Reo Expo 2011

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This is the presentation that I did at REO Expo 2011.

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  • This year at PMH financial we are making partnerships a priority, one of the most important partnership that we have is with you our agents. Today’s presentation is all about creating and then developing the partnership. Once we have the partnership then we can take it above and beyonedwith PMH Financial.
  • We want to get away from dictating to you we want to work together to get the property sold. For example, property comp that was miles away.
  • Property preservation working with agents not against each other.
  • This is not something that is going to happen overnight, trust needs to be built over time. I am giving this training to our internal staff when I get back from REO Expo. We need to make sure everyone is on the same page.
  • An innovative idea that we recently added to our process was discovered when I partnered with a field service company on a panel. Ill explain this more later when we talk about going above and beyond with PMH Financial.
  • We want to make sure that when you have a new idea you are very comfortable contacting each of your partners in REO. We need you to shift our Asset Managers attitudes as well as the Asset Managers shifting your attitudes.
  • This is a huge part for you guys. You know the market areas and you have got to be able to let the asset managers know them.
  • Own the value
  • Again that brings me to what field services do vs. agents
  • We want there to be a connection between all parts of our business
  • We want there to be a connection between all parts of REO
  • All transformation occurs through language (communication)
  • The Asset Manager must want to talk to the agent. The agent must want to talk to the field service provider. We must have all parties talking to one another. We do not want self-interest, we do not want to assign blame. We also do not want there to be any fear.
  • The small group that I am talking about is your asset manager, you, and the field asset company. There is one small group for each asset, we want that small group to try this way of doing it. Try to change.
  • Scot’s example
  • Don’t blame each other – don’t get stuck in the past with your past experiences. Don’t hold onto the past……transform it.
  • We don’t want you to agree with us all the time. We need pushback from you. Remember you are the experts.
  • Property inspections – our score cards
  • In order to make change you have to start asking questions.
  • Lets begin with the 10 minute call – this call will make or break your listing at PMH Financial. It will be the most important call you have with your Asset Manager regarding the listing that you just received. This call should happen within two hours of receiving the assignment.
  • During the 10 Minute call you will open the lines of communication with the asset manager at PMH Financial. This avenue will allow for greater expediency and efficiency in addressing any issues that may arise. The call between the broker and the asset manager is to discuss each party’s specific responsibilities and other parties who may be involved in the process. By opening the lines of communication you will only be in a win win position. Some questions to ask the Asset Manager would be: Do you like to communicate by Phone or Email Who is the client on this file What are the timelines for the following: BPO Occupancy check Offers submitted Contracts returned What are the clients initiatives
  • Here at PMH Financial we are scored by our Clients on their initiatives. It is important that our Brokers/agents follow the initiatives of our clients. Make sure you know what the clients initiatives are and make sure that you adhere to these.
  • Its extremely important that you have copies of HomePath marketing materials on hand at all times including the sign riders You must register your property on List Hub. List Hub has the ability to pull data from the MLS and then the information is sent to HomePath. Over 15 million visits in 2010. There are approximately 900 email leads per day generated for agents. The average visit on HomePath is 8:47. 90% of homebuyers start their search on the internet.
  • In addition, you must have the Chase Financing marketing materials for all Chase Properties. One thing that you can do when you are listing a Chase property is make sure that you contact the buyers agent after the showing and ask did you present the Chase Financing to the buyer. Chase Financing is to be offered to all buyers on all Chase properties. Build a relationship with the Chase Financing Loan officer. By building the relationship you are sure to always be in compliance with our seller Chase, remember by being in compliance with our seller, you are in compliance with PMH Financial.
  • Again this joint venture is so important to success with Chase properties.
  • This program alerts neighbors on each side of the property of the agents involvement. By beginning the “Good Neighbor Program” the complaint calls will be diverted to the broker and not the code enforcement community. So what does the Good Neighbor Program involve?
  • You must create Good Neighbor door hangers. Make the door hangers as professional and eye catching as possible.
