Hello All. So I am in the process of expanded my REO team. It's really just been a 3 man show but now with so much increase I really need some help. How have you guys who manage 20 listings and up manage you team? What is it composed of? Please advise I really need some advise....Thanks

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  • Marqueze,

    Our REO team comprises;

    Lead Listing Agent - Upfront client contact and vendor management. All closing reported under this agent for Top Producer status.

    Contact Agent - Licensed and a member in your brokerage , oversees marketing and contract negotiations usually specialized for a specific REO client. We have many Contact Agent "Associates". Paid as a referral agent.

    Admin/Advertising/Bookkeeping Specialist - MLS management, Flyers & brochures, all print ads & proofing, reo expense management....this is a key person. Experience is key. Paid employee. It is not unusual for this position to be Lead Listing Agent family member.

    Transaction Coordinator - This is a key person. Transaction experience is key. Paid employee.

    Property Eviction, Security, Preservation, and Property Manager (for lack of better term) - This person needs abilities to be a problem solver w/ lots of resources. Normally the contact agent turns into this person until a paid employee can be justified.

    It takes time to establish key players....cost can get enormous w/ paid employees. My position on our REO Team is the Contact Agent my cut is generous and my partner (Lead Listing Agent) manages all other paid employees. Lucky for me I stepped into a Top Producing Team in our area established for over 30 years. Not only REO properties we handle all business which includes Short Sales, and Regular Standard types of transactions. We have multiple REO clientele which are managed as assigned by Lead Agent.

    Good luck forming your strong team. It is a smart move to use utilize brokerage resources and partner up as you have w/ a "3 man show".

    REO companies hire agents not teams problematic to market when you are not the Lead Listing Agent.
    • This is a great example Denise! Thanks! Also I meet Jose in Dallas. The INTERNET is a powerful thing! Jose is a super cool guy!!!!!!
      • thanks for the plug Marqueze, it was nice meeting you, I wish you the best of luck with everything, and we have to share experiences with HUD
    • I like that setup. Thanks Denise
  • Great questions! I will be following this. Thanks.
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