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Increasing Accountability In REO Listings

By
Real Estate Agent with Royal Shell Real Estate Inc BK3025297

To combat theft and to increase accountability, my company, Concord Real Estate has begun using the service of www.reolockbox.com. This is an online system that is available 24/7 where we advertise in the MLS that the lockbox code is available. Because we service Volusia and  Flagler Counties in Florida and they have three, separate MLS systems,  and now we are entering into the Orlando Market serviced by MidFlorida Regional MLS, this enables all agents to have equal access to the same information.

Reolockbox requires a one-time registration by the agent and the agent's state license information is verified with the state registry. If your license is inactive, suspended, etc. my assumption is that you would not be getting access to the system. This registration does not cost you anything to sign up.

Please note, if you are just going in to get a code and register for the first time and  you find yourself in a place that is asking for money, you are in the wrong section of the site.

Upon registration and getting the code, the system sends the listing agent an email of the showing agent and agency that is going to view the house. Since these are all vacant properties, showing time is hardly important, but we do need showing counts  for monthly reports and followup and feedback are always a good thing, though rarely we have time to do this these days.

Please cooperate and use the system. I have found that about 20% of the agents do everything to avoid using it and it creates problems for them and me. It causes delays for them because they complain about how hard it is to get in touch with me when they had access 24/7 to the information. I must tell you that a lockbox code call is a low priority to me when clear instructions are indicated for all to see in the MLS and someone is just being stubborn. By their refusing to be part of automation it means that I must stop what I'm doing, take their call, look up the number, give them the number and then log their showing in the system.

 It is a one time registration and you will not have to sign up again and our REO's are likely to be around for the next 3 to 5 years according to the industry gurus.  If this doesn't seem like a big deal to you, then you haven't worked in an REO Agent's office, even in normal times, most agents in my office would comment that they didn't want to work "that hard."

Also, please be careful about the keys and put them back in the box and spin the dials when you close the box. It is only courtesy for the next agent showing the property or us the listing agents. We take all kinds of heat from all sides when the keys are missing and we must rekey. As agents, our time is very valuable and we all need to be respectful and mindfull of each other's time.

Wishing you sunshine,

Janet Fetterman, Broker Associate/Owner

Concord Real Estate

132 Canal Street

New Smyrna Beach FL

386-299-6393

 

Posted by

Janet Fetterman, Broker Associate, CAM

Sales Manager, Golden Ocala Golf & Equestrian Club

Janet@RoyalShellSales.com

www.GoldenOcala.com

386-299-6393  

 

 

Show All Comments Sort:
Celeste Starmer, P.A.
Town & Country Realty - Deland, FL
Affordable Housing Partner

Janet,

Hi!!  Thanks for reading my blog.  I KNOW YOU!!! :)  You've done business with my Broker, Kathy Aparo-Griffin.  I actually have a guy that wanted to submit a low ball offer on your listing at 220 Ridgewood Avenue in DeLand. 

I must admit I have learned a lot more since that post!!  Glad to see you on Active Rain.  I'm trying to convince Kathy to vamp up her internet exposure!

p.s. i'm one of those agents that didn't want to sign up at reolockbox  (I will) :) 

Jan 25, 2009 10:27 AM
Janet Fetterman
Royal Shell Real Estate Inc - Ocala, FL
Selling Luxury Lifestyles...

Hi Celesete,

I'm new to Active Rain, and one of the things I'm learning here  on Active Rain is that the REO World and its agents are greatly misunderstood. Some of that is our fault and some of it is because there are some REO Agents out there doing some slimey stuff. It is so slimey, that it has turned me into a Blogger! I'm on a mission to explain and educate and to help you civilians agents, LOL, navigate the REO System and to also combat and circumvent these slimey practices.

Thanks for signing up on reolockbox.com, it will help us all stay accountable. The other thing that I can't stress enough is that agents are actually giving out these codes to their buyer clients and not going with them to show the properties! Now they will think twice to do this if their license is on the line and an air handler grows legs and walks after a showing.

If you need help with any REO properties, please don't hesitate to email me with questions, I'll be glad to help. Our inventory and prelistings can be found at: www.midfloridaforeclosure.com . Thanks for showing our listings and bringing us offers, even the low ones help us get price reductions!

Wishing you sunshine,

Janet Fetterman, Broker Associate/Owner

Concord Real Estate, 386.299.6393

Jan 25, 2009 10:46 AM
Michael J. O'Connor
Diamond Ridge Realty - Corona, CA
Eastvale - 951-847-4883

I'm all for automating issuance of combo codes to agents with a validation against the licensing authorities.  But does this actually prevent 'lost' keys at the property?

In my market we have tons of agents showing up with their buyers almost immediately.  It is quite easy for the key to go missing so I use electronic keyboxes.  All bank-mandated keyboxes are hidden on a side door or a utility line with the electronic box the only box visible on the front door.  I think I've only had one key go missing in this method and I knew exactly who accessed the box so it makes it fairly easy to narrow down 'who' might have misplaced the key.

And are your banks requiring a rekey when the key goes missing from the box?  Presumably it was taken by an agent and not a random stranger off the street.  In these cases I would just replace the key and not do a rekey as the agent is just able to get the new key anyway.....

Apr 17, 2010 01:37 PM