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.
managers (14)
If you can help me I would greatly appreciate it. Thank you.
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.
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.
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?
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.
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.
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?
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.
Just a thought.
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
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:
- I help the agent apply to the asset companies
- 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
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