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

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

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.

LPA

First American Residential Value View

Countrywide

Disposolutions

Secure Lending Services

Market to Market

Premiere Asset Services

Freddie Mac/Homesteps

Ocwen/Realtrans

REOTrans

ResNet

You can contact us at Roxanne@EliteREVA.com or 513-407-9194

WILL YOU BE READY FOR THE INFLUX OF REO’S COMING IN 2010?

PREPARE YOUR BUSINESS NOW TO HANDLE THAT INFLUX OF REOS.

We are now offering an exclusive offer for our friends and connections on our REO listing transactions.

For every 4 listings you outsource you get a FREE  listing.

We do all of the pre-listing, listing and contract to close services for YOU.

NO more spending valuable time getting the HOA information. No more setting up utilities or trash.

No more monthly BPO’s or MMR’s.

WE do it for YOU!!!

YOU will be able to spend your time obtaining more listings!

Just click on this link to learn more!

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.