Many times I have heard many of my colleagues, loan officers, appraisers, inspectors, and title/escrow officers wonder why it's so difficult to work with some asset managers and how others don't seem to have a clue about real estate. Since it's in my nature to lend an ear and try to improve things, not to mention my inquiring mind, I took it upon myself to ask for your suggestions or advice to the asset managers. Here is your chance to let your voice be heard and contribute to the enlightenement of the asset managers.
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I can look at both sides of this coin regarding the rude REO listing agents. I am in the D.C. area. I have worked with some agents who literally never return any phone calls, never have more then one phone on the MRIS, so cheap that the actually break the rules on any asset manager I have worked with and put the combo locks of the property in the listing. There are some listing with these agents that I could have stolen everything from the house and they would have no idea I was even in the house!!! I would be happy to share names in private.
I have had one agent where I submitted an offer 15K over asking and I did not get a response and the property closed with a lesser transaction.
There are some that are very organized, use CSS and have instructions on the MRIS which I find very useful.
I am still too little to use CSS but most agents respond that I am a breath for fresh air in the REO market. I am responsive and can help get transactions done and can warn the buyers agent how long the asset managers take so that there a minimal surprises through the process.
Something that would be useful is knowing the rough turnabout time when an offer is submitted, approved and signed off. I had 3 buyers walk because asset managers took over 2 weeks to ratify a contract after a verbal approval. If a person is that busy they should be getting stamps or hiring more people.. Thank you for this outlet.
I would like to see more A/M work on commission only salaries like we do. Maybe this will help more paperwork a little quicker. It's always been my experience that "hourly" employees have a tendency to slow down when presented with a lot of work and check out at 5 pm regardless of what's waiting. Most have no concern that it takes 2 or 3 weeks (sometimes longer) to respond to an offer. They still get paid the same regardless if any offers get processed.
I consider myself new to the listing side of REO, but I have been working the selling side for many years. And to go with Dan's comments about rude REO agents, they are more the common then the exception in the Atlanta area. There are a few companies I refused to do business with because of their attitudes and way they conduct business. I fully understand what they are going thru, I have gotten a hard taste of it over the last 6 months. And I can truly say that if they cannot handle the business properly, then hire some help or get out of the way! And maybe if the A/M took a little time to "shop" their agents, checking on their performance and practices, this would not be a problem any more. I still see listings of quality properties with no or just one photo of the exterior only. Maybe they haven't heard that 80% of the buyers are using the internet first to find houses they are interested before calling their first agent? And if your area is covered by 2 or more MLS's (like most of Georgia) put your listings in all the MLS's for your area!
I could go on and on, (I had 2 paragraphs I deleted as I was becoming a little confrontational) but it's the same issues we all experience all over the Country. We are in unique times and few A/M's were prepared to handle the workload. Changes are a must if we are ever going to get thru all this!
Steve-By all means go on and tell about all the needs AMs need to hear about. Slowly but surely change is coming and those who are doing a bad job will be out of a job.
When you put a normal man or woman in a position of high-stress, and at the same time give them power in the form of making or breaking an agent's or buyer's business you can sometimes get the mixture to result in an ego-driven attitude that no longer plays by the rules of general business 101 (morals, ethics, SOP, etc.).
There is an epidemic in the REO industry as a whole which seems to stem from a reduced tolerance for training, certification, degree, and quality-assurance in terms of business practice (not in the sense of contracts & negotiation - they've got that down pat).
I don't mean to sound like a cynic, but it's through years of observation and speaking to the "exceptions from the rule" (asset managers who agree with these statements) that I come to these realizations. It's also what drives me daily in my own business. If things start getting smooth, universalized, and organized I may just leave the business ;)
I would like to say that there are organizations that are trying to mend this wound. I even have a former co-worker and friend who's entire job is to oversee the customer relations and overall attitude and aptitude of his asset management team from day to day.
It's obviously tough when the inventory is dry and agents will do almost anything to increase business to deny business from an asset management company because of their customer service skills, reimbursement policies, or negotiation terms. But, there are some companies that anticipate this fact and prey on the more hungry agents with every intention to not accommodating that agent, but instead to watch their own bottom line. They know full-well that there's another fresh agent waiting right around the corner that will replace them. And, they can pull this off for years.
If you disagree with me on this, then most likely your one of the fresh agents who they're waiting for.
I am confident there will be drastic changes in the near future and a lot of unprofessional REO agents heads are going to roll to make room for other hungry and better agents.
