AVM-Val,

This is an open letter to you. I work for your company and the two sister companies as a listing agent.

I have seen some very sloppy work from other agents lately on REO properties. Listed in the wrong MLS, combo codes on MLS, stuff like that.

Why don't Asset Management Companies order some sort of inspection for $50 from local BPO agents? Have another agent (not the listing agent) check things on Assets like make sure it really is listed, property is secure, trash out completed, utilities on, yard looks decent and the inside is sales cleaned? A couple pictures inside and out and any issues could really alert Asset Managers to problems and save investors a ton of money.

Just a thought. I wish someone would do it as they would get a bunch of information about how crappy their listings look and be able to give listings to agents that do a good job all the time.

Cali Broker.... Our sister companies do order a second opinion bpo on all their listings (interiors that pay $75). The 2nd bpo is basically to see the comps & see where the value comes in, but they do also read the comments from the agent which sometimes include issues like this.

Val, this wouldn't be a 2nd. When we do a 2nd, typically, the property hasn't been listed yet. There is another thread regarding the condition we find REO properties in when we're showing.

CanDo, When we order 2nd bpos for Cal Reo & AtPac the properties are currently listed & the agents are the point of contact. They have changed listing agents at times because of the notes from the 2nd bpo. We also do 2nd bpos for Litton & when you see them from me the project name is BPI...they are also currently listed with an reo agent.

Okay. For example, I just did a 2nd for AVM. The property had not yet hit MLS, it had just been assigned. It had been trashed-out but not cleaned. The point we're trying to make and it probably isn't applicable to your company, is the after of pre-list. What kind of follow-up is there after the property has been listed?

Here's a real-life situation. I am co-listing a REO. 2nd has already been done and both BPOs have been sent to the client. We don't have the property on MLS yet because no price has been supplied yet. I will be cleaning this listing, probably tomorrow, because while it is "broom clean" it is not "sale clean", big difference. There is no reimbursement for the cleaning and the AM probably doesn't care but it makes a difference to buyers. Those cobwebs really don't enhance the chances of a sale, that's what we're talking about. Since I'm co-listing, I want to represent the property in the best possible light, not all agents do, that's the heart of the matter. We're also suggesting an audit of factual information. I got a listing because it wasn't listed on our MLS, it was listed on a MLS 75 miles away.

I think we're suggesting a pro-active approach and while you were selected for the "open letter", it's only because you have self-identified as representing a company, if there were some other rep from some other company, I'm sure the "open letter" could be duplicated. Please don't think we're implying that AVM isn't doing its part, we know that it does.

I see what you are saying. Phil from Cal Reo goes and inspects many of the properties to check for these types of things but as you know there are so many now he cannot personally check them all Many of our Vegas agents got a taste of his property checks when he was in Vegas for our Seminar. Many of them will never get a listing from them again...but he gives everyone a chance.

The banks or lenders that hold the loans would have to put something like this together to protect their assets.

Don't even get me started on this.....from the trash out procrastinators to the electricity phobes.....to the half price agent sales.....I could go on and on.

I'm with you Hatter. Why some of these banks use the agents they do is beyond me. They deserve to go out of business!

I took over a listing from another agent that was listed for 2 years! It was never trashed out, rekeyed or had lawn service. Yet he billed them for it monthly and they paid! They were quite surprised when I couldn't gain access because it didn't have a key. Then when they told me to rekey it all of my photos showed a house full of junk and grass high enough I could hunt elephants in it.

I also took over another listing from the same agent that was overpriced by 200%! I did my BPO, they were in shock, I sent them a bunch of market data and about 20 comps. They reduced it, I got multiple offers and sold it in under 2 months!

I especially love the ones who get a PO box in town to be "local" but their office is over 100 miles away.

Some of these morons deserve each other!

I have to agree with Ben(many numbers). However, these issues do have a way of sorting themselves out. Ben sold it, the other agent didn't and THAT SAYS IT ALL. Most of the companies I work with have a policy of moving the listing after a predetermined period of time. Generally 150-180 days. The next BPO underscores how the first agent maintained the property. In most cases the bank won't catch you, your competitors will and that guarantees it will get back to the bank. There will always be those that cut corners, fail to perform as expected and just plain leave their client hanging. Don't focus on how the other agent is handling, or failing to handle, an asset. Learn from it and do the job as expected. Failure generates a thousand excuses, success requires no explanation. Do the best you can, do what's right and you'll make it in this industry. To paraphrase an old adage "Time wounds all heels".
End of rant.

My issue is this. I'm not picking on AVM, CRM or APR. They are some of the best companies that I work with.

If a company that manages REOs ever sent out inspectors on assets 15 to 45 days AFTER it is listed they would find out what they are paying for with these listing agents. The bigger they are the worse they seem to do.

Trash outs not completed, utilities OFF, listed in the wrong MLS or with the wrong APN. Tons of mistakes.

Another pet peeve of mine is agents that use combo lock boxes when the house is listed. They either put your codes in the agents section of MLS or have the agents call to get the codes. You have no way of knowing who has shown the house or who left the water on, the doors unlocked and the A/C set at 60 degrees. These agents make my job harder as the codes get out agents dont need to call, they know them. I get 5 calls a day asking for combo codes. I always tell them "The Supra Box is on the front door. My client forbids me to tell anyone the combo for the other lock box". If these idiots don't belong to my Association of Realtors they can show someone elses listings.

Heck, I'd even do local inspections for FREE for CRM and APR. Just give me extra credit points for my next assignment!

Calibroker, just read this comment, you are brilliant. This would be a great system of checks and balances!

Val,

I'm here waiting for the October's orders!?!

Geez, its the first day of October lol , she said sometime the first week.

We're all here waiting for orders..."With arms wide open..."

I got 2 so far!