Last time when we had the big crash in the early 90,s in California. There was only a few handling the entire REO market. One of them is starting up again and this guy is the worst agent to deal with. No communication skills cart Blanc. I guess he doesn’t need any cause there is never a returned phone call.

One thing I noticed was when the REO’s dried up he never got a listing from the general public.

Anyway does anybody know how these agents get on board with so many lenders?

Lots of research, probably lots of BPOs, and lots of patience...
My guess would be that he communicates better with the lenders than with his colleagues. Apparently he got/gets the job done, or the lenders wouldn't use him...
I've met some agents with all the personality of boiled turnips, but they sell REO and lots of 'em!

Contiguous

I hear ya... Some of the asset managers from the 1990's cycle are still around, and are using the same agents.

I've recently lost one and a good friend who also does REO's lost one to the same agent.

What we have to remember is that when this REO cycle really kicks into gear, there will be so much business that this agent will not be able to handle it all. There are also other agents that will get a lot of the business, but they too, will not get it all.

So just remember, there will always be the super stars, but that's ok as long as we get our piece of the pie (and I want a big piece of the pie), but they cant get it all.

I see you are in So Cal, are you in the L.A. area? if so give me a call, I'd like to see if we are thinking of the same agent.

Contiguous, Zephyr, and REO Pro are both right in their assessments as to how the agent that you are talking about continues to get REO listings, despite poor business practices. In my opinion, many asset managers suffer from banker blindness. All that matters to them is the bottom line. I actually overheard an asset manager say to another REALTOR, that they were not interested in establishing any new working relationships because they were satisfied with the agents that they already had. Well, I am all for loyalty, but, there is nothing wrong with trying something , or someone new, if for no other reason, to have a contingency plan. What happens if the established agents get out of the business, or become ill, or God forbid, worse. Life happens, and things do not remain the same indefinitely. So, when life happens, instead of being able to call on another agent that is familiar with the way things are done, and not skip a beat, there is an unnecessary lag time while someone new is brought up to speed. I think some asset managers need to be more proactive by thinking long term, and stop being so short sighted.

BTW, I welcome any comments from any asset managers that may be lurking on this thread. :p

Asset managers are looking at the bottom line. That's what they should be look for. The have their two or three, max, agents in each market and they don't need more. Most all REO listings have had at least two agents do interior on the property to compare evaluations already. Why should they add more?

They know that they can offer the listings to the agents who are doing the "secomd" BPO's on the past properties and someone will grab the listing in a heartbeat.

As far as lag time, with most companies using field service companies to do their rekey, mowing, trashouts, CFK, etc. work, the new listing agent will be up to speed in about two days, if that.

Ok guys I am not trying to defend this agent for I realy do not know the situation they are talking about. However I have done REO's to be honest with REO's you really can not talk to every agent who calls on a REO property. For example with REO you usually have multiple offers. Am I am talking I have had 30-50 offers on some properties. However the average would be 5. Some agents will fax an offer over and call every twenty mins till they get an answer. And seriously sometimes you just have to put the calls on hold just to get the offers presented. And by the time you get them presented you are now over 50 calls behind. And what if you have a buyer that you are showing property. When you are deeling with REO's as a listed you can get 200 calls behind easily. One actually winds up talking with only 5 agents that was close and everyone else just gets a fax and or email.

Did you even say anything in that statement? Nothing made sense to me, I'm sorry.

I've dealt with some great REO agents; and I've worked with others that I'd like to throttle. The worst are usually the guys that try to cover like 50 zip codes across this part of the state.....no response to phone calls, emails, faxes. I've always wondered if this is done to discourage other agents from bringing offers so that they can give their own investors the inside track..... But then again, I'm a little jaded.

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There is an agent in my area I absolutely despise....She gets almost all of the REO business, and she is so unprofessional! She does NOT take calls, all appointments etc are done by e-mail , no exceptions. And I find it very odd that all of her listings have the room sizes as 12x12 - all of the rooms, ALL of the listings - every now and then she'll throw in a 12x14 or a 12x20, but most are just 12x12.

I've had asset management companies call me to do BPO's on her listings because they think she is off her rocker on the price. Then when I go in the MLS to pull it up, it's listed as under contract, and the AM says no it's not under contract! The AM's all get good and mad and tell me I'm next in line to get the listing, but I never get it. I don't know why they continue to work with her when they KNOW what she's doing and how unethical she is!

Margaritaville, thank you for proving my point by illustrating one of the most common reasons that asset managers should have more than one agent that services their REO properties. Not just one agent that gets assigned the work by default. I too, am sick and tired of ONE agent getting all of the work, and then not servicing the properties properly. When I list REO properties, I do my best to service them, including returning calls promptly, marketing the properties aggressively to try to attract owner occupants, not just my network of investors, and leaving the utilities on for inspections. Do you think the "Top" REO agent in my area does this? No. When you call you never get a response, and on the rare occasion that you do get this agent on the phone, the attitude that you get is that you are being granted a privilege by being given the HONOR of showing the property. HA! I don't think so!

Rising/

You mentioned that the Asset Manager told you they weren't interested in establishing new relationships and you couldn't understand why since something could happen. May I make a suggestion. What you heard from that asset manager was an objection, a natural reaction to someone who feels like they are being "sold". What I have found through years of sales, both in mortgages and other forms of sales is that getting the business also comes down to timing. Continue to contact/call on these asset managers. There will come a time when someone will drop the ball and if you haven't kept in contact with them the next person on their mind is going to get the business. It is kind of corny but there is a saying in sales that each no is one step closer to a yes. If it got me as much as it gets you, I would find out all the asset managers that this agent is doing business with and make it my goal to convert a certain percentage of them to me. It takes time, persistence, and determination and if you continue to foster those relationships they will in time be your clients not theirs.

I agree, I think that asset managers should be open to new agents. I know from the experience I had with MGIC that they use only a select few in their areas. I've been told by other agents in other states that they have the same problem. MGIC gives REO's only to a "select few" I stopped doing bpos for them.