Posts Tagged ‘Reo Properties’
How to KEEP Getting REO Listings...What Asset Managers want to see.
Good morning all. Just a very quick post to remind everyone that you will NOT get away with slacking on utility connections. I realize that this may seem to be a post with a very obvious meaning but I have to tell you that this is probably one of the biggest hangups that AMs have to deal with. I would roughly guesstimate that at least HALF...yeah HALF of the REO properties that I visit DO NOT have utilities activated. I also know with absolute certainty that almost ALL Master Listing Agreements contain a special section regarding broker responsibilities, specifically, ACTIVATING UTILITIES. I was reminded of this sore subject by an email received from a client today,
How to Deal with Corruption in REO
Did I say CORRUPTION?!!! You bet I did!
If you've been selling bank foreclosures as an REO broker for any length of time, you've undoubtedly run into a "proposal" that smelled "fishy", didn't seem right, or just kinda made you go "hhhhmmmmmm".... It seems that around every corner there's a guy or girl trying to make a quick buck from everyone-problem is, it's not always LEGALLY. To be right up front and honest with you, this kind of b.s. gets my blood boiling, to the point where I'd like nothing more than to ram my fist down someone's throat, every time I hear such an offer. Wow...that sounded harsh! haha...actually, I'm not a violent guy, and I would never do such a thing, but I sure want you to have a vivid mental picture about how strongly I feel about running a "clean" business, rather than a sleazy one. Let me give you an actual example of the kind of thing I am talking about here, in case you've yet to come across this sort of impropriety:
5 Useful REO Tools
There are certain tools that can just make life a heck of a lot easier if you're an REO broker.
RoboForm2GO Pro is just about the best little piece of software that I have ever purchased. It auto-fills registration forms and remembers passwords to all of your clients' on-line platforms. I cannot tell you how strongly I feel about having this little tool. It WILL be the best $49.50 you have ever spent. I prefer the RoboForm2GO Pro version. It can be loaded on to a flash drive and you can take it with you wherever you go. Get RoboForm2GO Pro version here RIGHT NOW.
Your website should be very "buyer sticky". By that I mean that it should give buyers reasons to stay around and seek out more information. Let's face it, buyers want to see homes. They don't care about how great you are or about your silly sales pitches. I have always gotten the best results by providing a "one stop shop" for REO searchers. I found exactly ONE IDX software that can be fully customized to your own specs - IDX Broker. Do not be fooled by companies who say there's is customizable. If you can't have access to the code then you can't really customize. For example: on my site REOAtlanta.com I have been able to code in special parameters that identify potential REO properties and short sales in ways that I could NOT do with any other IDX provider. This is like GOLD to REO investors and they come back to my site over and over each day. Try IDX Broker. It's the only truly customizable IDX solution on the market today. Don't know how to custom code? No problem. Email Brent Guest of BHGDigital LLC for custom web design (he does 100% of mine-including REO Rockstars.)
For BPO information I use a service called REDLINK. They don't service a lot of states but see if they service yours and use them if you can. It's a big shortcut to information for my valuations staff.
Lastly, I have a self-designed site called UnlistedBankHomes. It is a subscription based site for investors where I list homes that are about to hit the market. We list the homes here after getting a listing agreement from the seller and IMMEDIATELY before placing them on the market (we also give information on pre-list homes but it is very limited). This information makes investors drool and keeps them locked in to you as the expert resource they seek out. I would recommend using every one of these tools if you are going to be serious about making serious money selling REOs. Check them out and get 'em!
Training Agents Who SELL Your REO Properties....Most Don't "Get" It.
So yesterday I failed...Well, actually my staff failed but that means that ultimately I was responsible. Whew....got the self blame out of the way. Is it supposed to feel good to take responsibility or is it just the right thing to do? Who knows and WHO CARES! 
Anyway, I get an email from my office manager telling me to call a particular selling broker, who was upset about how the negotiations were going on one of my listings. He really could not believe that his buyer's offer was flat out "rejected" without a seller counter right in the middle of negotiations (very short negotiations I might add...his buyer was WAY low on price). Anyway, long and short of it was that did not "believe" that banks would just stop negotiating in mid-stream and force a buyer to either walk or counter their own counter. The guy actually believed that the bank was using his offer to shop other offers. He REALLY just didn't "get it"! So how do you (and how do I NORMALLY) prevent this?
Performing an REO Eviction
Performing and eviction on one of your REO properties may seem like a daunting task but it's really quite easy. As the broker, your role is primarily to coordinate the arrival of a crew of guys to assist in carrying the furniture and any other belongings to the curb and to assure that things such as the re-key and securing of the property take place. Once the crew is finished with their job, you simply photograph the property, install the sign and lockbox and you're on your way. Watch this video to see how simple the process really is.
