We understand how much you value grades and rankings set upon you by REO banks and asset management companies. We all know that you want to keep a good score in Equator or REOCentral.
REO banks assign you these properties and in return, they want to feel that they are top priority on your list. Receiving low ratings from REO banks and asset management companies means less properties are going to be assigned to you in the future.
Nobody wants that. We know how valuable these numbers are for you. So we are making a list of activities which may cause your ratings to fall off.
Some are pretty self-explanatory and we know you know them, we have them just as a little reminder.
- Instructions should be duly noted. All instructions must be strictly implemented and followed. From general listing information to minute details, everything should be meticulously followed. It should also be the banks’ standards that should be carefully adhered to in bidding processes.
Same goes for the guidelines on submission of reimbursements.
- Reaction time should please your asset managers. Doing follow-ups for occupancy shouldn’t exceed more than 24 hours while making and updating BPOs ideally shouldn’t be more than 48 hours even though it says in Equator the deadline is in 7 days.
Doing tasks while they are still green in color greatly boosts your rating. Once you have all the necessary documents, you are ready to go.
Working in advance cuts the deadlines and time needed to fulfill the work. For example, when you just finish making a listing agreement for a certain property and you are still waiting for other documents to arrive, why not make a listing “draft” for that property on your MLS (but don’t post it yet) then just fill in the draft with missing details once the signed copy of the listing agreement has returned.
- Market the property right. Almost all REO banks want to sell the property as soon as possible, thus, getting the property bought within 30 days is ideal. To do so, you shouldn’t just rely on your MLS and Craigslist ads but also on different marketing websites (posting in 50+ free websites is a good idea.)
Also, marketing verbiage must not be stale but engaging and your MLS shouldn’t lack information which usually interests your customers. Photos should be clean and of standard quality. Even the documents such as BPOs should be neatly written and consistent. These are also graded by your asset manager.
- Be professional and organized. Some asset managers call you and regularly ask for status of the business. Be professional on calls and emails. Moreover, being organized and sending emails regularly about different portal tasks makes the eyes of your asset manager sparkle.
Building rapport with your asset manager sure helps. And by taking notes, the details above will help you build reputation and a good impression with your asset manager. Consider revamping your processes and see if you are correctly complying with the REO banks’ standards. Let everyone on your team know the banks’ and companies’ standards. Lead them, and obtain good ratings.