Geeklog Site

REO Properties are not a burden. It�s an Opportunity!

Thu, 13 Mar 2008 12:41:57 -0400

Are you a REO agent providing minimal information about each bank owned listing? The bank expects you to market each listing as much as possible so the best possible offer is received. You should never look at an REO property as a burden and/or think little effort is required. Remember, each successful sale contributes to the next listing you receive from the REO Company/Bank.

Here are a few tips when listing the REO:

1. Take the time to take incredible picture of the property. If the property has been de-trashed after the listing, upload the new pictures to the MLS. Do not leave the garbage-ridden pictures on the MLS or your flyers.

2. Take the time to write about the property and its features. There is more to a property besides the standard, “Bank owned, sold as-is, great property.” Write about the upgrades, good features, kitchen, amenities, etc. Give the property much needed attention.

3. Fill out the square footage and acres if your MLS does not import all of the information from the tax records.

4. Make sure your email address and fax is accurate.

5. Always list the docs required from the bank in the broker area regarding all offers.

6. Create a flyer and upload as an attachment in the MLS.

7. Upload the offer instructions and letter of intentions as attachments to the MLS.

8. List the property on various FREE websites. It is a good way to obtain buyers and investors for your database and sphere.

9. Keep copies (PDF) of all marketing efforts so the banks will know that you are giving your best.

10. Schedule showings and obtain feedbacks. You will need this information for the MMRs. If your area does not have a showing system, hire one or hire an assistant that can assist with your showings and feedback collection.

11. If you do not have your own website, consider getting a site through Point2 so you can display your REO listings or have a site created.

12. Create a network among local agents. Send updated listings to each on a weekly basis. Make sure you have permission. Even though marketing is an effort performed by all agents, I am still amazed at the number that balks when new listing emails are received.

Some of these tips appear as common sense but it is not all common.

25 Ways a REVA Professional can Assist You

Mon, 10 Mar 2008 10:03:00 -0400

Are you looking for a REVA but are unsure of the services that can be provided by a remote assistant? Visit our REVA Professionals website at www.REVAProfessionals.com. You can review our directory or submit a Request for Price (RFP) through the system.

In the meantime, I have provide a list of 25 Ways a REVA Professional can Assist You.

