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

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