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Bridge Asset Solicitations

Posted by Tara Nagelhout on May 19, 2010 at 6:29am
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???
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How Not Having the Proper REO Team can Jeopardize your REO Business.

Posted by Roxanne Tidmore on May 18, 2010 at 8:09am

How Not Having the Proper REO Team can Jeopardize your REO Business.


If you have your REO Systems in place and you are experiencing growth, have you considered an REO Team?


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.


1. Experience

2. Education

3. Integrity


Experience


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.


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.


Education


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?


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.


Integrity


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.


I hope these few tips: Experience, Education and Integrity can help you in your search for a successful REO Team.


To your business success!


Roxanne


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Realtor Friendly? What's in it for REO broker? And why don't (some) selling brokers just follow the directions??

Posted by Byron Blackburn on May 14, 2010 at 6:00am

As an REO broker how can I be more Realtor Friendly?

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'?

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!

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.

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.

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.

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What Asset Companies look for when considering an agent’s track record?

Posted by Byron Blackburn on May 14, 2010 at 5:39am

What Asset Companies look for when considering an agent’s track record?


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?



1. What is the DOM Average of the agent?


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%


3. Does the agent have a good track record of finishing tasks before schedule and/or on time?


4. Does the agent communicate in a timely manner?


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DO YOU HAVE YOUR REO SYSTEMS IN PLACE TO SUCCEED

Posted by Roxanne Tidmore on March 23, 2010 at 12:27pm

DO YOU HAVE YOUR REO SYSTEMS IN PLACE TO SUCCEED?


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


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


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


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


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

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


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

Listed below are three of the items could be included.

  • Task Lists –
    • This would include all of the tasks that are done when you receive the asset.
    • The listing tasks
    • The contract to close tasks
    • And after closing tasks
  • Contacts
    • Important vendors for your trash outs, lawn care, pool care, etc.
    • Repair Vendors
    • Utility companies
    • Asset managers
  • Logins/technology information
    • User names and logins for your MLS
    • User names and logins for all of the asset companies you work with
    • What systems are in place for backing up your critical data?
    • How often do you backup?

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


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


To your business success!

Roxanne Tidmore

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REO – Asset Managers – Networking Successfully (Part II)

Posted by Roxanne Tidmore on February 28, 2010 at 11:18am

The previous post discussed how a REO Transaction Coordinator can help REO agents apply to asset companies and help agents connect to asset managers.


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.

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.


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 develop 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.


So in summary:

  1. I help the agent apply to the asset companies
  2. 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.

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!


To your business success!

Roxanne Tidmore

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REO – Asset Managers – Networking Successfully

Posted by Roxanne Tidmore on February 19, 2010 at 11:13am

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.


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.


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.


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.


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.


And once you have a good foundation you can continue to build your own network of asset managers.


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!


To your business success!

Roxanne Tidmore

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What happens in the first 24 hours of receiving an REO Asset?

Posted by Roxanne Tidmore on February 1, 2010 at 3:40am
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!
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REO Transaction Task Lists

Posted by Roxanne Tidmore on February 1, 2010 at 3:39am
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!
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Persistance is the key...patience is a lost art!

Posted by Cynthia McKenna on January 24, 2010 at 5:25pm
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!
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Time is of the Essence!

Posted by Lon Mapes (909) 255-6289 on January 24, 2010 at 8:43am
When I first created my brokerage's "REO Team" a couple years ago I often wondered what area we needed to focus on to attract -- and also keep Asset Managers happy.After asking others, reading a lot, and attending conferences, we came up with the motto: "Our job as REO Agents is to make the Asset Manager's job as easy as possible". Keeping this focus proved very beneficial and truly launched our REO Team.As I pondered this today, I thought of a new motto to add to our original one: "Time is of the Essense". Time and again I have had Asset Managers thank me for getting back to them in a timely manner. By timely, they meant returning emails or calls within 3 hours or less. I have always been a fanatic about responding very quickly -- usually within minutes. I assumed other agents operated the same way.What I have learned is that this is not the case. Numerous Asset Managers have told me that is their #1 pet peeve. Something so simple...but often overlooked.
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Your fraud is costing me time and money!!!!

