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.

This is the one that burns me. Some of the listing agents are 100 miles away. Now you tell me, how do they handle these? How do they show them, etc. I had a client that wanted to view one of these homes, and when I called the listing agent, he said he did not co-broke. I can see some loyalty to a good agent, and I want to have that myself, but come on, at least list them with agents in the market area. It just doesn't make sense.

I do agree with you, but for agents that do know how to handle the situation, they should be given a fair shot.

You're so totally right ky realtor.

There are a couple of agents here who get the bulk of sales and some of them are on the other side of the state from the properties.

There's a listing in my hometown that is a total mess...trashed inside, grass 2 feet high. A huge tree fell in the yard, a few feet from the street, that has not been moved. The neighbors called the agent and were told there was nothing to be done about it because "the bank owned it now."

Wouldn't you think a hometown agent could do much better marketing the property?

What makes you think its the agents responsibility to have the lawn done just becuase they have the listing. What if the seller uses a third party to do these services. Or the seller is not going to pay the agent back. Sorry no disrect intented but before one makes statements like that one needs to know what the situation is on the sellers side. The agent could be waiting on approval from the seller.I know sometimes it can take a while to get. And why should the listing agent absorb the costs. Many times the commission is not even enough to cover that. As to the tree where did the tree come from. If its from a neighbor then the neighbor would be the one responcible for the removal as well as costs.

The thing is what a lot of agents do not realize is that doing REO's has a lot to do with building relationships. And by tell an asset manager to use other people you are in effect telling him/her to break their relationship that they have in place. It’s not always fair. But a good REO agent does know how to get and keep relationships going.

....and apparently some really bad REO agents know how to do this as well.

Alan From Florida,

I always respect your opinions and your posts.. BUT...

Nothing in this town sells for much under $300,000 and I can guess what the commission is on this property. So $50 to mow this small yard once or twice isn't going to put much dent in the commission.

And obviously if the tree had belonged to the neighbor, then it's the neighbor's responsiblity...but it's not.

The property is a disgrace and an eyesore in a well maintained suburban neighborhood. I guess your saying the agent has no responsibilities here...except to collect the commission?

Again, I usually value your posts and know you never attack another's opinions (and no offense taken by your answer to me)...but, altho I see your point, I just can't agree on this one.

My point here is---If you are on the other side of the state, and you refuse to co-broke,then you put up a for sale sign; who shows the property? Who looks out after the property? I am guessing that these agents give the potential buyer the lockbox code and let them go in on their own, which should not be done. You know he is not going to drive 150 miles to show a house. Keeping relationships going is one thing, but if I can't service a listing that is too far away, it wouldn't be doing the asset company any good to take that chance, and I would rather someone else get that listing who is closer to the property. I try to be honest with the companies and tell them that it is too far away and assign it to someone else. This has not harmed my relationships with anybody in any way. I think they do respect that I am telling them the truth, and not being greedy enough to take listings that I cannot possibly take care of.

Concepts05
Agree with you in general. But what I am disagreeing with you in that just becuase an agent does not opperate like either you or me does not give us the right to call them bad agents. We should be saying something like if it was me and I got my full commission I most likely would spend the money to have the lawn cut.
All I am saying is if the commission was what you as an agent charges is normal for them then you may be right. However I do know some banks and I have one right now where the commission is $1500 for listing side and 3% for selling side. So in that case no I am not paying for the lawn. I also know due to I was working with them for a time an outfit where I paid 35% refferal fee and 50% of the remander. Out of that they were required to do the lawn, trash out pay the bills etc. Is this the case I do not know. However I think you need to concider it a possibility. Is it the agents responcibility to go ahead and take of it or to do the best they can to get the seller to take care of. The thing is what is the agent requires to do and what is his/her responsaibility. Paying to do the lawn I do not think is that of the agent. Although I think its the agents responsibility to point out to the seller to take of. Ky realtor first all I can say is if the seller has no problem with it who are we to say its wrong. After all the listing broker only has to answer to the seller. However it is my policy to only take listing that I can properly market and sell. I do not think I can properly service a listing 150 miles away. But thats me and how I operate. Although give me a multimillion dollar listing and I might do the drive and service it. Money does talk with me a little. But for a normal priced listing no I will not take them but reffer them out.

