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10 Reasons Why Your REO Grade Could Be Low.

Brokers and agents often wonder why they receive such a low rating with REO Banks and Asset Management Companies. Instead of looking at their past output and current REO Process from assignment to closing. All asset managers want to feel like they are #1 and the only  client on your list. If your rating has fallen and you have not received any new or very limited properties from the REO bank and Asset Management Company, the following is a list of possible reasons why per several of the AMs I talk to often.

1.       Not following instructions!

2.       Your follow-up timeframe does not exceed the expectations of the asset manager. Are your taking more than 24 hours to verify the occupancy of the dwelling?

3.       Initial BPO and updated BPOs. Is it taking you longer than 48 hours to complete the BPOs? REO Banks such as GMAC expect 48 hours or less. Yes, we all see the 7 day turnaround time in EQUATOR but it needs to be completed much sooner.  No asset manager wants to see your task in red or yellow. Otherwise, your grade will be affected.

4.       Cash for Keys – How many CFKs have you successfully negotiated and if your are not successful, have you improved your CFK negation skills? Work on it!

5.       Are you following the bidding process and guidelines established by the asset company or are you making your own and trying to set your own rules to the requirements? If your are setting your own rules, you will get a low grade.

6.       Reimbursements – Each company has guidelines that list how the reimbursement must be submitted and a list of all supporting documents that are required. Are you submitting the requirements?

7.       Are you submitting estimates, bids, proposals, and statements in place of invoices? Shame on you. There is a big difference between an Invoice and the other items listed above.

8.       Setting the Price Right! Surprisingly, most asset manager use your expertise to set the price unless, you have a growing history of over and under pricing.

9.       Days on the Market (DOM) – Do you have properties on the MLS for more than 60 days? This is a big NO! NO! Work on getting the property more exposure. Don’t rely only on the MLS and Craig’s List. Post the property on 50+ sites (most free), and create a viewing report monthly for the AM. Additionally, add more than one photo to the MLS and marketing efforts.

10.   Are you keeping your closings on track and updating the required individuals in the loop? This is a big “To Do”!

You should also be aiming to build a reputation with the asset companies. You can build confidence in your skills, experience and profession if you settle for the basics. There are more reasons but I opted to list the top 10.

11.   Poorly written documents.  Consider using fill-able forms.

12.   Marketing verbiage is not impressive. Agents tend to provide simple verbiage on the best of homes.

13.   Poor quality photos used in marketing and BPOs.

14.   Lack of organization and file tracking outside of the portal.

15.   Lack of professionalism in emails and phone calls.

16.   MLS sheet lacks enough information that will get the buyers/investors interested.

Consider improving your skills, process, and perhaps, revamping your team.  Don’t be the eager beaver by taking on more properties than you can manage.  Turn your grade around and go for the A+.

 

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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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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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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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