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?
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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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