I have noticed the poor quality of work that some of the REO listing agents are displaying lately here in Miami. Things like untimely (or no) return of phone calls, unavailability on weekends, poor description of the listed properties (many with no remarks and no pictures), uncooperative assistance to buyer's agents and other behaviors that, not only make us all look bad, but also hurt the asset managers and ultimately the properties' owners.I have inquired to some asset managers and they declare that they have systems in place to monitor the quality of their REO agents, yet what I see everyday in the field is disturbing. Some of these agents keep getting more listings despite the quality of their service.Any thoughts?
My buyers & myself are also very frustrated with some of these mega-REO agents who do NOT properly market their REO listings. It makes me wonder why the sellers (the banks / lenders) are not aware of these serious problems. Maybe the mega-REO agents are paying off some of the asset managers with kickbacks? Hmmmm... I hope the bank mgmt. wakes up soon!
I am in Illinois and I have been previewing a lot of Bank owned properties for an investor and notice the same things. House very dirty and full of garbage (no clean out). There are a lot of properties still need of repair (causing more damage). I understand "as-is" but this is a little extreme. A lot of them only post 1 photo (they need to or the mls here will take it off) so you have to visit the property only to find out it is trashed. We saw one yesterday that the front door had a pad lock on it, but it was locked in a way that the door was open about 2 inches. The house faces west and had obvious water damage from the front door being open causing the hardwood floors to warp. So the agent is causing more damage than good. I don't get it. That agent will get more listings and the good agents struggle to get more????
Some of the issues I observe esp on low priced homes are:
1 No lock box(or missing key), 2. No utility service, 3. No sign or broken
As I carry my digital camera to these missing photo (MLS) places offering the photo I get very negative response from the listing agent. "I don't need your F#Xs photo. They all sell first week!"....
Many of the descriptions are either inadequate or sound the agent can NOT write English.
I think the broker has a responsibility to keep his agents on top of things. By contacting the broker may force the too busy agents to perform as expected.
I agree and we are seeing the same thing here in California. Many of these agents have created a bad reputation and agents are starting to avoid their listings all together. Many times agents can't verify whether their offers were ever received. It is so bad that I have agents constantly thanking me for the return phone call as though it is shock I called them back. It is very disturbing and what they don't realize is when we come out of this market, noone will want to work with them in the future. If you can't professionally handle it-don't take it.
Comments
1 No lock box(or missing key), 2. No utility service, 3. No sign or broken
As I carry my digital camera to these missing photo (MLS) places offering the photo I get very negative response from the listing agent. "I don't need your F#Xs photo. They all sell first week!"....
Many of the descriptions are either inadequate or sound the agent can NOT write English.
I think the broker has a responsibility to keep his agents on top of things. By contacting the broker may force the too busy agents to perform as expected.