For all REO Agents who submit 12 REO Listings for Transaction Coordination, you will receive 2 Free REO Transactions!

So when you submit 12 REO Listings, it will be like submitting 10 REO Listings.

Call or email today for details!

Roxanne Tidmore

If so, what would you consider looking for as you build your team? I have just chosen three tips for this post. There are many more, but I find that these three are important to building a successful REO business.

1. Experience
2. Education
3. Integrity

Experience

How much experience does the potential member have in doing BPO’s?  What asset companies have they dealt with and for how long? What about tasks such as Utility set up and ordering services from your vendors?  When it comes to the closing transaction tasks, how much experience do they have in dealing with escrow/title companies, lenders and co-agents? These are just a few of the question you should consider when building your REO team.  This is important because the REO market is different for every REO agent. And it is crucial to have a good amount of experience in dealing with asset companies, asset managers, banks, title companies, lenders and other REO agents.  I have found that there is a basic flow to an REO transaction, but sometimes there are exceptions. And I have found that learning from that exception, adds to my REO experience. And I can add this to my REO process to reach a successful transaction.

Education

Training is so vitally important. Would you consider adding a team member to your business who already has been trained on various REO portals or someone who you have to train? Time is critical, especially when it comes to tasks such as BPOs or determining occupation status.  Do they know the criteria for searching for comps for the BPO?

And when it comes to the contract to close tasks, how much training does the team member have in using various online transaction management systems? Such as EbrokerHouse, SettlementRoom, RELAY, TransactionDesk, TAZAREO, and others?  Again, your time is important and having a member who is proficient in using these systems will save you time and money.

Integrity

Enough can’t be said about this topic. Simply put, everyone needs to be honest in their business dealings with one another.  I feel that this is a foundation in a truly successful business.  If a member is cutting corners to try to get the job done, it will come out in the end.   Just a quick example.  If a bid (quote) is submitted by a vendor for a repair on the REO property, don’t change the amount when submitting it to the asset company. I have known of this to happen and the person did think they were getting away with it. And since it was just a small amount in the beginning, it was not discovered. So the person felt safe and increased their bid amounts. But when the asset company discovered this, all monies had to be refunded for all of the bids. And of course that agent lost their business with that asset company.  A hard but powerful lesson.

I hope these few tips: Experience, Education and Integrity can help you in your search for a successful REO Team.

To your business success!

Roxanne

If you are a busy REO agent, you know that you don’t have much time between the occupancy check and the initial bpo deadline; and then contacting the vendors, setting up appointments, and organizing the turning on of utilities takes time and energy.

Do you have a customized REO system in place to run a successful REO business to where you are not juggling too many activities unsuccessfully?

In this short blog, I will address WHAT and WHY you need an REO system.

Systems are just the way in which you process your REO Assets. It is an organized and clear, step by step process.  You should have your systems documented so clearly that whoever you entrust it to could run your business smoothly in case of an emergency.

Do you have a backup system in place if you were in an emergency? I found out how important this is in the Fall of 2008. We had a terrible wind storm that took out the electricity of over three-fourths of the city.  It occurred on a Sunday, but our power was not restored until Wednesday.

I had to inform my clients via cell phone that I had no computer. So I could not work.  But because I had a documented system in place, I was able to contact my coworker who used my documented system to meet some crucial deadlines for my clients.

I speak to many agents who state they have all of their tasks in their head. Since you are running a business, your processes should be documented, in for any reason you are not around.

Listed below are three of the items could be included.

• Task Lists –
  • This would include all of the tasks that are done when you receive the asset.
  • The listing tasks
  • The contract to close tasks
  • And after closing tasks

• Contacts
  • Important vendors for your trash outs, lawn care, pool care, etc.
  • Repair Vendors
  • Utility companies
  • Asset managers

• Logins/technology information
  • User names and logins for your MLS
  • User names and logins for all of the asset companies you work with
  • What systems are in place for backing up your critical data?
  • How often do you backup?

It does take time to document the process but I found that it helps to make my thoughts clearer. Also I can always change the process since the REO industry is changing so much. But I feel comfortable having a system in place.

Also with a clear system in place you can easily handle 10-12 REO listings a month without being stressed out!

To your business success!

Roxanne Tidmore

After this article, a lot of agents contacted me thinking that I had instant access to a network of Asset Managers.  And that I could just instantly connect the agent to the AM and they would receive assets.

So I want to clarify what I am able to help the agent with.  As written before in the previous post, I offer the service of signing up the agent with many asset companies. That involves uploading or faxing the necessary paperwork to the company. Since it is advantageous to apply to about 50 – 100 asset companies, some agents prefer to outsource this task.  That is where I come in. This does not guarantee that you will receive BPOs or REO Listings.  That of course is based on the need of the company and the criteria they have for accepting more REO agents.

I also help the agent connect with asset managers. As written previously asset managers are busy and they do appreciate building successful networking relationships. They do not appreciate being continually contacted for BPOs or REO Listings.  So I do help agents develop a social networking program that helps them connect successfully with asset managers.  This is a way to build a good networking relationship with asset managers.  And in this business, it does help to have a solid network of asset managers. I have been able to successfully connect some agents with asset managers which resulted in the agent receiving REO work.

