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Top 10 REO Contact Tips for Agents from a top Asset Manager

Yesterday I attended an awesome REO seminar from, National Foreclosure Sales Training Institute in Santa Monica, California. The featured speakers were 2 top REO listing agents and we had some surprise guest speakers. One was a top Asset Manager (can't mention any names, sorry). Another guest speaker was Thomas Moore from eBrokerHouse and he demonstrated their software live!

Following is a photo of top REO listing agent Pam Eikelberry from Northern Nevada, giving instruction:

Here's the top 10 REO listing tips from our Super guest, the "secret" AM:

1. Asset Managers don't like surprises - they need to know any potential problems before they explode.
2. Never say "that's not my job" or you'll soon be OUT of a job.
3. You may have to prepare REO buyer's agents by educating them about the addendums.
4. AS-IS means that the bank will NOT be making any repairs. Duh!
5. If buyers default, they should NOT expect a return of their earnest money deposit.
6. Never turn down any work, BPO or otherwise, whether it's paid or not.
7. Banks won't pay for home warranties. The buyer or agent(s) will need to pay for it.
8. Be available any time an AM calls you -- days, nights, weekends, holidays
9. Be honest and up front; don't play games.
10. When sending a request to an AM, just ask a yes/no question or give a choice of actions. Extended narrative is not needed.

Hope these tips will help you with your REO business! Lots more tips available from their 2-day seminar, see if there's an upcoming seminar near you:

Regina P. Brown
Broker, Realtor®, e-Pro
Author of eBook "Stop Foreclosure Fast: Solutions to Save your House"
Author of forthcoming book, "Virtual Office Guide for Business Professionals: Work & Profit from Home"

Text copyright © 2009 R.P. Brown, All Rights Reserved

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Comment by TED BENJAMIN on January 16, 2010 at 5:12am
the less a am hears from you except giving praise =more assignments the formula HANDLE IT use a nickname that is easy to remember a coupla tips i follow
Comment by Ranjit Sandhu on May 8, 2009 at 10:48pm
Many E&O insurance require home warranties, so sometimes the broker ends up paying for it!
Regina- You confused me on this, what do you mean? please explain.
Comment by Regina P. Brown on May 8, 2009 at 7:09pm
Heather, thanks for sharing the tip about the Home Warranties. It's good to get more insight on how each bank approaches the cost. Many E&O insurance require home warranties, so sometimes the broker ends up paying for it!
Comment by John Thomas Sinclair on May 4, 2009 at 4:13pm
Thanks for the info. Sounds like it was a fun class.
Comment by Dennis McBride on May 2, 2009 at 11:59am
Thanks for the invitation Iam sorry that Itook so long to get back to you -I am in palm springs and it is a long trip. Keep me inform up the next one.
Comment by Thomas Moore on May 2, 2009 at 10:20am
It really was a packed event of great information!!
Comment by Heather Ozur on May 1, 2009 at 8:04pm
Great post. Excellent tips.

On Tip #7, with all of my 12 Banks that I work, with the exception of 1, they WILL pay for a Home Warranty. I think it really depends on the Bank but it should always be submitted asking for a Home Warranty. The Bank can alway say no. American Home Shield has a great product that works well the REO properties. I am a huge fan.
Comment by John Oliveri on April 29, 2009 at 1:47pm
Hello Regina, all tips to live by in the REO world.
Comment by Michelle McPherson on April 29, 2009 at 10:42am
Thanks for sharing Regina!
Comment by Micheal VanGrinsven on April 27, 2009 at 5:38pm
Good post Regina! They all seem like no-brainers, when in actuality they should be "The Ten Commandments to REO Listing Prosperity".

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