What Buyers & Many Real Estate Agents Do Not Know about Distressed Property

By
Real Estate Agent with Keller Williams Realty Simi Valley 01224852

dunceThe text below is from a job posting that was just blurted out over Twitter in my area.  BofA has facilities here so it is most likely a position up there.  I have bolded several items of interest so you can see what a mess this whole Short Sale - Foreclosure market is.

Managing a portfolio of approximately 400 loans from referral through to sale of property.  This is a full time position from 8am-5pm. Would prefer someone with foreclosure and/or mortgage experience however it is not required as we are willing to train. Must be proficient in Microsoft Office, especially Excel. Contractor must be able to work in a fast paced environment, quick learner, be able to multi-task and think outside the box. Candidate must be detailed oriented and work independently. Requires excellent written and verbal communication skills as candidate will be working with attorney's, internal/external customers etc.


Keep in mind they are offering a pay scale of $17 - $18 per hour.

  1. Managing a portfolio of approximately 400 loans from referral through to sale of property. I have talked about the volume that each individual is working with in other blogs, here it is in writing, 400 files - How many real estate agents manage 400 files with no team? 
  2. This is a full time position from 8am-5pm. Yep deal with 400 files and you only need to be in the office from 8:00 to 5:00
  3. Would prefer someone with foreclosure and/or mortgage experience however it is not required as we are willing to train. Holy Cow!  These are complex real estate issues - they are willing to train?
  4. Work in a fast paced environment, quick learner, be able to multi-task and think outside the box. This is a major coporation, the words Fast Paced and Think outside the box aere not very coporate nor will the environment allow this.
  5. Candidate must be detailed oriented and work independently. Again people, we are talking about the banking industry and a coporate environment - independently LOL!
  6. Candidate will be working with attorney's Oh this is great, a trainee with an impossible work load now has to function with attorneys?

The point I want to make with all this is, that if you never understood why your offers aren't getting through, the multiple offers situation, why your short sales are taking forever, this is why. You can see that they train inexperienced people at ridiculously low pay scales and given workloads that are impossible, we are talking about 400 properties with multiple issues per property not including eviction issues, repair issues, individual market condition issues per property. Even to think that one person from eight morning till five at night can take this on and do a good job just hammers home what a mess the banking industry is in. This is not just the tip of the iceberg in the distressed market,  this one position offered is the little speck at the top of the iceberg. i am thinking of sending an e-mail of this to my clients so they better understand what we're dealing with when going after distressed properties.

Comments (6)

Laura Gray
RE/MAX Realty Group - Gaithersburg, MD

Ted

Maybe a few folks will get it now. The times they are a changin'. even as agents we can't keep up with our transactions and we don't get the paycheck every Friday , nor do we get reimbursed in a timely fashion. What a great system !

Jun 29, 2010 01:30 PM
Ted Mackel
Keller Williams Realty Simi Valley - Simi Valley, CA
Simi Valley Real Estate Agent

Laura,

Thanks for the comments :)

I think my biggest frustration is that buyer's agents really do not understand how many files any one asset manager or loss mitigation manager processes and then add expertise (or lack of) to that situation and the idea that things get done in a logical timely manner ...... HaHa forget it.

Especially in the Short Sale business it is so important that the Listing agent has a team that can process and stay on the process to get those deals to close, otheriwse your listing will live at the bottom of the pile of 400 loans on that processor's desk.

Jun 29, 2010 01:36 PM
Kirsten Mellinger
SkyView Real Estate - Simi Valley, CA
Ventura County Real Estate

What a great post Ted!  I agree with you in that buyer's agents, buyers and sellers really need to understand what really is involved on the back-end of these transactions.  Each transaction has its own strange circumstances in addition to working with an employee that you are given by "luck of the draw!"  All you can do is cross your fingers and hope that you get an experienced employee!!!  We should pool a fund to put this as a large ad in the paper, as it really is an eye opener for many!  Patience truly is a virtue in this industry!! HA

Jul 01, 2010 03:58 AM
Ted Mackel
Keller Williams Realty Simi Valley - Simi Valley, CA
Simi Valley Real Estate Agent

Kristen,

Thanks, I still just can't understand why the corporate suits can just get with the program and understand that they need more staff.

Jul 01, 2010 09:44 AM
DEBORAH STONE
Balboa Real Estate San Diego, CA - San Diego, CA

Ted

This job opp says it all. How in the world can a novice handle 400 files in 8 hours a day? You are correct, this is a mess and now we can begin to understand the gravity of this entire meltdown. I don't feel sorry for the banks----they brought on themselves alot of problems by refusing to listen to reason when things weren't so bad at the beginning.

Aug 09, 2010 09:01 AM
Ted Mackel
Keller Williams Realty Simi Valley - Simi Valley, CA
Simi Valley Real Estate Agent

Deborah,

 

Shocking and I monitor the words "Simi Valley" on Twitter.  That last few week the head hunter posting for jobs what looks like at BoA are increase for Short Sale, Loan Mods and The foreclosure department.

Aug 09, 2010 12:54 PM