Well everyone.

I recently engaged a discussion on Linked In about flaky REO agents and some of it was pretty heated...you know agents pointing fingers at one another...so I have reproduced some of my thoughts here because they were revelant and I beleive propel us agents (none of us are flaky agents here!) to a higher level.

...THE DISCUSSION STARTED LIKE THIS:

More REO Listing Agent Lies, BS & Laziness!

I have consistently given credit to REO Listing Agents for earning their lofty position. Now the other side of the coin! "Homes listed in the MLS that show active are active" Lie! Unreachable and lazy REO Listing agents have the rest of us running around in circles and taking their word only to find out an offer has been accepted. How about the geniuses that put only a combo box on the home and don't answer their phones? And don't most REO listing agents give their clients the best chance to buy the home? Even if it calls for (nod and wink) exchanging information about other offers?

What do you think?

Tony Lewis RE/MAX of Valencia, Ca. www.TonyLewis tonyglewis@yahoo.com 661-702-4720

AND I RESPONDED IN THE COURSE OF THE DISCUSSION:

Well I always enjoy these heated discussions and time for me to weigh in as a buyer's agent:
Price your listing correctly...if it sells more than 103% of list you did't price it correctly and it deceives my buyers...they get frustrated.
Price it with the notion that an FHA buyer wants to buy it...that means closing costs too...offer a cash discount or something like that.
Please keep the bugs out of it and I mean roaches...this looks bad and it reflects on me too.
Yes...you MUST know if the condo is FHA approved...the health of the association, etc...you want to sell it right?
While you get 40- agents calling you on it...I have one buyer that easily gets frustrated when we put in an offer and never get an official rejection. They think its my fault and want to use another agent...just think of that!
Don't require cross preapproval...by the time your LO gets with my client...the property is gone anyway...(see above). All that exists anymore are direct lenders.
Please learn something about the property you list...all 100 of them!
Answer your phone or email rapidly... my buyer wants to know....if you need to have a contact person listed for this.
Yes, I want to know how many lenders you have and who is the bank...it lets me know what the process will be like.
Put a Supra Box on...always...combo locks and me do not get along always.

There it is...apply this to be a listing agent and you have it.
Be QSC certified... I am and clients know I am quality.
Asset managers...if you are reading this...this is just a glimpse of the superior service some of us agents perform to. Maybe we didn't take you class or sell lots of listings but what you get is dedication!

the discussion went on and I concluded with some more info:

Christine, I guess life is different in Texas. Based on that concluding commentary about LOSING money on a listing, I wonder why anyone would want to manage it? I would think that in any case about being party to a contract...you are representing the interests of the seller (investor or AM) and at least out here I have run into a few that run their operation like a machine in a factory and I do not think that has changed anything...and yes I imagine the AM's are just like any other seller...I have had them dispute my BPO a time or two before (why do they need my opinion if they think they know better anyway?)
Among the more glorious things I have noted in my REO travels,is that one agent uses a message board: upon offer submission, he gives a logon and password and we can view a message board that has commentary about the process at any given time...never a need to call.
Another uses something called RapidLInk that gives us the code to any of her listings...we just register once on her website and after our info is verified, we can type in the listing address and get the code asap!...again no phoning or texting! I would never report someone to their AM because I feel that at one time justice will serve itself acccording to one's merits.
I sometimes too, Christine would like not to be a buyer's agent since we are glorified tour guides at times and I would rather have a professional realtionship with A person. Yet AM's always ask " how many properties you have listed?" Apparently selling them doesn't count and that is part of my frustration. For the record Chrsitine,I am sure you are one of the good ones that actually do what you are supposed to do as I imagine it is a struggle to just 5 REO' to list consistently.

In summation we can tell this:
Communication is paramount between agents on both sides of a transaction.
Don't bother the other agent for obvious information.
Seek feedback about your listing
Be diligent even as a buyer's agent when in escrow (real life: had an investor/agent tell me he appreciated how diligent I was and was more than willing to advise me of his current and upcoming inventory and have priority on open houses..looks forward to my next offer!)
Can anyone add something?

YES CAN ANYONE HERE ADD SOMETHING?

Dear John,
I'll add my 2 cents in as an REO listing agent. Yes, there are a number of bad REO listings agents and everybody remembers the bad time they had working or not being able to work with them. I run across then too!
My comments below are not directed to you, but to all buyers agents in general and especially to the lazy ones.
First off let me say that our clients have certain procedures that we are required to follow like the forms that are required to submit an offer to them. This may include an addemdum, their lead based paint, pre-qual letter, etc. When you see a list of required items it's because the lender says this is what I must have to respond to an offer. It does no good to call me and complain! I'm am going to do what my client has instructed me to do and my client is not going to change what they want just because you do not like it. Play by the rules or don't play!
There is a reason that properties show active in MLS when there are not besides a lazy agent. Most REO sellers are computerized. An offer is submitted by the selling agent into a computer system by filling in the blanks of the important information such as price, terms, etc. by filling in the blanks on a screen. The AM never sees the actual written offer. They depend on their listing agents to make sure that all the forms are filled out correctly and that all of the required information is complete. They respond by filling in a form on their screen. Once an offer is accepted, the selling agent will get an email and notify the buyers agent. At this time we have an accepted offer but no exectued contract. A clean contract must be produced, signed by the buyer sent off for the sellers signature and returned to me. This takes time. My MLS will not allow me to "pend" a property without an execution date which I will not have for several days or maybe several weeks. I could simply make up an execution date and go ahead an pend the property as soon as I have acceptance from the seller ( there are times when the buyer has backed out of the deal before signing the clean contract so the property never actually went pending) but I don't like the idea of simply making up things that are not correct.
I do call our showing service and have them show the property pending in there system so buyers agents will know when they call to make an appointment to show that the property is unavalible. Of course I get a lot of phone calls from agents wanting to know why the showing service says it's pending and MLS shows it to be active. I also recommend in the comments section in MLS for agents to contact me to check on avalibility. You would be amazed at the number of agents who do not do this.
As far as combo boxes, our clients require them to be placed on the property. There are a lot of people going in and out of a REO properties besides buyers agents and they don't have SUPRA. There are a number of bad agents who don't return phone call or respond to emails. You just have to put them down as stupid and move on but if you don't know wow to work a combo box, and there appears to be a lot of agents that don't, send me a email and I will reply with instruction.
As to front running a property and sharing information with a client, I consider that to be unethical and have never done it. I know it happens and not just with REO properties. I have 1 client that will not look at on offer until it has been in MLS for 2 days and another that will not look at an offer for the first 14 days the property is listed. This ticks off some buyers agents.
Well, this is getting long and I have to go. I will respond to other thing at a later date.

