Replies to This Discussion

Permalink Reply by Steele V. Propp on April 6, 2010 at 12:08pm

For all the work that they do and the amount of files that most are saddled with, you would have no one working for the lenders in about 2 weeks under this plan. Now offer a bonus for each file closed and you might have an incentive program worth doing.

Just a thought. We have no say on what compensation plan lenders offer their short sale people anyway :>)

Permalink Reply by Alan Remigio on April 6, 2010 at 1:56pm

I',m aware that several lenders offer seasoned negotiators additional compensation for closing files through short sales. Here's the kicker...seasoned negotiators especially former asset managers and divisional managers, leave the lender because they can make a lot more money negotiating for private buyers, So to answer your question, yes...great negotiators would rather work a percentage. Negotiators do not have to be in your state to be effective. On our side, it has been worth my while to hire negotiators and pay them well to close a file. Thery work on commission. Good negotiators can work on 30-35 files in their pipeline and probably turn out an average of 4-5 a month when their pipe is full and rocking.
There obviously is more to this than the fact that they are good. To give you an example of what a good negotiator can accomplish...we closed a sale with the BPO waived, we've closed short sales within 3 weeks. Lenders call our negotiators and offer dead deals they could not close with agents. Lastly, our negotiators call on deals left for dead by sellers with agents on the day of sheriff's sale and get a postponement. These things happen...not often, but a good negotiator is a necessity in the short sale process. The way I see it...100% of zero is still zero. Like the successful, professional agent, one will profit when using their services, it costs money when you don't.

Permalink Reply by Lou Patin on August 11, 2010 at 7:07am

Hi Alan, any chance of me having an opportunity to use your negotiators? I could really use a good one.

Alan Remigio said:

I',m aware that several lenders offer seasoned negotiators additional compensation for closing files through short sales. Here's the kicker...seasoned negotiators especially former asset managers and divisional managers, leave the lender because they can make a lot more money negotiating for private buyers, So to answer your question, yes...great negotiators would rather work a percentage. Negotiators do not have to be in your state to be effective. On our side, it has been worth my while to hire negotiators and pay them well to close a file. Thery work on commission. Good negotiators can work on 30-35 files in their pipeline and probably turn out an average of 4-5 a month when their pipe is full and rocking.
There obviously is more to this than the fact that they are good. To give you an example of what a good negotiator can accomplish...we closed a sale with the BPO waived, we've closed short sales within 3 weeks. Lenders call our negotiators and offer dead deals they could not close with agents. Lastly, our negotiators call on deals left for dead by sellers with agents on the day of sheriff's sale and get a postponement. These things happen...not often, but a good negotiator is a necessity in the short sale process. The way I see it...100% of zero is still zero. Like the successful, professional agent, one will profit when using their services, it costs money when you don't.