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:

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

REO – Asset Managers – Networking Successfully

Lately I have been contacted by a many REO agents who want to know how I can help them get connected to Asset Managers. The agent’s goal is to get more business.

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

REO Transaction Management Software – Part II

REO Transaction Management Software – Feature Tips – Part II

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!

REO Transaction Management Software

REO Transaction Management Software – Feature Tips – Part I

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.

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

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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:

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.

REO Transaction Software – How to Choose

There are many types of REO Transaction Software on the market. Choosing the right one can be a huge factor in how smooth your REO Transactions are run. So what are some of the features that you should look for? Here is a quick list that you should have handy when comparing REO software.

• What is the Price?
• What is the Set Up Fee?
• Is there a per transaction fee or a one time cost?
• How secure is the network?
• Does it have a document view and upload feature?
• How user friendly are the communication logs?
• Does it have a service ordering and confirmation feature?
• Is there 24 hour access and how fast does the technical support respond?
• What does their storage capacity consist of?
• Does it have history and audit capability?
• Does it merge with Zipforms or Winforms?
• Email reminders and automated task set up
• Fax Capability
• MLS Import and Integration
• Real Time Transaction Status

So when considering which REO Software to use, hopefully these points will help you decide the most effective and reliable solution software  for your REO Transactions.