  • Include on the door hangers the following: Your information and then pose the following questions: Is the Property Secured Is Lock Box still present Is Porch Cleaned Is Lawn/Pool maintained Any vandalism Any odd behavior or intruders
  • Property inspections are conducted by PMH Financial as well as our clients. So by having the Good Neighbor Program in process you are sure to always have great inspections. When properties are conducted the following areas are looked at: Property Secured all opening, including doggie doors Signage The property must have a sign, if your sign tends to go missing, then you can always put a sign in the window! That way you are always in compliance. Lock box – again know who your seller is. We have one client where the lock box goes up the day of vacancy and another seller when the lock box goes on the first day of listing. Condition of property – make sure the property is always cleaned! When you do your weekly inspections make sure that you have cleaning supplies just in case you need to do a quick wipe down of the property. Make sure all trash is removed from the property and that all lights are working and the smoke detector is not beeping.
  • The BPO Standard guideline talk about the following: Location Urban Surburban Rural Size GLA Lot Size Age: Physical Characteristice Market Conditions Distressed Driven Market – Short Sale or REO Sale Normal Market - Characterized by buyers and sellers that are equally motivated and not acting under duress Stable market – no more than 3% appreciation or depreciation in the last 6 months Rapid Market – more than 3% appreciation or depreciation in the last 6 months Photo Requirements and Recommendations
  • Satellite photo: Shows external influences, this should be your first photo on the BPO
  • Most MSR are do every 30 days. But after the asset is on the market for 7 days call the Asset Manager and give them a verbal status report. Tell them the following: How many listings What is the buyers feedback Do you need to make changes now before being on the market a full 30 days?
  • Now that I have gone over what an agent needs to do to go above and beyond for PMH Financial what questions do you have?
  • Reo Expo 2011

    1. 1. REO EXPO June 15 th , 2011
    2. 2. <ul><li>THANK </li></ul><ul><li>YOU </li></ul>
    3. 3. Agenda <ul><li>Partnership </li></ul><ul><li>Bridging the Gap </li></ul><ul><li>Building Excellence </li></ul>
    4. 4. Partnership <ul><ul><li>An arrangement where individuals agree to cooperate to advance their interest. In the most frequent instance, a partnership is formed between one or more businesses in which partners co-labor to achieve SUCCESS! </li></ul></ul>
    5. 5. Partnerships PMH & Client PMH & Agent PMH & Field Service Field Service & Agent Escrow & Agent PMH & Escrow Agent & Neighbors Agent & Attorney PMH & Attorney
    6. 6. Dictating versus Partnering
    7. 7. Partnership & Decision Making <ul><li>Participants share power through the partnership. The process seeks to create a zone of agreement among participants where workable solutions can be reached </li></ul>
    8. 8. Key Characteristics of Partnership <ul><li>Partnering identifies what participants agree on and then seek to grow that space. </li></ul><ul><li>In this way, partnership is more like problem solving than decision making. </li></ul>
    9. 9. Key Characteristics of Partnership <ul><li>Effective partnerships incorporate the following key ingredients: </li></ul><ul><li>Meetings that are civil and open to different groups </li></ul><ul><li>Deliberations that are thoughtful, and that take EVERYONE’s needs into account </li></ul><ul><li>A sense of trust within the group </li></ul>
    10. 10. In other words <ul><li>It’s all about </li></ul><ul><li>Building relationships </li></ul><ul><li>Managing expectations </li></ul><ul><li>Respectful consideration of everyone's interests </li></ul>
    11. 11. Why Partner?
    12. 12. Benefits of Partnership <ul><li>Effective Outcomes </li></ul><ul><ul><li>Partnership frequently results in innovative ideas that help sell PMH Financials assets. </li></ul></ul>
    13. 13. Benefits of Partnership <ul><li>New Perspectives </li></ul><ul><ul><li>Conventional decision-making can bring about change through new ideas, but only partnership can truly….. </li></ul></ul><ul><ul><li>Shift people’s attitudes </li></ul></ul>
    14. 14. Benefits of Partnerships <ul><li>Mutual Learning </li></ul><ul><ul><li>Partnership allows participants to learn from each other and work towards a deeper understanding of important issues and constraints. </li></ul></ul>
    15. 15. Benefits of Partnership <ul><li>A sense of shared ownership </li></ul><ul><ul><li>Problem-solving power is shared in a partnering process, and this often translates into a sense of shared responsibility for the asset </li></ul></ul><ul><li>Reduced Conflict </li></ul><ul><ul><li>Meaningful involvement can lead to less disagreements in the future </li></ul></ul>
    16. 16. Partnering is the understanding that in spite of our different responsibilities we are all in this together.
