asset - Blog - REO Pro Network2024-03-28T18:39:29Zhttps://www.reopronetwork.com/profiles/blogs/feed/tag/asset24 Asset Management and VRMhttps://www.reopronetwork.com/profiles/blogs/24-asset-management-and-vrm2014-04-23T02:33:30.000Z2014-04-23T02:33:30.000ZJenny Erhardthttps://www.reopronetwork.com/members/JennyErhardt<div><p>Anyone else feeling totally conflicted on whose mandatory webinar training to attend, you know, ever since they started SCHEDULING RIGHT ON TOP OF EACH OTHER?! lol. Trying to get me to choose who I will serve or just major coincidence?</p><p>So obviously, they're not getting 100% attention tomorrow as I'll have my screen split and be fading the volume from one to the other every so often...since they TRACK your attendance. *sigh*</p><p>Thankful for replay links, I am...</p><p>Good night.</p></div>I got an email yesterday asking if REO is dead. Here is my reply and more…https://www.reopronetwork.com/profiles/blogs/i-got-an-email-yesterday-asking-if-reo-is-dead-here-is-my-reply2013-08-22T19:20:23.000Z2013-08-22T19:20:23.000ZTony Rosaleshttps://www.reopronetwork.com/members/TonyRosales<div><p>It's not dead, it's gone in to hiding so the industry can recover from the onslaught of politicians with nothing else better to do but "save" everyone and, in doing so, cripple an entire industry. Not to mention them going against one thing that is supposed to happen with a capitalism economy; right alongside success is also failure. Companies fail and get rebuilt. People fail and homes, cars, boats, etc. get repossessed by the banks. It's the capitalistic circle of life! Industries are built on this circle. From mortgage brokers to real estate agents. The irony is that many of their saving programs failed and we will be right back where we were. In the meantime, how many in our industry will now fall? The current administration only saved a few but in doing so they caused a quite a few more to fall. How is that progress? How is that change? To make it worse, those that were saved only failed later. Don’t get me wrong, I am not saying there weren’t some serious issues in the foreclosure world. There was fraud, invalid foreclosures, and a few other problems. The government, with the National Mortgage Settlement, made those at fault pay to the tune over $51 billion. However, that still doesn’t change the fact that foreclosures will not die so long as we have capitalism. Banks will still lend, and, for many various reasons, people will still default, and the banks will repossess. We won't have what we did 5 yrs. ago but there will be plenty to go around and if another bubble bursts I bet that there will much less of a noticeable celebration in the industry that makes money from it......after all, we wouldn't want to give the politicians another opportunity to grandstand at the expense of the real estate industry.</p><p>Now, speaking of politicians interfering. One of the first things done when the current administration took office was a moratorium on foreclosure activity. All banks that had foreclosures were ordered to stop processing them. Next come the reviews, audits, fines, etc.. (all of which were dealt with as mentioned above and the National Mortgage Settlement) and here we are a few years later and they are now finally getting back to where they can proceed with business, which does mean finally processing those properties in default. Interestingly enough those orders did not include Fannie and Freddie with whom the government has a significant vested interest. What’s the point you ask? Well, have you seen Fannie’s profits for the 2<sup>nd</sup> quarter? $10.2 BILLION! Yes, that’s billion with a B. So, in essence, the government shut down all of their competition and reaped the rewards. How would you like to shut down every real estate agent in your market area and take every listing out there for nearly 4 years? Pretty slick if you ask me.</p><p>I have a webinar to teach in an hour so I better end the rant. I will close by saying what I started with, that REO’s are not dead, but merely in hiding. Banks want to keep a low profile on their foreclosures activity so they won’t have politicians interfering again. Wouldn’t you if you had to pay $51 Billion the last time they interfered? In addition, if you don’t really believe me then understand I have been doing this for 10 years and I know patterns when I see them. Keep an eye on all of the reports and you will see some that state foreclosures are down while others state they are up. Why the confusion? Well…..good question…why? </p></div>How Not Having the Proper REO Team can Jeopardize your REO Business.https://www.reopronetwork.com/profiles/blogs/how-not-having-the-proper-reo-team-can-jeopardize-your-reo2013-08-16T17:08:44.000Z2013-08-16T17:08:44.000ZRoxanne Tidmorehttps://www.reopronetwork.com/members/RoxanneTidmore<div><p>If you have your REO Systems in place and you are experiencing growth, have you considered an REO Team?</p><p> </p><p>If so, what would you consider looking for as you build your team? I have just chosen three tips for this post. There are many more, but I find that these three are important to building a successful REO business.</p><p> </p><p>1. Experience</p><p>2. Education</p><p>3. Integrity</p><p><font class="Apple-style-span" face="Verdana, sans-serif" size="3"><br /></font></p><p></p><p></p><p>Experience</p><p></p><p>How much experience does the potential member have in doing BPO’s? What asset companies have they dealt with and for how long? What about tasks such as Utility set up and ordering services from your vendors? When it comes to the closing transaction tasks, how much experience do they have in dealing with escrow/title companies, lenders and co-agents? These are just a few of the question you should consider when building your REO team.</p><p></p><p>This is important because the REO market is different for every REO agent. And it is crucial to have a good amount of experience in dealing with asset companies, asset managers, banks, title companies, lenders and other REO agents. I have found that there is a basic flow to an REO transaction, but sometimes there are exceptions. And I have found that learning from that exception, adds to my REO experience. And I can add this to my REO process to reach a successful transaction.</p><p></p><p>Education</p><p></p><p>Training is so vitally important. Would you consider adding a team member to your business who already has been trained on various REO portals or someone who you have to train? Time is critical, especially when it comes to tasks such as BPOs or determining occupation status. Do they know the criteria for searching for comps for the BPO?</p><p></p><p>And when it comes to the contract to close tasks, how much training does the team member have in using various online transaction management systems? Such as EbrokerHouse, SettlementRoom, RELAY, TransactionDesk, TAZAREO, and others? Again, your time is important and having a member who is proficient in using these systems will save you time and money.</p><p></p><p>Integrity</p><p></p><p>Enough can’t be said about this topic. Simply put, everyone needs to be honest in their business dealings with one another. I feel that this is a foundation in a truly successful business. If a member is cutting corners to try to get the job done, it will come out in the end. Just a quick example. If a bid (quote) is submitted by a vendor for a repair on the REO property, don’t change the amount when submitting it to the asset company. I have known of this to happen and the person did think they were getting away with it. And since it was just a small amount in the beginning, it was not discovered. So the person felt safe and increased their bid amounts. But when the asset company discovered this, all monies had to be refunded for all of the bids. And of course that agent lost their business with that asset company. A hard but powerful lesson.</p><p></p><p>I hope these few tips: Experience, Education and Integrity can help you in your search for a successful REO Team.</p><p></p><p>To your business success!</p><p></p><p>Roxanne</p><p><font class="Apple-style-span" face="Verdana, sans-serif" size="3"> </font></p></div>IAS - Integrated Asset Services LLC - BANKRUPT!https://www.reopronetwork.com/profiles/blogs/ias-integrated-asset-services-llc-bankrupt2013-07-23T14:00:26.000Z2013-07-23T14:00:26.000ZJesus (Jesse) Gonzalezhttps://www.reopronetwork.com/members/JesusJesseGonzalez<div><p>I don't know how many of you are IAS Vendors or Suppliers but, you likely are going to be getting these letters in the mail from their attorneys. See attached.</p>
<p> </p>
<p><a href="{{#staticFileLink}}4359180547,original{{/staticFileLink}}">IAS%20Letter.pdf</a></p>
<p> </p>
<p>As the REO business starts shrinking, we can expect more and more of these companies to go out of business. Those of you still working for outsourced REO companies....be warned.</p></div>Altisource? Good, bad and ugly.https://www.reopronetwork.com/profiles/blogs/altisource-good-bad-and-ugly2012-01-27T06:06:02.000Z2012-01-27T06:06:02.000ZHenry Vegahttps://www.reopronetwork.com/members/HenryVega<div><p>Has anyone out there done paid BPO's and will they eventually give you a shot to list some Ocwen REO property? I am hoping someone out there can answer my questions.</p></div>Does being minority woman owned help you gain leverage to get into asset management companies?https://www.reopronetwork.com/profiles/blogs/does-being-minority-woman-owned-help-you-gain-leverage-to-get2012-01-27T04:47:51.000Z2012-01-27T04:47:51.000ZHenry Vegahttps://www.reopronetwork.com/members/HenryVega<div><p>Please share some tips on how to become approved with asset management. I can share some tips from my personal experience. I have just basically attended every netowrking event out there. Join REO networking groups, talk to other agents who have already established relationships with AM's. Also, becoming an area expert an learning the local tenants laws and how they apply to your potential assets. If you have more to share, please do. Thank you!</p></div>How do I get in Citi direct to get REO's? Does anyone have a direct link to their website?https://www.reopronetwork.com/profiles/blogs/how-do-i-get-in-citi-direct-to-get-reo-s-does-anyone-have-a2012-01-27T04:42:57.000Z2012-01-27T04:42:57.000ZHenry Vegahttps://www.reopronetwork.com/members/HenryVega<div><p>If you can help me I would greatly appreciate it. Thank you.</p></div>Good Asset Managers Fail due to Policy Adherence.https://www.reopronetwork.com/profiles/blogs/good-asset-managers-fail-due-to-policy-adherence2011-09-01T13:51:39.000Z2011-09-01T13:51:39.000ZJesus (Jesse) Gonzalezhttps://www.reopronetwork.com/members/JesusJesseGonzalez<div><p> </p>
