I just have to vent a little...

I'm sorry, but I really have to get this off my chest...

I don't work with buyers often but my buddy Pam, in the Reno/Sparks area, asked me to take care of one of her good clients, so of course I agreed. When they came into town, I pulled a few properties to show them. To make sure it went as smooth and easy as possible, I sorted through and eliminated properties that weren't vacant and short sales where I didn't know the agent. That left about eight properties that we could get through quickly and easily without wearing my clients out (being they are in their 70's).

So here's the issue. We got to one of the REO properties and there was no key in the e-box. OK, that happens, but when I took another look at the MLS sheet, it stated there was an e-box but in the agent to agent remarks it stated "Key is missing from the lockbox". I pulled the MLS sheet on Wednesday night and showed on Thursday. A little annoying, but OK maybe the agent found out the key was stolen/misplaced and wanted to let other agents know until it could get resolved. That happens.

My clients wanted to go back an look at it again on Friday, so I checked the MLS again and now it says no lockbox and the agent to agent remarks say "***NO KEY IN LOCKBOX***". Really?????

I looked at the MLS again today and it still says no lockbox and "***NO KEY IN LOCKBOX***"

In all honesty, it worked out GREAT for me because the first time we went to view the property and found no key in the e-box, I pulled out my keys and just happened to have a key that worked on that door.

It helped that I knew what asset management company it was. So, I was probably the only agent that was able to get into the property. We submitted an offer on Saturday and as of this morning (Monday), our offer was the only on they had...I wonder why????

So here's the issue now. If I were the asset manager, that agent would be FIRED because the first thing I would ask is "How are you marketing my asset if nobody can get in to see it!??!?!" Now this asset management company uses a notionwide property preservation company, but seriously would it be that hard to go make a copy of the key and put it in the e-box???? Or does it make more sense to leave it inaccessible over a weekend, waiting on the property pres company, after a price reduction????

The REO agent community is not as small as it was a few years ago, but other agents still lump us all together and that kind of stuff makes us ALL look bad. Take some initiative and reslove those little problems!!! Don't wait for the property pres company for something as simple as that!
I'll be totally honest. I know who the agent is and he/she is a rookie REO agent and the way it was handled shows it. That's the kind of thing that makes asset managers look for "experienced" REO agents. Don't lose an account over something stupid like that. Have answers or solutions for issues that arise. Submit bids for damage when you report it. Throw away the junk that's left at the door. Dust off the surfaces. Do the little stuff to set yourself apart from the rest!

I'm still annoyed, but I do feel a little better. Thanks for listening, put it on my bill. :)

Silver Lining...my offer was accepted! Of course I didn't have any doubts considering I figured I was the only agent who was able to get in to show the property. And Pam, they are ecstatic! :)
Anyway, I just wanted to apologize because I like to stay positive but I think running across a lot of similar little issues that would be easy to resolve just peaked with the key thing. Especially since I don't often take buyers out. I totally understand the lost/stolen key thing. I 've had it happen many times myself and multiple times at the same properties as well. The thing I think I want to emphasize is to resolve the problem and don't wait for the property pres company (if one is being used). If it's something as simple as replacing a key, picking up trash or turning the water off at the street if there's a leak, just do it! Sure we won't get reimbursed for the $6.00 for gas and the $1.99 for the key and we hate to drive a long distance to do it (although here in Vegas nowhere is really that far) but, if it were a traditional client, we would likely jump to do it. Why? Because someone is holding us directly accountable. Now think about how many referrals you might get from that one traditional client that you serviced very well. Compare that to how many listings you might get from your asset manager client. Huge difference! So why wouldn't we provide the same, if not better srevice to our asset managment clients. Valencia, I know you do! Like you said, "the possibility of having my asset manager find out I did not replace the key is worse than the ride!" And with huge increase in the number of REO agents in the industry and all those that are still trying to "get-in"...I don't doubt for a second that someone would "report" anything we do wrong, or even not completely right. Sorry...here I go being negative again. There are MANY agents out there doing it right. Thank you to those agents for keeping up the level of professionalism. Hopefully the others will learn, or get filtered out.
Pam, thanks for the compliment. :) YOU are the bomb and we should all aspire to be like you! Maybe when/if I grow up...

