It is a curious thing. Working for a bank in the handling of their Foreclosure Assets is like having a “real” boss. You have time frames, grades, and are constantly evaluated on your performance.
Unfortunately, the entire mechanism does not just depend on you as the Bank Owned Real Estate’s Realtor. The Real estate agent is tasked in the hiring of the “cheapest” vendors possible to rehab and prepare the property for sale. Some of the “cheapest” take longer than others 🙂 as you can imagine.
When we have a human seller, we have a connection. When we are representing a buyer in Real Estate, the connection is also established. When it comes to a Bank, REO Management company, or the Asset Manager, most times, the connection falls short of being meaningful.
While with Citi, we have been able to deal with some of the most Conscientious Asset Managers and Eviction Coordinators that exist in the REO marketplace. I know this because I have a gauge with some of our other REO accounts where we don’t deal directly with the Asset Managers – but with Management companies.
LOL – and as you can imagine some have missed the mark. We get asked often how we obtained our REO account and I say this. When you are literally begging to the “right” people within the banks heirachy – at some point, you are bound to beg the right person.
If you know someone from your past and have worked with the banks before, that is your in. As was the case with my Team. It was that “human to human” connection that was established back in the early 2000’s that was not neglected by Paris and I.
However, today the “connection” is different. I have to say that I would never hire anyone sight unseen. I know the foreclosure inventory is such that, having the “person power” that would be required to personally meet with every hungry real estate agent, would be impossible. Agents are literally killing each other to get a REO account, looking at it as easy money. What they have not counted on is that it does not fit with their “free agent” lifestyle.
We come from a background of Law Enforcement. I was a LAPD Regular for 17 years. I am a current Reserve Officer. I am still being ordered around and being told what to do. No longer will I earn less if I am relieved of my Reserve position. However, the painful removal of me from my 20+ years of police service will leave a mark and a dark absence in my soul.
When handling a real estate asset that is owned by a bank, we have been assigned as far as San Jose. That is over a 5 hour drive from the Santa Clarita Valley. In that case, we made the bank proud and closed their assets with no issues. We have recently been assigned a property that is in a neighboring city, after working on it and getting it ready to list, have had it stripped from our hands to be reassigned to another Realtor without explanation.
It makes me wonder – Was it something I said? 🙂
If you are looking to jump on the “Real Estate Owned” band wagon – then do some googling with the Banks and words asset management, real estate owned, foreclosure departments, and send them something special. Not keys to a new car. (this is not a stretch but a real situation that happened…). What about a video presentation with you doing the speaking on how you are different. I think the Video Presentation will instill a bit of that “human connection” again where it needs to be.
BE Safe – Please comment or re-tweet. It would be greatly appreciated.