REO Agents... tips on getting the listing right...

Real Estate Agent with ReMax Gold 01501948

Ok, i'm just going to lay it out there because most agents are either on the buyer or seller side of REO (real estate owned) aka bank owned property nowadays. 

I've been to half a dozen forums, training, talks, etc., where REO agents sit up in front of a crowd telling everyone how many phone calls, emails, stupid questions, etc., they get each day.  They talk about what the buyers agents can do to make things easier for the listing agents. 

My colleagues and I have conferred and we would like to eleviate the incredible pressure on the REO listing agents who are struggling under the pressure by offering a few tips to make life easier.

First, start with putting the correct information in MLS.  If the property has three's a thought...don't list it as a five bedroom. 

Second, there's this neat little contraption called a camera.  It takes pictures inside as well as outside.  It's not complicated, really.

Third, when you can't keep up with your business, hire competent (even friendly!) help. Novel concept, but it works.

Fourth, if you have an accepted offer and are just waiting for the bank to sign the documents (in other words, the property is pending in spirit)...make a note in the agent remarks in MLS. It only takes a minute and guess what...fewer offers, emails and phone calls to ignore.  You can actually delegate this task.

Fourth, if the property isn't financeable (ie it was a marijuana grow house and the ceiling and walls are completely ripped out) make a note in MLS.  Lots of buyers and their lenders care whether or not the home is habitable.

Fifth, when you receive an offer, acknowledge it.  Again, if you need help...hire someone.

Sixth, if you can't handle the listings you have...just say no to additional assignments.  Fiduciary duty doesn't evaporate just because your client is in a different time zone.

If the REO agents who aren't already doing these things would just start, the clouds will part, everyone will have thicker/shinier hair, we will all lose 10 pounds without effort, we will have time to take up a new hobby, world peace will ensue, and the world will be a happier place.

Comments (3)

Benjamin Clark
Homebuyer Representation, Inc. - Salt Lake City, UT
Buyer's Agent - Certified Negotiation Expert

I liked it Lori. There is humor in the truth, isn't there?

Oct 06, 2008 06:08 AM
Lisa Clanin
Keller Williams Realty - San Diego, CA

Thank you Lori.  I work with a lot of buyers and most of the listings they receive are either REO or short sales.  I do my due diligence before I take them to the property, but that doesn't always work.  I recently got hurt at an REO property and the agent didn't even bother to ask if I was okay!  What the heck?  Anyway, thanks for putting it out there.

Oct 06, 2008 11:16 AM
John Fod

Wow and thank you!  Love it! It's many times the little things will save us countless hours of time and money. All the best to you Lori:)


Apr 14, 2009 11:20 AM