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Just GAVE A LISTING BACK

By
Real Estate Agent with ARDENT PROPERTIES

Some of you might remember a post from me about a month ago-- about my accepting a listing that was way outside of my coverage area and my MLS.   What I did after I realized what I did-- is I called a local agent and promised her all the sign and AD calls-- if she gave me comps and data from her MLS (not a bad deal-- and it worked for me in another market).

If you also remember, I deleted that post-- because I was paranoid that it would get back to my asset manager-- and she would cut me off completely.


She and I talked today about 3 other properties that I had--- and we had a nice conversation.


Well, I reflected on the conversation-- and decided to call her right back -- and tell her what was going on.  We talked for about 3 minutes-- and I informed her that the MLS (For the subject property) was not returning my calls (which they wern't) and I admitted that I was probably shooting myself in the foot by asking her-- but I asked her to reassign it (and take it away from me).

I mentioned to her that I hoped that I wouldn't be shooting myself in the foot by doing this--- but I couldn't keep working a listing that I didn't feel I could adequetely cover.  


She told me that she was happy that I did not continue with a property that I could not adequetly cover for them-- and she told me (when I asked) that this would not affect my future workings with their company.


What did I learn?  Besides not to accept a deal that I can't work?

-If you make a mistake-- admit it

-The worst that can happen is you get fired

-It is a LOT less stressful to have to ask the asset manager to reassign the listing-- then it is to continue to ask other agents in other areas for favors.  --- On a scale of 10-- my stress level dropped by 3 points by letting this listing go.

I sincerely believe her-- when she said that this would not affect me.  So I have learned a lot-- and actually, I wish I did this much earlier.

 

A lot of the seasoned pro's already learned this lesson-- But I'm sharing it with those of  you --who like me are REO Newbies...

 

-Jason

 

p.s. to those who keep reading my posts (gratefully) -- I just got another listing assigned by a BPO company-- my FIRST BPO to LISTING!!!

Comments(5)

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Jeffrey Dolfinger
24/7 Realty Inc. - Poughkeepsie, NY
NRBA Member
You the man!  I would have never done that.  I'm too damn greedy
Dec 13, 2007 12:48 PM
Jason Bhattacharya
ARDENT PROPERTIES - Chesterfield, VA

LOL--

Jeff,  So am I!! That's why I took the listing!


However, I was relying on a lady there to give me my comps, and all my market updates.  She proved to be unreliable -- and I couldn't attach my name to a property that I couldn't even pull comps on.

 

There are deadlines that are attached to the property-- and I was running into deadlines --instead of my trademark "Early Completion".  With those delays-- It was inevitable that I would get bad information-- then pass the information to the bank-- and then lose all credibility.  Also, it was a crappy 100k listing-- that was overpriced by about 40k.  So it would have been taken anywyas before it sold--and someone else would have told the bank that I was not in that MLS.  Then the AM would have REALLY been pissed-- had they lost 6 months....

 

Yeah Buddy,  it took me over a month to do this-- I was thinking "Why the hell should I dump a listing" then I said screw it-- I can't maintain my sanity and my reputation when I'm having to almost beg another agent to give me information.

 

I'll never compromise my position again! 

 

-Jason

Dec 13, 2007 01:21 PM
Karen Hurst
RICOASTALLIVING.COM - Warwick, RI
Rhode Island Waterfront!

Jason,

Good for you! And congrats on the new BPO to REO listing. It's ALWAYS better for your psyche to take the high road! Having a pile of listings is not the road to riches, as you are learning. The old adage, work smarter not harder is something to think about also. The Asset Managers I have spoken to have all been really nice and I think they appreciate honesty.

Dec 14, 2007 12:16 PM
Andrew Monaghan
The Monaghan Group - Glendale, AZ
CRS, GRI, EPro Associate Broker

like Jeff, im too greedy to give back a listing although there are places i will not go, our MLS is huge (phoenix) and covers 2 counties, i will not go into the next county due to distance and the different structure there.

Dec 15, 2007 01:57 AM
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

You did the right thing!  Way to go.

Mike in Tucson

Dec 18, 2007 02:42 PM