<p>Here lately, I have noticed a lot of AMP binding the hands of their AM's with policies that come down from upon high. One policy in particular just absolutely amazes me and that is, always counter first with the list price.</p>
<p>Believe it or not, I have been told, witnessed and experienced some AMPs that are telling their AM that their first counter must be at list price. I know....you are taken back because, as experienced agents, we know that this policy is in many instances an immediate reject by the buyer. There in is the problem.</p>
<p>You see, I have had several AMs tell me, we can and will negotiate but, we can't do that till we have satisfied the policy that we must first counter with list price. Ok...so, does that mean I can tell the buyer's agent to ignore the first counter?</p>
<p>People expect to haggle and when you counter at list....on the first counter....or any counter for that matter, it appears you aren't going to haggle so, instead of staying in the fight, the buyer walks. The reality is, competition for homes isn't happening and if it is, the property is well priced or highly desirable and with as much inventory on the market...I would say it's likely well priced. None the less, the days of a seller playing hard ball for the sake of playing are over.</p>
<p>For the AMP policy makers, let me give you some good advice..........STOP RESTRICTING YOUR AMs. If your AM team isn't good enough to haggle on their own without you making some silly policy, then fire them and get you some new ones.</p>
<p>Yeah...yeah, I am sure the hate mail is going to flow on this post but, the reality is, between the experienced Realtor and the experienced AM, you should be able to get FMV (FAIR MARKET VALUE) and if you are not.....stop and ask yourself why. If you think the answer is that you need to add policies to tell direct your AMs reaction or to show them how they should be doing their job, then I have to ask....are you sure you got the right AM? Are you sure you got the right Realtor? Better yet, are you sure you got the right BPO / Appraisal?</p>
<p>Let's start having an honest discussion on why you can't get an offer at your list price before you start thinking you need to tie the hands of your liquidation team.</p>
<p>Just a thought.</p></div>Blast BPOs - Dumb and Dumberhttps://www.reopronetwork.com/profiles/blogs/blast-bpos-dumb-and-dumber2011-05-26T23:50:34.000Z2011-05-26T23:50:34.000ZJustin Richardshttps://www.reopronetwork.com/members/JustinRichards<div><p></p><p style="margin:0px 0px 1em;vertical-align:baseline;padding:0px;"><span style="color:#333333;font-family:'Segoe UI', 'Lucida Grande', 'Lucida Sans Unicode', 'DejaVu Sans', sans-serif;font-size:13px;line-height:20px;">Earlier this year I had a scare when my 3yr old daughter started sneezing and later coughing up blood. I did my best to keep my cool, but I inside I was freaked out. What I needed as I drove to Kaiser was an accurate diagnosis of what was wrong so we could make the best decisions possible.</span></p><p style="margin:0px 0px 1em;vertical-align:baseline;padding:0px;"><span style="color:#333333;font-family:'Segoe UI', 'Lucida Grande', 'Lucida Sans Unicode', 'DejaVu Sans', sans-serif;font-size:13px;line-height:20px;">Later this got me thinking about blast BPO companies (don’t ask me why). These blast BPO companies are paid by their client to compile the most accurate information possible, but instead send the order to the first person that raises their hand. What if instead of going to a qualified pediatrician for my daughter, I sent out a blast message to anyone who had taken a science class? What if I didn’t choose the person with the most experience, or the person that had performed well in this area in the past, but rather I chose the first person to respond??</span></p><p style="margin:0px 0px 1em;vertical-align:baseline;padding:0px;"><span style="color:#333333;font-family:'Segoe UI', 'Lucida Grande', 'Lucida Sans Unicode', 'DejaVu Sans', sans-serif;font-size:13px;line-height:20px;">That would be STUPID!! I’d probably end up with some college dropout who took a semester of biology instead of a trained physician. Isn’t it just as STUPID though when we’re talking about a family’s home? This BPO can decide whether that family gets a needed loan mod or gets rejected; whether they successfully short sale their home or go to foreclosure? Whether the underling investor loses 150k or 225k?</span></p><p style="margin:0px 0px 1em;vertical-align:baseline;padding:0px;"><span style="color:#333333;font-family:'Segoe UI', 'Lucida Grande', 'Lucida Sans Unicode', 'DejaVu Sans', sans-serif;font-size:13px;line-height:20px;">Just a thought, who do you think is more likely to be sitting in front of their computer all day fondling the refresh button hoping to capture an order? The successful broker who has sold tons in the area, or rather the lame-brain agent who last sold a home when Reagan was in office?</span></p><p style="margin:0px 0px 1em;vertical-align:baseline;padding:0px;"><span style="color:#333333;font-family:'Segoe UI', 'Lucida Grande', 'Lucida Sans Unicode', 'DejaVu Sans', sans-serif;font-size:13px;line-height:20px;">Anyone else have a different take on this? Which BPO companies have you had the worst experiences with?</span></p><p></p><p> </p><p> </p><p><a href="http://agentacceleration.com/blast-bpo-companies-%E2%80%93-are-you-really-surprised-your-bpos-are-crap/">http://agentacceleration.com/blast-bpo-companies-%E2%80%93-are-you-really-surprised-your-bpos-are-crap/</a></p><div class="clearer"> </div></div>Bank of America to Exit the Reverse Market and Forms Legacy Asset Servicing Divisionhttps://www.reopronetwork.com/profiles/blogs/bank-of-america-to-exit-the2011-05-06T18:58:55.000Z2011-05-06T18:58:55.000ZMichael Howardhttps://www.reopronetwork.com/members/MichaelHoward<div><br /><br /><p><strong>How will this effect your current short sale negotiations? Direct<br />approved assigned short sales are coming fast but are current BofA REO agents<br />going to get those listings?</strong></p><br /><br /><p>Bank of America Home Loans has announced that it will exit the<br />reverse mortgage origination business and move the unit’s operational resources<br />into other critical areas serving customers. Bank of America Home Loans will<br />continue to serve the needs of existing reverse mortgage customers and those<br />with loans in process.</p><p>“We made the strategic decision to exit the reverse business due<br />to competing demands and priorities that require investments and resources be<br />focused on other key areas of our business,” said Doug Jones, consumer sales<br />and institutional mortgage services executive for Bank of America Home Loans.<br />“We fully understand the critical sensitivity of ensuring that our senior<br />customers are provided with the same level of excellent customer service that<br />we have provided in the past.”</p><p>On Thursday, Bank of America announced the definitive sale of its<br />Balboa Insurance organization to the QBE Insurance Group Ltd. The exit from the<br />reverse mortgage market is an additional step in the efforts of Bank of America<br />Home Loans to focus on its core mortgage operations.</p><p>Bank of America Home Loans entered the reverse mortgage business<br />in 2006 and expanded its presence in 2007 following the acquisition of Reverse<br />Mortgage of America in 2007 and Countrywide Financial Corporation in 2008.<br />Associates not redeployed will have the opportunity to apply for open positions<br />at Bank of America.</p><p>Bank of America President and Chief Executive Officer Brian<br />Moynihan also announced changes to Bank of America Home Loans and Insurance that<br />will continue the company’s strong momentum in extending home mortgage credit<br />while improving its leading mortgage modification programs for distressed<br />homeowners and resolving legacy mortgage issues.</p><p>The decision is the latest in a series of significant actions<br />taken to resolve outstanding mortgage-related issues while solidifying the<br />company’s leading position in mortgage finance. Bank of America in September<br />2010 initiated a self-assessment of default servicing, and in October became<br />the first servicer to voluntarily suspend foreclosure sales in all 50 states<br />while evaluating the process. While the review of the foreclosure process found<br />that the underlying grounds for foreclosure decisions has been accurate, Bank<br />of America implemented a series of improvements—including staffing, customer<br />impact, and quality controls.</p><p>Barbara Desoer, Bank of America Home Loans president, will<br />continue building the mortgage business for Bank of America. Desoer is<br />responsible for servicing loans for the more than 12 million mortgage customers<br />who remain current on their accounts, and for implementing the bank’s strategy<br />to be the preferred mortgage choice for its 50 million household customers<br />going forward. In 2010, Bank of America delivered $306 billion in quality mortgage<br />lending to 1.4 million customers.</p><p>At the same time, a newly formed unit, Legacy Asset Servicing, has<br />been established. Terry Laughlin will lead this unit and be responsible for<br />servicing all defaulted loans, and for servicing discontinued residential mortgage<br />products. In this role, Laughlin will oversee the bank’s mortgage modification<br />and foreclosure programs, and continue to be responsible for resolving<br />residential mortgage representation and warranties repurchase claims.</p><p>“This alignment allows two strong executives and their teams to<br />continue to lead the strongest home loans business in the industry, while<br />providing greater focus on resolving legacy mortgage issues,” said Moynihan.<br />“We believe this will best serve customers—both those seeking homeownership and<br />those who face mortgage challenges—as well as our shareholders and the<br />communities we serve.”</p><br /><br /><p> </p></div>Specialization is for Insects?https://www.reopronetwork.com/profiles/blogs/specialization-is-for-insects2010-09-02T12:45:54.000Z2010-09-02T12:45:54.000ZScott Olson - REO Sacramento, CAhttps://www.reopronetwork.com/members/ScottOlsonREOSacramentoCA<div><p style="margin:0in 0in 0pt;" class="MsoNormal"><font size="3"><font face="Times New Roman"><font color="#000000">A human being should be able to change a diaper, plan an invasion, butcher a hog, conn a ship, design a building, write a sonnet, balance accounts, build a wall, set a bone, comfort the dying, take orders, give orders, cooperate, act alone, solve equations, analyze a new problem, pitch manure, program a computer, cook a tasty meal, fight efficiently, die gallantly. Specialization is for insects.</font></font></font></p><p style="margin:0in 0in 0pt;" class="MsoNormal"></p><p style="margin:0in 0in 0pt;" class="MsoNormal"><font size="3"><font face="Times New Roman"><font color="#000000">-Robert A. Heinlein</font></font></font></p><p style="margin:0in 0in 0pt;" class="MsoNormal"></p><p style="margin:0in 0in 0pt;" class="MsoNormal"><font size="3"><font face="Times New Roman"><font color="#000000">Kind of makes you tired just reading it, but how true is that. In these days, we have to have a diverse set of skills. It’s also very important to identify talented team members that can help us excel in all of the areas we must be experts at. </font></font></font></p><p style="margin:0in 0in 0pt;" class="MsoNormal"></p><span style="font-family:'Times New Roman';font-size:12pt;"><font color="#000000">I'm proud of my team and know that we can handle the many diverse tasks that the Asset Disposition world can throw at us.</font></span></div>Can you Asset Manager say this about you?https://www.reopronetwork.com/profiles/blogs/can-you-asset-manager-say-this2010-08-29T17:49:36.000Z2010-08-29T17:49:36.000ZJesus (Jesse) Gonzalezhttps://www.reopronetwork.com/members/JesusJesseGonzalez<div><p style="margin:0in 0in 10pt;" class="MsoNormal"><font color="#000000" size="3" face="Calibri">Not to toot my own horn……………….ok…………….maybe a little but, it’s worth writing about.</font></p>