So in summary:

1. I help the agent apply to the asset companies
2. I also help the agent develop a social networking program. This program is designed to connect and build an asset manager network for the REO agent.

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

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

Listed below are the tasks that we can begin or complete in the first 24 hours of you accepting the assignment.

1. Do a tax search for the property.
2. Save an MLS search for initial Broker Price Opinion.
3. Send the occupancy status to the Asset Manager via email
4. Complete the initial BPO.
5. Bid request from vendors
6. HOA Research
7. Schedule with all of your preferred vendors:

• Re-Key
• Order sign and lock box
• Utilities
• Trash out
• Monthly Maintenance of Property
• Notification of any hazards

To your business success!

If you are looking for REO Online Transaction Management software for your business, there are many features that you would want to consider before purchasing. Because you want the software to make your job easier not harder! You want it to be able to streamline processes rather than bog them down.

Here are five more features that you should consider when purchasing an REO Transaction Management Software.

1. Security- Does this software utilize Secure Socket Layer (SSL) technology?  It protects your information using both server authentication and data encryption, ensuring that your data is safe, secure, and available only to registered Users in your organization.  Does the software utilize the most advanced technology available to keep your sensitive data secure? How often do they back up their data?  And is the backup available to you at your request?
2. Remote Access –Are you able to access your software remotely? Since agents are so mobile it is important to choose a program that fits the way you run your business. You should be able to access your account from anywhere.  Also you should be able to access it with any mobile device that you have such as a Blackberry, or cell phone.
3. Flexibility – How open is the company to suggestions from you to help your reo transactions run more smoothly?  Let’s say you need a feature such as email reminders to be sent before the due date on a task.  I once asked a company if they had this feature.  They did not.  I asked would they be willing to put this feature in their system.  Surprisingly they were not and could not see the value that we would receive from it. For REO Agents and transaction coordinators it is important, because then we would not have to log into the system daily to get our reminders.
4. Transition- If you are not using an REO software program, can your data be easily exported to their system? How long will this process take? Will the company do it for you or will you need to do it yourself? Some companies are willing to do this step for you to make your job easier.  Also if you are using a REO software program and you want to switch, can your information be easily transferred to the new system?
5. Cost – Some companies have a flat fee for one year for an unlimited number of transactions. Some companies have a set up fee and then a fee for a certain number of transactions. Then you have to pay if you go over that number. Some companies offer a free trial – which is important to take advantage of.  You can test it to see if all of the features that are important to you work smoothly. But you can compare costs to see if it will fit your budget. But also you can compare costs with features to see what company offers the best value.
   1. Guarantee – Along with the cost it is important to ask what is their satisfaction/guarantee policy. Once you sign the contract, are you locked in? Or can you stop services if you do not receive the services that were promised?

Whatever software you choose, just be sure to consider these features before you buy.

To your Business Success!

If you are looking for REO Online Transaction Management software for your business, there are many features that you would want to consider before purchasing. Because you want the software to make your job easier not harder! You want it to be able to streamline processes rather than bog them down.

I will touch on five features:

1. Task Lists – is there a feature where you can use the same task lists for each property? Can you assign a task list to a property with one click? And can you edit the lists easily if need be?
2. Email Tracking – does it automatically store the emails under the particular listing? And also are you able to use your default email provider when sending emails. And if you are able, will the system still track the emails?
3. Expense tracking – If this is an important feature to you, it is important that you find a system that does it accurately and preferably in real time. With so many vendors involved with your assets, it is crucial to have accurate records. Also does this system have an easy way to import and export files, such as an Excel spreadsheet.
4. Support –This is very important because for most agents, it is needed 24/7 because of the many tasks that may be due on a particular property. And some agents may not be able to get to their computer until late in the evening because they are out in the field all day.
5. Document Storage – How much can the transaction management system store? If it is not unlimited, how much will they be able to store before they charge a fee? Also how easy is it to access documents and photos for each file? How user friendly is the filing system? Is it customizable to your business or do you have to use the software’s filing system?

These are just five features that should be considered when considering a REO Online Transaction System. The most important point to remember is will it streamline the system you are already using? You want to be able to have a tool that makes your job easier and more organized.

In part two I will touch on five other features that you should consider when purchasing REO Online Transaction Management software.

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!

With so many things to do, it is possible that you can forget a task that is very important. Maybe you forgot to follow up with the lender for the appraisal because there was a family emergency that happened. Or you forgot to check with the co-agent on the inspection. And since there are deadlines to be met, there is no leeway for being late. Especially if your client has to pay a per diem fee for a missed deadline.

That is why it is crucial to have a task list and that task list has to be organized.

• What are the steps that you take when you first receive an asset from the bank?
• Are you on the phone for a long time with the utility company trying to find out the status?
• Are you trying to juggle your time to inspect the property to find out the vacancy status?
• Are you working into the night to complete the initial bpo that is due?
• Do you have a systemized way of tracking your expenses to turn in your reimbursements on time to the bank?

If you have all of your tasks documented – GREAT! But if you do not, it is time to begin doing it.

The immediate benefits will be:

• Your Asset Manager will be more likely to give you more listings and you will develop a better rapport with your Asset Manager.
• With more listings, comes more income!
• Your quality of life will increase
• Less stress