RealTown's RealTalk

I have been sending out resumes, calling banks and asset managers, doing BPO's, anything I can think of to get a little REO business. No real success as of yet, but will keep trying, eventually the banks will get a clue that the agents they are feeding their llistings to have over 100 listings, do very little if anything to sell their properties, take no pictures, don't return phone calls, make buyer's agent send an email to get an auto responder that gives us the builder lock box code (they can't even put their listings on our regular SUPRA lockbox's), I submitted an offer and have no idea if they received it or not, no call, no email, no text.. NOTHING...

Last week I had 5 buyer's I was showing homes to. It was exhausting and a couple of the days I took two different buyer's out in one day and I can't count how many times the codes were wrong.. no boxes at all on a couple.. no agent would answer their phone only recorded messages saying everything was active... duh...!!!! Why wouldn't they be, we can't get in the blame things... Short sale agents aren't much better...So tomorrow I am out again with out of town buyers who want to see the properties who have tenants. Do you think I can get ahold of the agents so they can give notice to the tenants of our coming?? Heck no.. my people come 2,000 miles and I feel like a dumb a-s and then have to apologize for an agent who CAN'T EVEN RETURN A SIMPLE CALL??????

Now seriously... shouldn't the banks share the wealth a little?? or at least fire the agents who are doing such a pitiful job and hire new ones?? Is anyone checking on the agents? I doubt it. Maybe I could get a job working with an asset manager that cares just a LITTLE about moving their properties and I can be like a "mystery shopper", checking up on "mystery real estate agents..."... UGHHHH...

Gloria - Chandler AZ

(one of these days I am going to get my auto-signature on here)

Hi --

Gloria, If you'd like this (listing) business yourself...GO for it! (you probably would do a far superior job!

My suggestion is to approach the loss management companies/banks with a Seven Day Sold system (http://SevenDaySold.com) and guarantee them multiple offers within 7 to 17 days of listing. That will get their attention.

Then, work hard to get as many buyers for those listings as you possibly can and take advantage of the REO company's' offerings of loss mitigation fees and Seller concessions (that can be split with your buyers so you obtain full commissions)!

warm regards,

Bill Kraatz

Florence, KY

888-212-5847

'I understand your frustration not being able to access houses, agents, or not getting a call returned. I think that's because the commission is low on short and REO sales that agents want so desperately to sell themselves '

Gloria- RE/MAX Achievers- Chandler, AZ

Thanks Suzanne... but I often get less then what is a normal buyer agent commission too, not to mention the fact that I am hauling these people all over working hours and hours with them. I would venture to say that on an hourly basis my pay is less, my stress is greater and I don' thave the numbers that the REO agents have. My 3-4 buyers versus their 50-75 listings ??? no comparison. If I don't give good service I don't get referrals or repeat business which I guess the heavy hitting REO agents don't need to worry about.

After I made the post yesterday I got an email from the REO agent with the most bizarre request... and the only way I could get ahold of her was to email or fax, specifically said no calls, our offer would be cancelled in 72 hours if I didn't respond yet I had no idea what she was requesting... I sent what I thought she wanted but who knows and I have a very anxious first time homebuyer who is the son of my VERY FIRST client as a new agent 9 years ago..

Gloria... that agent's request is not so bizarre.... I also ask that 99.9% of communication be via email or fax. That way I have automatic documentation of every discussion. Admittedly, there will be odd times that's not possible, but I want everything in writing.

Back when I was handling corporate listings at CB, I once had to EAT the cost of stripping wallpaper in dining area and repainting. The reason? My corporate liason person had not made a note, and did not "recall" authorizing that one item, among several others... (even though it made no sense to do all the other items and not get rid of the hideous w/p).

All it takes is hearing "Hmm, I don't remember you telling me that..." a few times... from other agents, buyers or sellers.... and you start wanting everything in writing.
You might tell people important stuff, but if they are distracted, they didn't "get" it.
With an email, they can read it and read it and read it, until they do "get" it.

Back to a previous posting, re: lockboxes. The banks, and corporates, are the ones that require their listings to have combo boxes, not Supras. This is because they are used by the contractors that may have to come replace a broken window or fix a plumbing leak or winterize the property. It is also used by the mgmt companies that make weekly inspections. There are usually half a dozen standard combos that are recycled, once you learn them, you'll not have so many problems... although yes, I have driven across town to find that there is no lockbox at all.

I do agree that it "seems" to make no sense to give so many listings to a handful of agents... yes, it would be nice to share the wealth. But the fact is, that MOST REO agents do a good job. (Although I am tired of reporting them to MLS for lack of kitchen photos!) REO agents pretty much need at least one assistant. REO agents often have to take listings that are scary. I am fearless, so it was never a problem, but some agents make a big deal about having to go do a ghetto property. Many agents would be amazed at the amt of extra reports and forms the REO agents have to do, all with deadlines. And you know those bank people can be tough to deal with.... some are nice, others usually rather arrogant. And you wouldn't believe how much time they have to waste, kicking back incomplete contracts, and ones that come in without a single addendum, replacing yardguys that don't show up, and on & on....

I don't do REO & corporates anymore, but when I did, I was aware that some agents were jealous... it's the nature of our business... but I was an energetic go-getter, and computer savvy, at a time when many others weren't . Luckily, our office manager recognized in me the "devotion to duty" that it takes, whether it is working all evening, or holding multiple Open Houses, I did it, and loved it.... (I remember seeing many older agents printing up reams & reams of paper, because they didn't know how to narrow the search criteria... stuff we take for granted now..)
Anyhow, REOs.... it's not as simple as one would think...

Okay... rambled on too much...
Lindy in Houston

Most REO agents have monthly reports on how they are doing in all aspects- from home inspections, reports, updates, etc.... There is accountability and you would be surprised at how much they (sellers) do know what you are doing with all your time.

A few bad REO agents do not represent the majority of them as a few bad Realtors would not represent the whole Realtor community. Most of the REO agents I know are taking every call, fax, email, text since it is our job to get the homes sold. I do believe that many agents (including buyers agents) are using technology to be more productive and embracing the new social media & technology. Everything in the REO world is time sensitive so I take every call, fax, text, email all day and night. We know agents do not want to hear how busy we are, just get answers to them. That is our mutual goal in all transactions.

Lindy,

No rambling, just straight talk on REOs. Saved me from writing a thesis myself:>)

I admit being a bit perturbed at the stereotyping of REO agents based on a few bad experiences. As you said most "real" REO agents are very good at what they do and do not treat other agents badly. There is a reason for email communications and doing things the way they are done.

REOs are not the same as the average listing. One can talk about how they would do it better but most of it is just that, talk. Having trained corporate listing agents and REO agents myself for many years, I can tell you that after all the talk about how badly the agents want these listings, when they actually get them only about 1 in 10 does a good job. It turns out that there is a lot more work than they had expected. The paperwork alone will dirve most listing agents crazy.

Most of the establised REO agents out there worked for years to get the business. And many lenders and asset management companies recognize this. Right now every Tom, Dick and Mary is out there pounding on the doors trying to get REO business. Understand that these companies don't want to trust their listings to unknown agents. You have to earn the business.

So for those wanting to get into this specialization, go for it. Do your homework. And don't be taken in by real estate trainers jumping on the bankwagon and selling training and designations that promise to make you rich doing REOs. While some of them have good basic info, most of it is elementary.

And most of the asset management companies want a high school equivalency at a minimum :>)

Steele V. Propp, REO Specialist (no designation, just education coupled with experience)