I am often asked how to set up an REO team. Of course there are many ways to do so and some are better than others. Ultimately you have to do what works best for you and your clients. Here is how we've structured it:1. Person or team to access damage, handle lock outs, visual inspection, opens property for utilities, take pictures, check occupancy status, handles cash for keys and installs lockbox; usually has a CWP.2. BPO agent or team depending on how many listings you are getting.3. REO agent or team coordinator who inputs listings, takes in all the offers, follows up and closes transaction.4. Billing person or team to pay all vendors and make sure expenses are submitted to asset manager.5. Dedicated asset manager liaison to negotiate and handle all matters directly with the asset manager.6. Dedicated receptionist to field all incoming calls and give out to agents per broker/team leader instructions7. Agent or agents to sit open houses and field incoming buyers calls; they pay a referral on the calls only.8. Commission disbursing person or team.Besides that there are the usual dedicated repair contractors, loan officers, home inspectors, escrow officers and home warranty representative. Be careful when your starting your team that you hire ethical agents that are not going to try to take away your buyers or REO accounts. Make sure you have a detailed written contract that stipulates every member's duties.
Carlos and Michael, thank you for such a valuable advise and information on getting it all set up! Your kindness and willingness to share is very much appreciated, and those of us who are not at that level yet should take these words of wsdom to heart.
The REO team I worked on for many years resembled the model given here by Carlos. Our team consisted of about 25 people but doing huge volume. 300+ active REO listings between two markets
Comments
Sam-You're welcome! Hope this helps you in your business.
Dan-Thank you for your contribution.
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