Customized Drip Campaigns – A REVA Professional, in corporation with the broker or agent, can create customized Expired, FSBO, Buyer, and Seller Campaigns tailored to your target and market. Campaigns can be created for emailing, mail-outs, and post cards.
Leads Management – An experience and/or well trained REVA Professional can manage your entire leads database by making follow-up phone calls, qualifying leads using basic non-telemarketing scripts, collect house hunting details, obtain specs on potential listings from sellers, create listing presentations, input data into the leads management program, schedule presentations, etc.
Pre-Listing Activities – Pull property reports, order external photos, create the prelisting presentation, pull comps, confirm appointments, type the listing agreement and disclosures, etc.
Listing Coordination – Order external and internal photos, research property information, schedule staging, input listing into the MLS, upload photos to the MLS, add listing to various agent websites, setup-showing scheduler, and schedule showing, collect feedbacks, coordinate all pre-contract activities.
Marketing Coordinator – Create flyers and post cards, create email flyers for distribution, create virtual tours, market property on 40+ internet websites, notify all area brokers and agents of new listing, distribute listing to all social networking forums, email new listing to area investor and buyer lists, create single property websites, and create additional marketing opportunities.
Closing Coordinator – Once you receive an accepted contract on a property, the closing coordinator can manage the entire process by scheduling inspections, follow-up with the lender regularly, monitor all contract contingencies to ensure that each are completed and all contingencies are removed, send out important reminders to the buyers and sellers, communicate with other coordinators, title companies, escrow offices, and other parties involved in the transaction, schedule closing and final walk-thru, order surveys, order and review the HUD-1, order closing gifts, conduct closing buyer and seller surveys, and more.
BPO Support – Capture incoming BPO orders, order external and internal BPOs, research subject property details, research neighborhood information, input listing and sold comps into hard copy BPO corms, input data in to online BPO forms, complete comments, and input valuations using the figures received from the broker or agent.
REO Support – Input listings, upload photos, order bids, de-trash, winterization, sales clean, re-key, and repairs, complete online and offline reimbursements, market listings, schedule and monitor showings, collect showing feedbacks, complete all monthly marketing reports and input new comps, collect highest and best, complete offer worksheets, upload offers to online systems or email to REO Company or Banks, follow-up with asset managers, monitor the closing process and follow-up on all contingencies.
Web Design and Maintenance – Create html website and/or customize template sites such as Point2, Advanced Access, Al a Mode, Z57, IHouse, etc.
Search Engine Optimization – Optimize current website for your current market by enhancing agent status on the World Wide Web locally, regionally, and nationally.
Customize Blog Development – Create customized, and optimize blog sites ready for postings.
Blogging Services – Provide an alternative to 100% blogging. A REVA Professional can support the blogging activities of the agent by focusing on neighborhood, area, local information, and community related blogs.
Branding – Create customized branding such as banners, post cards, flyers, stationeries, email templates, etc.
Schedule Showings- Your REVA Professional can schedule your showings, collect agent information, and collect important property showing feedback.
Order Promotions – Your REVA Professional order office promotional items for distribution at open house events, seminars, etc.
Answering Services – You cannot be in two places at one time but you can have your phones answered remotely by a REVA Professional. Using currently technologies, you can transfer your phone when you are out of the office to your REVA’s designated line.
License and Subscription Management – Are you a busy broker without an office manager or perhaps you needs someone to manage the licenses and subscriptions of all agents in the office? Your REVA Professional can maintain your entire staff database, send out monthly, weekly, and daily renew reminders, setup subscription accounts, and other related duties.
Newsletters – Do you like to create your own customized newsletters, using your own materials and listing information? Let your REVA Professional handle this task for you. Your REVA Professional can research articles, design your newsletter, manage the subscription process and subscriptions, conduct surveys, order prints, email your newsletters, and mail-out your monthly newsletters.
Buyer and Seller Aids – Do you need a Buyer’s Guide, Seller’s Guide, Neighborhood Book, or PowerPoint Presentation? Guess what, your REVA Professional can handle the details for you. These aids will give you the added edge needed to “WOW” your buyers and sellers.
Bookkeeping – Keeping track of your commissions and expenses are very important. Why not hire a REVA Professional that specializes in Real Estate Bookkeeping to manage your books for you? Do not get list behind the mounds of receipts; let your REVA Professional handle it for you.
Office Supplies – Don’t have time to order your office supplies, ads, reprints, signs, and those basic supplies need to keep your office running? Your REVA Professional can keep your supplies at the required levels so you will not have to venture out to the office supply store again.
Press Releases – You have just opened your doors or perhaps ready to announce your new position within the firm. Have your press release professionally written by a REVA Professional that knows how to capture the attention of your intended audience.
Forms and PDF Conversions – Do you have a handwriting that is no so legible and would like to convert all of your forms in to easy-type forms? Connect with a REVA Professional that is an expert with Adobe Professional. You can also have your contracts, disclosures, and addendums, and other office document branded with your logo or broker information.
Paperless – Thinking about going paperless but do not know where to start? Let your REVA Professional help you create online and remote file cabinets. Convert your hard copies to a paperless system.
Business and Marketing Plan – Do you need a business plan or marketing plan? Are you in need of in depth researching skills? When you fail to plan, you plan to fail. Let your REVA Professional handle the research needed so you can put together the pieces of the puzzle. Have all of the information you need to create the most important part of running your business, a plan.

Carolyn Nelson, carolyn@onlinerepa.com | http://www.onlinerepa.com/ | Direct: 980.233.8938 | Toll Free: 877.717.4491 | Fax: 866.590.2269

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Visit www.REVAProfessionals.com today!

Wise Agent, It is a great program

Sun, 09 Mar 2008 14:39:38 -0400

While at NAR, I was introduced to Wise Agent. I have also spoken to Brandon Wise and Heidi several times over the past few months. With that being said, I believe that any agent looking for an alternative to the current online CRMs on the market should look at Wise Agent. Over the past two months, I have introduced Wise Agent to several of my clients and to several agents. The overwhelming response have been positive. The program is very easy to use, offers many opportunities, does not charge any add-on price for team members, the cost is very affordable and most of all, customer service is servicing the customers. You are not treated like a money generator, you are a customer.

Wise Agent offers:

Detailed data on all of your clients
Date stamped conversation log
Contract checklist
Time line checklist
Real estate forms
Flyers - eFlyers
Free updates, no setup fees No pop-up advertisements whatsoever
Professional, private, and secure web workplace
Access to your entire business-past and present anytime from anywhere
Customization
Branding
And more!

Response time is excellent. I emailed customer service late Friday night while working on a client’s account. To my surprise, I received a response back within 10 minutes. This was around midnight. It was not a canned message; it was an actual response and an ongoing dialogue. Thank you Amy! Great customer service!

Another agent needed a customizable banner for her branding. We received the customizable banner within 1 hour. We were also given the same banner to use on the website and all marketing materials including emails, stationeries, etc.