Posted by Jim Godwin, NRBA, RDCPro on January 14, 2010 at 4:50pm
I completely understand you wanting to “get a little extra,” especially now that some of these AMC’s are taking such a big cut, but when it comes at the expense of my time and energy it really pisses me off.I am working with a company right now (which will remain nameless) that has completely revamped their property preservation guidelines.Here is a small example of what I’m talking about. This is direct from the preservation team:*ALL BIDS MUST BE SUBMITTED IN THE FOLLOWING FORMAT OR THEY WILL BE REJECTED IMMEDIATELY:*NO HANDWRITTEN BIDS WILL BE ACCEPTED.*ALL BIDS MUST BE TYPED ON THE CONTRACTOR’S OFFICIAL LETTERHEAD WITH THE CONTRACTOR’S CONTACT INFORMATION (NAME, ADDRESS, CITY, STATE, AND PHONE NUMBER), LICENSE NUMBER AND SIGNATURE.Seems simple enough, right? Keep reading…….**Vendors must send me proof of Workman's Comp or Liability Insurance and their Business License & ALL bids must be signed by Vendor****There can be no conflict of interest with vendors supplying bids for the listing broker/agent. Vendors who are owned by, or related in any way to broker/agent or cannot be used****PLEASE NOTE: All bids must be itemized by job description and price.Copy of workman’s comp? Copy of a business license? Must be signed? I don’t know about you guys but this is new to me........or was new. But honestly can you blame them? There is so much fraud, strong arming, agent kickbacking and good ‘ol boy crap going on out there that these banks had to do something!So now I have to find contractors that are willing to send in all their personal information, go do a free bid and send it in perfectly every time……and after all that, still only have a 1 in 3 shot of getting the work! All because a select few agents out there wanted to make a few extra bucks.Yes I’m complaining! Isn’t that what blogging is for???? But it’s a damn good complaint when what once took me a few hours is now taking me a day or two. And that costs me money!!!
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Can't Can the Can!!

Posted by Jim Godwin, NRBA, RDCPro on December 16, 2009 at 4:00pm
So what do you do if you pull up to your next property and see this……………

If you said have it towed or call a junk yard/dump you’d be dead wrong. Apparently no one wants this heaping pile of junk. In fact all of the junk yards within a 30 mile radius of the property wanted to charge me between $900-$1400 just to take it in……plus the tow. Try explaining that to your AM. You’ll probably get as far as I did which was “let’s try and figure something else out” which is AM code for “take care of it or we’ll find someone that will.”So after some crafty detective work I found out that the reason for the high cost was the labor involved with breaking the thing down. I guess because the way these campers are built, stripping the metal is a daunting task worthy of charging a fortune. Long story short I had one of my contractors unbolt the cab from the frame on site and strip it down into 3 sections: chasse, scrap metal and wood. They hauled away the now well sorted out piles of junk and a tow truck came and took the chasse which would now be accepted by the junk yards for free.The end result………..$200 for the tow and $240 for my guys to break down and haul away the scrap and saving my client $755 in the process. Yes...I do feel like a hero thank you very much.I’m sure some of you have had this same pleasurable experience but this was a first for me. Gotta say though, this is why I love what I do. Sometimes we get so far outside of the box I’m not sure what profession I’m in. Good stuff, right! Of course the easy ones are nice too!
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Are You Working Your Linked In Contacts? You'd be surprised at whom you're connected with!

Posted by MeLisa Minter on December 15, 2009 at 2:16pm
Ok Gang,I listened to the Blog Radio on 12/18 and even punched in to ask Jesse a question about signing up with all the Asset Management Companies. After listening to the show, I took Jesse's advice about utilizing Linked In and Facebook to our advantage.I was already doing something similar, which is how I found this group. Anyway, I typed in the name of a Mortgage Servicing Company that I've done Short Sales through. I proceeded to pull up their Linked In Employees and low and behold, I see two employees,(one an Asset Manager the other an REO Attorney), that I am connected to by the second degree. It seems that one of my good friends is the first connection with one person and the other person is connected to me by a group that I joined on Linked In.So naturally, I email these two contacts by using the "Request and Introduction" Method. I included an attention grabbing subject line, and introduced myself and informed them how we were connected. I proceeded to let them know that I am a member of Realty Pilot, the most innovative BPO/REO Traffic Controller, and that it is free to Mortgage Companies/Mortgage Servicing Companies Asset Managers.I then explain to them how they can be of assistance in helping me connect with some of the Asset Managers in their organization and introduce them to Realty Pilot and my REO Services.After I completed the mesage, I clicked on the "Notify Friend Button, so I could send "1st connected firend" a courtesy notice stating that I contacted one of her linked in connections.I know what they say about the Six degrees of Separation, and it seems that it can definitely be beneficial if you work it right.It's going to be interesting to see the type of results that we will get from this.
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Changes to Short Sale Laws

