Lately I have been contacted by a many REO agents who want to know how I can help them get connected to Asset Managers. The agent’s goal is to get more business.
First of all I let the agent know that I am an REO Transaction Coordinator. Even though I interact with many asset managers because of the nature of my work, I do not usually refer random agents to asset managers.
Asset managers are very busy and they prefer that agents follow the procedures to apply. That tells the asset manager that you follow directions. Also by putting in your application, your contact information will be in the system. When an opening comes up that fits your criteria, you will be contacted.
As an REO Transaction Coordinator, I do assist agents in applying for the hundreds of asset management companies. The more asset management companies you apply to, the more apt you are to receive business. It takes time and effort and continuous follow up to asset management companies to receive responses.
But there are several ways of networking successfully with asset managers. Networking is about building relationships. Asset managers are busy so they do not appreciate it when random agents continue to contact them for listings. But they do appreciate the networking opportunities. This is a good way to build a business relationship with an asset manager. A REO Transaction Coordinator can help you begin this type of networking.
And once you have a good foundation you can continue to build your own network of asset managers.
My next topic will cover things you can do to make the asset manager’s job easier – which in turn will grant you more listings!
To your business success!
Roxanne Tidmore
Comments
I just sent you a message.
My number is 513-407-9194. I am in the office now.
Roxanne Tidmore
I wanted to answer everyone's questions in a logical order.
Billie - I used TazaREO and EBrokerhouse. It depends on what the agent is using that comes to me for transaction coordination. I also use RELAY, TrackMyFile and SettlementRoom. Each one has features that appeal to each particular agent depending on what they need it for.
Mykel - An REO Transaction Coordinator in summary takes care of all of the details of the asset once you receive it. We cover Pre-listing (bpos, utilities, HOA, etc.), Listing/Marketing the asset, and contract to close. And that would cover interacting with all of the parties involved in the transaction, ensuring all of the deadlines are met and getting you to a successful closing.
Hi JD - I will email you at the email address you have in your comment. And you are right you need to be registered. Although I have been able to help agents network successfully with Asset Managers.
Hi Jose - And yes it does take a lot of effort, time, hard work and focus! And those are good points that I need to inform those agents who do contact me, thinking I can instantly connect them with an asset manager!
The right way takes a lot of effort, hard work, dedication and focus. There are several REO companies out there and we just got to keep going at it everyday, to increase our business.