The Odd Couple-Real Estate Agents and Asset Managers

By
Real Estate Agent with Integrity Real Estate Group


Just as Felix and Oscar had to learn to live together despite their different styles so do real estate agents and asset managers.  Thrown together by a real estate market in turmoil agents and asset managers seem to have total different work styles and yet here we are both trying to service customers and trying to sell houses.

Many agents are used to working long hours and often during busy times 7 days a week.  When we list either a short sale or foreclosure we quickly learn that asset managers don't work the same hours we do.  In fact asset managers don't work weekends, usually the busiest time for agents.  So when we receive an offer on a property the chances are that we will be faxing the contract into an empty office and waiting days before it goes from one inbox to another before an asset manager is assigned to handle it.

It is easy to understand that lenders were initially caught off guard by the significant number of foreclosure properties that hit the market and were understaffed.  As time has gone by and lenders have a handle on the current number of foreclosures and should be able to forecast the next 90-180 days, asset managers are still overwhelmed by the number of files they have to handle and still are working banker's hours.  The result is frustration of both sides of the house.

Do I expect one asset manager to be on call 24x7?  No!  Not even the craziest of real estate agents works without a break.  Do I expect that a team of asset managers should be available at least during normal business hours 7 days a week?  Yes!  In our current market lenders should revamp their staff and the hours they are available to coincide with the reality of the market. 

As agents the only thing we can currently do is tell our clients and fellow agents to be patient and wait.  For buyers being patient isn't easy to do.  In fact if we did a survey of the number of properties sitting on the market today because a buyer gave up and moved on it would probably be high.  As a listing agent calling an asset manager who can't give you a basic answer about the file in front of them for weeks requires us to continue to market a property, answer questions and listen to complaints from everyone involved in the deal of far longer than we should.

It is time for lenders and asset managers to make some changes in how they handle the properties they have been assigned to sell.  Properties could sell faster if the answers we need come in a timely fashion.  It means looking at how your business is structured and making changes to be available during the time that agents need answers.  We can stop being a pain in the side of your staff if you consider taking a look at how you respond to our requests for information.

Felix and Oscar eventually learned to live together by making changes in how they communicated with each other.  This relationship isn't forever but for now we need each other.   We want to move your inventory just as much as you do.  So how about it?  Can you make yourself available on the weekends so we can get your homes sold?

Posted by

                                   Real People*Real Lives*Real Estate

If you are interested in learning more about the Northern Virginia Real Estate market including Alexandria, Arlington, Fairfax and Prince William Counties give Cindy Jones and Integrity Real Estate Group a call at 703-346-2213.

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Integrity Real Estate Group
 
Real People*Real Life*Real Estate

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Rainer
22,394
Cape Coral Florida Golf Course and Waterfront Homes
Gulf Coast Realty Network, Inc. - Cape Coral, FL
Girl, as Grandma used to say, "You just said a mouthful!".  The asset manager is beholden to bank managers and they don't know or care what issues a Realtor might have.  I have found some asset managers to be Very Human and patient, but there is never any doubt as to who butters their bread.  As you say, we just have to learn to get along.  Anybody got a Bob Marley song?
JimG
Apr 21, 2008 12:43 AM #1
Ambassador
3,673,447
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital
Cindy, the banks should hire a few good agents as consultants to help them learn how we can work together to get their assets onto some lucky buyers' books.
Apr 21, 2008 01:18 AM #2
Rainmaker
180,351
DeAndrea "Dee Dee" Jones
Home Buyers Marketing II, Inc. - Manassas Park, VA
The NorthernVARealEstateLady & DMVRealEstateChick

The banks need a better way to make the process quicker so buyers do not have to wait so long.  Its a shame it can take weeks and months to get an answer.

Apr 21, 2008 06:08 AM #3
Rainmaker
251,244
Joel Weihe
Realty World Alliance - Wichita, KS
Helping you to use your VA home loan benefits

Amen!

Jun 02, 2008 12:04 PM #4
Rainer
287
joe bray
one percent realty - San Diego, CA

I can't seem to find a list of REO Asset Managers emails. Anybody know of where I can find one? If I can't find a list I'll have to collect them myself. Anyone interested in getting this list for free, just send me at least one valid email addresse of a REO Asset Manager that you currently are working with or have recently worked with. When I have at least 200 valid email addresses, I will email this list to your email address. Send to joebray99@yahoo.com

 

Jun 08, 2008 10:00 AM #5
Rainer
16,276
Freddie Gonzales
WEM PACIFIC Investments, Inc. - Daly City, CA
CRS, GRI, RDCPro

Joe,

I don't think you can get anyone to give you a list of AM's. You have to work for it. It won't be handed to you. If someone have those list, I don't think they would publish it here. AM's are busy people and they don't want to be hounded by agents asking them for business.

Nov 06, 2008 05:38 PM #6
Rainer
105,415
Mike Norvell Sr
Morris Williams Realty - Leesburg, FL
Norvell Consulting Group

this is a nice post, well thought out with some funny comments (joe, that was cute)

The banks are more than overwhelmed, they are not allowed to close a volume of deals...Closing deals means taking a writedown,and having to increase their cash reserves on the balance of the short fall..

I do talk to these guys, if all these deals closed at once, all the banks would look like indymac in short order

Be careful what you wish for

C ya

 

Nov 07, 2008 12:24 PM #7
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Cindy Jones

Pentagon, Fort Belvoir & Quantico Real Estate News
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