REOPro - Real Estate Default Professionals

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Bridge Asset Servicing Network Conference- Final Wrap Up

This conference was one of those rare events that was of real value to me for a number of reasons; not the least of which was the conference being held by a relatively new company interested in assigning default properties to agents.
There were very important distinctions made by Bridge that truly set them apart from other asset management companies during the conference. To me, they really do define the company and its leadership as an excellent example of the Next Generation Of Default Management For Real Estate.
Here are a few of those distinctions:

1. Their acquisition models are radically different from other default asset management companies. The inventory comes from a variety of sources and how each property is handled will be affected by the source of its acquisition.

2. The agent is required to exercise a much more detailed eye when conducting their valuations and provide information far beyond what the industry standards have been. This is imperative to assure the most accurate 'picture' possible for Bridge so a truly informed decision is made as far as value, repairs needed and the marketing plan to be employed which is developed with the assistance of the agent.

3. The agent can also refer possible acquisition information to Bridge. Yes, that's correct- if an agent finds a property or properties that may be a fit for the company, they are interested in determining if acquiring them is a possibility. Once acquired, the referring agent is usually also the listing agent when the properties are listed for sale.

4. The management team is accessible. I can state unequivocally from personal experience that this is a true statement. While doing a valuation at night, I ran into an issue and left a text for the COO.
15 minutes later the Chief Operation Officer (The Boss) called, still groggy from sleep asking what he could do to help. This is a horrifying experience for an agent that I hope to never have happen again!

5. Their standards for the agents who work with Bridge are measurably higher than any other company I've worked with. By requiring excellence from the agents and all other vendors the chances of obtaining superior results are much more likely. Fortunately, Bridge appears to require at least that level of excellence from themselves so for me I don't mind having to meet their high standards since they 'practice what they preach' (Now there's a refreshing concept!).

Suffice it to say that if you have the opportunity to work with them, do not hesitate UNLESS you dislike the following:

2. Actually be expected go to assigned properties YOURSELF.
3. To be held accountable for your valuations.
4. Do not enjoy thinking out of the box.
5. Find it difficult to work with individuals who have ethics, integrity and a set of moral standards that they themselves live by.

If those aspects of working with Bridge ASN do not appeal to you, then passing on the chance to participate in something totally different and exceptional is probably a good idea.

In my case, I am so jumping on this opportunity. So far, aside from scaring myself half to death by waking up a senior officer of the company, I have found the company to be exactly as they have advertised and an enjoyable experience.

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Comment by Greg Gamble - Seattle Washington on June 23, 2010 at 12:41am
Well put Rick. It was a nice departure, great people at the conference, and a very solid conference. Plus it was nice to meet you and your better half. You two are a power couple.
Comment by Mike Esposito on June 19, 2010 at 12:08pm
Ditto to Rick's post! They are a refreshing wind in an everchanging environment where agents are typically not looked upon as allies! I am looking forward to working with them.
Comment by Wendy Bauman on June 15, 2010 at 12:10am
It's completely refreshing to read Rick's post. I believe Bridge's model will transform how default properties are handled in the future. These folks wanted to be eye to eye with us! Revolutionary in this industry. I've sold 100s of default properties and not met one AM - until Bridge.
Good for Bridge for coming up with a new model - they are busting butt and I'm happy to do the same!
Comment by Julie Baldino on June 13, 2010 at 1:24am
I second all of that, and jumped on the positive bandwagon myself. I wish this company much success, along with all the agents that took a leap of faith in joining the Bridge family!

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