Many factors go into answering this question and the truth is, I don’t have the time to explain each one so, let me give you my top 3.
1. REO Experience = REO Listings; I know for many of you, this fact is frustrating but, it’s a fact none the less. Why is this the case, you may ask? It boils down to what “Experience” really represents. In other words, if you have REO Experience then you have a direct knowledge through direct exposure to REO and, therefore you have the “know how” or “procedural knowledge” it takes to get the job done. Keep in mind that the rule isn’t REO Training = REO Listings, it is REO Experience = REO Listings.
2. A Proven Track Record of Sales: It may be hard to believe, because your calls never get returned by that power house REO listing agent but, a REO Agent with a large number of listings has a proven track record of sales. This proven track record establishes confidence on behalf of the lender providing the listings and as long as the sales are occurring with little to no problems, that agent will continue to be given the opportunity to do so.
3. The Asset Managers are Graded as Well: Just like a REO Agent has a performance evaluation, so do the Asset Managers. If an Asset Manager is performing poorly because they have a poor Realtor in the field, it’s the Asset Manager who is held liable and risking their job. The banks consider the Asset Managers ability to choose high quality, high performing Realtors as a part of their job and if they can’t do that, they don’t keep that job for long. This is why points 1 and 2 are critical and most Asset Managers will not budge off them.
I hope this has given you a different prospective, if you have questions, comments or concerns I would be happy to help out.