Are you deciding if REOs are for you?

By
Services for Real Estate Pros with Southern Assist

Listing REOs can become a paperwork nightmare but it can be outweighed by the profitable repeat business. The best way to handle it is...hire a Virtual Assistant!

Virtual Assistants can assist agents/brokers with the tedious process of working with the lender/asset companies and their strict policies, procedures and timelines. Take the time to look for a Virtual Assistant that understands the unique needs of the REO industry. Ask the questions that matter. Do they know and understand REO needs? Can they handle the quick turnaround times? What’s their ability if volume increases? And by all means, check references.

A good VA can be an asset to your business by taking care of the following tasks:

• Complete all the details for BPO forms

• Label all photos

• Write property summary reports as instructed by agent

• Pull public records

• Search the MLS for current listings

• Calculate all distances from subject property

• Determine DOM for all properties.

• Facilitate the completion of listing agreement(s)

• Input listing(s) into MLS

• Market all properties using various marketing media

• Organize showings and collect showing feedback

• Complete Monthly Marketing Reports as required by lenders

• Request quotes and bids from vendors for repairs

• Coordinate repairs for subject property

• Order inspections

• Order property maintenance

• Arrange for connection or disconnection of utilities

• Complete and submit property reimbursement forms and receipts

• Monitor accounts receivable and ensure all vendors are paid

• Coordinate closing activities, monitoring timelines, and distribution of contracts and other documents.

As a former REO Manager myself, I know what Lenders and asset companies are looking for. The successful REO agents utilize their time wisely by hiring virtual assistants so they can focus on marketing and selling the properties.

Judy Kovacevich

Southern Assist

Providing support services to Real Estate Professionals Nationwide

Judyk@southernassist.com

www.southernassist.com

228-324-7030

 

Comments (7)

Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Ouch, I may now decide to avoid REO before even trying. You did it (LOL)

Jun 01, 2008 04:56 PM
Hope Goss
Ventura Property Shoppe - Ventura, CA
Ventura Real Estate

I'm still deciding if I want to take part in all these REO's - I think you may have a very good idea with hiring an assistant.

Jun 01, 2008 04:57 PM
Denise Shockey
RE/MAX Aerospace Realty - Cocoa Beach, FL
Cocoa Beach, Brevard County Florida Real Estate

Hi Judy, Excellent points to be considered prior to making the decision!  Thanks for sharing your wisdom!

Jun 01, 2008 04:58 PM
Robert Machado
HomePointe Property Management, CRMC - Sacramento, CA
CPM MPM - Property Manager and Property Management

REO's are a lot of work, but someone is going to do it.  If you have time, it looks like something to consider.

Jun 01, 2008 05:14 PM
Judy Kovacevich
Southern Assist - Ocean Springs, MS

Hope - Hiring a real estate virtual assistant is a good idea even if you don't do REO's. Many of the same tasks are needed. Your time can be better spent meeting with clients, negotiating and signing deals.

Robert - You're right. The REOs have to be sold so someone is going to do it. The smart agent will make sure the processes are in place before they get slammed with orders. One benefit in using a virtual assistant is you only pay for the time spent on your properties. If your volume ebbs and flows then you're not paying for someone to sit around waiting for the next property to come along.

Jun 02, 2008 12:00 PM
Gene Allen
Fathom Realty - Cary, NC
Realty Consultant for Cary Real Estate

You really aren't asking us if we want to do REO's you are pitching for VA.  Good job but I wouldn't want to do the REO.  Way to much work.

Jun 06, 2008 12:25 PM
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

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