REO Agents That Do a Terrible Job - Virginia Real Estate - www.TheGPSRealtyTeam.com

By
Real Estate Agent with Samson Properties VA Lic # 0225101380

Every time I turn around I see a listing that is just not up to par.  It looks like it was put into the system by my 9 year old daughter.  Even she would have colored a picture of the house and put it in there.

I generally see this with listing agents that have made a connection with a Asset Manager or a bank, and generally have multiple listings and might even be working with multiple companies.  

  So you get the listing - Now what?  Do you sit back and wait for it to sell, or do you treat it like any other listing by any other client.

NO picture or just one - I even saw where an agent had actually put the pictures in that he had taken while doing the BPO - Pictures that show all the flaws in the house. 

Bare minimum of information on/in the MLS - no sqft, lot size, or taxes.

Write -up that just have where to send contracts and maybe there contact info.  (by the way you can never talk to them - Those numbers go to a voice machine that is full) 

Every time I see these it makes me laugh - DO THEY TREAT ALL THEIR CLIENTS LIKE THIS?  If you where selling your home and your agent did these things would you fire them, or would you give him your friends listing also?  I see blogs everyday people asking how do they get into the REO business and I try to respond to all these with a simple statement - DO IT BETTER THAN THE OTHER GUY AND DO IT FASTER. 

This was done to make people think.

Good Luck  

 

Vincent McKamy - Realtor

Coldwell Banker Elite

Serving Fredericksburg, Stafford, Spotsylvania Virginia, and the surrounding areas.

http://www.thegpsrealtyteam.com/

540-455-2739

Comments (10)

Debi Ernst
St. Charles County, Missouri - Prudential Alliance Realtors - O'Fallon, MO
GRI, e-PRO, Broker/Sales Associate
I would like to list REO's in the O'Fallon, MO area.  However, I'm not sure how to begin.  Any ideas?
Mar 16, 2008 09:22 AM
John Severino
Nuline Funding, Inc. - Westlake Village, CA
Check out John Occhi's blog he is starting to help people to understand REOs
Mar 16, 2008 09:23 AM
Dwayne West
Atlanta Real Estate - Canton, GA
Canton Georgia Real Estate
You are correct about this. also alot of the agents I have dealt with that do REO properties are rude as well.
Mar 16, 2008 09:41 AM
Kathy Fisher Sells Lexington TN homes! 731.845.3413
Five Star Real Estate Services - Lexington, TN

Until recently I haven't really sought the REO business but I have begun going in that direction.  It's probably not for the reasons that come immediately to mind but it's because I have gotten SO frustrated when trying to get the information I need to try to sell these properties.  Most of the REO agents in my area have dozens of these listings, with minimal information, crummy pictures(our MLS requires atleast 1 photo) and slow response time to requests and offers. Often they haven't even seen the properties themselves because their assistants do all the leg work.   In my opinion they are offering these companies a subpar service.  I do want to do it better & faster!  I hope these companies will start sending their listings my way!

All the Best!

Kathy Fisher Lexington TN Real Estate

Mar 16, 2008 09:42 AM
The Craft Team - Realtors Serving Stafford & Spotsylvania Va.
Coldwell Banker Elite - Fredericksburg, VA

Exactly, numerous listings in the MLS are full of incomplete data that make it hard for even a seasoned Realtor to be interested in much a buyer searching on local web sites. Reality check for those who are doing this STOP and do the right thing for your clients and buyers. 

Ron Craft - Realtor

Serving Stafford, Spotsylvania, Fredericksburg, Prince William, and surrounding areas

Coldwell Banker Elite - rcraft@coldwellbankerelite.com

540-273-2867

Mar 16, 2008 01:11 PM
Linda Lipscomb
Linda Lipscomb RE/MAX Lexington Henderson County TN - Lexington, TN
731-695-1118, Lexington TN Homes

Vincent,

 In my market, the agents who take care of the foreclosure and bank owned properties, are agents that the general public would fire the first day.  Why do you suppose banks/REO''s, etc. tolerate this level of service.  Could it be that it is not THEIR HOME they are selling, just an asset owned by someone, somewhere.

Linda Lipscomb, Realtor in Lexington, TN.

Mar 16, 2008 02:40 PM
Julie OHanlon
Century 21 Ditton Realty - Oakhurst, CA
I understand your frustration.  We all need to remember "fiduciary responsibility"  Don't take on more listings than you can service, don't take listings outside your regular market area (many markets have specific challenges that may not affect your market)  Do for your sellers as you would like someone to do for you!!
Mar 17, 2008 11:07 AM
Denise Allen
Resh Realty Group - Chesapeake, VA
Realtor@ Chesapeake, Hampton Roads
There are agents that specialize in the REO world.  Some are good and some are bad just like the rest of us.  The bad ones stand out because you see them a lot at different properties.  The bank likes them because the properties sell in spite of the agent.  The bank doesn't know the difference.
Mar 17, 2008 12:19 PM
Wayne Hare
Broker - Investors Realty Of Virginia - Chesterfield, VA

Agents that list REO's are just like all other agents - some are better than others!

Take at look at my site http://AForeclosreInRichmond.com

Bank that are REO clients get the same marketing attention that any other client receives.  Asset managers check up on their agents and will weed out the underperformers in time. 

If this is a market you are interested in pursuing, be prepared to give first and then get.  It is NOT an overnight get rich scheme.

 

Jul 27, 2008 08:22 AM
Renée Montgomery
Century 21 New Millennium - Warrenton, VA
Northern Virginia Real Estate

We all could do a better job than Most of these listing agents. So why do the banks and asset companys choose to use a select few agents, think about it, wouldn't you rather deal with someone that knows the forms, the process? I have my first REO and I try not to bombard my asset manager with questions but its hard not to until I know the process fully. These asset managers are swamped with work and want to deal with a few people and not train a whole batch of newbies not matter how much better we new agents are.

Oct 18, 2008 12:51 PM