More and more real estate agents are jumping on the REO bandwagon touting their excellent services. However, I noticed many are just full of hot air and are promising something they can't deliver. Unfortunately or fortunately depending how you want to look at it, all they are doing is cutting their own throats when they do get an opportunity for REO assignments. It boggles my mind how some of them have to be reminded to complete the tasks assigned to them or don't make sure funding is not done on time and wonder why their REO gravy train runs dry. Another thing we see very often is they are not well versed with the applications/skills needed to perform their job; i.e. RES.NET, IClear, doing BPOs properly or even simply proofing contracts/documents prior to submitting for AM approval. Here is a list of services an agent touts they are able to provide:Services ProvidedOccupancy Checks - SAME DAYAggressive Cash For Keys NegotiationRekey/Secure Property - within 24 hoursBPO- within 24hoursPhotos - within 24Rehab Bids - within 24-48 hoursInitial Startup Bids - within 24 hoursDe-trash, lawn maintenance (startup and ongoing)If this agent can provide all this I must say it is quite impressive! However, if they are just putting it out there to get an opportunity they are on their way to the REO graveyard. Was wondering what time frames REOPro agents are currently providing to their clients?
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I'll do better than that.......tomorrow will post an SOP I put together for a major financial institution. This will give you a very good idea of what asset managers are looking for. Deal?
Ps
What matters most to financial institutions? That's easy....show me the money on time!
Nedy Blanchard > Carlos H. Silva Sr.August 18, 2009 at 5:47am
Jesse-Checked out your website and must say I am very impressed! It is easy to navigate, has everything needed to convince prospects that you are the "real deal". If I was a practicing real estate agent it would be a good model to use for my own website. However, I did not find the "Meet the Team" button.
Carlos, you just hit a nerve with me! I will take each of these on one at a time.
"Occupancy Check Same Day" - Yeah RIGHT! Only if you know beyond a shadow of a doubt it's vacant. Now, of course, are we doing a real occupancy check where if it's occupied we get the names, and ages of all occupants and note any special considerations like, elderly, young, terminally ill...etc....? It should read..."Vacant Occupany Checks Same Day / Occupied Checks, 24 hours"
"Aggressive Cash for Keys Negotiations" - Be careful here unsuspecting agents. If I have heard it once, I have heard it a million times, "Agent John Doe promised me 10k to move" and it really was 3k. Truth is, how "aggressive" do you have to be. Most CFK's I do, if not all of them are final and best so, it's a take it or leave it kind of thing. I wonder what the poster meant by "aggressive"
"Re-Key Secure the Property" - Now this should be done in 24 hours....really. I have a guy / locksmith / jack of all trades, who I can call and say, we need to re-key and secure, can you be there tonight....most of the time he says yes but, sometimes I do have to wait till the next day. By the way, John...if you read this, thanks!
"BPO within 24 hours" - This should be happening as well. With as many automated BPO systems as we have now a days, a 24 hour BPO should be something you can do. Granted, it may be a bit rushed but, it's able to be done.
"Photos within 24 hours" - Once again, this is a can do.
"Rehab Bids within 24 hours" - NO WAY, NO WAY, NO WAY I have 2 contractors and most rehab bids need at least 3 opinions, it takes me at least 48-72 hours and, this is if I am rushed!
"De-Trash, Lawn Maintenance" 48 hours here....I have a landscaper guy / trash out man who does this for me and is on call when I need him.
"utilities" - 7-10 business days is all I can guarantee and that is because the utilities tell me that, unless I want to pay more to have it "rushed", which I don't.
Granted, the poster is a bit ambitious but, truth is, if he had a team, IF HE HAD A TEAM, it's possible but, only on a team.
FYI: my personal website has a "meet the team" button now and, it's not complete but, we are getting all the team pictures up and a small brief bio.
Oh, as for funding........no matter who the buyer ends up going with, before I will even look at the Purchase and Sale Offer, it must be accompanied by my lender's pre-approval.
Michael Howard > Jesus (Jesse) GonzalezAugust 16, 2009 at 1:31pm
Hi Guys. I hate to say it but my team (to Jesse's point, I have a good sized team) meet most of these timelines. The Occ check is sort of semantics. We check same day but of course can't always verify same day. We get a lot of them though with a little more digging. (Couple tips that sound like no brainers but I have found a lot of agents don't do these, they just knock on the door). Check for water and power. If there is still water and power chances are someone is still there. Check the mailbox and check the post mark on the mail, is it new? Is there a ton of it from a few weeks ago? Ask the neighbor to each side, "Have you seen your neighbors"? "Have they moved"? If you are sure no one is home and they are not hiding behind the door, we of course try and find a window to peer into (safety first). If there is only some items and the occupant looks to be doing a slow move out, then we call vacant (possession being 9/10ths), rekey and secure and post 18 day notice to retrieve belongs. With a bit of effort you can meet these time lines and win the hearts and minds of your servicers.
Replies
Ps
What matters most to financial institutions? That's easy....show me the money on time!
Jesse-Checked out your website and must say I am very impressed! It is easy to navigate, has everything needed to convince prospects that you are the "real deal". If I was a practicing real estate agent it would be a good model to use for my own website. However, I did not find the "Meet the Team" button.
It's under the "Foreclosure Listing" button. I need to put it on a black line so it stand out a bit.
"Occupancy Check Same Day" - Yeah RIGHT! Only if you know beyond a shadow of a doubt it's vacant. Now, of course, are we doing a real occupancy check where if it's occupied we get the names, and ages of all occupants and note any special considerations like, elderly, young, terminally ill...etc....? It should read..."Vacant Occupany Checks Same Day / Occupied Checks, 24 hours"
"Aggressive Cash for Keys Negotiations" - Be careful here unsuspecting agents. If I have heard it once, I have heard it a million times, "Agent John Doe promised me 10k to move" and it really was 3k. Truth is, how "aggressive" do you have to be. Most CFK's I do, if not all of them are final and best so, it's a take it or leave it kind of thing. I wonder what the poster meant by "aggressive"
"Re-Key Secure the Property" - Now this should be done in 24 hours....really. I have a guy / locksmith / jack of all trades, who I can call and say, we need to re-key and secure, can you be there tonight....most of the time he says yes but, sometimes I do have to wait till the next day. By the way, John...if you read this, thanks!
"BPO within 24 hours" - This should be happening as well. With as many automated BPO systems as we have now a days, a 24 hour BPO should be something you can do. Granted, it may be a bit rushed but, it's able to be done.
"Photos within 24 hours" - Once again, this is a can do.
"Rehab Bids within 24 hours" - NO WAY, NO WAY, NO WAY I have 2 contractors and most rehab bids need at least 3 opinions, it takes me at least 48-72 hours and, this is if I am rushed!
"De-Trash, Lawn Maintenance" 48 hours here....I have a landscaper guy / trash out man who does this for me and is on call when I need him.
"utilities" - 7-10 business days is all I can guarantee and that is because the utilities tell me that, unless I want to pay more to have it "rushed", which I don't.
Granted, the poster is a bit ambitious but, truth is, if he had a team, IF HE HAD A TEAM, it's possible but, only on a team.
FYI: my personal website has a "meet the team" button now and, it's not complete but, we are getting all the team pictures up and a small brief bio.
Oh, as for funding........no matter who the buyer ends up going with, before I will even look at the Purchase and Sale Offer, it must be accompanied by my lender's pre-approval.