REO – Asset Managers – Networking Successfully (Part II)
The previous post discussed how a REO Transaction Coordinator can help REO agents apply to asset companies and help agents connect to asset managers.
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:
- I help the agent apply to the asset companies
- 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
What happens in the first 24 hours of receiving an REO Asset?
In the past few weeks, I have received many questions from agents about what can a real estate virtual assistant do when they initially receive the asset. Real Estate Transaction Coordinators do many tasks.
Listed below are the tasks that we can begin or complete in the first 24 hours of you accepting the assignment.
- Do a tax search for the property.
- Save an MLS search for initial Broker Price Opinion.
- Send the occupancy status to the Asset Manager via email
- Complete the initial BPO.
- Bid request from vendors
- HOA Research
- 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!
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 Task Lists
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
BPO and MMR Services
ATTENTION REO AGENTS!
Make this NEW YEAR the YEAR that you turn in all of your bpo’s and mmr’s BEFORE the due date!
As a direct result you will increase your rating with the bank; make your asset manager happy and most importantly have a possibility to receive more REO listings!
If you are bogged down with trying to keep up with all of your bpo deadlines, we can help take this load from you. BPO’s are important, but we know that you would rather be out obtaining more listings. So we can completely eliminate this work task from your schedule and at the same time help you to increase your ratings. We have a very competent staff of real estate virtual assistants who work in a variety of BPO sites.
This is just a reminder of some of the BPO sites that we work with.
First American Residential Value View
You can contact us at Roxanne@EliteREVA.com or 513-407-9194
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:
- MLS Log in information
- Bank Portal Log in information
- Subject Photos
- 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.