Does anyone have any idea as to what an Asset Managers criteria is for assigning listings to an agent? Beyond the obvious such as: years of experience, number of BPO’s completed, previous REO experience, good references, and a good website.

And also, I’ve heard it both ways as to whether it is a good idea to keep reapplying. I’m referring to a former AM’s comment about the ‘idiot of the day’ agents who apply more than once, but then again, I’ve heard that after applying 3 times, some agents finally get in.

Once all of their ‘known’ REO brokers have maxed out, then I would think these AM’s have to start to look at the “lesser known” agents. So in a major metropolitan area like mine where there are many agents to choose from, how does one “knock their door down”?

Okay, let’s hear it from all of you seasoned veterans out there who are not scared of us ‘little guys’.

I'm by no means a seasoned vet. I have been trying to figure out the same things though.

I think they put all our names on a big wheel and spin the sucker. If it lands on your name you get the pre-list!

It burns me up to see crappy REO listings from the same agents for the same companies I am approved with. They don't put in pictures, have offices over 45 minutes away and I even see some that use the wrong address on Condos! Wouldn't that tick ya off? You go to refi but you can't cause some idiot agent used your address to list an REO!

I'm not a seasoned vet but what I have figured out is that this takes a lot of dedication and hard work. The more companies you register with and the more BPO's you do the sooner you will get a listing. This is all about getting your name out there. Just because you register with a company doesn't mean you're going to get work. I have companies I have registed with that I never got any work from until I make the decision to call them and ask for an assignment. It works! I don't wait for them to call me. This keeps my name in their mind and it shows that I am ready to work. This is a sales job. Don't be afraid to ask for the sale! I have gotten many BPO's and eventually listings by taking this approach. As where this doesn't work with everyone it does work with some. Just work hard and it will happen.

Thank you NKY & Cincy & Alpine Broker for your comments. I've wondered about calling but have hesitated because I keep hearing about how overworked these AM's are and how they view agents who call as a pest.....but maybe not? I've also found it difficult to get to the right person via email or phone at many companies.

Mmmmm........Not too much of a response to this thread, I would have thought it would be a hot topic?!

I recently ran into an old friend who is a regional AM..She explained that alot of times the Asset Manager does not handle sign-ups and things of that nature, it is handled by corporate..with that said she explained...the agents that keep signing up will have some success due to the fact that corporate will get sick and tired of getting your information and give up an email to someone in your region, doesn't happen all the time but it does work..It worked for me for about 3 companies. Also as someone who is just breaking into REO Listings (have done about 650 BPO/valuations in the last 18 months)I have a new understanding how the process is worked....most AM's are paid a bonus on top of their salaries and hours worked are directly correlated with how smooth things go. That being said i understand why there are a few agents that seem to gobble up all REO business..AM's dont have to train these agents, they already know the REO ropes and process ( this is huge) and their monthly bonus is tied to percentage of portfolio sold in a given month..Now if YOU were an Asset Manager who wanted to spend as little time on administration and get there 500-2500 monthly bonus on sold properties, who would you pick? The agent looking for a REO bone or the the REO agent who has a bunch of REO listings that knows the systems and processes? I no longer get mad at those REO agents, i understand why now. I have refined my approach to get into these companies and i think it should work out...

Hope this helps
Good Luck

So wallstbroker, it sounds like they don't keep 'report cards' or an exact set of criteria for choosing new or untested agents. And do most companies have a limit as to how many listings to assign to agents at any given time? So then, after the core "experienced" agents are 'filled up', then the AM's have to start reaching beyond the status quo?

How do you max out? Just hire more assistants.

Theoretically, there is no max out with most companies, I was told that is a common misconception...Again put yourself in the AM shoes, Are you gonna overload an agent to the point where properties are not moving and your Bonus checks are coming in slower?..Probably not. And you can also hire an assistant like most mega REO agents do. They also do keep some form of stats for exsisting agents, as for newbies not really. They can hire someone just because they like the same sports team or something..There is no magic password of anything like that. I think you have to be fortunate to get some work but the more BPO's you do, The more REO Platforms you sign up with (REOtrans, Realtrans, Res.net, etc) and trade functions you go to will help with the exposure.

Not to go off the topic but there was a thread on here awhile ago about back stabbing another agent, to get listings. Its funny my AM friend told me that the 3 biggest no no's for most companies(hers in particular) are No signs, uncut grass, and unsecured property ( broken 1st floor windows, open back doors, unlock garages). She said that would make her look for a new agent in a heartbeat. In my area i could take photos of about 25 properties that are like that and send them out the AM if i wanted to, kinda tempting to be honest. There is no excuse for them to be in that condition, I know for a fact that the agent knows they are not gonna be checked on. A sense of entitlement if you ask me.. Keep being persistent and dont stop bugging or sending your info to the company.

P.S. Most Lenders are now requiring Asset Management Co's to hire remote AM's. AM's that are local..This is so the AM could do random inspections of properties themselves and check the quality of work being done, You will see this more in 2008 and in the future.

WallStreet I just IM'ed you.......