Customizable contact form. Wise Agent offers a customizable form that can be added to your website to capture all incoming inquiries. This form adds the individuals to your incoming Wise Agent call list. It took less than 5 minutes to setup the entire process.

Training – Training is provided to everyone on a weekly basis. I love the fact that you can freely ask questions during and after the session without limitations. Thank you Heidi!

Uploading contacts – Having problems uploading your contact database? Clean it and contact Wise Agent. Speaking from experience, the contact databases I have sent over were uploaded in less than one hour. Giving me the opportunity to reduce my down time. Oh yeah, did I mention that the database was uploaded into the correct area and the sellers and buyers were uploaded as requested? We didn’t have fields that were incorrectly uploaded the way I have seen it done by another program.

Transaction Management – This is another great feature of Wise Agent, it has customizable features. You can create new input fields for the unique and routine information tracked on a per transaction or broker required basis. For REO brokers and agents, this is a big plus because you can create custom fields for the asset number, loan number, asset manager, bank name, BPO due dates, MMRs, and all of those contacts that you have to manage.

Samples – check out their samples! Here is a link to sample the branded email Branded Email Samples

No Contracts! Wise Agent has a 30-day trial period. After that point, you will pay on a monthly basis. NO CONTRACTS and NO 1-Year Hostage Situation!

Helpful Links:

http://wiseagent.com/agentresources/wiseagentflyer.asp

http://wiseagent.com/agentresources/

Give Wise Agent a test drive. The regular cost is $24.95/month. Use code ONLINEREA and pay $19.95 per month. This code is provided by REVA Professionals at www.revaprofessionals.com

Carolyn Nelson, carolyn@onlinerepa.com | www.onlinerepa.com | Direct: 980.233.8938 | Toll Free: 877.717.4491 | Fax: 866.590.2269

REO Process - Simple Paper work

Sun, 13 Jan 2008 06:43:21 -0500

Ok, I know that there are many of us that like managing the REO process online and there are some of us prefer to stick to paper because we can access it quicker...that is, if it is organized and you don't have the information on post-it notes and other bits and pieces of paper

With that being said, I would like to share with you images of a part of the way I manage the REO property files for some clients that prefer hard copy management.

Please feel free to provide your feedback.

Using your OTM Program for Public Document Access

Sun, 06 Jan 2008 22:10:00 -0500

Taking advantage of the features provided in your online transaction management program is very important and plays a role in the success of a smooth sale and transaction. Did you know that most online transaction management programs have a feature that allows public access to documents?

Public Access Documents are common documents pertaining to the sale of a property that is not confidential in nature. Access to certain documents can help you save a lot of time and provide those interested in a particular property the opportunity to review the property disclosure, flyer, repair receipts, property reports, etc. If you online transaction program allows for hyperlinks, you can also add your tours and other links as a public document. I have found this method a big plus for agents that have a website with limited space or have a website that does not allow document uploads, forms, links, etc. This feature is especially beneficial to those that work with foreclosure properties. The purpose of the public document area is to offer the public quicker access with having to take away from your valuable time. If you do not want to grant immediate access, you can also use the secure feature provided in Adobe Professional to password protect each document. Therefore requiring the use of a password to access the documents.

Creating a simple process to manage your REO properties and your process

Sat, 05 Jan 2008 17:34:19 -0500

Do you have a plan that will help you manage your properties? How organized are your files and if the bank calls you regarding an invoice submitted three months ago or inquires about the details of a property, are you prepared? I help several agents remotely organize their files and provide different resolution based on their setup.

Here are a few tips that will help keep you organized. It may not pertain to everyone and depends on the current process being used.

