My company says that I can't list REOs
With the formation of Excellen comes potential to list REO properties but the company I'm with says that I can't take these listings. I have to refer them out to this one agent who is the only one allowed to list REO. Of course I can be the co-listor with all of the marketing duties of the property but the listing goes under the other agent.
Does anyone know how the REO listings will be handled? Will they be referrals from Excellen or a direct listing contract with the bank/asset management company.
If it's a referral from Excellen, then my brokerage will allow me to list them. But if it's a direct listing contract with the bank/asset mgmt. co. then it's a big fat "NO"
BTW, I have to be on the REO listing team to be a co-listor on REO properties. Of course I'm not on the team and of course they're not taking any more applicants.
Anyone else come across this issue?
Replies to This Discussion
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Permalink Reply by Kelly Meadows on
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Makoto,
If you are an experienced Realtor, I would consider switching brokerages... But, if you have not done REO before, you should definitely work under an experienced REO agent for a while. It's nothing like a regular listing and you don't want to be unprepared. Also, according to the questionaire that went out, Excellen is looking for experienced REO agents. I don't believe they will be handing assignments out to all of the Titanium Reps, just the Titanium Reps who are also already doing REO.... FYI... if you have the "in" with Titanium maybe you could use that relationship to get on the REO listing team at your office. -
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Permalink Reply by Steele V. Propp on
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We have not seen the listing forms from Excellen at this point but most likely they will act as the third party company and will sign the listing. It will not be direct from the bank. Haven't seen it done otherwise and I have had listings with a number asset management companies. But understand that Excellen is an asset management company.
Frankly if you really want to do REO listings I would not accept this company's attitude. They can limit what they will allow, but you don't have to work with them. This would be your account, not this other team's. At the risk of being crude I would tell the company to shove it. And co-listing is BS as well.
Looks like you have a decision to make if the company stands firm on this policy.
One other thing, you may already have this info but Excellen will require the use of the Res.net web based system. There is a cost in order to belong. Might want to research that as well. But being on Res.Net would mean exposure to other REO asset managers as well. -
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Permalink Reply by Makoto Sato on
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Kelly, I haven't done REO before, just short sales. What do you mean when you say it's nothing like a regular listing?
Steele, It's a great company but I think that they really want to limit their liability when listing REO properties. My sales manager and I are going to present them with options, alternatives and if they don't want to bend, then I will be forced to move on.
Steele V. Propp said:We have not seen the listing forms from Excellen at this point but most likely they will act as the third party company and will sign the listing. It will not be direct from the bank. Haven't seen it done otherwise and I have had listings with a number asset management companies. But understand that Excellen is an asset management company.
Frankly if you really want to do REO listings I would not accept this company's attitude. They can limit what they will allow, but you don't have to work with them. This would be your account, not this other team's. At the risk of being crude I would tell the company to shove it. And co-listing is BS as well.
Looks like you have a decision to make if the company stands firm on this policy.
One other thing, you may already have this info but Excellen will require the use of the Res.net web based system. There is a cost in order to belong. Might want to research that as well. But being on Res.Net would mean exposure to other REO asset managers as well. -
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Permalink Reply by Mori Langshaw Sr on
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Wow! I have a lot to learn about REO's. I have started my own brokerage and one agent wants to focus on REO Listings. I don't think he has done any in the past. What's the liability?
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Mori, My understanding is that sometimes the liability is pushed onto the broker/agent (Defective title, damage, people getting hurt on the property, etc.) E&O may not cover some of the things that they push onto the broker/agent.
Read more about it:
http://www.pearlinsurance.com/kellerwilliams/REO_Caution_Article.pdf
There are probably ways to mitigate a lot of the risk, but they don't really talk about the ways to mitigate the risk, except for saying that you should read the listing contracts carefully.
Does anyone here have a copy of such a "toxic" listing agreement? Please send to me at [email protected] -
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Permalink Reply by Jeff Payne on
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Makato, I have to agree with Kelly, I would certainly start looking for another brokerage. I would not work for a broker who affects my business in a negative way. Call your E&O and find out, I would venture to say that you would have more potential liability with a short sale.
We have a few brokers that I know of that will only allow one agent in the office to work REO's. -
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