<p style="margin:0in 0in 10pt;" class="MsoNormal"><font color="#000000" size="3" face="Calibri">I got an email from one of my Asset Manager’s a couple days ago, an Asset Manager I don’t hear much from. Don’t get me wrong, he keeps me busy, I have 6 of his listings but, as far as communication……we just don’t talk much. It really never bothered me, I always figured that if I am really doing my job well, he shouldn’t have to communicate with me much anyways but, after about 2 months of complete silence I started to wonder. Does he not like me, does he think ill of me, why isn’t he shooting me an email once in a while rather than res.net task.</font></p>
<p style="margin:0in 0in 10pt;" class="MsoNormal"><font color="#000000" size="3" face="Calibri">I wake up one morning last week and boom….just out of nowhere, I get this email.</font></p>
<p style="margin:0in 0in 10pt;" class="MsoNormal"><span style="font-family:Arial, 'sans-serif';color:#000080;"><font size="3">“I wish all my agents were as on top of things as you are!!! Not sure I have conveyed this before but the reason I am not calling or emailing you very often is because you are clearly very competent and doing a great job; I have a ton of agents who are not. If you ever really need me please call.”</font></span></p>
<p style="margin:0in 0in 10pt;" class="MsoNormal"><span style="font-family:Arial, 'sans-serif';color:#000080;"><font size="3">Thanks!!!</font></span></p>
<p style="margin:0in 0in 10pt;" class="MsoNormal"><span style="font-family:Arial, 'sans-serif';color:#000080;"><font size="3">Mark</font></span></p>
<p style="margin:0in 0in 10pt;" class="MsoNormal"><font color="#000000" size="3" face="Calibri">What he doesn’t know, I was gleaming like a little school girl with a crush on my gym teacher. Better yet, I stopped and thought to myself, how many other agents out there…..even the good ones can say they get a compliment like this.</font></p>
<p style="margin:0in 0in 10pt;" class="MsoNormal"><font color="#000000" size="3" face="Calibri">Mark actually feels he can put me on auto pilot and let go. Granted, I am sure that isn’t his normal practice, he is a very aware Asset Manage but, none the less, the point was made.</font></p>
<p style="margin:0in 0in 10pt;" class="MsoNormal"><font color="#000000" size="3" face="Calibri">This is the type of business all of us REO agents who are currently working inventory should be running. Our Asset Managers should feel and be comfortable and CONFIDENT enough to say, in writing..,</font></p>
<p style="margin:0in 0in 10pt;" class="MsoNormal"><font size="3"><font color="#000000"><font face="Calibri">“you are clearly very competent and doing a great job”</font></font></font></p>
<p style="margin:0in 0in 10pt;" class="MsoNormal"><font color="#000000" size="3" face="Calibri">In fact, I have made it a goal of mine, I want to get at least one written compliment from my Asset Managers a month.</font></p>
<p style="margin:0in 0in 10pt;" class="MsoNormal"><font color="#000000" size="3" face="Calibri">Just another thought real quick, before I end this blog. This kind of compliment shows you the passion I have for what I do. Passion that wakes me up in the morning, causes me to commit to not just doing my job but, making sure I am the best at my job. I didn’t enter the default real estate industry because it’s the hot market right now, I entered because I love it.</font></p>
<p style="margin:0in 0in 10pt;" class="MsoNormal"><font color="#000000" size="3" face="Calibri">For all you Realtors who have decided that this default thing may be around longer than you expected and well…..you are going to have to try to make it happen or get out all together…..let me just say, “YOU BETTER WORK IT” because, I have set the bar high and if you don’t have passion, commitment, tenacity and a love for this industry, don’t expect to catch up.</font></p></div>How to get to know your Asset Manager.https://www.reopronetwork.com/profiles/blogs/how-to-get-to-know-your-asset2010-08-02T13:05:29.000Z2010-08-02T13:05:29.000ZJesus (Jesse) Gonzalezhttps://www.reopronetwork.com/members/JesusJesseGonzalez<div><p style="margin:0in 0in 10pt;" class="MsoNormal"><font color="#000000" size="3" face="Calibri">This week’s Ask the AM really spurred me into action. I hear moans and groans all the time from agent s who just don’t like social networking. They gripe about how time consuming it is or they were never successful or, it’s too monotonous, or……….whatever else and all I got to say is, SO BAD, SO SAD, AINT YOU GLAD YOUR MOMA AINT YOUR DAD!</font></p>
<p style="margin:0in 0in 10pt;" class="MsoNormal"><font color="#000000" size="3" face="Calibri">As Ned points out in the article, someone is using Social Networking and taking your business. This mysterious agent has become savvy enough to create a LinkedIn profile or Facebook page and is now using it with maximum force.</font></p>
<p style="margin:0in 0in 10pt;" class="MsoNormal"><font color="#000000" size="3" face="Calibri">You see, while your setting back, accepting those listing assignments, this mysterious agent is sharing tweets or swapping emails or learning about your Asset Manager’s terrible weekend because they lost their dog Sparky (thanks Ned). Before you know it, this agent and your Asset Manager are developing a friendship vs. a business relationship. So, when the next assignment get sent out, who do you think is going to get it?</font></p>
<p style="margin:0in 0in 10pt;" class="MsoNormal"><font color="#000000" size="3" face="Calibri">Granted, I know social networks take time to create…..I created REOPro for goodness sake however, I can’t stress to each of you, your lack of involvement is at your own detriment. Now, you may never have a social network of a thousand or more or ever have a goal to reach twenty five thousand but, a well oiled social network of a few hundred and make a huge difference.</font></p>
<p style="margin:0in 0in 10pt;" class="MsoNormal"><font color="#000000" size="3" face="Calibri">Here is the stark cold truth. Asset Managers are loosing their jobs, getting re-assigned or simply dropping out and all this is happening because the business is changing so, what do you think these Asset Managers are doing when they are no longer Asset Managers? Well, let me tell you, they are getting real estate licenses and taking over territories for their friends back at the Bank or Asset Management Companies. My point is, if you aren’t on a first name basis, dirty joke telling, birthday card sending, meet up at the conference having drinks relationship………………..someone else is or is trying to be.</font></p>
<p style="margin:0in 0in 10pt;" class="MsoNormal"><font color="#000000" size="3" face="Calibri">Now, as many of you know, I try to adhere to a high standard of morals and ethics so, don’t misconstrue what I am trying to say. No, you don’t go put in hardwood floors at your Asset Manager’s vacation home or send them a Visa Gift Card worth $5,000.00 to their P.O. Box , hopefully if you did they would refuse it but, you do call them regularly if nothing more to just shoot the breeze or say “Hi”.</font></p>
<p style="margin:0in 0in 10pt;" class="MsoNormal"><font color="#000000" size="3" face="Calibri">Let me put this another way, hopefully it will ring true to you. REOPro currently has over 18,000 invites to join our network that are outstanding. In other words, these are members who downloaded their address books in to our system and REOPro system each person an invite to join. By now, we should have blown though our goal of 25,000 member however, I am still only getting maybe 15-20 new members a day. This is contributable to the fact that many of the people who received an invite never got a follow up saying, “check out this network”. Social networking is a lot like that follow up. If you don’t follow up and say “Hi” or learn about people, then why would anyone want to invest in you?</font></p>
<p style="margin:0in 0in 10pt;" class="MsoNormal"><font color="#000000" size="3" face="Calibri">I will leave you with a quote, who it came from, I have no idea but, here it is…….</font></p>
<p style="margin:0in 0in 10pt;" class="MsoNormal"><font color="#000000" size="3" face="Calibri">“A lead will make you some money, a follow up will make you rich”, I like to change that around a bit and say……</font></p>
