REO Agents Who Monopolize Listings

[Donna Lavin - CDPE, SFR]

This question is for the asset managers if they visit this site. When you usually assign REO properties do you give 300 to one agent? Or do you assign to a certain real estate office and they should distribute among their agents who do REOs? I would like to hear others on this site if they heard of one agent getting so many. The reason I am asking I had a recent incident where I could not reach the agent to find out how we can get into the garage on the property. He never called me back and my client was getting livid. I tried calming my client. We had questions about putting an offer in etc. I had to end up calling the manager. I do not like to do that, but my client was not stopping, and I wanted to see if there was a logical reason like sick etc. The manager said I had to realize he had over 300 REO properties and cannot answer everyone. I said then maybe he should re-evaluate taking on so many and ticking agents off for not getting back to them. I further stated that he is doing the asset managers a disservice by not taking care of the listing by losing offers. In the end after talking to the manager and the agent directly on the issue it all worked out. I heard other agents mentioning the name on the same issue. Why in the world would asset managers assign so many listings to one agent? There are enough of good, reliable and conscious agents that love to get at least one listing. I have had REO listings and every agent I worked with were very complimentary. If you keep in touch with the agents and just inform them where you are with the process everyone is happy and wins. If you have a listing that seems to take long to get to close, and you keep in touch with everyone even if you do not have further news the deal will happen. Am I missing something here? Am I viewing this differently? Would appreciate other opinions.

[Michael Howard]

I think we are on the same page Donna. Thanks for the perspective.

[Donna Lavin - CDPE, SFR]

Michael, I think this site is great to get other perspectives. However, I would like to comment I was told by the manager of the REO agent that he had 300 listings and that was the excuse for not getting back to me. I read the MLS and not all agents have information where to fax the offer. I agree some agents just miss reading the MLS. I mean like we are viewing the property and clients have questions like where is the key for the garage, if something looks odd you want to ask the agent for further information. The other question if it is not listed on the MLS where can we fax the offer and when can we expect an answer. Not always is the MLS changed right away to reflect availability or A/I. I have called and made appointments and never was told there was a contract on the property. Maybe at that time there was not. When I submit an offer then I am told. I guess we all have our stories, but the bottom line is there should not be an excuse not to return calls especially if there is a message stating what they are looking for. This is all good. I enjoy reading all the comments. We all see it differently. It does not mean anyone of us are right or wrong just our view. Thanks for sharing.

[Michael Howard]

Hi All. Please don't misinterpret my point. I am in no way defending the agents out there who are clearly not doing anyone a service by their lack of courtesy to fellow agents, and didn't state that that was my team’s mode of operation. (Beg to differ with you Michael, I employ a very large staff as well and sometimes it is difficult to respond to everyone as quickly as they would like, it’s disingenuous to suggest otherwise) We work very hard to reply to everyone who contacts us but it IS not our first and only priority and, if you call me, my partner or one of my assistants to ask for a properties availability, when the MLS explicitly informs you that the property IS available, don't expect a call back. My post was meant to offer a different perspective of what is involved in selling distressed assets. Agents who hold a lot of listings typically have them BECAUSE they have performed well for long period of time; the banks just don't GIVE out listings, nor should they. Listings are earned. Donna, very few asset Management companies or banks hand 300 listing to one agent. Most banks have limits far less than that. We just typically work with several institutions. As for Losing more money than I am making Steve, My wife/Partner and I have been in the top performers in our brokerage for several years, yes prior to REO as well, but I appreciate the warm wishes:) This site is a great resource and should be about offering various opinions. I enjoy the discourse and look forward to responses.

[Donna Lavin - CDPE, SFR]

Thanks Michael we need more of you. That is what I call organization and professional. Send your good people to Chicago.

[Michael Shannon]

Every REO listing agent can return calls. We all have the same amount of time in a day. Shame on them, they need to staff up. I have a Closing Manager, a Closing Coordinator, a Sales Coordinator, a Valuation Manager, a Property and Billing Coordinator, a Listing Coordinator and five buyer agents who show the properties and write up the offers. We use state of the art REO Management software ACT4REO that we developed 10 years ago to track 950 properties in real time with 12 users. We can generate a lawn or snow list in under a minute. Last year we closed 423 properties. This year we have already closed 227. It takes team work, effective management, and experience. We expect to close 1000 REO's by year end.