Get rid of the post-it notes. They are not meant to be used as long term solutions to tracking notes.
Create a spreadsheet or pay an expert database designer to create a MS Access database that runs on queries. If you would like to create a secure online program, you will need to hire an expert programmer.
If you are not ready to go paperless, I suggest using 3-ring binders and index tabs to keep your files sorted by banks and property address, and/or
Use the correct folders so proper recording is maintain. Go to www.filesource.com for an assortment of real estate related folders, or use the classification folder with dividers, click here, and/or
Use an online transaction management program for online storage and upload all pertinent documents to the BPO or bank system immediately and check off as completed.
Upload your action plans online or use Outlook to track due dates and send out reminders.
Only use one email address to communicate with the BPO Companies or banks. Multiple emails accounts increase the chance of mail being sent to the junk box or deleted. Include your full contact information in the signature line and account name section.
If you find that you are always responding too late or missing the BPO orders, setup alerts through your Blackberry or a compatible email account such as Yahoo or Hotmail so you can receive your notifications via text message. You can also hire an assistant that will work as a backup to catch those that you have missed and begin the process of ordering photos, pulling comps, etc
If you decide to go paperless, invest in a PDF converter that will allow you to extract documents, delete documents, sort pages, insert files, etc. As the transaction progress, you can add the new pages and/or delete the amended pages and more.
Once the property has closed, remove all old and completed transactions. Archive each to CD or DVD. Make multiple copies if needed.
Use the task reminder of you contact management program. Once you input a task based on a property, you will receive the alerts. This will increase your responsiveness to the bank and buyer agent.
Use Microsoft Street & Trips to calculate proximity if you are looking for a reliable program.
Keep an updated copy of all bank guideline at the front of the binder and/or store online within your OTM program.
Store each property file separately on your computer and label each property using the property address. Example: 1234 Mockingbird Lane, Anywhere US 01234. Then create subfolders. One for the listing documents and the other for the closing documents.
Add the full contact information for each bank, asset manager, accounts payable, etc to your Outlook contact file for the bank using categories. Print out the contact sheet and include it in your binder, folder, or online within the OTM program. This will provide quicker access to contacts when on the road and less searching on the PDA.
Offer a fillable PDF of the Offer to Purchase and all bank documents on your website. By doing so, this will give the buyer agent the opportunity to present a clearly written offer with all required fields completed. You can also include a check list as a part of the download. If the agent doesn’t provide all of the check list items, they don’t have a serious buyer.
Learn how to improve your process. If one method does not work, move on to something better, not worse.
No what you have in inventory at all times. A simple spreadsheet can be used to track your inventory and the status.

How do you keep your files organized?

There are 11 Skills your Transaction Coordinator should have.

Mon, 31 Dec 2007 10:26:48 -0500

Transaction Coordinators plays a very important role in the way buyers and sellers view your qualifications, services, and the overall good will of your business. Do you have a Transaction Coordinator that will present a positive image to your public? Does your transaction coordinator go the extra miles to ensure that your buyers and sellers kept happy during and after the transaction?

Here are 11 skills you should seek when you are hiring a transaction coordinator

Must be a People Person, know how to interact and have the flexibility to change as the direction of the transaction changes.
Ability to listen twice as much as he or she speaks. Refrains from interrupting the buyers and sellers.
Ability to organize task. Knows where everything is when asked.
Ability to manage time. This also includes your time and the transaction timeline.
Ability to work without supervision and make independent decisions. Does not email or call with constant questions. Able to make simple decisions without having the need to have his or head rubbed.
Good writing and communication skills. Everyone has room to grow. However, it is important that you review and approve all content before it is distributed to the public.
Strong confidentiality policy. A secret isn’t a secret if more than one person knows about it. How prone is your assistant to repeating information spoken in confidence?
Ability to communicate urgent task requirements to others. Able to communicate requirements without the assistance of a brown bag to prevent hyperventilation.
Intermediate computer skills. If you assistant is a wiz on the computer and MS Office products, he or she will be able to create and present your business to the public using creativity.
The commitment and tenacity to learn more. Your assistant should always strive to learn more about the industry and your business. Always seeking ways to take your brand to another level.
Understand and believe that every contact is a source of referral. Every contact your make is a source of referral. If your assistant doesn’t believe this is a requirement for services, you have not hired the right assistant.

Working with expired listings

Mon, 31 Dec 2007 10:26:48 -0500

The best time to call expired listing seems to be a daunting question for most agents and assistants that provide leads management services. Different systems work for different people and in different markets. However, there are easier processes you should consider when engaging in leads management.

Never call the expired the day after the listing expires. Chances are other agents are calling the lead, causing frustration, resulting in the lead not signing with any agent.
Wait 5 - 7 calendar days. If the listing has not been renewed and listed by another agent, this is a clear indication that the house is still available for sale. If the seller has any interest in selling the house, he or she would be more willing to talk.
Provide and use a sensible script. Don’t use a “used car salesman” script. How would you react to a push script? Show concern. Contact me if you would like a simple script that works.
Create a property marketing plan. Give Joe and Mary Seller a reason to list with you and/or your agency.
Don’t expect each expired listing to automatically renew or list.
Create a listing program brochure. Send it to those that you were unable to reach and list. Provide Value.
If you are using an unlicensed assistant, make sure you are familiar with the laws regarding unlicensed assistants, personal assistants, and independent contractors.
Request clarification of the contact information from the home owner. Obtain the email address.
Add each contact to your drip system. Get permission from each before adding to a drip campaign and request authorization to send the seller an email with the link to sign-up.
Follow-up with a phone call if and only if the home isn’t listed on the MLS.
Keep accurate records of the feedback received. If you are asked to remove a contact, note the request and do not include the individual in any further communication. Cross reference your list regularly
Verify all phone numbers against the Do Not Call Registry.
Close all communication with a “Thank You.”