Posted by Franklin E. Rodebaugh on November 12, 2009 at 4:39am
According to the Indiana Association of Realtors (IAR Advocate 11/06/09), it is now Indiana state law that lenders must acknowledge short sale offers within 10 days. Under the 2008 law, lenders then have 30 days from receipt of the offer to accept or reject the offer.There is an on-line complaint form that can be filed with the Indiana Department of Financial Institutions (DFI). The DFI uses the complaints to track and establish patterns with certain lenders and use regulatory authority to investigate.Additionally, the Homeowner Protection Unit of the Indiana Attorney General has enforcement authority over the complaints. The complaints should continue to be filed with the DFI, with the field that the Homeowner Protection Unit should investigate marked (Field #18 on the Indiana complaint).We repeatedly hear from agents that the reason short sales do not move to closing is that it sometimes takes the sellers months to respond to offers.I strongly suggest that every agent check and see if their state has a similar law on the books and let the lender know you know about it when submitting a short sale offer. I know somewhere on our future short sale offers will be a sentence requesting a response by a certain date “per Indiana Statute” as a reminder to the lender that there are statute imposed time limits in place. This would also do to notify the lender of the time limits if they were not aware of them.Perhaps we can use our state laws to move our short sales along and keep them from becoming “long sales”.I also strongly suggest that agents working with lenders as short sale reps make their clients aware of any local or state laws of this nature. Be aware that just like a like a REO AM, the short sale AM is most likely dealing with properties in multiple states and jurisdictions and it is our job to protect them and make sure our clients are within the local laws.
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Work A Holic Realtors and Asset Managers

Posted by Beth Ross on November 8, 2009 at 1:45pm
I was in the office today catching up on bookwork and low and behold I received notification that I had just received two new listings. Glory be, it's Sunday afternoon and I'm in the office all by myself. Can I get everything done?? I will just say this, I was able to get the listing agreement signed, the referral agreement signed, occupancy check completed, the pictures taken of the interior and exterior of both units, contacted the other listing agent that had them as short sales to notify her, ordered the locksmith for change out of locks tomorrow, did a quick lien search and obtained all the tax research records for my asset manager.Then as soon as I got the occupancy check updated in the system, I got the order for two BPO's. It is now 7:40 at night, I was able to get both listings completely ready including BPO's (I still have the HOA to do, but the HOA People obviously aren't workaholics) Plus I got my operating account and escrow accounts balanced and reconciled!!!And I was able to email my AM and tell her she was a workaholic also. We laughed over that one. I am hoping it pays off!!My question to each of you is this, am I spoiling my asset manager by getting everything done so quickly or am I allowing myself more time for this week for new and upcoming listings. Auction at the courthouse was last week, so I am hoping to get more listings this week. What is your take on my "Can Do Quickly" attitude?Actually I am needing a blog to keep up with my requirements here and couldn't think of anything worthwhile that you all haven't touched on. So the smart alec in me comes out!!
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I have an REO Listing, Now What?

