Brokers that seem to shun other realtors
There is an REO property I am interested in and I work with a realtor on all my investment properties.
But this one property she was not able to get a return call from the listing agent to even get showing instructions. Calls, emails, text messages to the agents and the broker remain unanswered, for an entire week. We decided it was probably already under contract and they didn't bother to get back to us.
Just out of curiosity I decided to call, and the voice recording was "Home owners press 1, agents press 2". I pressed 1 and was immediately routed to a human who gave me the listing agents numbers. I then called both and they returned my call and set up an appointment to see it. I haven't seen it yet. I then called back and pressed 2, and got to a machine and left a message and no one called me back for over 48 hours.
Is this weird?
Should I proceed to work on this one with the listing agent or should I still get my agent in?
Replies to This Discussion
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Permalink Reply by Kimberley Kelly on
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This is unethical. If the REO Agents can't make enough money, then stop listing them! If all of them stopped, the Lenders would be more reasonable..of course that won't happen as Lenders are not reasonable. It's a business for them..bottom line rules. Apparently, the Agents that would act this way are not afraid of fraud or steering or just being smarmy, which is already a problem with the general public. Take some pride in your business practices..good grief!
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Permalink Reply by Jack Hampson on
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Well he gave me the lock box code over the phone. Never met me, have no idea who I am and yet he let me into the bank's house. This is weird. I went but I kept wondering if I was technically "Trespassing".
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No, you're fine. Question is, do you want it? Most underpriced REO's have 10 offers within the first week. Do you know status?
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Permalink Reply by Jeff Payne on
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Probably not trespassing but certainly something the agent could lose their REO account over. Imagine if they were to give the code out to someone who decided to steal everything out of the home or decide to squat in the home. NEVER ever give out codes to anyone who is not an agent.
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Not sure where there was anything unethical mentioned but it certainly is not a good business practice. I would guess that many agents stumbled upon their REO listings because they were doing BPOs for $40 a piece and got a shot at some REO. Most likely they STUNK at running their business and did BPOs to survive and now they got REO listings they STILL STINK at running their business. REO is administrative driven and not so much sales driven. Tons of work to do just to get to market, 99% of which can be done by admin and very little needed on the licensed sales side until time to start negotiating offers. Lots of property checks, grass cuts, rekeys, BPOs, more property checks, repairs, more property checks and then it hits the market and gets multiple offers. Bad agents with bad systems will not survive once the REO market slows down so they are going to be OK for the next 3-4 years and after that they are done.
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BTW, I dont think they SHUN other realtors, most of the REO agents dont run it like a business. I see it all of the time, they are a one man/woman show and their systems suck. They can not see the forest for the trees and wont hire admin to take care of admin work.
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Permalink Reply by Bryant Tutas on
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going in the newsletter
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Permalink Reply by jennifer mullen on
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I would call the local board of Realtors to register a complaint and would urge your agent's broker in charge to do so as well.
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Permalink Reply by Laura Levenson on
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No kidding! It seems as if we (non REO agents) have our own set of rules, and the REO agents have their own! Constantly shaking my head with what they get away with!
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Permalink Reply by Vikki Deedrick on
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It's not just REO agents who do that. I've had the same thing with short sales and straight sales. They want both sides so they make it difficult to show. Another way to make it difficult is they don't put a lock box on the house. Showing instructions say "Pick up key at listing office." Listing office is 20 miles away in a neighboring city so that means two trips to get and return the key. And of course it's not available other than business hours. There is never a reason not to have a lockbox on a vacant house.
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Very good reading this morning! Thank you all! I also have a beef with these REO agents/brokerages (most anyway!). Besides the lack of communication, or just simply "lame" communication (i.e. email stating our offer was rejected - no details whatsoever), I truly believe they give their "people" first dibs before they even list. I do not have proof of this, as a disclaimer, just a hunch! I have put in so many offers IMMEDIATELY after asking if there are any on the table, then PRESTO, we are signing a multiple offer form, and losing out to whomever! Not to mention the reams of paper involved just putting in the offer!! I am truly getting to the point of not bothering with these listings for my buyers and investors. Short sales are seeming to be a better alternative these days!
As an answer to Mr. Hampson, absolutely work with YOUR agent, unless of course they are not working to your satisfaction!
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This kind of double-ending is happening with REO agents, short-sale agents, regular agents...I find it happening most on lower-end properties. It's so frustrating--really makes me tired of this business!
However, whenever I have a buyer for a mid-range or high-end property, the agents are a pleasure to work with--super responsive and easy to work with. I think it's a matter of an agent's respect for the seller of a higher/mid-range property to get them the most money possible and keep a relationship compared to how some agents feel about sellers of low-end properties and banks with revolving asset managers.
A bank once sent me a questionnaire about how REO sales could be improved. I made several comments about not allowing listing agent double ending and no same-office sales. I'm sure it was never read by anyone at the bank.
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