REOPro - Real Estate Default Professionals

America's Largest Social Network for Default Real Estate Professionals

Realtor Friendly? What's in it for REO broker? And why don't (some) selling brokers just follow the directions??

As an REO broker how can I be more Realtor Friendly?

The REO broker does indeed experience a lot of pressure from the asset managers & companies. It seems that new REO assignments come at times in 'herds' with short-tough deadlines. Yup...been there, done that. So why would I consider taking the time to be 'Realtor Friendly'?

From my self-interest & perspective, being Realtor Friendly saves me time. The most important time I have is the DOM time. My REO listings seem to get shown & promoted first by selling brokers. They have experienced a cooperative list agent, full compensation regardless of list agent referral fees, and most importantly (to me anyway) a 'no war' transaction, which can be exhausting. I believe that being Realtor Friendly negotiates my seller client right-in-to a fast closing! Happy days are here again!

Yes, some selling brokers are hard to work with and need more time than others. Yes, this is a true experience of mine as I'm sure it has been with everyone out there. What I know to be true is that we are dealing with people. Realizing after 10 dedicated years of trying to teach my cat to bark, I no longer argue with the reality that cats don't bark, don't want to bark and cats are happy with a meow. I gave up arguing with the reality that all selling agents (people) should be equally competent, follow directions and have no need of my communication. It is simply NOT the way of it....and never will be.

Being Realtor Friendly is actually quite easy to do. It starts with the understanding that selling agents are a vital part of the transaction equation. They are the finishing 1/2 of the deal. They influence YOUR reputation with your asset manager. If a buyer's agent learns of issues regarding the transaction, they are more likely to keep you informed so you can pass the info on. In my experience, asset managers like and tend to favor a 'no surprise' REO broker. Realtor Friendly means having all of the needed docs and information uploaded on the MLS along with good pictures. Perhaps in the public remarks put "Check this one out with your favorite Realtor!" and in agent remarks might add, " Realtor" friendly listing agent. Questions? Call! Closings are more fun than listings! Do you agree? Let's close this one soon". The open receptiveness coupled with down-home people respect is ultimately your asset managers BEST FRIEND.

Selling agents don't seem to mind or be upset that my genuine motivation is powered by my own self-interest. Short & fast DOMs without struggle seems to earn me more money, which I tend to like.

Views: 28


You need to be a member of REOPro - Real Estate Default Professionals to add comments!

Join REOPro - Real Estate Default Professionals

Comment by Pam Wachter, Assoc. Broker SF on May 23, 2010 at 12:12am
I couldn't agree more. Being friendly, supportive, responsive and cooperative will give a listing agent a reputation for being easy to work with-- and that gets your listings shown and sold a lot quicker. Many selling agents have had bad experiences with other REO listing agents, and they're nervous about the prospect of doing another REO deal. I always keep that in mind and try to make the process as pleasant as possible for them. Another poster mentioned "customer service", and we do want the selling agent to be a satisfied repeat "customer".
Comment by Byron Blackburn on May 16, 2010 at 1:39pm
Great idea Greg!! I implemented your idea today into my procedures. Thanks!!
Comment by Stephanie A. Glassey on May 15, 2010 at 3:22pm
Congrats Karla!!!...for answering your phone. Seems a simple thing, but many listing agents just put themselves on a pedistal. I have always been primarily a listing agent and have caried very heavy inventory loads. Either myself or my partner ALWAYS answer the phone ...or respond very quickly. I think sometimes the elaborate answering systems some agents empliment are just to give the elusion that they are more important and way more busy than the caller. In my opinion, it is just annoying. I too get the THANKS FOR ANSWERING or THANKS FOR CALLING ME BACK SO QUICKLY.. courtesy and communication is key to smooth transactions.
Comment by Karla Totten on May 15, 2010 at 3:02pm
So many selling agents thank me for answering my phone!! That's right, just for answering my phone. I also work with buyers and have experienced the same frustration as they have with REO agents who do not answer phone calls or email. It reminds me to keep up with the customer services skills.
Comment by Stephanie A. Glassey on May 15, 2010 at 11:04am
Thanks for the very good advice.....You are sooo on point!! As an REO agent for amny years, you sometimes forget the other perspective from the selling agent side. The simple points of communictation between l/a & s/a can make the difference for sure!!
Comment by Greg Gamble - Seattle Washington on May 14, 2010 at 10:54pm
When an agent has presented an offer,we have a simple one page sheet that lays out the banks expectations (brief) our role and commitment and the selling agent and buyers role "for a seamless" transaction. We have set days for communication, follow up and expect the selling agent and buyer to meet those dates. You guys probably have a similar process, but it has helped us at the point of the offer to lay out the rules and guidelines. It has helped us keep everyone involved, communicating, and updating us without having to chase and hunt them down. They feel they are part of the process. Good article and thanks
Comment by Steve Adkins on May 14, 2010 at 4:05pm
Good blog Byron! I agree 100% on every point, we often get busy and forget that it IS a 2-sided transaction. And in order to protect our clients we often have to help the other side, or we should, to get the deal closed and on time.

© 2019   Created by Jesus (Jesse) Gonzalez.   Powered by

Badges  |  Report an Issue  |  Terms of Service