[Donna Lavin - CDPE, SFR]

Netta good points. I believe with this discussion almost all agree that agents should service better in all areas. I agree with you about Integrated Asset Service. They are great to work with. In all the ones I have dealt with they are my favorite. I have not had any association with the other two you mentioned. Thanks for your input.

[Netta Blackwood]

I agree that there need to be a balance. In my area, they are some agents that told you plainly not to call them because they will not be giving out any information over the phone. You also send them e-mails and they do not respond. There are so many thirsty and experienced agents out there who are in need of listings and cannot get any. It is certainly unfair. I work with one asset manager who works very fairly. They assign REOs in which one have to sell them in 3 months. Also, they will call you and other agents to see who would accept this assignment first. This is Integrated Asset Service. I appreciate their style of doing business. Another company that I love to work with is Bankers Asset Management. If they ask you to complete 2 bpos - which will be turning into REOs, they will assign one to you and one to another agent. I wish there were more asset managers who operate like this. And of course, there is First Preston who is very fair in their sharing up of listings too.

[Steve Adkins]

Michael, I think you may have just walked into a buzz saw! I feel for ya brother! To a certain point.

Like I have said before, as well as others, I have a couple of brokerages like yours in my area. They think just like you do. And they are getting a reputation, but it's not a good one.

There are so many listings on the market (and more everyday), I get to pick what to look at and who I want to do business with. Agents get one chance to impress my buyers and me and then I go on to the next listing. If I call or email an agent to inquire on status or lockbox info, they have one to two hours to respond. If I'm on-site trying to show the property (which happens often) and they do not answer the phone then, that listing is removed from the list.

I am not alone in this thinking. My brokerage has over 2500 agents and most of us are busy. We do not have time to waste on agents providing substandard service. Agents like you are loosing more money then you are making. Hopefully your client realizes this one-day and makes adjustments in how they want to do business. Wake up and smell the coffee!

And who cares if the agent sounds goofy on the phone or voice mail, it's the buyer that counts! We all deal with "goofy" agents, but if the buyer likes the house and decides to buy one of my listings, I'll work with "goofy" agents all day long! That is something you will never know if you do not return their calls or emails!

[George Kenner]

This is just rubbing a crystal ball but I can see the Local Boards exploding with complaints against agents who do not call back on submitted offers. I was taking to a C21 Agent at the local watering hole and their offices does not hold a single REO listing and no one can break into the business. I heard one of the agents called the Board and told them of this problem (no return call) and they discussed contacting the Asset Manager directly. The logic being the Asset Manager is not the OWNER they are a "Third Party" and contacting them would not be a violation of ethics.

There is one agent in our area that makes clients sign an agreement that in so many words says "DONT CALL US, WE WILL CALL YOU".

What I see is the boat is rocking and something may fall out if there is not so change to the system. I can not see keeping 99 percent of the Agents in the Nation silent on this issue for much longer. I bet HUD gets involved. After all we are just the THIRD PARTY.. the real issue is that a Family is trying to make plans on where to live and can not find out if their offer is accepted. The Public is as upset as the Agents who dont get the calls back. Me, I call back or e mail on every request for information and the call is always the way I want to do it. Someday the REO business will be gone and I want to have a good reputation when it is all over,

[Donna Lavin - CDPE, SFR]

Yes Addie!! Well stated. I understand the work involved with some not all. Michael, it still goes back to common courtesy to the person bringing you a sale. Of course you will get some agents that are not being reasonable, but a simple call back for whatever does not cost a lot. It still goes back to what you admitted. Taking on too many listings and not being able to handle all as you should. You can justify the actions all you want, but the bottom line is don't take on so many that you get cranky. It's not all of the other agents fault. I am not knocking what you do Michael, it is realizing another perspective. I would rather have 1-5 and do my best to get those listings sold by being cooperative with the agents than have 300 and get a bad name for not being responsive. I would not want to chance losing the reputation, and image I worked so hard for. I have heard many agents saying that they look at the listing agent and if its a certain person they had difficulty with, they will not show their property. You might be thinking oh that is one. Wrong don't you know bad news gets around a lot faster than good news? You can be an exception. I am not trying to be mean. What I am trying to do is make those agents that are guilty to see another side, and think about changing their method of doing business. Be thankful for being able to get all those listings and do a good job for your seller.