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Comments

Alain Thillois July 12, 2010 at 3:26am

I agree that some agents should not get these assignment for all the good reasons you are describing. At first, they have nothing to do with this location due to their extended proximity fron the subject property. They just don't know and this is the reason we don't have a good and acurate data on the property, lack of photos, lack of lock box and finally lack of communication. They don't want to communicate with you because they just don't know. They considere this listing as "just another REO" ! So don't bother to call me for question, just email the offer.... how many times we have seen that one. WYSIWYG (what you see is what you get). It generates frustration especially for the buyer agent and their buyers. These agent are still getting listing on regular basis BECAUSE "they have an established relationship" with AM. I am not sure AM knows about all of that. Or if they know and still assign asset to the same agent, Well ! This is very irresponsible and certainly not the best way to represent the owner of the note to recover the maximum of their capital...after all, that is a goal as you describe 103 % of the BPO/Listing value.
Jose Rivas (DGRA) CDPE, SFR July 5, 2010 at 12:29pm

Mary you are right, we all need to put ourseld in the other agent's shoes and try to be understandable, yes, there are bad apples, but they are few, and at least in my market their inventory is shrinking while it is increasing for others.
Dr. Marqueze D. Williams, Sr, NRBA July 5, 2010 at 11:12am

Well said Marie! John I do understand your frustration though...We all as agent have to be more aware of everything that goes on in OUR business practices, especially communication! Good topic though
Marie Walton July 5, 2010 at 10:58am

Dear John,
I'll add my 2 cents in as an REO listing agent. Yes, there are a number of bad REO listings agents and everybody remembers the bad time they had working or not being able to work with them. I run across then too!
My comments below are not directed to you, but to all buyers agents in general and especially to the lazy ones.
First off let me say that our clients have certain procedures that we are required to follow like the forms that are required to submit an offer to them. This may include an addemdum, their lead based paint, pre-qual letter, etc. When you see a list of required items it's because the lender says this is what I must have to respond to an offer. It does no good to call me and complain! I'm am going to do what my client has instructed me to do and my client is not going to change what they want just because you do not like it. Play by the rules or don't play!
There is a reason that properties show active in MLS when there are not besides a lazy agent. Most REO sellers are computerized. An offer is submitted by the selling agent into a computer system by filling in the blanks of the important information such as price, terms, etc. by filling in the blanks on a screen. The AM never sees the actual written offer. They depend on their listing agents to make sure that all the forms are filled out correctly and that all of the required information is complete. They respond by filling in a form on their screen. Once an offer is accepted, the selling agent will get an email and notify the buyers agent. At this time we have an accepted offer but no exectued contract. A clean contract must be produced, signed by the buyer sent off for the sellers signature and returned to me. This takes time. My MLS will not allow me to "pend" a property without an execution date which I will not have for several days or maybe several weeks. I could simply make up an execution date and go ahead an pend the property as soon as I have acceptance from the seller ( there are times when the buyer has backed out of the deal before signing the clean contract so the property never actually went pending) but I don't like the idea of simply making up things that are not correct.
I do call our showing service and have them show the property pending in there system so buyers agents will know when they call to make an appointment to show that the property is unavalible. Of course I get a lot of phone calls from agents wanting to know why the showing service says it's pending and MLS shows it to be active. I also recommend in the comments section in MLS for agents to contact me to check on avalibility. You would be amazed at the number of agents who do not do this.
As far as combo boxes, our clients require them to be placed on the property. There are a lot of people going in and out of a REO properties besides buyers agents and they don't have SUPRA. There are a number of bad agents who don't return phone call or respond to emails. You just have to put them down as stupid and move on but if you don't know wow to work a combo box, and there appears to be a lot of agents that don't, send me a email and I will reply with instruction.
As to front running a property and sharing information with a client, I consider that to be unethical and have never done it. I know it happens and not just with REO properties. I have 1 client that will not look at on offer until it has been in MLS for 2 days and another that will not look at an offer for the first 14 days the property is listed. This ticks off some buyers agents.
Well, this is getting long and I have to go. I will respond to other thing at a later date.

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More REO Listing Agent Lies, BS & Laziness!

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