How VRM Mortgage Services Selects Quality REO Agents
Financial institutions don’t want to hold Real Estate Owned (REO) properties on their books for long periods of time. Banks aren’t in the business of maintaining and reselling properties, and as long as these homes or buildings remain unsold, the more risk that must be managed. The best solution is to efficiently move REO assets back into the market as soon as possible once the foreclosure process is complete. This requires the support of qualified asset management and real estate sales professionals who know how to sell these properties and get the best price possible. Banks choose to work with centralized vendors because they may have properties spread out across the country. Understanding how a vendor selects real estate agents for REO sales is crucial.
The first thing VRM Mortgage Services does when seeking out a quality agent is check to see if the agent is already listed in our proprietary software, the VRMS. Our software allows the best agents across the country to submit their experience and credentials in order to partner with us to support our clients.
One of the most important features of our system, and the reason many of our seasoned asset managers consider it the best in the industry, is that it has built-in scorecards that track how well the agent has performed in the past. With our agent vetting process, you can rest assured that the agent will work to get your property sold as quickly as possible.
We understand that just because an agent has a good record of selling properties, that doesn’t mean that they are the best fit for your particular needs. VRM Mortgage Services tests agents to see how well they work, with our standards taken into consideration.
In addition to sales records, how quickly the agent returns a call or e-mail is important to us as client responsiveness is key in the selling process. We also ensure our real estate agent partners follow all industry regulations. Our systems and teams are set up to ensure full compliance with everything we do.
Once an agent is approved for an REO listing, we follow and watch everything they do during the sales and closing process. The money and resources agents spend marketing a property aren’t the only things that make a difference. We focus on working with agents that are proactive. They must contact utility companies, city and county offices, HOA, etc. to make sure the property is free and clear of any liens. Many REO properties have various liens and code violations. Proactive agents will inform us of any outstanding items early in the process and suggest recommendations before the property goes under contract so there is no valuable time lost.
Experienced and quality agents are also very knowledgeable on all compliance issues for a particular city, county, and state. REO agents are very valuable resources for us in providing the best possible service to our clients. By paying close attention to the agents our asset management team works with, we can be sure we provide the best agents to our clients depending on their specific needs.