preservation - Blog - REO Pro Network

Property Transactor Has Been Updated!

Posted by A. T. Holt on September 11, 2011 at 7:00pm

Just an FYI.

The site PropertyTransactor.com has been updated to allow vendors and field reps to list their companies as available resources for REO Property Preservation. The site also allows new agents and brokers to submit maintenance requests free for a year. As an added value, vendors who register with PropertyTransactor.com will receive a listing in the Vendor List that is search engine friendly!

This is a new and emerging site, so its growth will be measured by the prefessionals who join the network as new members sign on. I believe this will be a great resource for Real Estate Agents, Real Estate Brokers, Contractors, Sub-Contractors, Service Providers, Sourcers, Field Service Agents/Reps, Field Service Companies, Foreclosure Cleanup Companies and Real Estate Vendors.

I would love to know how this resource can work for you!

Seven Habits of Highly Successful Property Preservation Reps

Posted by Will on March 5, 2011 at 7:25pm

Although there are many techniques and tricks for being a successful MortgageFieldrep, in our conversations with hundreds of MortgageFieldreps over the years,I have identified the following seven habits that help create lasting success.it1. Providing Quality Service: Most fledgling mortgagefieldreps focus on quantity instead quality because they feel that they will make a lot more money having a long list of clients. Although true, it is also important to consider that if you have a client with a large inventory, providing quality service would go a long way in separating yourself from your competiters. Your clients will also take notice and consider giving you additional coverage area to get more orders. Many successful Mortgagefieldreps find out from their clients what are some issues with the vendors that they can help resolve. Having the proper training is key for you, your staff and subs; and fieldservicetraining.com is the best place to start.2. Promote widely: Many successful MortgageFieldReps rely on a wide range of promotional methods (e-mail marketing, blogs,REO Pro, MortgageFieldRep.com, and pay-per-click advertising), since various promotional methods work well with particular demographics.3. Promote seasonally: Successful MortgageFieldReps tend to vary the services they promote based on the season. Clients tend to seek reps that can thoroughly complete numerous winterization orders in the winter season on there assets.4. Persevere through hardship: Many novice MFR's tend to assume they cannot be successful if their initial attempts to work with a new client don't go well. Nothing succeeds like perseverance. Stick to it and don't allow early disappointment to deter you. Many of our most successful MortgageFieldRep's have attained success after disappointing early results.5. Broaden your portfolio of services: In general, all services don't do well at the same time. When some services are doing well, other services are not. Promoting a variety of services will allow you to benefit by smoothing out the peaks and valleys in the lifecycle of each service.6. Proper Documentation: Since your commissions depend on the proof you can provide to your clients, it's very important for you and your subs have the tools you need to be successful. We strongly recommend you look into a great tech company to provide you with a streamlined system. With the ammount of photos,forms, and notes that have to be taken per day on each property, things can get chaotic quickly. We have a partnership with a variety of different service providers, so you can visit our site and have a look. If your client needs information on a particular property, you want be able to provide it with a few clicks of the mouse.7. Referral Source: In a business that continues to change, it's important to have access to a long list of clients. Its equally important to know where to look. Years ago we only had the phonebook to rely on to source our new clients. In recent years, it's safe to assume that the worldwide web is where you can do most of your research and networking. We have some partners that can cut the time you spend on this crtical activity in half. If you want to succeed and you're not networking online or at a conference, you're planning to fail. You can do a search on google or yahoo to find a few clients.Our top Mortgage Field Reps generates millions of dollars worth of business each year even in difficult economic times. By adopting these seven simple successful MFR marketer habits, perhaps now you can too!

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!!!

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!

How do I say I told you so to an Asset Manager?

Posted by Diana R. Lopez de Castro on July 10, 2009 at 3:23pm

A couple of months ago I received an reo listing from an asset management company that sometimes sends me listings, not many, but hey every little bit helps. They ordered the CFK, and although I am usually succesful with cfks, in this case the homeowner did not agree to it. She was receiving advice from an attorney/friend that told her to stay in the house. After a while, as it happens, I was notified of the lock out date. The family was already gone on the lockout date, but they had destroyed the property. Among many other things, they took of all the electric outlet covers throughout the house and left the wires exposed. The house has illegal additions, code violations, an empty pool, electric issues, they broke walls, took all appliances, Central A/C, etc. Since I am very familiar with the way this particular city works, I sent in a document attached to the bpo explaining everything and advising what needed to be done before the house started showing to avoid problems with the city. Needless to say they sent my bpo back 3 times because the appraissal came in at a higher value. Of course the appraisser was not using reo comps with similar illegal additions and/or conversions. He failed to mention that probably more than half the house would have to be demolished because it was done without permits. Finally my price is approved and the property goes on the market, I go back to the property before listing it on the mls to make sure it was ready to be showed. When I get there, I find the only thing done was the trash out and they caped the exposed wires. I again write to the am and send pics, since they have their own preservation co to do everything, they've decided that was all they were going to do to sell the property as is. Ok, well I dont want to be a pain...To make a long story short, the house has been on the market for less than a week and somehow the city already heard about this beauty and went there today (without even notifying me) I don't know how they got in. They later faxed a 2 page long violation to my office listing everything they could think of and they want it fixed yesterday. Now for the plastic cover plates that I recommended to put on all the electric outlets just to make it look decent we have to hire an electrician, pull permits and pay fines!!! They are going to make my life miserable and hold up the sale for months and many of this problems could have been avoided by just doing some minor work in the house, not only to avoid problems with the city, but also for safety issues. Now even the mosquitoes in the neighborhood are coming from inside this house. LOL. I could only laugh when I saw what they were hitting us with. I love my job, I work very long hours, try to stay optimistic in all situations and will go the extra mile to get issues resolved and close the deal. This one will close, I know that, but Im going to have to move into the city office until everything is done the way they want it and they take pity on me or get tired of having me around. Oh... and drain my pockets while I wait for reimbursement.

REO Designations, what is your opinion on them, are they worth it?

Posted by Jesus (Jesse) Gonzalez on May 24, 2008 at 2:55pm

Not to long ago, I got a RCDPro (REO Certified Default Professional) Designation from a place that advertises clients such as Wells Fargo and Fannie Mae. I can't say the certification has done much in the way of providing me new business however, it has furthered my ever expanding horizons of the REO industry. I personally feel the designation is worth it due to nothing more than proof of my commitment to my specialty and continuing desire to stay ahead by furthering my education. So here is the question........ As a REO Professional Agent, do you have any designations and if so, have they been worth the time, effort and money? If yes, elaborate as to why, please.

preservation (6)

Property Transactor Has Been Updated!

Seven Habits of Highly Successful Property Preservation Reps

Your fraud is costing me time and money!!!!

Can't Can the Can!!

How do I say I told you so to an Asset Manager?

REO Designations, what is your opinion on them, are they worth it?

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