I have to agree with Dan. For the most part the established REO agents have put in lots of blood, sweat and tears to get where they are. And much of their experience was earned during a time when the average agent hadn't heard of REOs and would have turned one down flat if offered. But now everyone and their mother wants to do this with a bit of training and little or no experience.
Yes, occasionally one will run into the rude REO agent. But I wonder how often it is earned by agents who don't have a clue to the process. And frankly, those who are jealous and want the business all of the sudden. Sadly I have seen a bit of that. They don't care who they have to kill or undermine to get some business.
Reality is that,yes, there are plenty of bodies ready to replace any of us with business. But at what cost to the asset managers and banks.
Combat experience counts for a lot :>)
Of course, my ongoing gripe is all the gurus who are suddenly experts in all things foreclosure related. Talk about bottom line oriented. But then again these guys have always thrived in the bad times.
Jesse-As you know most asset managers are extremely busy and would find it hard to go through the discussions, blogs and archive. That's why I am trying to put it all in one place and make it easier for them to get some feedback. Hope other REOPro members contribute this discussion as it will make the asset managers mindful of problems they might not be aware of.
Replies
I have had one agent where I submitted an offer 15K over asking and I did not get a response and the property closed with a lesser transaction.
There are some that are very organized, use CSS and have instructions on the MRIS which I find very useful.
I am still too little to use CSS but most agents respond that I am a breath for fresh air in the REO market. I am responsive and can help get transactions done and can warn the buyers agent how long the asset managers take so that there a minimal surprises through the process.
Something that would be useful is knowing the rough turnabout time when an offer is submitted, approved and signed off. I had 3 buyers walk because asset managers took over 2 weeks to ratify a contract after a verbal approval. If a person is that busy they should be getting stamps or hiring more people.. Thank you for this outlet.
I consider myself new to the listing side of REO, but I have been working the selling side for many years. And to go with Dan's comments about rude REO agents, they are more the common then the exception in the Atlanta area. There are a few companies I refused to do business with because of their attitudes and way they conduct business. I fully understand what they are going thru, I have gotten a hard taste of it over the last 6 months. And I can truly say that if they cannot handle the business properly, then hire some help or get out of the way! And maybe if the A/M took a little time to "shop" their agents, checking on their performance and practices, this would not be a problem any more. I still see listings of quality properties with no or just one photo of the exterior only. Maybe they haven't heard that 80% of the buyers are using the internet first to find houses they are interested before calling their first agent? And if your area is covered by 2 or more MLS's (like most of Georgia) put your listings in all the MLS's for your area!
I could go on and on, (I had 2 paragraphs I deleted as I was becoming a little confrontational) but it's the same issues we all experience all over the Country. We are in unique times and few A/M's were prepared to handle the workload. Changes are a must if we are ever going to get thru all this!
There is an epidemic in the REO industry as a whole which seems to stem from a reduced tolerance for training, certification, degree, and quality-assurance in terms of business practice (not in the sense of contracts & negotiation - they've got that down pat).
I don't mean to sound like a cynic, but it's through years of observation and speaking to the "exceptions from the rule" (asset managers who agree with these statements) that I come to these realizations. It's also what drives me daily in my own business. If things start getting smooth, universalized, and organized I may just leave the business ;)
I would like to say that there are organizations that are trying to mend this wound. I even have a former co-worker and friend who's entire job is to oversee the customer relations and overall attitude and aptitude of his asset management team from day to day.
It's obviously tough when the inventory is dry and agents will do almost anything to increase business to deny business from an asset management company because of their customer service skills, reimbursement policies, or negotiation terms. But, there are some companies that anticipate this fact and prey on the more hungry agents with every intention to not accommodating that agent, but instead to watch their own bottom line. They know full-well that there's another fresh agent waiting right around the corner that will replace them. And, they can pull this off for years.
If you disagree with me on this, then most likely your one of the fresh agents who they're waiting for.
I am confident there will be drastic changes in the near future and a lot of unprofessional REO agents heads are going to roll to make room for other hungry and better agents.
Yes, occasionally one will run into the rude REO agent. But I wonder how often it is earned by agents who don't have a clue to the process. And frankly, those who are jealous and want the business all of the sudden. Sadly I have seen a bit of that. They don't care who they have to kill or undermine to get some business.
Reality is that,yes, there are plenty of bodies ready to replace any of us with business. But at what cost to the asset managers and banks.
Combat experience counts for a lot :>)
Of course, my ongoing gripe is all the gurus who are suddenly experts in all things foreclosure related. Talk about bottom line oriented. But then again these guys have always thrived in the bad times.
Promises, promises...
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