<p style="margin:0in 0in 10pt;" class="MsoNormal"><font color="#000000" size="3" face="Calibri">“A lead will make you some money, a active social network will ensure your kids don’t have to work”</font></p></div>Just returned from lovely Burbank CA for the Bridge asn conferencehttps://www.reopronetwork.com/profiles/blogs/just-returned-from-lovely2010-06-13T00:30:00.000Z2010-06-13T00:30:00.000ZJessica Klein RDCProhttps://www.reopronetwork.com/members/JessicaKleinRDCPro<div><p><span style="font-size:6pt;color:#5e5e5e;font-family:Arial, 'sans-serif';"><font size="4">Just returned from lovely Burbank CA for the Bridge asn conference:</font></span></p><p></p><p><span style="font-size:6pt;color:#5e5e5e;font-family:Arial, 'sans-serif';"><font size="4">WOW, we had such a great time. Big thank you to the staff at Bridge for hosting such a great event for the agents.</font></span></p><p></p><p></p><p class="MsoNormal" style="margin:0in 0in 10pt;" align="left"><span style="font-size:6pt;color:#5e5e5e;font-family:Arial, 'sans-serif';"><span style="font-size:18pt;color:#5e5e5e;line-height:115%;font-family:Arial, 'sans-serif';"><font size="4">I felt this was very important event, so I asked if I could bring team member also, it is so hard to break away we always have to have back up for the business at home; I am glad we took advantage of both attending this event.</font></span></span></p><p><font size="4">This conference was more like a learning and team building retreat. It was a lot of work to get there, and a lot stuff to learn about, but well worth the effort. And we had fun too, lots of socailizing and networking too.</font></p><p></p><p></p><p></p><p><span style="font-size:6pt;color:#5e5e5e;font-family:Arial, 'sans-serif';"><font size="4">I met so many people I had only before known 'online' so great to meet everyone in REAL LIFE! It was a bit overwhelming at times, even though we were a small group, I was struggling to remember all the names. I hope that we made many new friendships that will last a long time. And it was great to see a few familiar faces again too.</font></span></p><p></p><p></p><p><span style="font-size:6pt;color:#5e5e5e;font-family:Arial, 'sans-serif';"><font size="4">I did take some video of the Bridge event, depending on how it turns out I will try to post it here on REOPRO. If anyone out there has tips for video in our industry let me know, I am trying to learn the best ways to use video to increase sales and reach more customer, maximize returns etc. I also got a couple fun pictures at Bob Hope airport as we were on our way out of town, I will post those soon.</font></span></p><p></p><p></p><p><span style="font-size:6pt;color:#5e5e5e;font-family:Arial, 'sans-serif';"><font size="4">It is so great to see all of the positive posts on threads about Bridge in the past few days form everyone who attended. I hope this will be the first of a few events of this type. Possibly more invitation only events in future years with Bridge asn?? And, I honestly hope that other companies will look at this company as one to emulate a model for new ways to do things in our industry of default management and sales of REO and related investor / distress properties.</font></span></p><p></p></div>In Awe With Bridge ASNhttps://www.reopronetwork.com/profiles/blogs/in-awe-with-bridge-asn2010-06-11T23:05:09.000Z2010-06-11T23:05:09.000ZKim Linebergerhttps://www.reopronetwork.com/members/KimLineberger<div>I think this may be only the 2nd or 3rd time that I have been compelled to write a blog....But, I must say, that I was completely impressed with the conference that Bridge ASN put on.<br /><br />The first and foremost impression was the humbleness of Mr. Bobby Funk. What is the saying? You have 3-10 seconds to make a GOOD first impression... Well, he definitely did that and after actually talking with Mr. Funk, my first impression of him was confirmed!! <br /><br />How often do you meet the CEO of an asset company??? I never have....Awesome!! Then there is Ms. Angelique...She took time out to probably meet and speak with every participant attending the conference. All supporting staff and CFO, etc. were all accessible throughout the ENTIRE two-day conference.<br /><br />I was exposed to sheer "top dogs" (no disrespect). Ms. Shelly Kaye, thank you for accepting my application into member with Women In Default Services. I will see you in Las Vegas. Okay, then the icing on the cake.....I was invited and welcomed to sit next to and have lunch with Marla Webb. Marla is was a GREAT pleasure to meet you. You are such a beautiful person, inside and out!!. <br /><br />Finally, to all of the new associates that I met, exchanged business cards with and soon to meet. We are blessed to have taken this leap of faith and partner ourselves with an awesome company!! <br /><br />Jessee, thanks for always keeping all of REOPRO agents in the loop with current events and information.<br /></div>Bridge Asset Servicing Network Conference …. My thoughts on the Executive Teamhttps://www.reopronetwork.com/profiles/blogs/bridge-asset-servicing-network-12010-06-11T21:54:43.000Z2010-06-11T21:54:43.000ZJesus (Jesse) Gonzalezhttps://www.reopronetwork.com/members/JesusJesseGonzalez<div><p style="margin:0in 0in 10pt;" class="MsoNormal"><font color="#000000" size="3" face="Calibri">Not just another REO Asset Management company, really?</font></p>
<p style="margin:0in 0in 10pt;" class="MsoNormal"><font color="#000000" size="3" face="Calibri">Well, after talking with the Executive Management Team, interviewing on BlogTalkRadio and, now attending their conference, I can truly say I believe they are different.</font></p>
<p style="margin:0in 0in 10pt;" class="MsoNormal"><font color="#000000" size="3" face="Calibri">Unlike all the pretenders who say that they aren’t just another AMC I can truly say that I know Bridge is different and in a really good way.</font></p>
<p style="margin:0in 0in 10pt;" class="MsoNormal"><font color="#000000" size="3" face="Calibri">So what makes them different…….let’s start with the money back guarantee.</font></p>
<p style="margin:0in 0in 10pt;" class="MsoNormal"><font color="#000000" size="3" face="Calibri">I have in writing a Money Back Guarantee that was signed in front of me by Alester Waddell CFO and notarized. Now, I am not going to go into detail about every single detail in this guarantee but, just let me say, Bridge really stepped up and is doing the right thing with it.</font></p>
<p style="margin:0in 0in 10pt;" class="MsoNormal"><font color="#000000" size="3" face="Calibri">Secondly, their purchase power is a bit sexy…..if you know what I mean? Not that I wanted to be impressed of felt as if they were being boastful or pride full but, let’s just say, if size really mattered………….they would be masters of the universe and rock your world.</font></p>
<p style="margin:0in 0in 10pt;" class="MsoNormal"><font color="#000000" size="3" face="Calibri">Thirdly, the technology, thank goodness someone has built a technology that appears to be fairly seamless and transparent. I have a bit more to learn here so, I won’t say more than, it looks good and if it can do all they say it can…….it will be incredible.</font></p>
<p style="margin:0in 0in 10pt;" class="MsoNormal"><font color="#000000" size="3" face="Calibri">Fourthly, relationships! I am so glad I got to meet and have dinner with the owners and Executive Team…..that is so missing in this industry. Let me be clear, they didn’t just have dinner with me and excluded themselves from the rest of the pack. They mingled, sat at different tables, got to know the Realtors they are partnering with……………..why can’t the rest of our industry be like this?</font></p>
<p style="margin:0in 0in 10pt;" class="MsoNormal"><font color="#000000" size="3" face="Calibri">Last but not least, passion and desire with an eye to the integrity of the whole process. I was able to set down with Bobby Funk for a spell and was really glad to find someone who felt, and sounded just like me. I was impressed and thrilled that it was as if we were reading from the same play script. It was so strange I had to step back, pray and ask the Almigty…………was this possible, did I happen across a company who thought like I did? I have to admit, my last night in Burbank, I got the chance to sit down with Marla Webb and it was confirmed that YES, I did find a company who thought like I did about this industry. Marla, you are the bomb!</font></p>
<p style="margin:0in 0in 10pt;" class="MsoNormal"><font color="#000000" size="3" face="Calibri">All in all, it was all good….better yet, incredible. I can’t wait to start making money and hopefully, I can get down to working with just one asset company……Bridge! I know for many of you that may sound like a pipe dream but, with the way this company works, let’s just say……..Bridge is my triple platinum gold credit card and I plan on using it!</font></p></div>REO MARKETING - WHO do you market?https://www.reopronetwork.com/profiles/blogs/reo-marketing-who-do-you2010-06-09T23:44:06.000Z2010-06-09T23:44:06.000ZByron Blackburnhttps://www.reopronetwork.com/members/ByronBlackburn<div><p class="MsoNormal">You should market your REO team that you work with. This would include your vendors. Such as:</p><p class="MsoListParagraphCxSpFirst" style="margin-left:1.5in;text-indent:-.25in;"><span><span>1. <span style="font:7pt 'Times New Roman';"></span></span></span>Maintenance and Repair and/or</p><p class="MsoListParagraphCxSpMiddle" style="margin-left:1.5in;text-indent:-.25in;"><span><span>2. <span style="font:7pt 'Times New Roman';"></span></span></span>Property Preservationist</p><p class="MsoListParagraphCxSpMiddle" style="margin-left:1.5in;text-indent:-.25in;"><span><span>3. <span style="font:7pt 'Times New Roman';"></span></span></span>Accountants</p><p class="MsoListParagraphCxSpMiddle" style="margin-left:1.5in;text-indent:-.25in;"><span><span>4. <span style="font:7pt 'Times New Roman';"></span></span></span>Assistants</p><p class="MsoListParagraphCxSpMiddle" style="margin-left:1.5in;text-indent:-.25in;"><span><span>5. <span style="font:7pt 'Times New Roman';"></span></span></span>Listing Coordinators</p><p class="MsoListParagraphCxSpMiddle" style="margin-left:1.5in;text-indent:-.25in;"><span><span>6. <span style="font:7pt 'Times New Roman';"></span></span></span>Transaction Coordinators</p><p class="MsoListParagraphCxSpLast" style="margin-left:1.5in;text-indent:-.25in;"><span><span>7. <span style="font:7pt 'Times New Roman';"></span></span></span>BPO/MMR Coordinators</p><p class="MsoListParagraphCxSpLast" style="margin-left:1.5in;text-indent:-.25in;"><br /></p><p class="MsoNormal" style="margin-left:.5in;">Sometimes asset management companies would like to know if you work with a team and what are themilestones you have reached. So if you do work with an REO team, you shouldtake the time to create a marketing package that includes a brief descriptionof each team members unique qualifications that contribute to the success ofyour REO team.</p><p class="MsoNormal" style="margin-left:.5in;"><br /></p><p class="MsoNormal" style="margin-left:.5in;">This also allows the asset company to see that you are equipped to take on a good amount of REO work and completeit successfully.</p></div>REO MARKETING HOW should it be done?https://www.reopronetwork.com/profiles/blogs/reo-marketing-how-should-it-be2010-06-07T15:15:24.000Z2010-06-07T15:15:24.000ZByron Blackburnhttps://www.reopronetwork.com/members/ByronBlackburn<div><p class="MsoNormal">There are several ways to market yourself as an REO Agent to obtain more business. I am going to<br />focus on a few. Listed below are two marketing techniques that you can utilize<br />for free!</p><br /><p class="MsoListParagraphCxSpFirst" style="text-indent:-.25in;"><span><span>1. </span></span>Social Media</p><br /><p class="MsoListParagraphCxSpMiddle" style="margin-left:1in;text-indent:-.25in;"><span><span>a. <span style="font:7pt 'Times New Roman';"><br /></span></span></span> Blogging – as we know this is can be a very<br />powerful marketing tool. And really there is no shortage of subjects to blog<br />about. Three quick tips to successful blogging.