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Mean REO Agents . . . Are You One Of Them?

By
Real Estate Agent with Clayton & Associates Real Estate

It never fails that during and at the end of each transaction I have a co-op Agent tell me what a pleasure it was to work with me and my Team.  I don't take these compliments lightly and am grateful for the pleasant relationships I have built with these agents over the years.  I also know that by continuing to treat people with kindness and respect, they will want to show my properties and write offers every opportunity they get.

On the other hand, I have found my kindness abused by seemingly aggressive agents who would like to tell me how to do my job and what my client can and can't do. Very politely I explain what the requirements are and that their client agreed to these requirements when they signed the Addendums.

On the flip side, I received a number of buyer referrals this year that did end up buying REO properties.  Need I say, I was not treated nearly as well as I treat others.  Now I know you may be thinking, this is another Agent bantering about REO Agents doing a poor job in hopes of securing more listings.  While I love the idea of more listings, that is not the purpose of bringing this subject to light.

I remember at Five Star last year a number of Agents whining and complaining to a panel about what a poor job the REO Agents in their marketplace do.  No one wants to hear that, and the panel quickly addressed the topic and said that they would not listen to any of it.  That was not the purpose of the panel/forum. 

I have read nightmare stories of Buyer's Agents experiences and how REO Agents are such villains.  I just figured they were all jealous of the Agents being assigned listings, but I gotta tell ya, after a few of my experiences this year, there may be more truth to that than I ever imagined.

While I realize with the heavy flow of business some of us saw the last two years, that from time-to-time calls were not returned promptly or we didn't immediately respond to a request for more information as quick as someone would have liked.  (It was typically due to their inability to read MLS Remarks).  However, is it really necessary to treat a co-op Agent like they are a complete idiot?  FYI Listing Agents I have sold more than one REO in my life!  On both the Listing Side and the Buying Side!

How about inspection repairs?  How often does an Agent come to you requesting repairs on behalf of their Buyer when all of our client's have "As Is" clauses?  Do you tell them to go pound sand?  I sure hope not, because in not so nice of terms, that's precisely what I was told.  Is it really so hard to realize we are dealing with human beings with feelings on the other side.  Real live Buyers who are emotionally invested in the process, and in short supply I might add.  And, while I believe it is our duty to protect our Asset Managers from these emotions and turmoil, I do not believe it necessary to treat the co-op Agent and ultimately their Buyers with anything but respect. 

Comments (6)

LaNita Cates
REMAX of Joliet - Joliet, IL

I have NEVER met a nice REO agent. We have them in our area and there are agents that simply won't work with some of them. I've had HORRIBLE experiences with them. I was told by a few agents that if that REO agent gets 3 complaints against them after a transaction, they can lose that lender's business. Wonder if true because I know a lot of agents that would kill to be an REO agent and be nice and happy for the work.

Aug 29, 2010 11:34 AM
Liz Flint
Century 21 Hardee-Team Realty - Houston, TX
Houston\Tomball Realtor (832)816-8066

Hi Kandy, thanks for the post.  I just had a good experience with a REO where my buyer had to back out and the buyer actually got his EM back.

Aug 29, 2010 11:36 AM
The Elise Bickel Team
ReMax Select Realty - Pittsburgh, PA
Leasing, Property Management and Sales

I agree with LaNita. I don't think I have met a nice REO agent either.  I think that banks look for agents that are rough to handle their properties. I guess I will never sell REOs.

Aug 29, 2010 11:38 AM
Sara Woolford & Steve Golson, ALHS
iTexas Realty Co. - San Antonio, TX

Hi Kandy-

I KNOW nice REO agents those who deserve to have multiple grievances filed. 

Of course, these are different individuals and it is still individuals who make up the agent body in my city.  I don't think that these negative labels (whining, or fancied murders), help any of us to get our jobs done.  That is the part of business that I concentrate upon!

--Sara in San Antonio

Aug 29, 2010 11:42 AM
Coral Gundlach
Compass - Arlington, VA
Real Lives. Not Just Real Estate.

I have to say, I recently worked with a nice one.  Detached, non-responsive and pretty much clueless because they had the place listed as a 1 bedroom when it was actually 2, but very nice.  But other than that, I agree, it's as though grumpiness is a quality asset managers seek.

Aug 29, 2010 11:45 AM
Eileen Liles
970-216-0530 http://WeSellDeltaCounty.com - Cedaredge, CO
Macht-Liles Real Estate Group - Cedaredge, CO

Well, we are very fortunate in our area(county).  Our REO agents are wonderful.  They are our friends and list and sell properties besides REO stuff.  One of my fellow agents, Debbie Laity, is an ActiveRain member and is a great person to work with.  I don't intend to ever be an REO listing agent, but I love working with buyers, so I appreciate the work the listings agents do to get those puppies on the market so I can SELL THEM!

Aug 29, 2010 11:51 AM