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Secrets of BIG REO Brokers

The REO business is really something that amazes me at times. I look around and I wonder "how does this guy (or girl) stay in business" ALL the time. I'm always visiting properties and seeing windows and doors unsecured, obvious vandalism occurring and not being noticed, unattended roof leaks...and on an on. It is very easy to see why Asset Managers get so upset with brokers who don't pay attention to their properties. It seems as if brokers just say "well my clients are out of state so they'll never know if I don't visit my properties every month"....BS! Look, if you're going to accept a "job" then do it and do it right! I here from agents all the time who complain about not getting more properties and I have to tell you it's very easy for me to see why! You see, there are 4 very specific things that Asset Managers look for in a good broker. When you master these 4 specific "must do's" you'll quickly move to the top of their "preferred" list (and if you believe that assets are distributed evenly then you better wake your butt up right now or just light your business on fire because it sure ain't gonna last Bubba!)

Here's Tip #1 that you should have picked up already: Do what you SAY you will do. KNOW your properties like they belonged to you and not the bank. Treat 'em like children. Take care of all their special needs. They are ALL different and they all require special attention. Having your Asset Manager have to call and tell you that the police called about your vandalized house should hurt as much as a family 100 miles away calling to tell you your 3 yr old kid "wandered off" a week ago. I'm being silly but take this seriously. This is one of those BIGGIES that most brokers screw up. In my business I take the extra step of getting bids for repairs of damage BEFORE I report the damage to the AM so that I have a nice clean packed "solution" for them rather than another " problem" for them to add to their pile. Then when it comes to assignment time they know that I make their job easy and they flood me with more properties. We'll cover the other 3 Vital Practices on an upcoming call. Until then, PAY ATTENTION and BE PROACTIVE with "SOLUTIONS".....until later...