Thank God, business is growing and I am up to my elbows between REO lisitings, re-inburstments, BPOs, regular listings and buyers. I think it is time to get an assistant and work on developing a team. I would like to have some advise from the experts out there.
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Be careful when you starting your team that you hire ethical agents that are not going to steal buyers or your REO accounts. Make sure you have a detailed written contract that stipulates every member's duties. Here is how we've structured it:
1. Person or team to access damage, handle lock outs, visual inspection, opens property for utilities, take pictures, check occupancy status, handles cash for keys and installs lockbox; usually has a CWP.
2. BPO agent or team depending on how many listings you are getting.
3. REO agent or team coordinator who inputs listings, takes in all the offers, follows up and closes transaction.
4. Billing person or team to pay all vendors and make sure expenses are submitted to asset manager.
5. Dedicated asset manager liaison to negotiate and handle all matters directly with the asset manager.
6. Dedicated receptionist to field all incoming calls and give out to agents per broker/team leader instructions
7. Agent or agents to sit open houses and field incoming buyers calls; they pay a referral on the calls only.
8. Commission disbursing person or team.
Besides that there are the usual dedicated repair contractors, loan officers, home inspectors, escrow officers and home warranty representative. Hope this helps.
Not able to provide many details on that part as I was not privy to that information. However, the agents who were referred leads work on a 20% to broker 80% to the agent. The commission split for their own business was 5% to broker 95 % to agent. The agents who sit REO Open Houses keep all the commission from the leads. Hope this sheds some light on the matter for your.
wow! this was my morning project, and I came to reopro to begin searching! First post and off to a great start, thanks Jose and lots of thanks to Linda!
Well, I am no expert (LOL) but here is what we have done.
Our REO team consists of a 'Field real estate agent" who does all the property field work, including 7 - 10 day visits with photos, initial occupancy and condition and damage reports, knocks doors to find out about HOA costs, lines up contractors for approved repairs, puts ekey lockboxes and signs at the property and new flyers with every price reduction, takes b/4 and after pix, arranges all CFKs Agreements and inspections, is on property when utilities are turned on and returns all our 800# call capture advertising buyer calls.
We also have preferred partner contractors and lenders who when we call, give us priority service.
The other agents in my office 'sit' opens at the bank owned properties to generate buyer contacts and this has worked very well in bringing these agents serious buyers to work with! Should they have a buyer for one of “our” REO properties, then they receive 100% of buyers side and do not have to pay any referral fees to us.
We have a sign up sheet for each property for the agents to choose which one, days they want to sit and hours. After their open, they put how many came through and any feed back, which is awesome for my monthly reports.
Me - I do all the contract work, work with the AMs, work with the agents, utility billing, do the property BPOs, the monthly reports, all MLS listing info, weekly contacts with buyers agents and lenders to keep closings on track, etc.
That is how we work. Another REO agent in our office has hired 2 gals to do all his BPOs (both his REOs and mill BPOs) and has three other agents in our office that he feeds buyer leads to for a referral fee if they go any where.
So there are two totally different ways of setting up teams to help with your REO business!
Jose, thank you for starting this topic, and Linda was great with sharing her experience, let's hope that we can get some other REO Team agents with theirs experience knowledge on building and running REO Team.
Replies
My 'Field Agent" receives a % of the commission.
Linda
1. Person or team to access damage, handle lock outs, visual inspection, opens property for utilities, take pictures, check occupancy status, handles cash for keys and installs lockbox; usually has a CWP.
2. BPO agent or team depending on how many listings you are getting.
3. REO agent or team coordinator who inputs listings, takes in all the offers, follows up and closes transaction.
4. Billing person or team to pay all vendors and make sure expenses are submitted to asset manager.
5. Dedicated asset manager liaison to negotiate and handle all matters directly with the asset manager.
6. Dedicated receptionist to field all incoming calls and give out to agents per broker/team leader instructions
7. Agent or agents to sit open houses and field incoming buyers calls; they pay a referral on the calls only.
8. Commission disbursing person or team.
Besides that there are the usual dedicated repair contractors, loan officers, home inspectors, escrow officers and home warranty representative. Hope this helps.
Carlos
Well, I am no expert (LOL) but here is what we have done.
Our REO team consists of a 'Field real estate agent" who does all the property field work, including 7 - 10 day visits with photos, initial occupancy and condition and damage reports, knocks doors to find out about HOA costs, lines up contractors for approved repairs, puts ekey lockboxes and signs at the property and new flyers with every price reduction, takes b/4 and after pix, arranges all CFKs Agreements and inspections, is on property when utilities are turned on and returns all our 800# call capture advertising buyer calls.
We also have preferred partner contractors and lenders who when we call, give us priority service.
The other agents in my office 'sit' opens at the bank owned properties to generate buyer contacts and this has worked very well in bringing these agents serious buyers to work with! Should they have a buyer for one of “our” REO properties, then they receive 100% of buyers side and do not have to pay any referral fees to us.
We have a sign up sheet for each property for the agents to choose which one, days they want to sit and hours. After their open, they put how many came through and any feed back, which is awesome for my monthly reports.
Me - I do all the contract work, work with the AMs, work with the agents, utility billing, do the property BPOs, the monthly reports, all MLS listing info, weekly contacts with buyers agents and lenders to keep closings on track, etc.
That is how we work. Another REO agent in our office has hired 2 gals to do all his BPOs (both his REOs and mill BPOs) and has three other agents in our office that he feeds buyer leads to for a referral fee if they go any where.
So there are two totally different ways of setting up teams to help with your REO business!
Linda