</p><p class="MsoListParagraphCxSpMiddle" style="margin-left:1.5in;text-indent:-1.5in;"><span><span><span style="font:7pt 'Times New Roman';"><br /></span> i. </span></span>Relevant and interesting material that will<br />solicit comments from your readers</p><p class="MsoListParagraphCxSpMiddle" style="margin-left:1.5in;text-indent:-1.5in;"><span><span><span style="font:7pt 'Times New Roman';"><br /></span> ii. </span></span>You need to do it on a constant basis to<br />continually build your reading audience</p><p class="MsoListParagraphCxSpMiddle" style="margin-left:1.5in;text-indent:-1.5in;"><span><span><span style="font:7pt 'Times New Roman';"><br /></span> iii. </span></span>Address a need that maybe your readers are<br />struggling with. Such as key tips on how to communicate successfully with Asset<br />Managers.</p><p class="MsoListParagraphCxSpMiddle" style="margin-left:1.5in;text-indent:-1.5in;"><br /></p><p class="MsoListParagraphCxSpMiddle" style="margin-left:1in;text-indent:-.25in;"><span><span>b. <span style="font:7pt 'Times New Roman';"><br /></span></span></span> Networking – Online or through conventions</p><p class="MsoListParagraphCxSpMiddle" style="margin-left:1.5in;text-indent:-1.5in;"><span><span><span style="font:7pt 'Times New Roman';"><br /></span> i. </span></span>You can join online groups that are relevant to<br />your industry</p><br /><p class="MsoListParagraphCxSpMiddle" style="margin-left:2in;text-indent:-.25in;"><span><span>1. </span></span>Once you join – don’t forget to participate by<br />answering and asking questions!</p><br /><p class="MsoListParagraphCxSpMiddle" style="margin-left:2in;text-indent:-.25in;"><span><span>2. </span></span>Creating Groups – if you are a blogger, this is<br />a terrific way to network online. You can produce your own content and invite<br />others to join. As your readership increases, you can offer free seminars to<br />the group. You can also invite others to produce relevant blogs/content to help<br />the group.</p><p class="MsoListParagraphCxSpMiddle" style="margin-left:2in;text-indent:-.25in;"><br /></p><p class="MsoListParagraphCxSpMiddle" style="margin-left:1in;text-indent:-.25in;"><span><span>c. <span style="font:7pt 'Times New Roman';"><br /></span></span></span> Signing up with Asset Management companies</p><br /><p class="MsoListParagraphCxSpMiddle" style="margin-left:1.5in;text-indent:-1.5in;"><span><span>i. </span></span>If you have the time, sign up with as many as<br />you can. And check back every month or so, to see what your status is or if you<br />have to submit up to date records.</p><p class="MsoListParagraphCxSpMiddle" style="margin-left:1.5in;text-indent:-1.5in;"></p><p class="MsoListParagraphCxSpMiddle" style="margin-left:1.5in;text-indent:-1.5in;"><span><span> ii. </span></span>Signing up as an appraiser or recommending one –<br />sometimes the asset management companies are looking for other vendors other<br />than REO agents. If you can refer another type of vendor to them, that is a<br />good way to network. They will remember that you took the time to help their<br />business.</p><br /><p class="MsoListParagraphCxSpLast" style="margin-left:1.5in;text-indent:-1.5in;"><span><span>iii. S</span></span>igning up to do their short sales – the asset<br />companies are also looking for short sale agents. So this may be a way for you<br />to obtain some short sale work – that is if you are willing. But this is just<br />another avenue to look at.</p><p class="MsoListParagraphCxSpLast" style="margin-left:1.5in;text-indent:-1.5in;"><br /></p><br /><p class="MsoNormal">So these are just a few marketing tips. Feel free to add any additional helpful tips that you would like to share!</p></div>Where Do They Find These Agents?https://www.reopronetwork.com/profiles/blogs/where-do-they-find-these2010-05-29T03:30:00.000Z2010-05-29T03:30:00.000ZCraig Alexanderhttps://www.reopronetwork.com/members/CraigAlexander<div><p>I always wonder how I became lucky enough to get that first REO property over 10 years ago. Definitely a different market than what we have right now.</p><p></p><p>Now I watch agents send out stacks of resumes, do BPOs for less than $45 and they are getting the business. Sometimes I question whether or not the banks, asset managers and investors realize exactly what they've gotten?</p><p></p><p>I tend to think not, particularly when I have a new REO agent in my office stated the following: "I don't spend a lot of time on those BPOs, I just pull up comps in the neighborhood and use the 3 lowest recent sales -- I don't want to do the banks any favors." All I could do was look the agent in the face and say "Wow." All the while reminding myself about the code of ethics and how I would want to be treated if I were that agents client. Although our clients are large financial institutions that may not have a face, they deserve fair treatment, and not the "just give 'em the three lowest comps -- don't wanna do 'em any favors" treatment. I thought to myself, I've been in some of those lowest comps in the neighborhood you used for that last BPO, no wonder the last REO listing you had in my neighborhood was listed so low and an offer came in within hours of placing it in the MLS and guess who sold it too.</p><p></p><p>This upsets me not only as an agent, but as a customer of these financial institutions and a tax payer that has contributed, and will continue to contribute to the bailouts.</p><p></p></div>Guaranteed Listings From Bridge.....REALLY? / Top Secret REO Industry News / Call to Action!https://www.reopronetwork.com/profiles/blogs/guaranteed-listings-from-12010-05-20T23:58:51.000Z2010-05-20T23:58:51.000ZJesus (Jesse) Gonzalezhttps://www.reopronetwork.com/members/JesusJesseGonzalez<div><p style="margin:0in 0in 0pt;" class="MsoNormal"><font color="#000000" size="3" face="Calibri">Many of you may have seen a new advertisement on REOPro for Bridge Asset Servicing Network and their claim to GUARANTEE LISTINGS. Obviously, this intrigued me and I wanted to learn more about this company and see just exactly what they were all about.</font></p>
<p style="margin:0in 0in 0pt;" class="MsoNormal"></p>
<p style="margin:0in 0in 0pt;" class="MsoNormal"><font color="#000000" size="3" face="Calibri">After some initial contacts, I was able to send over a list of questions I had for them and I am pleased to say, they responded. Below you can read those questions and determine for yourself if you want to do business with them.</font></p>
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<p style="margin:0in 0in 0pt;" class="MsoNormal"><font color="#000000" size="3" face="Calibri">I have to disclose to you that I was so impressed with their responses and with my conversations over the phone with their leadership, Steve McCormick and Angelique Norton that I completed the application and joined.</font></p>
<p style="margin:0in 0in 0pt;" class="MsoNormal"></p>
<p style="margin:0in 0in 0pt;" class="MsoNormal"><font size="3"><font color="#000000"><font face="Calibri"><b>Question # 1:</b> What is Bridge Asset Servicing Network?</font></font></font></p>
<p style="margin:0in 0in 0pt;" class="MsoNormal"><font size="3"><font color="#000000"><font face="Calibri"><b>Answer #1:</b> Bridge is a single source asset servicing company….</font></font></font></p>
<p style="margin:0in 0in 0pt;" class="MsoNormal"></p>
<p style="margin:0in 0in 0pt;" class="MsoNormal"><font size="3"><font color="#000000"><font face="Calibri"><b>Question # 2:</b> What exactly do you mean you can guarantee listings?</font></font></font></p>
<p style="margin:0in 0in 0pt;" class="MsoNormal"><font size="3"><font color="#000000"><font face="Calibri"><b>Answer #2:</b> ….We want to be different. With our guarantee, we are trying to put the agents at ease and affirm that we will follow through and will provide product. If your combined commission does not cover your first year annual membership cost, then 50% of those fees will be reimbursed to you. That of course does not apply to an agent that declines properties assigned to them.</font></font></font></p>
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<p style="margin:0in 0in 0pt;" class="MsoNormal"><font size="3"><font color="#000000"><font face="Calibri"><b>Question # 3:</b> Do I have to sign up for Equator or RES.NET?</font></font></font></p>
<p style="margin:0in 0in 0pt;" class="MsoNormal"><font size="3"><font color="#000000"><font face="Calibri"><b>Answer # 3:</b> No, Bridge has its own system and that is why we require all agents that wish to work with us to attend our seminar to receive training.</font></font></font></p>
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<p style="margin:0in 0in 0pt;" class="MsoNormal"><font size="3"><font color="#000000"><font face="Calibri"><b>Question # 4:</b> Do you offer Training?</font></font></font></p>
<p style="margin:0in 0in 0pt;" class="MsoNormal"><font size="3"><font color="#000000"><font face="Calibri"><b>Answer # 4:</b> Yes, we require that all agents come to our seminar and participate in future training….</font></font></font></p>
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<p style="margin:0in 0in 0pt;" class="MsoNormal"><font size="3"><font color="#000000"><font face="Calibri"><b>Question # 5:</b> I see you have a conference coming up, how much is it to go?</font></font></font></p>
<p style="margin:0in 0in 0pt;" class="MsoNormal"><font size="3"><font color="#000000"><font face="Calibri"><b>Answer # 5:</b> The conference is $495.00 if paid by May 15<sup>th</sup>. After which, the cost will be $695.00 and $795.00 at the door.</font></font></font></p>
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<p style="margin:0in 0in 0pt;" class="MsoNormal"><font size="3"><font color="#000000"><font face="Calibri"><b>Question # 6:</b> Why would someone want to attend your conference?</font></font></font></p>
<p style="margin:0in 0in 0pt;" class="MsoNormal"><font size="3"><font color="#000000"><font face="Calibri"><b>Answer # 6:</b> The conference like all education events is a key opportunity to stay current with best practices and to network with your fellow professionals. The key reason to come is if you don’t, you ca not join the network and receive any listings as you will be unfamiliar with our forms, computer system and expectations. …we want everyone to be successful and fully understand where we all stand.</font></font></font></p>
<p style="margin:0in 0in 0pt;" class="MsoNormal"></p>
<p style="margin:0in 0in 0pt;" class="MsoNormal"><font size="3"><font color="#000000"><font face="Calibri"><b>Question # 7:</b> Do I have to sign up for Equator or RES.NET?</font></font></font></p>