How can a REVA/Real Estate Assistant Help with your Leads?

Sun, 30 Dec 2007 11:30:28 -0500

Brokers and Agents, hiring a REA/REVA to assist with managing your incoming leads, making preliminary contact with FSBOs and Expired Listings, and assist with current and past clients provide you with the opportunity to cultivate new relationships, manage your activities, increase your number of closings, and help identify you in your area. Sometimes, the mistake is made to hire an assistant when you have zero clients, no buyers and no sellers, and you are backstroking down the proverbial creek without a paddle. Relationships are not instant, it requires nurturing. Buyers and Sellers want to feel comfortable with the agent representing them during their home buying and selling process. Don�t think of hiring a REA/REVA in terms of how much it will cost you per hour but realize the benefits you will achieve when leads are converted in to sales. The commission you will make surpasses the hourly rate you will pay to obtain the services of an experienced REA/REVA. Your REA/REVA can help convert your cold leads to clients by helping you establish your business in your target area and help build your reputation as the area expert. When you develop a partnership and lasting relationship with an experienced REA/REVA, it becomes a win-win for you, your clients, your sphere, and your assistant.

REO properties, a good deal or not, a REO agent�s take.

Sat, 29 Dec 2007 17:34:00 -0500

I am a a REO listing agent in the Phoenix Metro area, I have listings throughout the valley but mostly in the western cities of Glendale, Peoria, Surprise, El Mirage, Avondale and Goodyear. I really enjoy this business, it is a fantastic opportunity and you have to take the rough with the smooth, some homes are in perfect condition and some are a science experiment in the making. you have to be ready for anything from leaks to property preservation issues to getting calls from the local police at 1am (Saturday last).

These homes for the most part are great buys; you can buy and close most REO's with the banks I deal with within 2weeks to a month. We will talk you through the process and what happens next. The banks are great sellers for the most part, they are a totally unemotionally seller, it is all about the numbers, make them work and you have a deal and don't and we don't. Some things to think about when bring a buyer to one of these homes

The listing agent knows the condition of the home, spending 15 minutes saying that our offer is low because there are stains on the carpet and it smells is something we already know, I've been in all my listings and know the condition.
A low offer is just that, an offer, don't submit at 50 cents on the dollar and expect the seller to fall all over themselves to accept it, be reasonable in your offers, and let them have some basis in reality, run comps check out the area. Sometimes a contract at full price is cheap and other times $50k under asking is expensive.
I will work to present your offer in the best light, talk to me, let me know what the thought process is for the buyer, the banks goal is to dispose of assets at the best price and to the best available buyer.
Have your loan in place, which means an approval letter attached to the contract, most banks won’t consider an offer without it, if you are putting any cash into the deal show where it is coming from, a photo copy of the bank statement balance showing the buyers name and balance usually works.
Each bank has their own system and time frames, this is not a normal deal some are extremely fast and some are slow,
The banks all have their own counter offer and addenda, usually these are general in nature as they are in use in many states, they are usually not negotiable.
Follow timelines that are in the contract, the buyer is responsible for keeping up their end, if a lender does not perform the buyer is responsible,
We (listing agents) are a resource, I for one don't have time to play games, talk to me, let me know how I can assist
In our area auctions are on the rise, these are not real comps, they are a special case where Banks are freeing up capital in a fast manner, the fact that someone bought a home in a area at auction last week has no real bearing on what is going on today, that home is gone if the buyer wanted it they should have gone to the auction and bought it there.
Water and electricity will be on for the inspections if it is safe to do so, gas that in most cases wont for the safety of the property and neighbors, I'm sorry if I have gone on, work with the listing agent, get the story, and represent your client into the home not out of it. In Arizona the market looks bad but the trends that I'm seeing is that homes are selling although at prices way off their highs but selling all the same.

Andrew Monaghan CRS, GRI, EPro Associate Broker

Glendale, AZ | Keller Williams Professional Partners | Office Phone: (602) 308-4660 Ext.: 1 | Cell Phone: (602) 920-4343 http://www.TheMonaghanGroup.com

Andrew Monaghan is a client focused results based realtor whose interest is in, "getting our clients from where they are to where they want to be" My team and I service the entire Phoenix Metro area.