Palos Verdes Homes Blog: Hey Big Banks, Listen Up

Monday, May 3, 2010

Hey Big Banks, Listen Up

I do not specialize in bank owned properties. I do show and sell them when they match my client's needs. If they want to schedule a showing or write an offer, it's time for the explanation that the bank's agent of choice does things a little bit differently and a whole lot slower.

Bankers, it does not have to be this way. Most of the agents who specialize in REO properties have far too many listings to manage. Many of your agents institute a "DO NOT CALL policy. What? We're not telemarketers. We're professional agents trying to show and sell the properties your bank is holding on the negative side of your balance sheet.

If you want the REO bulge to pass through the real estate and banking system with more ease and speed may I suggest you spread the REO wealth around. Limit the number of listings you offer an agent. I promise that agent will do a better job and work more diligently on your behalf if the listing load is capped at say 20 instead of 200.

This may come as a surprise, but often your agent of choice is not from or familiar with the area where your bank owned property is located. Real estate is local, so are ordinances, geographic and city requirements.

The housing market needs to lead the economic recovery. With all due respect, your policies regarding REO properties is stalling the process. You have the power to expedite the recovery. As agents we know time is of the essence. Given the condition of the banking and housing industries sitting on offers for weeks is the enemy of recovery for both industries.

Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800

South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach.

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