If you are an REO listing agent, effectively working with your Asset Managers (AM) is critical. Here are some tips that hopefully will help you be more successful in that process. Plus, many thanks to Carlos H. Silva Sr. (a Sr. REO Asset Manager with Citi Mortgage) for providing the following information which was found on LinkedIn.
1. Avoid contacting your AM’s on the busiest days; Monday’s and the last week of the month.
2. Contact your AM’s in the beginning of the month to ask what their goals are and how can you help achieve them.
3. Avoid calling an use e-mails: phone calls only if your AM’s prefer it.
4. Always suggest at least two solutions for each problem.
5. If you have already made the two suggestions – do not question the decision.
6. Write your e-mail requests in such form in which they can respond with “Yes”, “No” or a brief answer … time is of the essence.
7. Anticipate the needs of your AM’s.
8. Find time to know your AM’s weeks and strong sides; different AM’s have different approach of doing business, even if it is the same company.
9. Stay on top of buyer agents to submit offers fast and put in contract to minimize DOM and DII.
10. When sending updates, make sure the at your notes are good enough to be copied into official reports and keep them short.
11. Update your AM every week and keep informed of escrow issues, listing expiration, COE extension needed and MSR/price reduction due date.
12. Ask of an AM needs your opinion and keep it sort when you give it.
13. Address your questions by e-mail to the right person and copy your AM; i.e. escrow, closing dept., billing and accounting questions.
14. Acknowledge the receipt of important documents, urgent e-mails or other pressing requests.
15. Make the listing price the most important part of your BPOs, comments and pictures the next important thing. Attention to details!
16. Check, double, triple check your packets for completeness and no blank spaces before sending for signatures. Pay attention to details!
17. do not say it wasn’t your fault or it’s not your job. GET IT DONE !!!!
18. If you are going to questions the BPO price provide enough credible facts to help the AM substantiate your suggested prices.
19. Bring everything to your AM’s for a fast decision; the problem, research, cost, options, possible outcomes and end result.
20. MANAGE YOUR AM’s – Be proactive, perceive information, be self-directed, don’t wait to be told what to do; advice, consult, educate, guide, be involved in the decisions and accept high responsibility.
