Taking the first REO assignment is exciting and nerve racking experience. Not only is it a listing for you to sell but also an opportunity for you to make a lasting impression with that asset manager, securing future business. Handling it carefully and professionally is of utmost importance.
Here are a couple points to keep in mind.
Accepting the assignment will most likely be via a phone call with an asset manager or someone who does the property marketing. They’ll ask if you would be interested in a particular assignment. Of course the answer is yes as long as it’s in your area. Usually they will call with property in your area, if it’s to far from you, meaning over a forty five minute drive you run the risk of not impressing your asset manager due to delays. Especially if you’re not doing REO business only and are doing other day to day real estate activities. Plan carefully if you take on listings outside of your area. Bpo’s are easy to take, out of area, for listings you’ll be doing a lot more leg work.
Asset managers giving you your first REO assignment will have certain expectations and will be keeping a close eye on how you handle the responsibility. Most times they will expect you to have quick response to the task assigned, meaning 24 hours on most tasks they want you to complete. This will vary from one asset manager to another. Your responsibilities will also change from one property to another. Some may require cash for keys others evictions. Some property will just need to be secured because they were abandoned by the occupant. What ever the task, always strive to surpass their expectation. This is the best way to get more listings.
When you accept this first REO assignment you will get a fax or email with an authorization to verify the occupancy of the property and to re-key it if necessary. If you aren’t well versed on scanning and emailing attachments get some practice. You will be doing a lot of it. Most of your communication will be via email with attachments or a management portal. , for example, is a commonly use platform.
Good Luck on that first listing and don’t be late on anything.