Does KARMA Know REO?

[Robin Whitt]

I'm sure that I'm not alone in my thoughts and that this is going on in more places than just SW Florida but it bothers me more and more. What is it? The REO agent's that just don't seem to do their assets justice.

I pride myself in my work. I treat REO listings the same as a traditional listing. They get equal attention (most of the time more). They get the same amount of advertising, the MLS description is written to SELL the property and I always have a multitude of pictures of the property. Signs are placed on the property immediately and someone is always available to answer questions about the property.

On the other hand, I see BIG REO agents in my area that just don't appear to be putting any pride into their work. You have agents that put only one photo of the property into the MLS.....and that pic?....it came directly from the tax assessor's website, so they didn't even bother to go out and take a photo themselves. There is one agent in the area that takes a picture of the inside of the toilet bowl and puts it in every one of his listings. And oh, some of the MLS descriptions! "Bank Owned Property" .....that took a lot of thought!

We all know how difficult it is to break into the REO business. It is very aggravating to know that I would do the best possible job for these companies if I had their listings yet I see these other agents that just don't seem to appreciate what they have.

[Sue Koett]

Seeing the same thing in Southern Califonia, one agent with 100 REO listings and try just try to get them on the phone! Their properties are not up to the standards in which I pride myself in keeping my listings, but yet they continue to receive more listings,.. Then there are the ones that are miles outside of area and are not a member of the local MLS so when a client inquires about that particular property it takes forever to track down the information, (for again calling the sign number does not work for it is always voice mail, with no return call.)
I have found it close to impossible to break into this listing market and I have 20 years in the business, one of the top ten agents in our company of over 90 agents for the past 12 years. I do wonder how these asset managers place the listings where they do.

[Jose Rivas (DGRA) CDPE, SFR]

I had to do a second opinion bpo in a 7500 sf mansion with 2 acres lot, 3 years old, with a nice theater in basement 3 zone HVAC, pool, etc. when I call the listing agent for access, she told me to please put my bpo at $500,000 because she wanted the property to sell fast because she was concerned about fronting the money for utilities on that large home. Looking at all her listing she only puts a sign and a combination lockbox, one one picture and the remarks are always the same in all her listings, remove this, asis, bank owned, etc. nothing about the house.
I went 10 miles to find similar comps because this is a very large home, the value came at $1,250,000 in the conservative side of things. and I know to market a property like that one you have to invest money with virtual tours, professional pictures, magazine ads, etc. also I would put a sentri lockbox rather than a bairgainlocks lockbox. and the house needs clean up, steam clean carpets, and maybe a little staging.
We need to be a better job for our clients, actually in this market we need to do a great job for our clients, turn everything on time. I agree with Robin, we have to do better for our REO listings, because we are dealing with steady source of business, and we don't want to well to go dry.
The only houses that I don't do multiple pictures in MLS are the shells because that will work the opposite way. and any home that is in fair condition or better I do youtube video. Also in my listings i puff the remarks to bring out the positive of each home, and just disclose the "Anus Coverus" remarks at the end.

[Frank Popeleski]

Sima, try this one - https://titaniuminc.com/login.aspx this is my log in site. It has a contact us tab and that should get you help.

Robin - LOL - here in this market there are a few who state in the MLS that their clients are banks and they work from 8-5 and 'so do we' - calls on the weekends will NOT be returned! Such gall. I got most of my calls on REO's on weekends. The thing about photos is this - you have to do photos for the initial BPO - I just add mine to the MLS as our MLS will not allow a listing in without a photo.
I recall in my own neighborhood there was an REO up the street. Grass got knee high. I called the agent, and got the assistant. I mentioned the grass and that I was on the HOA board. Response - 'well we have 12 REO's right now' - My response - 'well if you cannot handle this one, turn it back to the bank'. I ended up calling the broker and asked for HELP. In two days it was cut and stayed that way till sold. Lazy, nothing less than that. I applaud agents like yourself who ar on top of your REO listings.

[Julie Baldino]

Never answer their phones/emails, voice mail boxes are always full, don't update listings in a timely manner, the list goes on and on..... so irritating. The worst (in our area at least) is that they are rude/unresponsive/shady to fellow agents... so nobody wants to write on the banks listings. Talk about doing an injustice to your client!

[Sima Saboury]

does anyone know where to go to fill out an apprication for Titinium solotion. I am going crazy from one web to another, no luck yet. I have so much problem finding the right site.

[Jan Baron, RDCPro, CSP, BPOR]

The toilet bowl with the lid up is my pet peeve. The biggest REO companies are the worse. They never return calls, have bad combos in the listings, and don't work weekends!