    17. 17. Successful Partnering Processes <ul><li>Agree upon guidelines early </li></ul><ul><li>Encourage participation and communication </li></ul><ul><li>Give control as much as possible </li></ul><ul><li>Communicate and build support </li></ul><ul><li>Trust </li></ul>
    18. 18. Final Thoughts <ul><li>Partnership has many benefits </li></ul><ul><ul><li>Effective outcomes </li></ul></ul><ul><ul><li>New networks </li></ul></ul><ul><ul><li>Reduced conflict </li></ul></ul><ul><ul><li>Longer-lasting solutions </li></ul></ul>
    19. 19. Questions
    20. 21. Bridging the Gap <ul><li>We want to transform the isolation within our businesses into connectedness and caring for the REO community. </li></ul>
    21. 22. How <ul><li>You bridge the gap by learning about and doing as much as possible for each other </li></ul>
    22. 23. Community
    23. 24. Community <ul><li>2 Questions </li></ul><ul><li>Whom do we want in the room? </li></ul><ul><li>What is the new conversation that we want to occur? </li></ul>
    24. 25. Engagement <ul><li>There must be partner to partner engagement </li></ul><ul><li>We must want to talk to others in the community without any fear, without self-interest, without assigning blame. </li></ul>
    25. 26. Transformation
    26. 27. Transformation <ul><li>Large-scale transformation occurs when enough small groups shift towards the larger change </li></ul><ul><li>Individual changes add up to company change </li></ul>
    27. 28. Ownership <ul><li>There needs to be a distinction between ownership and blame </li></ul><ul><ul><li>How valuable an experience do you plan for this to be? </li></ul></ul><ul><ul><li>How much risk are you willing to take? </li></ul></ul><ul><ul><li>To what extent are you invested in the well-being of the whole? </li></ul></ul><ul><ul><li>What have I done to contribute to the very thing I complain about or want to change? </li></ul></ul>
    28. 29. Ownership <ul><li>What is the story about the community that you hear yourself telling most often? </li></ul><ul><li>The one you possibly take your identity from? </li></ul><ul><li>What do you get personally from holding on to this story? </li></ul><ul><li>What is your attachment to this story costing you? </li></ul>
    29. 30. Dissent <ul><li>Creates an opening for commitment </li></ul><ul><ul><li>When dissent is expressed, just listen. Don’t try to solve it, defend it, or explain it. </li></ul></ul><ul><ul><li>What doubts or reservations do you have? </li></ul></ul><ul><ul><li>What is the NO or refusal that you keep postponing? </li></ul></ul><ul><ul><li>What have you said yes to that you no longer mean? </li></ul></ul><ul><ul><li>What resentment do you hold that no one knows about? </li></ul></ul><ul><ul><li>What forgiveness are you withholding? </li></ul></ul>
    30. 31. Commitment <ul><li>A promise with no expectation of return. </li></ul><ul><li>The enemy of commitment is “lip service”. </li></ul><ul><li>The commitments that mean the most are the ones made to peers. </li></ul>
    31. 32. Commitment <ul><li>What promises am I willing to make? </li></ul><ul><li>What price am I willing to pay? </li></ul><ul><li>What is the cost to others for me to keep my promises or to fail at my promises? </li></ul><ul><li>What is the promise that constitutes a risk or major shift for me? </li></ul><ul><li>What is the promise I am postponing? </li></ul><ul><li>What is the commitment I am willing to make? </li></ul><ul><li>The power is in the asking, not in the answers! </li></ul>
    32. 33. Change <ul><li>We begin by realizing that we need a new conversation. </li></ul><ul><li>Powerful questions are those that evoke a choice for accountability and commitment. </li></ul>
    33. 34. Final Thoughts <ul><li>Bridging the Gap has many benefits: </li></ul><ul><ul><li>Builds the REO Community </li></ul></ul><ul><ul><li>Creates Engagement </li></ul></ul><ul><ul><li>Develops Transformation </li></ul></ul><ul><ul><li>Establishes Ownership and Commitment </li></ul></ul><ul><ul><li>Produces Change </li></ul></ul>
    34. 35. Questions
    35. 36. How Can We Have a Partnership Built on Excellence?