Posted by Beth Ross on October 1, 2009 at 12:17pm
Having done a number of REO listings over the years, it is still a relatively new field for many of us. I am not an expert, I learn something new every day. Please keep in mind this is meant to be humorous!1 - Got an email today from my asset manager letting me know that I was selected to market and list their property. First though I have 24 hours to obtain an occupancy verification, gain interior access to get pictures, find out the HOA company information and any past due amounts, gain access to all the county records to do a quick search to see if any liens on the property, do a BPO on following that particular companies requirements, find out if there are any utilities on or other pertinent information that I need to pass on to my client. Oh, I best find out what the fees are for getting it switched over into my name along with the deposit required so I can make sure I have enough in my bank account to accept this listing and service it properly for by having all the utilities in my name and which I pay for (of course I get reimbursed as long as I turn in my bills and proof of payment in a timely manner and agree to wait for the payment - most of the companies I have chosen to work with pay very promptly - those that don't go on to find out agents).2 - Whew, got that all done, wait a minute, what are all these other tasks now? They weren't there a minute ago?? Oh, now I have to do a personal property evaluation form and they want pictures of each item (good thing I thought ahead and took pictures while I was doing the interior BPO pictures.) And what's this? Because I marked that the property was occupied, I have to now offer Cash For Keys? What are all these forms? I have another 24 hours to get this done? No problem, I will go back to the house, knock on the door and since I know the family is out I will leave the letter and my card in a envelope taped to their front door (don't forget the picture of that) and if they do answer, I will explain what I am offering and give them the number to the Loss Mitigation department if I have received that. I will set up a time within 2 weeks to a month to allow the occupant to find a new place to live and then I will meet him and get the keys if the property is left in clean condition.3 - Now that the home is vacant (trashed out if it was not an occupied property when I took it over), rekeyed the lock, made sure I had the right combination for the private contractor lock box and have placed a proper MLS lock box on the property, now I can notify my Asset Manager we are ready to rock and roll. Oops, I haven't gotten the listing agreement with the amount they are allowing me to market it at, so I have to remove the sign from the yard cause I can only put it up when I have a signed listing agreement. BUT I can keep the sign in the yard that says the home is in the process of pre-marketing and in case of emergency to contact me at a specific number. I don't accept any offers at this time, but I do keep a running tally of the names that call so that I can call them after I have gotten the listing in the MLS.• Are you wondering why I placed the MLS lock box on the house if there is a private lockbox? Well, I am blessed to have an association whose lockboxes keep track of who entered the property so I don't have to keep a running log of whose has called in to get the lock box code, my log is printed out weekly and placed in the file so when I do my monthly marketing report on that property I can give my AM the correct number of showings and in the meantime I've been able to call back for feedback to since the buyer's agents sometimes forget to call and give that. It's a team effort and I don't mind as I would expect it if I forgot to call and give feed back.4 - Well, now we have the listing agreement all taken care of and I am ready to MARKET AND SELL! First, I am going to go back to the property, make sure all the utilities are on, light bulbs are not burnt out, place a fragrance pot in a couple of rooms, set the air conditioning at about 80 in Summer at 65 in Winter so that when the home is shown, clients are not uncomfortable, I want them to think they are truly home so it will sell better. I am also going to place brochures on the counter, information about special financing and contacts for them to be able to call to see if they can help with the loan. I also leave my agency disclosure brochure, my cards, and if there is an HOA then I try to leave copies of at least the rules and regulations and contact information in case the client and other agent want to gather more information. I also want to make sure the yard looks good and if not I get the landscaper to mow it,5 - OK, the house is set up. I can go back to the office, or home since it is probably about 8 PM and put in MLS and call the people that have been calling about it since the in case of emergency sign went up.6 – Been a month, had 5 offers and they've all been turned down. When will people realize that the pricing is normally set within a realistic range and these 40% and 50% offers are not going to cut it, but I present all offers! I got a task from my asset manager that my Monthly Marketing Report (similar to a BPO) is due in 2 days. Oh I forgot to take pictures yesterday when I was over for my weekly checkup on the property, now I have to go get updated pictures and get them sent in with the new solds and listings that have happened in the last 30 days. Maybe they will lower the price, maybe they won't. My job is to get them the best price possible for the property, not price it at a give away amount! It takes a little maneuvering sometimes to get that right price. But they have lowered the price a little now, and so I go in and redo the MLS, redo the brochures, upload the new MLS to my asset manager, replenish the brochures at the property and call the people that have shown it to alert them to price drop.7 - Just got word after month two and another MMR (Monthly Marketing Report) that the price is down again. Wow, my phone is ringing off the hook from that ad I put in the paper. This price is really a great price and seems to be attracting a