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Reo Expo 2011
- 1. REO EXPO June 15 th , 2011
- 5. Partnerships PMH & Client PMH & Agent PMH & Field Service Field Service & Agent Escrow & Agent PMH & Escrow Agent & Neighbors Agent & Attorney PMH & Attorney
- 11. Why Partner?
- 16. Partnering is the understanding that in spite of our different responsibilities we are all in this together.
- 19. Questions
- 23. Community
- 26. Transformation
- 35. Questions
- 36. How Can We Have a Partnership Built on Excellence?
- 37. 10 Minute Call
- 40. HomePath Success
- 52. 7 Day Status Report
Editor's Notes
- 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?