Long Distance Assets

[Pam Eikleberry]

Trudging through the snow for three hours in Sorels, snowboarding pants, a down jacket and a hat, you would think that I was on my way to the slopes. A day of skiing would have rocked, but I was making my weekly 300 mile round trip trek to a couple of out of area listings for one of my favorite asset managers.

They are great listings and I am glad to help (thankful for the business, too). In a small rural town almost 2 hours from my office. What I am wondering is this--are there other agents out there who always say, "YES." to the listing?

Luckily, the weather has been mild here this winter so the road has not been closed yet for my property checks and I was able to find a couple of great local realtors near the home who would dash over and take the buyer leads from sign calls. Besides, if I can hit the slopes in Tahoe on my way home--nobody loses, right?

So, how far is too far, when it comes to accepting REO assignments?

[Pam Eikleberry]

Well, it is hard to judge if you have never worn those shoes, but I simply have asset managers that I would do anything to help. If there are no network brokers in proximity to the listing, it is in my MLS coverage area, I can appropriately price and maintain the listing, and the asset manager has gone to bat for me, I will always say, "yes!"

Sometimes, an asset manager does not have a network broker in the area so they are trying you out--saying no will not reflect well on your record.

[Hugo W Meza]

Why would an AM let you listed a property that is that far from you? I understand agent-AM relationship, but as AM, I would probably use another local agent who has buyers and who could advertise it. As an agent, I would do the math and take if it makes sense; of course, if the AM allows me...then again, will I do my upmost for this listing?

[Angela M Kniep, CDPE,GRI]

Assuming you service and manage the property as well as you would a property next door to you, a lot depends on the price of the property and the fees deducted, it would seem. If the property is $80,000 for example, and there's a 30% referral fee to the asset management co and it's a co-broke, how much is your time worth for the extra driving and auto/gas expenses? When it is occupied and there's a CFK/eviction, how often will you meet with the occupants until they depart if you are 150 miles away. On a recent CFK I had, I met with the occupants every other day to keep them on track for meeting the deadline. The property was 10 minutes away so it was easy. I don't think I'd take an occupied property 150 miles away as I wouldn't be able to service it to the utmost. But then, if the property is higher-end, and priced right....hmmmm guess we'd drive anywhere for the income, as long as we can service it ! Do you belong to the MLS service that is 150 miles from you?

[Johnny Huang]

Too far is when you have to walk through snow for 2 hours :-)

Kidding aside...too far for some agents don't mean a thing unless they get the listing. I've seen agents from 2 counties away in my area, which are mostly overpriced, under-maintained, and under-managed.