One of the keys to a successful REO Transaction is having an organized task list. I have talked to many agents who have the task list in their head. This may be good for some, but if you have the task list in a documented format – that is just one less thing you have to remember – one less thing that is a to do item!
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