<p style="margin:0in 0in 0pt;" class="MsoNormal"><font size="3"><font color="#000000"><font face="Calibri"><b>Answer #7:</b> No, Bridge has its own systems and that is why we require all agents that wish to work with us to attend our seminar to receive training.</font></font></font></p>
<p style="margin:0in 0in 0pt;" class="MsoNormal"></p>
<p style="margin:0in 0in 0pt;" class="MsoNormal"><font size="3"><font color="#000000"><font face="Calibri"><b>Question #8:</b> Do I need any special certification or designation?</font></font></font></p>
<p style="margin:0in 0in 0pt;" class="MsoNormal"><font size="3"><font color="#000000"><font face="Calibri"><b>Answer #8:</b> No, we don’t currently require any special designation but we do look favorably on those who have made the investment in themselves and their career to get default service certified. We will ask our members to stay current with industry standards and move toward certification in their area of expertise.</font></font></font></p>
<p style="margin:0in 0in 0pt;" class="MsoNormal"></p>
<p style="margin:0in 0in 0pt;" class="MsoNormal"><font size="3"><font color="#000000"><font face="Calibri"><b>Question #9:</b> What is the specific type of agent you are looking for?</font></font></font></p>
<p style="margin:0in 0in 0pt;" class="MsoNormal"><font size="3"><font color="#000000"><font face="Calibri"><b>Answer #9:</b> We are looking for agents that like us and want to do things the right way. We want people who are dedicated and show integrity in the way they do their business, individuals that want to give back to our industry and their communities. This business is not just about making money but about improving the areas in which we work and profit. We desire to remove the blight that an REO can cause on a community and replace it with a home that is at or above the community standard filled with families that will function in that community.</font></font></font></p>
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<p style="margin:0in 0in 0pt;" class="MsoNormal"><font size="3"><font color="#000000"><font face="Calibri"><b>Question # 10:</b> Do I need my own money to float my listings and pay for property preservation?</font></font></font></p>
<p style="margin:0in 0in 0pt;" class="MsoNormal"><font size="3"><font color="#000000"><font face="Calibri"><b>Answer #10:</b> No, we believe that this is an unfair burden to place on the real estate professional and as such, we work with contractors that can carry the rehab costs and Bridge Asset Servicing reimburses utilities etc…. on a monthly basis.</font></font></font></p>
<p style="margin:0in 0in 0pt;" class="MsoNormal"></p>
<p style="margin:0in 0in 0pt;" class="MsoNormal"><font size="3"><font color="#000000"><font face="Calibri"><b>Question # 11:</b> What is the referral fee?</font></font></font></p>
<p style="margin:0in 0in 0pt;" class="MsoNormal"><font size="3"><font color="#000000"><font face="Calibri"><b>Answer # 11:</b> There are no referral fees, we believe that you earn those commissions and that it is yours alone.</font></font></font></p></div>Bridge Asset Solicitationshttps://www.reopronetwork.com/profiles/blogs/bridge-asset-solicitations2010-05-19T17:29:21.000Z2010-05-19T17:29:21.000ZTara Nagelhouthttps://www.reopronetwork.com/members/TaraNagelhout777<div>I seem to be getting a lot of Bridge Asset information to my email from REOPRO. So, I did the complete package and was "invited" to attend their "training conference". $495 seems like a lot of money to me.......and in the email it says we will get information on how to become part of their team. I don't want to spend all that money to get down there and find out I have to spend more money, so does anyone have any more information???<br /></div>How Not Having the Proper REO Team can Jeopardize your REO Business.https://www.reopronetwork.com/profiles/blogs/how-not-having-the-proper-reo2010-05-18T19:09:28.000Z2010-05-18T19:09:28.000ZRoxanne Tidmorehttps://www.reopronetwork.com/members/RoxanneTidmore<div><p class="MsoNormal" style="margin-bottom:.0001pt;line-height:15pt;"></p><p class="MsoNormal" style="margin-bottom:.0001pt;"><font class="Apple-style-span" face="Verdana, sans-serif" size="3"><span class="Apple-style-span" style="font-size:small;">How Not Having the Proper REO Team can Jeopardize your REO Business.</span></font></p><p class="MsoNormal" style="margin-bottom:.0001pt;"><font class="Apple-style-span" face="Verdana, sans-serif" size="3"><span class="Apple-style-span" style="font-size:small;"><br /></span></font></p><p class="MsoNormal" style="margin-bottom:.0001pt;"><font class="Apple-style-span" face="Verdana, sans-serif" size="3"><span class="Apple-style-span" style="font-size:small;">If you have your REO Systems in place and you are experiencing growth, have you considered an REO Team?</span></font></p><p class="MsoNormal" style="margin-bottom:.0001pt;"><font class="Apple-style-span" face="Verdana, sans-serif" size="3"><span class="Apple-style-span" style="font-size:small;"><br /></span></font></p><p class="MsoNormal" style="margin-bottom:.0001pt;"><font class="Apple-style-span" face="Verdana, sans-serif" size="3"><span class="Apple-style-span" style="font-size:small;">If so, what would you consider looking for as you build your team? I have just chosen three tips for this post. There are many more, but I find that these three are important to building a successful REO business.</span></font></p><p class="MsoNormal" style="margin-bottom:.0001pt;"><font class="Apple-style-span" face="Verdana, sans-serif" size="3"><span class="Apple-style-span" style="font-size:small;"><br /></span></font></p><p class="MsoNormal" style="margin-bottom:.0001pt;"><font class="Apple-style-span" face="Verdana, sans-serif" size="3"><span class="Apple-style-span" style="font-size:small;">1.</span> <span class="Apple-style-span" style="font-size:small;">Experience</span></font></p><p class="MsoNormal" style="margin-bottom:.0001pt;"><span class="Apple-style-span" style="font-size:small;">2.</span> <span class="Apple-style-span" style="font-size:small;">Education</span></p><p class="MsoNormal" style="margin-bottom:.0001pt;"><span class="Apple-style-span" style="font-size:small;">3.</span> <span class="Apple-style-span" style="font-size:small;">Integrity</span></p><p class="MsoNormal" style="margin-bottom:.0001pt;"><span class="Apple-style-span" style="font-size:small;"><br /></span></p><p class="MsoNormal" style="margin-bottom:.0001pt;"><span class="Apple-style-span" style="font-size:small;">Experience</span></p><p class="MsoNormal" style="margin-bottom:.0001pt;"><span class="Apple-style-span" style="font-size:small;"><br /></span></p><p class="MsoNormal" style="margin-bottom:.0001pt;"><span class="Apple-style-span" style="font-size:small;">How much experience does the potential member have in doing BPO’s? What asset companies have they dealt with and for how long? What about tasks such as Utility set up and ordering services from your vendors? When it comes to the closing transaction tasks, how much experience do they have in dealing with escrow/title companies, lenders and co-agents? These are just a few of the question you should consider when building your REO team.</span></p><p class="MsoNormal" style="margin-bottom:.0001pt;"><span class="Apple-style-span" style="font-size:small;"><br /></span></p><p class="MsoNormal" style="margin-bottom:.0001pt;"><span class="Apple-style-span" style="font-size:small;">This is important because the REO market is different for every REO agent. And it is crucial to have a good amount of experience in dealing with asset companies, asset managers, banks, title companies, lenders and other REO agents. I have found that there is a basic flow to an REO transaction, but sometimes there are exceptions. And I have found that learning from that exception, adds to my REO experience. And I can add this to my REO process to reach a successful transaction.</span></p><p class="MsoNormal" style="margin-bottom:.0001pt;"><span class="Apple-style-span" style="font-size:small;"><br /></span></p><p class="MsoNormal" style="margin-bottom:.0001pt;"><span class="Apple-style-span" style="font-size:small;">Education</span></p><p class="MsoNormal" style="margin-bottom:.0001pt;"><span class="Apple-style-span" style="font-size:small;"><br /></span></p><p class="MsoNormal" style="margin-bottom:.0001pt;"><span class="Apple-style-span" style="font-size:small;">Training is so vitally important. Would you consider adding a team member to your business who already has been trained on various REO portals or someone who you have to train? Time is critical, especially when it comes to tasks such as BPOs or determining occupation status. Do they know the criteria for searching for comps for the BPO?</span></p><p class="MsoNormal" style="margin-bottom:.0001pt;"><span class="Apple-style-span" style="font-size:small;"><br /></span></p><p class="MsoNormal" style="margin-bottom:.0001pt;"><span class="Apple-style-span" style="font-size:small;">And when it comes to the contract to close tasks, how much training does the team member have in using various online transaction management systems? Such as EbrokerHouse, SettlementRoom, RELAY, TransactionDesk, TAZAREO, and others? Again, your time is important and having a member who is proficient in using these systems will save you time and money.</span></p><p class="MsoNormal" style="margin-bottom:.0001pt;"><span class="Apple-style-span" style="font-size:small;"><br /></span></p><p class="MsoNormal" style="margin-bottom:.0001pt;"><span class="Apple-style-span" style="font-size:small;">Integrity</span></p><p class="MsoNormal" style="margin-bottom:.0001pt;"><span class="Apple-style-span" style="font-size:small;"><br /></span></p><p class="MsoNormal" style="margin-bottom:.0001pt;"><span class="Apple-style-span" style="font-size:small;">Enough can’t be said about this topic. Simply put, everyone needs to be honest in their business dealings with one another. I feel that this is a foundation in a truly successful business. If a member is cutting corners to try to get the job done, it will come out in the end. Just a quick example. If a bid (quote) is submitted by a vendor for a repair on the REO property, don’t change the amount when submitting it to the asset company. I have known of this to happen and the person did think they were getting away with it. And since it was just a small amount in the beginning, it was not discovered. So the person felt safe and increased their bid amounts. But when the asset company discovered this, all monies had to be refunded for all of the bids. And of course that agent lost their business with that asset company. A hard but powerful lesson.