I wanted to alert everyone to a post I found on LinkedIn today. It reads as follows:
"REO Brokers. Need your feedback please. New service in development that is designed to make the REO listing assignment process openly competitive. Actively pursue the listings you want.
Our company is currently developing a service to create a marketplace where brokers can actively compete for REO listings and would like to see what people in the industry think.
This is meant to be an auction style marketplace where the sellers would post listings they have available for assignment. The seller would establish the maximum listing fee offered and their approved brokers who desire to service the listing would then bid their listing fee for the property. This will allow the REO listing assignment process to become an open marketplace which would be mutually beneficial to both the REO seller and the broker. Brokers would have the ability to actively pursue more business and competitively offer their services on the listings they would most like to handle. Services can be priced for the individual property taking into consideration, the value, amount of work needed to manage it and the brokers desire to handle that listing. The idea being that the lowest fee bid would likely receive the listing. However, this is not an absolute auction and the seller would still be able to assign it to the broker of their choice. The sellers would continue to heavily consider a broker’s past performance.
With the above in mind, the questions we would like to solicit your comments on are:
How would REO brokers feel about having the opportunity to openly compete for listings?
Would having the ability to get more business be worth competitively reducing your listing fee on certain properties?
Would you more aggressively pursue listings in your immediate market area?
Do you feel you would continue to provide a level of service equivalent to that which you are providing on the listings you are currently being assigned?
Thanks for your feedback."
The name of this company is REOFeeBid.com. So far, I have been unable to find much information on this company. Keep your eyes and ears open for this new trend!
While the post clearly shows how the majority of agents and brokers feel about this type of format, I'd love to hear from any Asset Mangers or Vendor Managers how they feel about this.