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 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.