happen to me recently by an agent in my office. Gave the benefit of the doubt and called to see if there was a buyer and I was basically ignored. I knew what was going on and deal with it on a daily basis so it was, was it was. But....if you get caught which the bank will always ask the listing agent to follow up....don't hide or ignore fess up that you weren't trying to step on toes you where just trying to get your foot in the door. It is better to hear honesty then to being lied or ignored. Think of it this way you may have a buyer for another property that listing agent has and you don't want to be remembered as "that agent"

NETWORKDRINKING..........while networking you never ever want to drink or at least to much. I recently went to a function and watched a REO broker get so smashed they basically made themselves look very unprofessional. You have to remember you don't see these people ever or that often and you are a reflection of them out in the field so being drunk and obnoxious probably isn't a smart way to get more business if any at all! Always be professional in any situation because that can never hurt your business!

 

Good Luck and I hope this helps!

Comments (7)

Harry F. D'Elia III
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

Never drink in a social arena. People may view you differently. Great post

Jun 19, 2010 03:48 AM
Cameron Wilson
Labrum Real Estate - Murrieta, CA
The Short Guy - Murrieta,Temecula,Menifee Californ

There is no way to "backdoor" your way into the REO niche and asking an agent who their source of business is a sore spot to me.

Jun 19, 2010 11:04 AM
Marcy Moyer
eXp Realty of California Silicon Valley Probate, Trust, and Investment Sales - Mountain View, CA
Probate, Trust, and Investment Specialist

Stacie,

I do not know about San Clemnete, but where I am there is not a lot of REO properties so many realtors just have no idea how to deal with them let alone how to list them.

Marcy

Jun 19, 2010 12:18 PM
Tiffany Burke
Group one real estate - Corpus Christi, TX

RIGHT ON...I agree 100% with presenting yourselff in the best light possible.  I remember when you were getting started and working hard to presentyourself to asset managers a few years back (about the same time as myself if I'm not mistaken).... congrats on the success, that's awesome!

 If your successful in REO listings that is awesome...I have also worked my booty off and I would never give my checkbook over, but if someone ask for help (out of my specific area,of course) I would be happy to help them with information that may further their efforts.  That's just me though, b/c  IMHO we should all pay it forward and in the process we will really be paying our self...I am never greedy with my info. b/c we were all in the same boat at one time or another (needing the help and advice of others) I NEVER make myself to busy or have my britches to big to help other people...I'm strongly against that....tables could turn at anytime in this business and one day the people who are asking  for help may be a source of the help you may need in the future.   Just saying....

Better and Better,

Tiffany

Jun 23, 2010 05:11 PM
Aida Pinto
Independent Real Estate Broker - Los Angeles, CA
Real Estate Broker (562) 884-6196

Stacie....hope all is well....great post but hope you write another one soon!

May 11, 2011 05:00 AM
Pat Fenn
Marketing Specialist for CJ Realty Group/Cindy Jones Broker - Springfield, VA

I've been making the rounds to see who is still around who started on AR a few years ago.  Looks like it's been awhile since you posted.

Nov 05, 2012 06:49 AM
Anonymous
Stacie

I'm still here. I was actually one of the first agents in the AR system back before it was a blog platform!! I don't blog anymore as I do not have the time. Thanks for coming to look for me! :)

Nov 05, 2012 06:59 AM
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