</span></p><p class="MsoNormal" style="margin-bottom:.0001pt;"><span class="Apple-style-span" style="font-size:small;"><br /></span></p><p class="MsoNormal" style="margin-bottom:.0001pt;"><span class="Apple-style-span" style="font-size:small;">I hope these few tips: Experience, Education and Integrity can help you in your search for a successful REO Team.</span></p><p class="MsoNormal" style="margin-bottom:.0001pt;"><span class="Apple-style-span" style="font-size:small;"><br /></span></p><p class="MsoNormal" style="margin-bottom:.0001pt;"><span class="Apple-style-span" style="font-size:small;">To your business success!</span></p><p class="MsoNormal" style="margin-bottom:.0001pt;"><span class="Apple-style-span" style="font-size:small;"><br /></span></p><p class="MsoNormal" style="margin-bottom:.0001pt;"><span class="Apple-style-span" style="font-size:small;">Roxanne</span></p><div><br /></div><p></p></div>Realtor Friendly? What's in it for REO broker? And why don't (some) selling brokers just follow the directions??https://www.reopronetwork.com/profiles/blogs/realtor-friendly-whats-in-it2010-05-14T17:00:00.000Z2010-05-14T17:00:00.000ZByron Blackburnhttps://www.reopronetwork.com/members/ByronBlackburn<div><p>As an REO broker how can I be more Realtor Friendly?</p><p>The REO broker does indeed experience a lot of pressure from the asset managers & companies. It seems that new REO assignments come at times in 'herds' with short-tough deadlines. Yup...been there, done that. So why would I consider taking the time to be 'Realtor Friendly'?</p><p>From my self-interest & perspective, being Realtor Friendly saves me time. The most important time I have is the DOM time. My REO listings seem to get shown & promoted first by selling brokers. They have experienced a cooperative list agent, full compensation regardless of list agent referral fees, and most importantly (to me anyway) a 'no war' transaction, which can be exhausting. I believe that being Realtor Friendly negotiates my seller client right-in-to a fast closing! Happy days are here again!</p><p>Yes, some selling brokers are hard to work with and need more time than others. Yes, this is a true experience of mine as I'm sure it has been with everyone out there. What I know to be true is that we are dealing with people. Realizing after 10 dedicated years of trying to teach my cat to bark, I no longer argue with the reality that cats don't bark, don't want to bark and cats are happy with a meow. I gave up arguing with the reality that all selling agents (people) should be equally competent, follow directions and have no need of my communication. It is simply NOT the way of it....and never will be.</p><p>Being Realtor Friendly is actually quite easy to do. It starts with the understanding that selling agents are a vital part of the transaction equation. They are the finishing 1/2 of the deal. They influence YOUR reputation with your asset manager. If a buyer's agent learns of issues regarding the transaction, they are more likely to keep you informed so you can pass the info on. In my experience, asset managers like and tend to favor a 'no surprise' REO broker. Realtor Friendly means having all of the needed docs and information uploaded on the MLS along with good pictures. Perhaps in the public remarks put "Check this one out with your favorite Realtor!" and in agent remarks might add, " Realtor" friendly listing agent. Questions? Call! Closings are more fun than listings! Do you agree? Let's close this one soon". The open receptiveness coupled with down-home people respect is ultimately your asset managers BEST FRIEND.</p><p>Selling agents don't seem to mind or be upset that my genuine motivation is powered by my own self-interest. Short & fast DOMs without struggle seems to earn me more money, which I tend to like.</p></div>What Asset Companies look for when considering an agent’s track record?https://www.reopronetwork.com/profiles/blogs/what-asset-companies-look-for2010-05-14T16:39:58.000Z2010-05-14T16:39:58.000ZByron Blackburnhttps://www.reopronetwork.com/members/ByronBlackburn<div><p>What Asset Companies look for when considering an agent’s track record?</p><p><br /></p><p>I have found that when working with asset managers, I have implemented some of these tips. And they help me to have a better working relationship with the asset manager. Can anyone think of more?</p><br /><br /><p>1. What is the DOM Average of the agent?</p><p><br /></p><p>2. What percentage of sales are co-op sales with other firms? a. It should be in the very high 90’s – i.e. 97 – 98%</p><p><br /></p><p>3. Does the agent have a good track record of finishing tasks before schedule and/or on time?</p><p><br /></p><p>4. Does the agent communicate in a timely manner?</p><br /><p></p></div>DO YOU HAVE YOUR REO SYSTEMS IN PLACE TO SUCCEEDhttps://www.reopronetwork.com/profiles/blogs/do-you-have-your-reo-systems2010-03-23T23:27:50.000Z2010-03-23T23:27:50.000ZRoxanne Tidmorehttps://www.reopronetwork.com/members/RoxanneTidmore<div><div style="background-color:rgb(255,255,255);font:normal normal normal 13px/19px Georgia, 'Times New Roman', 'Bitstream Charter', Times, serif;padding-top:.6em;padding-right:.6em;padding-bottom:.6em;padding-left:.6em;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;"><p style="text-align:center;"><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;">DO YOU HAVE YOUR REO SYSTEMS IN PLACE TO SUCCEED?</span></p><p style="text-align:center;"><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;"><br /></span></p><p><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;">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.</span></p><p><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;"><br /></span></p><p><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;">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?</span></p><p><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;"><br /></span></p><p><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;">In this short blog, I will address WHAT and WHY you need an REO system.</span></p><p><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;"><br /></span></p><p><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;">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.</span></p><p><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;"><br /></span></p><p><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;">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.</span></p><p><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;">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.</span></p><p><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;"><br /></span></p><p><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;">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.</span></p><p><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;">Listed below are three of the items could be included.</span></p><ul><li><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;">Task Lists –</span><ul><li><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;">This would include all of the tasks that are done when you receive the asset.</span></li><li><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;">The listing tasks</span></li><li><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;">The contract to close tasks</span></li><li><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;">And after closing tasks</span></li></ul></li></ul><ul><li><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;">Contacts</span><ul><li><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;">Important vendors for your trash outs, lawn care, pool care, etc.</span></li><li><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;">Repair Vendors</span></li><li><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;">Utility companies</span></li><li><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;">Asset managers</span></li></ul></li></ul><ul><li><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;">Logins/technology information</span><ul><li><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;">User names and logins for your MLS</span></li><li><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;">User names and logins for all of the asset companies you work with</span></li><li><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;">What systems are in place for backing up your critical data?</span></li><li><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;">How often do you backup?</span></li></ul></li></ul><p><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;">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.</span></p><p><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;"><br /></span></p><p><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;">Also with a clear system in place you can easily handle 10-12 REO listings a month without being stressed out!</span></p><p><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;"><br /></span></p><p><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;">To your business success!</span></p><p><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;">Roxanne Tidmore</span></p></div></div>REO – Asset Managers – Networking Successfully (Part II)https://www.reopronetwork.com/profiles/blogs/reo-asset-managers-12010-02-28T22:18:51.000Z2010-02-28T22:18:51.000ZRoxanne Tidmorehttps://www.reopronetwork.com/members/RoxanneTidmore<div><div style="background-color:rgb(255,255,255);font:normal normal normal 13px/19px Georgia, 'Times New Roman', 'Bitstream Charter', Times, serif;padding-top:.6em;padding-right:.6em;padding-bottom:.6em;padding-left:.6em;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;"><p><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;">The previous post discussed how a REO Transaction Coordinator can help REO agents <span class="Apple-style-span" style="font-weight:bold;"><span class="Apple-style-span" style="font-style:italic;">apply</span></span> to asset companies and help agents <span class="Apple-style-span" style="font-weight:bold;"><span class="Apple-style-span" style="font-style:italic;">connect</span></span> to asset managers.</span></p><p><br /></p><p>After this article, a lot of agents contacted me thinking that I had instant access to a network of Asset Managers. And that I could just instantly connect the agent to the AM and they would receive assets.</p><p>So I want to clarify what I am able to help the agent with. As written before in the previous post, I offer the service of signing up the agent with many asset companies. That involves uploading or faxing the necessary paperwork to the company. Since it is advantageous to apply to about 50 – 100 asset companies, some agents prefer to outsource this task. That is where I come in. This does not guarantee that you will receive BPOs or REO Listings. That of course is based on the need of the company and the criteria they have for accepting more REO agents.