My REO business is really taking off. Unfortunately, I cannot accept all of them due to time constraints. I've been declining quite a few from one company mostly because the anticipated sales price, referral fee, listing commission, and my current broker split make the assignment unattractive. Do you use some mathematical formula when accepting or rejecting a listing? For example, you average x number of hours on an REO property, your time is worth x. At a minimum, you require your commission to be x before you consider accepting a property.

Turning them down is very risky. I would hire staff before I would do that. I have 2 asst's to help with the work load - which right now is 40 active listings --16 pending and 35 in pre list.

Im curious to hear what other people are carrying and if thye need asst's too. Anyone?

No formula used here, but I do figure how much I'll make. Where I am there's a pretty good relation between the price of the property and how easy or difficult it will be to manage during the list-up.
The lowest commission I ever get is $1,000. I find there is very little to do on these, since they are so thrashed; no utilities to set up, no winterizing, maybe just rekey and a light board-up.
So it's always worth it. Not to mention the possibilty of a referral and the business relationship value it carries.
So far I've never turned down a listing.

I don't think it is "dangerous" to turn them down, and not everyone wants to have a staff. I am far happier to work with fewer companies and keep them happy with a few listings than I would be if I took every one out there and had 10 people working for me. I also have traditional buyers and sellers to work with and I think balance is the key.

As long as you accept a "dog" every once in a while to keep your good clients happy, I would say keep declining what you can't handle. Accepting only the "good" ones will irritate them after a while, but frankly, I think they are far too busy to keep track that closely. They will appreciate that more than lip service and shoddy work.

Glad to hear you are doing that well, seasaw. Do you ever help them place the listing with another Realtor? You might be able to get some referral fees out of it if the AMs respect your opinion. Keep it up!

What others have said, you should improve your staff.

Me personally, I get pissed off when I lose business. I dwell on it for at least a day.

I'm reluctant to refer listings to another agent. I'm paranoid that I will lose the client if I do.

My formula is:

Listing is in my area + they pay me a commission = Take it!

Hire an assistant

I have turned down companies and will not accept any work from them (not many) other than that, I dont turn down ANY LISTINGS

That's an xlnt formula.

If they offer, I take it. All of them.

I also take all listings as long as they are from companies that I am willing to work with. I don't mind turing one down if I don't want to work with that client, but other than that, I take them. If you're working this niche part time, at some point you may have to decide if you want to grow your business to a fulltime business or not. If you don't, then declining listings is what you will have to do and if you lose a client because you decline their listings, then so be it. I know it's tough to make that leap. Good luck.

Another thing you might consider is cut back on your zip codes. Keep the ones that are closest and let the outlying ones go away. If you clean up zips with that one company that doesn't pay well and only do close listings you may be okay. They will think you're a great Agent and not even realize you only cover 2 zips for 'em!

Just reading your posts and wishing I had that problem...but I can see where it would get overwhelming.

Hey you could be like the agent I did an interior for today and be in an office over 3 hours away, sure she accepts everything. How does that work exactly. We have agents in the area that would love a listing but someone that far away gets it??

I take everything they will give me.I have one company who I am very loyal too and they return the favor.I am there only broker in northern part of my state.Just traveled 3 hours for a listing for them,but I know that I get all the ones closer too! I just also hired another assistant and am thinking of getting an agent too! so far 08 is great!