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Comments

Cindy Billman, SRES ®, SFR®, CDPE March 3, 2010 at 3:07am

I am glad everything worked out for you, Lowell,l and I understand the frustration - many times I have had that happen to me when showing an REO property, but fortunately I had a master key. Now, when I was an asset mgr and this happened, we expected our agents to have the key replaced within 24 hours. Unfortunately, it is another agent that generally takes the key because they know it is a master & will add it to their collection.
Lowell Caro, Jr March 2, 2010 at 7:20pm

Silver Lining...my offer was accepted! Of course I didn't have any doubts considering I figured I was the only agent who was able to get in to show the property. And Pam, they are ecstatic! :)
Anyway, I just wanted to apologize because I like to stay positive but I think running across a lot of similar little issues that would be easy to resolve just peaked with the key thing. Especially since I don't often take buyers out. I totally understand the lost/stolen key thing. I 've had it happen many times myself and multiple times at the same properties as well. The thing I think I want to emphasize is to resolve the problem and don't wait for the property pres company (if one is being used). If it's something as simple as replacing a key, picking up trash or turning the water off at the street if there's a leak, just do it! Sure we won't get reimbursed for the $6.00 for gas and the $1.99 for the key and we hate to drive a long distance to do it (although here in Vegas nowhere is really that far) but, if it were a traditional client, we would likely jump to do it. Why? Because someone is holding us directly accountable. Now think about how many referrals you might get from that one traditional client that you serviced very well. Compare that to how many listings you might get from your asset manager client. Huge difference! So why wouldn't we provide the same, if not better srevice to our asset managment clients. Valencia, I know you do! Like you said, "the possibility of having my asset manager find out I did not replace the key is worse than the ride!" And with huge increase in the number of REO agents in the industry and all those that are still trying to "get-in"...I don't doubt for a second that someone would "report" anything we do wrong, or even not completely right. Sorry...here I go being negative again. There are MANY agents out there doing it right. Thank you to those agents for keeping up the level of professionalism. Hopefully the others will learn, or get filtered out.
Pam, thanks for the compliment. :) YOU are the bomb and we should all aspire to be like you! Maybe when/if I grow up...
Valencia Walker March 2, 2010 at 5:13pm

It is indeed frustrating on both ends when the key is missing! We had one property that we replaced the key 4 times in one week. I hated riding down to Clayton County, but the possibility of having my asset manager find out I did not replace the key is worse than the ride! Love those master keys!
Karla Totten March 2, 2010 at 1:02pm

It's very common for keys to be taken and lockboxes jammed. In one of our listings someone took the key, the lockbox and the doorknob!!! We noted in the MLS "no showings until futher notice" until we could get it repaired. Just makes sense to let agents know so they don't waste their time.
Pam Eikleberry March 2, 2010 at 10:57am

THANK YOU FOR LOVING MY BUYERS!!!! I APPRECIATE YOU AND ALL OF YOUR EFFORTS. The clients can, of course see through the baloney and know that you are a consummate professional--rock on master.
Heidi Engel BROKER/Realtor ADPR March 2, 2010 at 7:47am

Lowell----You have hit the nail on the head!!! There is so very much of that nonsense and lack of due diligence in my area you wouldn't/couldn't believe----I could go on for days listing just my personal experiences with example after example of the same sort of and worse scenerios. I have had clients submit offers over list---prior to the banks getting ANY other offers (per the listing agent) just to find out that the property mysteriously sold for 1000's under a qualified cash with POF that I submitted 1st----and believe it or not---it just so happened that the buyers broker was either the listing agent themselves or someone in their office. I am no newbie with regards to REO---on both sides, list and sale, but what I have been seeing for the last few years is unconscionable. I would really love to see a feedback link directly to these AMs so they see what is actually going on with many---NOT ALL---but MANY of these agents that area bordering on (and sometimes crossing the line) illegal activity. On another note, I have had some wonderful dealings with efficient, hard working, agents, that were a pleasure---its such a shame that there are agents out there that really put a sour spin on the REO market in general!
Johnny Huang March 2, 2010 at 6:41am

I've replaced keys and locks before without AM's call or authorization. Of course I was responsible for the bill, but was able to show the property when needed. I hear you, people won't live up to their "REO expertise" Standards...

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