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DO YOU HAVE YOUR REO SYSTEMS IN PLACE TO SUCCEED?

If you are a busy REO agent, you know that you don’t have much time between the occupancy check and the initial bpo deadline; and then contacting the vendors, setting up appointments, and organizing the turning on of utilities takes time and energy.

Do you have a customized REO system in place to run a successful REO business to where you are not juggling too many activities unsuccessfully?

In this short blog, I will address WHAT and WHY you need an REO system.

Systems are just the way in which you process your REO Assets. It is an organized and clear, step by step process. You should have your systems documented so clearly that whoever you entrust it to could run your business smoothly in case of an emergency.

Do you have a backup system in place if you were in an emergency? I found out how important this is in the Fall of 2008. We had a terrible wind storm that took out the electricity of over three-fourths of the city. It occurred on a Sunday, but our power was not restored until Wednesday.

I had to inform my clients via cell phone that I had no computer. So I could not work. But because I had a documented system in place, I was able to contact my coworker who used my documented system to meet some crucial deadlines for my clients.

I speak to many agents who state they have all of their tasks in their head. Since you are running a business, your processes should be documented, in for any reason you are not around.

Listed below are three of the items could be included.

• Task Lists –
  • This would include all of the tasks that are done when you receive the asset.
  • The listing tasks
  • The contract to close tasks
  • And after closing tasks

• Contacts
  • Important vendors for your trash outs, lawn care, pool care, etc.
  • Repair Vendors
  • Utility companies
  • Asset managers

• Logins/technology information
  • User names and logins for your MLS
  • User names and logins for all of the asset companies you work with
  • What systems are in place for backing up your critical data?
  • How often do you backup?

It does take time to document the process but I found that it helps to make my thoughts clearer. Also I can always change the process since the REO industry is changing so much. But I feel comfortable having a system in place.

Also with a clear system in place you can easily handle 10-12 REO listings a month without being stressed out!

To your business success!

Roxanne Tidmore