REO – Asset Managers – Networking Successfully

Lately I have been contacted by a many REO agents who want to know how I can help them get connected to Asset Managers. The agent’s goal is to get more business.

First of all I let the agent know that I am an REO Transaction Coordinator.  Even though I interact with many asset managers because of the nature of my work, I do not usually refer random agents to asset managers.

Asset managers are very busy and they prefer that agents follow the procedures to apply.  That tells the asset manager that you follow directions. Also by putting in your application, your contact information will be in the system. When an opening comes up that fits your criteria, you will be contacted.

As an REO Transaction Coordinator, I do assist agents in applying for the hundreds of asset management companies.  The more asset management companies you apply to, the more apt you are to receive business.  It takes time and effort and continuous follow up to asset management companies to receive responses.

But there are several ways of networking successfully with asset managers.  Networking is about building relationships.  Asset managers are busy so they do not appreciate it when random agents continue to contact them for listings. But they do appreciate the networking opportunities. This is a good way to build a business relationship with an asset manager.  A REO Transaction Coordinator can help you begin this type of networking.

And once you have a good foundation you can continue to build your own network of asset managers.

My next topic will cover things you can do to make the asset manager’s job easier – which in turn will grant you more listings!

To your business success!

Roxanne Tidmore

BPO Tip

Completing accurate BPO’s are an important part of how asset companies grade you. One entry that is important is the distance.  It may seem small but it is important. At times, it may be difficult to locate comps that are not within the specified mile range.  You man be tempted to guess at the distance in order to finish the BPO on  time or just to cut corners.   Usually if you can not find comps within the specified mile range, the asset manager will allow the real estate agent to add comments as to why the comp is outside of the mile range.

This is an indication to the asset manager that you put the effort and work in to try to find comps within the mile range, but it was not possible. Asset managers understand that and that is why they would like you to add comments as to why you chose the comps that you chose.

Also be sure to use tools to check your distances.   Many REO/BPO clients have sophisticated software that analyzes each BPO and checks for mistakes.  If your distances are incorrect your BPO will be rejected, your score will decline and you will receive fewer assignments.

Use one of the tools below to make sure your distances are accurate, your BPO scores will increase and you will receive more assignments.

If your clients specifies the driving distance between your comps use Google Maps http://maps.google.com/.

If your client wants the straight line distance use this website http://www.gpsvisualizer.com/calculators.

To your continued success!

REO Transaction Coordination -Outsourcing BPO’s

What are the benefits to you as an agent if you outsource your BPO tasks to a real estate virtual assistant?

1. More time to be out in the field getting more listings

• If you are bogged down with doing BPO’s and do not have enough time for other tasks, why not outsource the BPO’s to a real estate virtual assistant who specializes in REO Transaction Coordination?

2. The bank may be more likely give you listings, which is really what you want! $$!! For BPO’s you know that the banks need them done:

• On Time
• Accurately

All you have to provide to your real estate virtual assistant is:

1. MLS Log in information
2. Bank Portal Log in information
3. Subject Photos
4. Specific Criteria to use while searching for comps (such as square footage, lot square footage, number of rooms, property age, etc.)

So if you are considering ways in which to move your REO business forward, this is one step you can take.  YOU will experience less stress, more time and eventually more listings.