lot of attention. Listen to my efax tell me I have three faxes waiting, TERRIFIC, multiple offers on this property. But 2 of the agents didn't call to let me know they were submitting offers.8 - I start filling out the forms for the new offers, oh no, those two agents that didn't call me and just faxed over the offers did not include their contact information, no letter of preapproval on one, no proof of funds on the other, and I have no way to easily find their phone numbers. So I put everything off to the side, go into my MLS system to the agent roster and hope that the name that is scribbled on the last page where they signed it is legible and now I start calling the numbers to verify their contact information. I hope that since it is after hours, they have updated their cell number in the agent roster so I can contact them tonight and get this submitted. Great, it's 11 PM and I've got all these offers submitted in the system and I am closing up shop!9 - 1 PM the next day, I get an email from my AM, notify all parties involved we are in a multiple offer situation and to submit their highest and best offers by 5 PM the next day. Back on the phone, contact all agents and make the notifications and wait for the new paperwork. In the meantime made a notation in the MLS so that other agents will know what is going on and that they have to submit their highest and best by 5 PM the next day.10 - New offers are in - 1 at the same price and two updated ones and look there, three more new ones. And who said there were no multiple offers anymore. Way to go to all you agents out there with buyers!! Ok, all offers are submitted again, now I am off to bed and hey it's only 11:30 PM.11 - Start the next day off, excited cause I know that one of those offers is going to be accepted. Wow, locked up the office tonight and no emails, calls or information from my Asset Manager.12 - Day two - still no word13 - Day Three - I've gotten calls from agents wanting to know if I have heard anything yet. No, nothing yet,14 - Day Four - Yeah, an email! Offers 1,2,3,5 and 6 are rejected. Offer 4 is accepted with the counter proposal paperwork and all addendum's attached. I notify all the rejected agents that their offers have been rejected, I call agent with offer 4 and let them know that I am forwarding the paperwork for review and signatures and I have 24 hours to get it back to my asset manager. Mind you, offer was an all cash offer, but had a couple of contingencies on it and offer 4 was the same price, all cash but no contingencies. The bank accepted the easiest one with a quicker close date as the only counter proposal. Mind you offer 2 was higher than all of them, but was a conventional loan with 10% down.15 - Day Five = Got a call back from the agent with offer 4, his buyer has decided that he is not willing to meet the contingency with the new closing date and has chosen not to sign anything. He had given his highest and best offer! Back to the drawing board. To cut a long story short, we were able to get Offer 5 resurrected and put on the agenda to close. Got everything to lawyers, agents, etc. set up closing date in 2 weeks. I am all smiles!!16 - Day before closing, I get a call from the sellers attorney that the deed had not been recorded yet and we are not able to get the closing done in time because the deed is still in transit and it will be a few more days. Ok, no problem!! I call the buyer's agent and alert them and suggest we get an extension signed for 10 - 15 days or earlier, make sure the buyer's attorney has been notified and wait this out.17 - My asset manager calls me, they never call me they only email me this is scary, and ask if I can help the process along by going to the courthouse and seeing if there is anything I can do to walk the deed through for signatures. Ok, sure I will be happy to. I've learned, don't upset the people at the Recorder's office and don't upset the people at the Master In Equity office. I do my due diligence, find that the deed is actually at the recorder's office, they are recording it as I stand there, I go back to the office, call my asset manager and I am a hero!!16 - Ok, closing is just a couple of days late, but that's ok. Now I have to get all the lock boxes off the property, remove all the information from inside, pick up my sign and call and have all the utilities removed out of my name. I then have to get the utilities to send me an expedited bill as I only have 10 days after closing to get ALL bills submitted for payment.17 - Closing is done!!! Check is in my hand!!! Whew, that was good!18 - 30 days have gone by, I still haven't received my check for my utility payments, collection call made.19 - Oh look, three new listings just came across the email - and I wanted to be an REO agent WHY???The above is purely HUMOROUS only! I love what I do and it is an exciting business. I meet great people and have wonderful experiences to share. Please though, if you are thinking of becoming an REO agent, do your due diligence and research. Understand that your asset manager and banks have guidelines they must follow and you have guidelines you must follow. It is your responsibility that you are legal and ethical in everything that you do. If you are a member of a local, state and National Association of REALTORS you have a Code of Ethics that you must follow and you need to make sure that you keep yourself AND your asset manager out of trouble. Your biggest job outside of marketing and selling that property is to make your asset manager's job easier so they can get the other 200 files on their desk completed a little faster, and they will remember you and the extra efforts you did to help get the property sold AND closed.Remember, when the closing is done, send your thank you cards to everyone and include that Asset Manager also. They may have missed their bonus because of the delayed closing and they may need a little smile to cheer them up to help remember you on the next go round of properties in your area.Under Promise, over supply and as always - Have A Better Than Great Day!!
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The FiveStar Conference...was it REALLY worth it?

