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Many agents offer lunches, dinners and just about anything you can think of to get their foot in the door. Many AMs are put off by the blatant way some agents try to "buy" an opportunity to become an REO broker but some relish in the attention lavished on them. Whatever it is you do to get your foot in the door it is necessary to do a great job every time an assignment is given. Don't make the mistake of thinking just because you rubbed the AM the right way or are on friendly terms it will permit a substandard job. Granted AMs will understand mistakes will be made once in a while. However, if it happens on a consistent basis they will seek the path of less resistance.

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I wished AM's would test some of their agents out sometimes by maybe doing something like a mystery shop. They would be amazed by the way some of their bigger brokers handle the listings. I know some in my area where you just cannot get them on the phone to get an appointment or get feedback on your submitted offers. I have many buyers coming to me just because they think I would have better luck getting through to the agent than they had. It seems some of these kings/queens have such good relationships with their AM's that it doesn't matter. I know it's because they probably get alot of their inventory sold but any competent agent that truly cares aboout their future in the REO business can produce the same or better results if they were given the same amount of inventory. I'm not crying because I don't get enough listings but because it gets frustrating when you see the bulk of the inventory going to these same brokers who are extremely difficult to deal with. My team only has 2 accounts with about 40 listings at a time and we produce very good results but we're finding hard to get any new accounts. Any advice on how we can go about that?
Carlos, you are right on target. You have to do a great job everytime. True professionals go the extra mile to make sure everything goes smoothly, and they make the AM look good.

George, I will be watching to see what kind of responses you get. I think it is the same in every market. The mega REO broker gets the bulk of the inventory. You bring the buyer to the property- lawn overgrown, no electricity, key missing from lock box etc. I tried to get the agent on the phone and had to speak with 3 buffers regarding the nature of my call, and then was shuffled off to some assistant that didn't have a clue about the property. Oh, and how about the agent that has never even seen the property? Had their re-key/clean-out crew take the interior photos. You just have to hope that eventually your hard work will be rewarded.
Financial institutions care very about their image and are starting to get wise to the substandard service some of the agents provide. As a matter of fact some have local Field Asset Managers who inspect properties and make sure the agents are doing their job. Those mega REO brokers who are providing bad service will be weeded out.
Carlos, I don't agree with you that Reo king and queen will go away. They are there, and chuck is stuck. I don't think there is such thing local field asset managers. Agreed with George and Billie, these REO king and Queens thinks they are GOD. I do list REOs as well but I return phone calls and email in timely manner.

I hope Asset managers read my comments here and there should be a way to weed out the bad REO king/queens who are not doing a good job and the listings should go to the other agents who are good and has professionalism.

If you don't get chance how will you prove you can do a good job. I'm working with my current buyer whose listing agent is 200 miles away. How can he do a good job? I'm doing part of his job which I should not have done it but I'm doing for my buyer.

Don't you think the asset managers can map the new listing with their office, how far the distance is but maybe some corrupt asset managers might get a small pie from the listing agents as well, and I hope they will get caught one day and get fired. They have no ethics. I'm frustrated like others. I keep submitting offers above the listing price but it still not get accepted, why? because they want to do the double end.

Oh well, I can go on and on..
Ranjit-Trust me when I say there are Field Asset Managers out there! At least I know for a fact that Citi and Chase have them. It's only a matter of time before the other big players come on board, if they haven't done so yet.
Do your best, work harder than the mega agents and some day it will pay off. I still think the AM's are so overloaded with files they don't have time to check on the small things. The AM's depend on us to be on top of all the little things and make them shine. So as I said, do your best, work harder, it all comes back around...
Agents and their buyers can help bring change to the REO king/queen status quo by lobbying their financial institutions, NAR, their local associations/real estate division, local media and elected officials. It will take time but if we persist and work together it will happen.
I think if there are issues of legal nature then yes, but there are other ways to knock out the REO heavy hitters not performing 100% for assets they handle.

One would be to market to an AM you are currently working with, giving them a referal Agent in other areas, as it happened to me, an AM asked a CA Agent for someone in NJ. In less than a week I got 3 Fannie Mae properties in prelist. Glory be to those who network! AMs are hip to this also. Start making friends, talking with AMs on a level comfortable enought to say hey, you need anyone in NJ? I got a great experienced Agent for you and her name is Michele DeVito, I do pay a referal fee back to who generated those listings to me.........just a suggested way to get listings to go to Agents who are over works!

Ranjit: On the double sided note end of things: You can present an offer with an Acknowledgement it was given to the Seller. If that Agent signs it and sends it back, now you have legal issues to contend with if you find out, in fact, that offer was not presented to the Seller. Calling the Seller direct can be one way, but your clients need to be on board with this. I have had an experience such as this, and now with all offers that come to me on my listings, I will fax back an Acknowledgement I received their offer and sent it to the bank, regardless, it keeps me 100% upfront and honest, and in check to know I have a record of it.

In my experience, I had an offer presented to a Listing REO King in my area, was told my over list cash offer was not good enough, they had received a better offer. Watched it close for same price and not cash. Of course my client was up in arms as it was immediately relisted and sold for over $100,000 more than what was paid, all within 4 months time. That property was an REO, that I can easily find out who was handling it, in turn contacted them but without something in writing that I presented it by way of an ackowledgment, did not have a leg to stand happens all over everyday. Protect yourself and think of ways to do so, as I have from that point on.
I make the REO listers look good because I have the duty to get my buyers in line to buy :-)

As far as good job, that's my job that I take seriously, because if the buyer has a good buying experience, I'm hoping to get referrals from them.

I assure you that many banks do have Field Asset Managers, and internal quality control programs. As a field service provider, I can tell you that we have direct contact with these individuals on a regular basis...
A couple of weeks ago I tagged along with an REO manager friend of mine (in a different area), and we inspected about 5 properties (she was showing me how her lender manages/rehabs their assets). One of the houses, where the listing agent was an out of area agent, had had the water heater stolen and the property was not secured from the inside as the LA had told her it was going to be. There were cut metal straps and muddy foot prints all over the floor. Was she unappy? What do you think? Was she going give him more listings? I actually didn't ask her, but I highly doubt it. She said when she got that position this guy was "assigned" to her by her boss, that's how he had gotten listings. This lender she works with will be consolidating their REO managers in the near future, and they will most likely not be driving (inspecting) their listings the same way. Not sure, but now they sure do inspect them.
Michele, Good to know a good angent in NJ next time I know someone needing help there :)


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