</p><p><br /></p><p>I also help the agent connect with asset managers. As written previously asset managers are busy and they do appreciate building successful networking relationships. They do not appreciate being continually contacted for BPOs or REO Listings. So I do help agents <span class="Apple-style-span" style="font-weight:bold;"><span class="Apple-style-span" style="font-style:italic;">develop</span></span> a social networking program that helps them connect successfully with asset managers. This is a way to build a good networking relationship with asset managers. And in this business, it does help to have a solid network of asset managers. I have been able to successfully connect some agents with asset managers which resulted in the agent receiving REO work.</p><p><br /></p><p>So in summary:</p><ol><li>I help the agent apply to the asset companies</li><li>I also help the agent develop a social networking program. This program is designed to connect and build an asset manager network for the REO agent.</li></ol><p>My next topic will cover things you can do to make the asset manager’s job easier – which in turn will grant you more listings!</p><p><br /></p><p>To your business success!</p><p>Roxanne Tidmore</p></div></div>REO – Asset Managers – Networking Successfullyhttps://www.reopronetwork.com/profiles/blogs/reo-asset-managers2010-02-19T22:13:32.000Z2010-02-19T22:13:32.000ZRoxanne Tidmorehttps://www.reopronetwork.com/members/RoxanneTidmore<div><div style="background-color:rgb(255,255,255);font:normal normal normal 13px/19px Georgia, 'Times New Roman', 'Bitstream Charter', Times, serif;padding-top:.6em;padding-right:.6em;padding-bottom:.6em;padding-left:.6em;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;"><p><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;">Lately I have been contacted by a many REO agents who want to know how I can help them get connected to Asset Managers. The agent’s goal is to get more business.</span></p><p><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;"><br /></span></p><p><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;">First of all I let the agent know that I am an REO Transaction Coordinator. Even though I interact with many asset managers because of the nature of my work, I do not usually refer random agents to asset managers.</span></p><p><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;"><br /></span></p><p><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;">Asset managers are very busy and they prefer that agents follow the procedures to apply. That tells the asset manager that you follow directions. Also by putting in your application, your contact information will be in the system. When an opening comes up that fits your criteria, you will be contacted.</span></p><p><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;"><br /></span></p><p><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;">As an REO Transaction Coordinator, I do assist agents in applying for the hundreds of asset management companies. The more asset management companies you apply to, the more apt you are to receive business. It takes time and effort and continuous follow up to asset management companies to receive responses.</span></p><p><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;"><br /></span></p><p><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;">But there are several ways of networking successfully with asset managers. Networking is about building relationships. Asset managers are busy so they do not appreciate it when random agents continue to contact them for listings. But they do appreciate the networking opportunities. This is a good way to build a business relationship with an asset manager. A REO Transaction Coordinator can help you begin this type of networking.</span></p><p><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;"><br /></span></p><p><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;">And once you have a good foundation you can continue to build your own network of asset managers.</span></p><p><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;"><br /></span></p><p><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;">My next topic will cover things you can do to make the asset manager’s job easier – which in turn will grant you more listings!</span></p><p><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;"><br /></span></p><p><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;">To your business success!</span></p><p><span class="Apple-style-span" style="color:rgb(0,0,0);font-family:'Times New Roman';font-size:medium;">Roxanne Tidmore</span></p></div></div>What happens in the first 24 hours of receiving an REO Asset?https://www.reopronetwork.com/profiles/blogs/what-happens-in-the-first-242010-02-01T14:40:24.000Z2010-02-01T14:40:24.000ZRoxanne Tidmorehttps://www.reopronetwork.com/members/RoxanneTidmore<div>In the past few weeks, I have received many questions from agents about what can a real estate virtual assistant do when they initially receive the asset. Real Estate Transaction Coordinators do many tasks.Listed below are the tasks that we can begin or complete in the first 24 hours of you accepting the assignment.Do a tax search for the property.Save an MLS search for initial Broker Price Opinion.Send the occupancy status to the Asset Manager via emailComplete the initial BPO.Bid request from vendorsHOA ResearchSchedule with all of your preferred vendors:Re-KeyOrder sign and lock boxUtilitiesTrash outMonthly Maintenance of PropertyNotification of any hazardsTo your business success!</div>REO Transaction Task Listshttps://www.reopronetwork.com/profiles/blogs/reo-transaction-task-lists2010-02-01T14:39:04.000Z2010-02-01T14:39:04.000ZRoxanne Tidmorehttps://www.reopronetwork.com/members/RoxanneTidmore<div>One of the keys to a successful REO Transaction is having an organized task list. I have talked to many agents who have the task list in their head. This may be good for some, but if you have the task list in a documented format – that is just one less thing you have to remember – one less thing that is a to do item!With so many things to do, it is possible that you can forget a task that is very important. Maybe you forgot to follow up with the lender for the appraisal because there was a family emergency that happened. Or you forgot to check with the co-agent on the inspection. And since there are deadlines to be met, there is no leeway for being late. Especially if your client has to pay a per diem fee for a missed deadline.That is why it is crucial to have a task list and that task list has to be organized.What are the steps that you take when you first receive an asset from the bank?Are you on the phone for a long time with the utility company trying to find out the status?Are you trying to juggle your time to inspect the property to find out the vacancy status?Are you working into the night to complete the initial bpo that is due?Do you have a systemized way of tracking your expenses to turn in your reimbursements on time to the bank?If you have all of your tasks documented – GREAT! But if you do not, it is time to begin doing it.The immediate benefits will be:Being confident that your assets will be handled in an organized manner.Your Asset Manager will be more likely to give you more listings and you will develop a better rapport with your Asset Manager.Your business will be continuously growing with more reo listings.To your business success!</div>Persistance is the key...patience is a lost art!https://www.reopronetwork.com/profiles/blogs/persistance-is-the-keypatience2010-01-25T04:25:36.000Z2010-01-25T04:25:36.000ZCynthia McKennahttps://www.reopronetwork.com/members/CynthiaMcKenna<div>In reading many blog posts here and elsewhere on the web, I am astounded that many people who want to break into REO wish to skip an important step. Being persistent.In this world where we have the world at our finger tips, the internet gives us access to all sorts of information at the push of a button. If we want food fast, we go to a fast food place. We are not used to waiting and have not learned the lost art of patience.If you were getting a degree in REO, you would have to go to college classes, spend your time, spend your money, complete your homework and be successful on the tests. In this wonderful REO business, we are blessed with the ability to enter this business for little money, little time, but lots of effort.If I told you that the secret was followup, would you do it? Networking, follow up, follow up, follow up and networking.....completing BPO's are part of your homework and testing. If you do not do this part well, how can you expect to complete the larger picture of marketing and selling an REO asset?I am relatively new to this REO business. I followed a short sale lead to the asset manager. I begged the short sale person to tell me who the asset manager was and then I called and emailed that asset manager for 6 months until one Friday, at 5 pm, I called and she picked up the phone! She told me that I was the most persistant person and to click on a link to sign up and when she had an asset in my area, she would give it to me. I followed up with her for another 2 months before I finally got that miraculous email....I had an asset! It was in an area that is known to be a heavy drug area and I thought that she gave me the worst asset to test me. Although I was petrified, I went to do the occupancy check. Of course, the property was occupied and about 3 weeks later it got pulled for improper foreclosure. I thanked the asset manager for giving me a chance and reminded her that I was ready, willing and able to help her in the future. The second asset was a reassignment, 2 hours away from my office, one way. I went immediately to the property to take pictures and the agent that previously had it had taken all of the keys from the lockbox. I went back the next day and took my pictures, completed my bpo and submitted eveything. I then received a phone call that the previous contract that had been cancelled was back and that the asset was being given back to the original agent. If something happened to the contract again, I would receive the asset back again.At this point, the asset manager felt bad that 2 properties had been given to me and pulled, she started passing my name around in her sphere and I received several properties that I got to keep and I sold on my own!The key is patience and persistance, continue to do your bpo's, continue to try to establish a relationship. All it takes is one asset manager to give you a chance. Remember, would you like to list and sell assets or would you like to act like you would like to list and sell assets? Do the work that is necessary! I am giving you a key, use it to unlock your future!</div>