List of Asset Managers

By
Title Insurance with Clear Title Agency of Arizona

I have a list of asset management companies that I've been updating for some time now. It has about 400 lenders and asset managers, with tons of contact info, all in Excel format. For a while, and even after REO was the business to be in, it was useful. We picked up about 6 REO accounts, and 5 of them were from this list. The REO industry has since become a bit more political and nevertheless, has changed in a way that only large, nationwide title companies are sought after for title and escrow services. In order to simplify their processes, they want to have fewer points of contact, even if it means the level of service will suffer, and the title fees are sometimes 250% of that of a local provider.

Being the red-headed step-child of First American (did I just say that outloud?) we have access to many of their resources, but none of their business...so nothing has been handed to us from the guys at NDTS or FAACS. We've earned everything we've got. But now it's much more difficult to rope in REO business, even with direct contact info. Obviously, there is more competition every day, as companies try to avoid the difficult, cancel-happy short sale game. Also, the REO faucet has been turned down a notch, so established competitors are fighting to make up for lost inventory as well.

This list of asset managers isn't as valuable to me as it used to be. The big dogs are getting bigger, so I'm actively marketing for short sale business. But, to an agent, I can see its power. An asset management company will usually have one escrow provider for an entire region, but a few dozen Realtors. We've all had the cross-sales with the REO listing agents who don't have a clue (not to mention the title companies tend to be run like sweat shops). These agents are getting fired all the time! They're too busy and asset management companies are starting to figure it out!

I'm not really sure what to do with it, but this list could hit the market some time in the future. Did I mention that we are one of the largest data providers in the world?

Posted by

Chris Self
The Talon Group Direct
CMSelf@TalonGroup.biz
(480)332-1416
Fax (480)907-2170

www.TalonGroupAZ.com

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Rainer
257,137
Charles Edwards Bentonville
Coldwell Banker Harris McHaney & Faucette 479-253-3796 - Bentonville, AR
AR REALTOR, Bentonville Real Estate Agent and Broker

Hello again Chris. I'm behind the curve on REO and short sale education. I thought (perhaps foolishly) that we'd dodge the bullet here in our area. Our market is retirement and recreation driven and this is the year we have seen a substantial down turn in prices and an up turn in reo activty. My question is this. Do you advocate agents have some special education, just jump in, or that agents use a separate closing entity that handles short sales? Got any wisdom to share?

September 29, 2010 08:11 PM #1
Rainmaker
85,414
Amy Gerrish
Homesmart - San Tan Valley, AZ
Realtor - Phoenix, San Tan Valley

I jumped in head first...but now there's so much great training offered!! Definitely take some classes, if you think you can handle it, go for it. Or co-list with a TRUSTED partner. If you decide to take one on yourself, find a someone willing answer questions you may have along way.

September 29, 2010 10:13 PM #2
Rainer
9,934
Chris Self
Clear Title Agency of Arizona - Mesa, AZ

There's probably some terminology and basic processes you'll want to learn, but it's not much different from anything else. You just have one demanding seller to work with. The nice thing is that they're not emotionally attached and stuck on a price they think the home is worth. In my mind, once you're in, listing REO's is easy. It's busy work, but it's systematic.

All asset managers are going to be different: some want you to secure the property, re-key  and get estimates for cleanups. Others already have that done by the time you're involved. Having a good vendor network is probably an asset as an REO listing agent.

Normally, I think Realtor designations tend to be a bit of a waste. In the REO world, there are dozens of transaction management / network sites that allow you to set up a profile to be viewed by asset managers. They don't allow a custom page, so any extra credit you can give yourself will probably go a long way. There are some designations out there that may help you in this case. Otherwise, I would focus most of my efforts on making contact with the asset managers. The rest is just fluff. =)

October 01, 2010 01:16 PM #3
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Rainer
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Chris Self

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