    36. 37. 10 Minute Call
    37. 38. 10 Minute Call <ul><li>What are the Asset Manager’s expectations? </li></ul><ul><ul><li>Open the lines of communication </li></ul></ul><ul><ul><li>Phone or Email </li></ul></ul><ul><ul><li>Who is the Client? </li></ul></ul><ul><ul><ul><li>What are the Clients Initiatives? </li></ul></ul></ul><ul><ul><li>What are the timelines </li></ul></ul>
    38. 39. Client Initiatives <ul><li>HomePath </li></ul><ul><li>Chase Financing </li></ul><ul><li>Bank of America </li></ul>
    39. 40. HomePath Success
    40. 41. Chase Financing <ul><li>Chase Loan Officer </li></ul><ul><ul><li>Contact the Chase Loan Officer </li></ul></ul><ul><ul><li>Marketing Materials </li></ul></ul><ul><ul><li>Contact the selling agent </li></ul></ul>
    41. 42. Chase Retail Mortgage <ul><li>Each agent is assigned to a specific chase REO Loan officer </li></ul><ul><li>The approved MLS verbiage is Required </li></ul><ul><li>The marketing materials are required to be placed inside each listing </li></ul><ul><li>It is expected that the Chase REO LO will have an opportunity to discuss the benefits of financing through Chase with all potential buyers </li></ul><ul><li>Each agent/LO relationship is being monitored, and tracked using the reporting. </li></ul>
    42. 43. Bank of America <ul><li>A BANA pre-qualification/denial is required on all offers with the following exceptions: </li></ul><ul><ul><li>List price less than $50,000 </li></ul></ul><ul><ul><li>NSP & First Look Programs </li></ul></ul><ul><ul><li>Cash Offers </li></ul></ul><ul><ul><li>Certified NACA Buyers </li></ul></ul><ul><ul><li>Joint Venture Partner *Bank of America determination </li></ul></ul><ul><ul><li>Select Investors *Bank of America determination </li></ul></ul>
    43. 44. Good Neighbor Program
    44. 46. Good Neighbor Program <ul><li>Door Tags </li></ul><ul><ul><li>Agent’s information </li></ul></ul><ul><ul><li>Is Property Secured </li></ul></ul><ul><ul><li>Is Lock Box Still Present </li></ul></ul><ul><ul><li>Is Porch Cleaned </li></ul></ul><ul><ul><li>Is Lawn/Pool Maintained </li></ul></ul><ul><ul><li>Free of Vandalism </li></ul></ul>
    45. 47. Good Neighbor Program <ul><li>Property Inspections </li></ul><ul><ul><li>Property Secured </li></ul></ul><ul><ul><li>Signage </li></ul></ul><ul><ul><li>Lock Box </li></ul></ul><ul><ul><li>Condition of Property </li></ul></ul>
    46. 48. Broker Price Opinion <ul><li>Follow the Standard Guidelines </li></ul><ul><li>http://www.nabpop.org/BPOSG-V4.pdf </li></ul>
    47. 49. Broker Price Opinion
    48. 50. Broker Price Opinion <ul><li>Comments </li></ul><ul><ul><li>Anything outside the standard guidelines? </li></ul></ul><ul><ul><li>What comp are you giving the most weight? </li></ul></ul><ul><ul><li>What are the market trends? </li></ul></ul><ul><ul><li>What is the unemployment rate? </li></ul></ul><ul><ul><li>Any new companies coming into town? </li></ul></ul><ul><ul><li>Any companies going out of business? </li></ul></ul>
    49. 51. Broker Price Opinion <ul><li>Updated BPO </li></ul><ul><ul><li>Use the original listed comps on all updated BPO’s </li></ul></ul>
    50. 52. 7 Day Status Report
    51. 53. Closing <ul><li>Weekly Status Reports </li></ul><ul><li>Attend the Closings </li></ul>
    52. 54. Closings <ul><li>Weekly closing Status Reports </li></ul><ul><ul><li>Inspections are completed on time </li></ul></ul><ul><ul><li>Appraisals Completed on time </li></ul></ul><ul><ul><li>Verifying with buyers/lender/title company that closings are on track </li></ul></ul><ul><ul><li>Buyer has submitted all financial documentation </li></ul></ul>

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