The Life Story of a Realtor Who Lists REO's

Real Estate Agent with Elite Realty NW - Keller Williams, Vancouver Washington

vancouver wa real estate

The Life Story of a Realtor Who Lists REO's

Once upon a time in a land not so far from here there was a real estate agent. This agent was new to the industry and trying very hard to build her business. She worked long hours and went out of her way to provide exceptional service to her clients. Her clients loved her and were excited about referring friends to her for real estate services. Other agents were happy to show her listed homes because they knew that they would be working with a true professional. Her business grew and grew.

She finally reached a point where she needed help to keep up with it all. She interviewed people and hired a very nice and capable assistant to help her. Everyone loved them. They were very attentive and fun to do transactions with.

One day the agent decided that, in order to take her business to the next level, she needed to find a bank that would hire her to list all of their bank owned properties. She found one and her business grew even more. In fact, it grew so big that she barely had time to answer the phones!

Rather than hire more help, she decided that technology was the answer. Who needs to answer the phone when there is email? She directed all inquiries about her listings to either text or email. The phones stopped ringing. Her realtor friends that she had didn't call any more either. I called several times over the years but she never had time to talk and she didn't return messages.

Times were rough and the banks were foreclosing at a rapid rate and giving her more listings. She had so many that she hadn't even been to most of them! . The bank never visited the homes either. She listed them as fast as she could. It was easy.

One day she decided to run a report on her business like she did in the "old days."  She discovered that all of her business was coming from the bank. That sure is a good thing  because the bank never complained about anything. She also noticed that she never worked with buyers anymore. "Good thing," she thought, "because buyers are such a pain!"

She was getting a reputation of being careless and sloppy. Her assistant was rude to callers and simply requested that everything be send via email. Agents stopped showing her listings.

Last week I noticed that the bank that she was representing had been seized by the FDIC. This week she sent me an email message asking if we needed any agents on our team. I called her back she didn't answer.

Posted by

Mark Hall

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Jane Peters
Home Jane Realty - Los Angeles, CA
Connecting you to the L.A. real estate market

This must have been one of Aesop's lost fables.  I can't say I sympathize.  Now I know how all these REO agents get turned.  I am sure they were all really nice people at one time.

Nov 11, 2010 12:38 PM #1
Team Honeycutt
Allen Tate - Concord, NC

REO agents have had a good run, but like you say, the banks are in trouble, the well will run dry, then where will they be?

Nov 11, 2010 02:22 PM #2
Lane Bailey
Century 21 Results Realty - Suwanee, GA
Realtor & Car Guy

Kind of funny...  There are a lot of REO agents that have forgotten the quality of business that should be acceptable. 

Nov 11, 2010 03:20 PM #3
Respect Realty LLC
Respect Realty LLC - Milwaukie, OR
Brokers - Oregon / SW Washington Real Estate

A sad story for sure, but one I've heard more than once and I expect I will hear over and over in the next couple years.

Nov 11, 2010 04:58 PM #4
Chris Smith
Re/Max Chay Realty Inc., Brokerage - New Tecumseth, ON
South Simcoe, Caledon, King, Orangeville Real Esta

This is the market and the time for full service Real Estate agents to really differentiate themselves from the crowd...

Nov 12, 2010 09:04 AM #5
Mark Hall
Elite Realty NW - Keller Williams, Vancouver Washington - Vancouver, WA
Homes for Sale Vancouver Washington

Jane - Unfortunately some of them turn into wicked witches and torture buyers and their agents!

Allen - No one is recession proof. I have a friend who used to always tell me he was recession proof. (He conveys properties for banks.) Another company came in and undermined his prices. He discovered that he isn't recession proof!

Lane - No matter how busy we get, my team leads every transaction with a focus on customer service.

Todd - It is a cold world out there and many more banks will go under before we are through. It is not "If," but "When!"

Chris - Banks are turning some agents into One Trick Ponies. The list the homes and make the buyer's agents to do the heavy lifting.

Nov 14, 2010 05:29 AM #6
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