Ya'know, some AM's go through Safeguard or Cyprexx or whoever to service their listings, and they don't always do a good job. But, the listing agent should be on the phone, sending e-mails, whatever is needed to get the properties cleaned up. I think we all realize that a property that is not maintained loses some value to buyers just because it looks really bad - bad curb appeal. If we don't do what we can to keep the property maintained, I think we are not doing our job well - we are supposed to try to get the best possible selling price for our seller, right?

Not that I have a problem with Safeguard in general, but my experience with them is not good - They handled one of my properties. Every time I went to this property, the grass was taller. This property was on the market for about a year, and the grass was cut twice. I sent e-mails, called, & faxed both my asset manager & Safeguard at least once a week, sent pictures, I even had someone take a picture of me standing next to some weeds in the driveway - I'm 5'8" and the weeds were taller than me.

After about 4 months of constantly contacting them to do something, they had the grass cut. A week later, I got an offer (the first & only offer). Now, this property was listed at $58,000 and sold for $33,000. Don't you think the sale would have gone faster & had a higher sale price if the property was maintained?

On properties that don't go through Safeguard or whoever, the agent is supposed to have someone cutting the grass. etc and then get reimbursed for the costs. I know, that gets expensive and they don't always send the check promptly, whatever. But, I feel that if you want to do REO work, you should be willing to fork out the money. If you aren't willing to pay, you shouldn't play!! If you can't afford a lot of bills, don't list so many properties - stick to one or two at a time until you can afford more. And I'm sure there is at least one of you out there that agrees with me.

I agree, but I feel that most of the time the seller doesn't know. I don't think any seller would be agreeable to properties being shown without an agent, or not being inspected periodically.

An't that the truth.

And to be honest with you the biggest reason I get so up about this issue is I would say 90% of the time when I see an agent making a complaint the complaint itselve is not warrented. And you can go back and find the agent making the complaint is only mad becuse he/she had an client with an offer on the table and for whatever reason it was not accepted by the seller. At least thats in my market.

My area is basically a bunch of smaller towns scattered all over the place. I service 9 counties and drive over 100 miles to some properties, because that is the nature of this area. I have turned down REO assignments before- not so much because of distance, but because our MLS's don't cover those areas and it wouldn't be very effective putting listings on where local agents won't see them. When I list in towns that may be an inconvenience, at times, for me to show, I contact a non-mls agent in the area with a good reputation, take them a coop agreement, and refer buyers that I'm unable to help at that moment to the agents so THEY can show my properties. I've had one sell that way and that agent just referred someone to me- not asking a referral fee. I just want to make sure the property can be shown, even if nobody from my office can do it. the agents on the MLS already have access to show and sell it, so I expand my network a bit. I also fax or email flyers about the property to all non-mls offices in the area, telling them how we will cooperate. I just try to get my clients' properties seen by as many agents as possible, and keep good relationships with most.
I have seen those agents who give out lockbox codes and tell buyers that nobody else can write offers except the listing agent. I refuse to be that way, even though they make a LOT more money then I do. The sellers probably don't know what is going on with their assets most of the time. But if you tell them, do they do anything about it? How can we let lenders know that their agents won't return calls, won't accept/present offers from other agents, don't secure the properties, allow anyone access without being present, etc- without sounding like jealous competitors trying to get more business for ourselves?
As far as maintenance, the only company I have trouble with is FAS, or one of their contractors, anyway. I far prefer being responsible for the lawn cuts and maintenance, because when I list it, I am responsible for the way it shows and will make sure it's done right- and usually for a lot less money than these contracted services charge my clients. Try complaining to them, and you get the run around and 2-3 weeks before the problems are fixed. If I complain to my local crews, they get right out there and correct it- they know they won't get more business from me if they can't do the jobs well.