In this crazy Real Estate market we all are experiencing at this time everyone is getting frustrated and when I say everyone I mean buyers, buyers agents, listing agents and even the Asset Managers who represent the Investors of the Real Estate Owned (REO) properties and the blame for the length of time to get a response to offers made has gotten ugly at times.
Buyers agents have blamed listing agents for holding back offers so the listing agent can sell the property themselves and earn more commission and I as the listing agent of two separate REO properties was accused of this very thing this past week when I informed two agents, who were waiting for signed bank addendum's from the asset manager, that their offer had been accepted but the Asset Manager was extremely busy and it would take more time than normal to get signed addendum's.
The accusations came flying at me like a sonar powered missile and I'm not half of those things I was called and when it comes down to the bottom line "Sticks and Stones May Break My Bones But Words Can Never Hurt Me". But today, Sunday, crow is being served for the holiday BBQ at a couple of agents homes.
The Asset Manager of these two properties e-mailed the signed addendum's TODAY and the escrow has been assigned so all will be right with the world on Tuesday for the buyers and their respective agents but was any credit given to the Asset Manager for working on a Sunday on a holiday weekend? NOPE!!!!
My hats off to this Overworked, underpaid, under appreciated, very qualified professional who has gone above and beyond to make these transactions become a reality of home ownership to two buyers who will never meet her and in all probability never know what she did.
Rachel, THANK YOU!!!!!
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GETTING THE BEST PRICE AND TERMS FOR MY CLIENTS, FROM SHORTSALES AND REAL ESTATE OWNED PROPERTIES(REO) ALL THE WAY TO MULTIPLE INVESTMENT PROPERTIES, IS THE FOCUS OF MY BUSINESS !! BEST BUY/BEST HOMES
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Gotta love it when a plan comes together, Cameron! Rachel deserves flowers!
AMANDA, She deserves a lot more than flowers.
Cameron - Rachel does deserve flowers! It is great when the Asset Managers work so well with you isn't it? I wish I could pick my Asset Managers sometimes...there are some that are so incredible and you know it's a difficult job. Plus you're right they are definately overworked and underpaid! I appreciate my asset managers who work so hard!
LORI, I e-mailed Rachel and reminded her it was Sunday plus a holiday weekend to boot and all my other AMs disappeared at 2;00 on Friday.
They do work hard and most of the time it goes un-noticed.
I sometimes get things from asset managers on weekends too. I guess they work at home the same as we do. I appreciate them more when they send me something on the weekend.
Cameron....it has to be a tough job, but somebody's gotta do it. Kudos to Rachel! Did you set those buyers agents straight? Hand feed them?
BARBARA, I'm in the office 10-14 hours a day and then I come home and do some more so when I get something from a AM after hours it does tell me something about the person.
LORI, Sent them their addendum's and asked if they would wash my car since I didn't lie to them.
Cameron -
In my corporate career, one position I held was Senior Asset Manager. It's nice to see an agent say "thank you". Some of these Asset Managers are carrying unbelievable caseloads and working many long hours!
Good for you for recognizing this Asset Manager's hard work! Hopefully you will get the word to her supervisor so she might possibly get a pat on the back. After all, we are all human and it's nice to hear "job well done"!
CATHRYN, Your comment means a lot to me and since you have been in the default arena you know the fine line we all walk to avoid favoritism from the AMs and at times it becomes Very hard to convey appreciation for a job well done.
After 22 years in R.E. I'm still learning and at times such as this I get frustrated that I can't do more.
Suggestions without causing my AM grief?
Thanks.
Cameron -
It sounds so simple..a thank you to the AM and possibly the AM's supervisor. It will become real and not "phony" if you relate a specific example as to how the AM's responsiveness helped make your job and the transaction much smoother.
No matter what "side" of the transaction you are on, I don't think anyone ever grows tired of kind words and sincere appreciation.
Just my 2 cents!
Cameron: WoW.. this is impressive.. She was in ther eon the wekend getting this done for you.
Most people in this business, Asset Managers, REO agents etc are doing the best that they can with what they have got, they work long hours and try to do the right thing.
Folks just like to vent when they feel powerless... nice to see you've got some pro's in your corner. Your AM working on a holiday weekend is a huge deal.
JESSE, This particular AM is running a team and still they are swamped and between the 3 properties of mine she signed off on in the last week there were a combined 19 offers.
19? Talk about hopping! We're not seeing nearly that level of actiity... even on our few REO's.
JESSE, This Invester prices their properties to sell NOW.
They gave me 5 in a 3 day period and three are sold, 1 has four offers and the fifth is a cash for keys.
Stalker, do they have you perform the BPO or do they send you the file with the price already set?
LUCY, I do the BPO plus they get a second BPO and a full blown appraisal.
Good for you getting to work with investors that aren't messing around, Cameron! I should stalk you and learn a thing or two. I hope you will continue to post about your experiences with REO's and AM's.
AMANDA, It's a blast and everyday is an adventure just like Disneyland.
15 minutes ago an agent called to inform me that one of my listings has a shattered glass sliding door plus one bedroom window.
Glad you like the junk I post and it does get interesting when I cause a few agents to get their panties in a wad. God bless em!!!!