REO Listing Tips Every Agent Must Read

I enjoyed reading these REO Listing Tips on RE/MAX Mainstreet and wanted to share them. Enjoy! -Kimberly Harding

GET EDUCATED AND NETWORK

RE/MAX leads the way for REO education, so take advantage of it and get the CDPE or the FSP designations. I went to the 2010 RE/MAX Convention specifically for the REO/Short Sale Summit. I also went to the Five Star conference in Dallas, where I landed some new accounts by meeting the right people and following up with them. Place yourself up front and center at these events. There are plenty of REO conferences; make an effort to attend as many as you can so you can get in front of the right people.

 GET TO KNOW ASSET MANAGERS

Do everything you can to make the asset manager look good. Asset managers are the key, the gateway to getting more REO business. I don't bug them or call them unless I need to. I've met several asset managers in person. During the course of a foreclosure, I communicate constantly with them to provide updates on where things are in the process so they never have to guess. If they never have to call you to ask for something, you're ahead of the game.

KEEP BUYER'S AGENTS INFORMED.

Communicate with

other agents through the Realtor remarks section of the MLS for each property. There, I detail how to access the property, contact my team and give general directions on how to work with us. It's important to set expectations  up front - especially when it comes to response times and worksheets - so there's no confusion. Agents often write multiple offers on houses, so it's important the listing and buyer's agent are communicating well. When communication breaks between a buyer's agent and a listing agent, complications will come up, so stay in touch regularly. REO brokers don't have enough manpower, systems and time to service both sides of the transaction.

BUILD YOUR REPUTATION.

We often adopt buyers who purchase our REO list ings, and we can keep in touch with thank-you cards and newsletters. We donate a portion of each closing to Children's Miracle Network, and we make the donation in either the buyer's agent or asset manager's name. We have 50-75 closings a month, so that's a lot of donation cards. Whenever you thank people for their business or for working with you, they'll remember you. No matter the price range or distance, you need to treat all customers with respect and give them your best effort.