Posted by Lowell Caro, Jr on September 27, 2009 at 8:34pm
Isn't that a question almost all of us asks? How much am I really going to spend on this trip and what am I really going to get out of it?Well, there are a number of ways to look at to determine if it's "worth it" or not. I guess we need to start by figuring out what the cost actually is. We can use the round numbers from my trip as a basis. I got a decent plane fair, an average "king" room, add in the cost of the conference and the cost of food and drink. I can round it out to just under $3000.00. Now, what do you get for your hard-earned $3000.00? A lot of that depends on what you intend to get for it. You can go to the conference for the education, for the networking or to gain business.If you go for the education you can definitely get your money's worth. There were a multitude of courses and panels with the most up-to-date information available, ranging from information on short-sales and BPOs all the way through Bulk REO sales. The classes and panels are conducted by industry experts. Additionally there were speakers like Steve Forbes and James B. Lockhart III. You can get great industry information there, some of which you can find else where, but most of which you will NOT get anywhere else. So, if you go for the education, you can get your money's worth. It may be an expensive education, but you can load up with classes all-day, everyday of the conference.If you go for the networking, you'll probably find the best networking you'll find anywhere. Networking with agents from areas outside your market area is one of the best ways to gain insight into the industry. There were hundreds, if not thousands of agents from all over the country at the conference. In addition to that, there were countless opportunities to network with those agents at the conference and outside the conference.If you go to gain business, you can do it, you just have to go with the right attitude, the right plan and be a networker. You must realize that you are competing with those "hundreds, if not thousands of agents from all over the country". I can honestly say that I have either gained new business or strengthened the bond with an existing client at every conference I've been to except for one. I've been to seven conferences in the past 2 1/2 years.Now back to the cost...so, if you gain insight into the industry through a class, from another agent or if you happen to get the attention of someone in the asset management community or the valuation community, what would it take to make it worth your money? A couple REO assets? 50 or 60 BPOs? After you write-off the trip, what would it take to make it worthwhile? Just the education? I have a friend that currently works with about 38 different banks/asset management companies and STILL attends all the conferences. Why? It must be worth the time to him.I'm not here to tell you should or shouldn't attend the conferences, but hopefully I've given you enough information to make an educated decision on your own. Of course, this is all just my point of view... :)
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Agents, Agents, Everywhere....

Posted by Cynthia McKenna on September 27, 2009 at 2:12pm
I find that the harder I work in this REO business, the more people want from me....is this a good thing, or a bad thing?I am newer to this business, in that I am only doing this for about a year. I fought long and hard to get my chance and the number of people now who are trying to say that I am 'lucky" because I get assets from banks is incredible! There was no amount of luck to it. My chance came from following one asset from short sale into foreclosure and establishing a relationship.To anyone trying to break into the REO business, there are many ways to do it. I have completed numerous BPO's, which have not directly given me a listing. They did, however, help me lock down my knowledge of numbers and valuing properties.The key is to be consistent and persistent in your efforts. If something is not working, try doing it in a different way...When you finally receive an asset, you had better be prepared to do a lot of work in a very short amount of time. Banks are grading you on your performance. Listing agreements often come with specific instructions, attention to detail is a must.Finally, do not be afraid to help a newbie....there is plenty of business for all. It would have been nice to realize that there was help out there. I just came upon this site, it is so helpful Thank you for keeping it real. Keep it positive and keep it ethical. You will have local agents coming to you with their clients and begging you to help them find something for them.
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