REO Accounting Packages

By
Mortgage and Lending with REO Field Services of Texas

Does anyone have a recommendation for REO Accounting packages for a Real Estate Agency of mine they might pass along?

Basically what they are looking for is a way to track invoices, accounts recieveable & payable, and other activities specific to each property.

Thanks!

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Groups:
Foreclosure Talk
Realtors®
REO
REO REALTORS
The National REO Brokers Association
Tags:
reo accounting packages
foreclosures

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the graph to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the clock to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Rainmaker
330,872
Andrew Monaghan
Your Phoenix Home Source - Glendale, AZ
CRS, GRI, EPro Associate Broker

Have you tried Quickbooks Pro?

Mar 07, 2009 10:42 AM #1
Rainmaker
218,960
Eric Egeland
RE/MAX SUBURBAN - Libertyville, IL
SFR, e-PRO, CDPE

I've been told Quickbooks Pro is the way to go as well.

I've been meaning to purchase myself.

Mar 07, 2009 10:49 PM #2
Rainmaker
298,489
Heather the Realtor Orlando, Lake Mary
LemonTree Realty - Orlando, FL
First Time Home Buyers, Bank Owned Homes

I have been looking for the same type of software and someone else mentioned Quickbooks guess that is what we need to check out :)

Mar 08, 2009 09:26 AM #3
Rainer
9,629
Matthew Kelly
REO Field Services of Texas - Houston, TX

I actually use quickbooks pro online for all of my accounting.  It's easy to use, simple to set up a chart of accounts, and plugs into my BOA account.

 

Mar 09, 2009 05:15 AM #4
Rainer
8,367
Cathryn Jones
Assistants For Agents, LLC - Houston, TX

Quickbooks is any easy way to track your REO accounting needs (for invoices you've paid out and for money waiting reimbursement).  I've seen REO agents use Excel too...but I would recommend Quickbooks.  However, the most important aspect is that you use some program.  Tracking invoices and reimbursements can quickly get out of hand on REOs.  You have to stay current on the deadlines or the REO company may not reimburse you. 

Mar 24, 2009 02:50 PM #5
Rainer
36,159
Skye Hawk
At Your Service! Virtual Assistant Specialists - Fountain Hills, AZ
NAR Cert. REPA "Rockstar REVA"

QuickBooks is a good way to go they also offer Quickbooks for Real Estate. I am a QuickBooks Pro Advisor as well as an Authorized Dealer/ Affiliate for Intuit (Parent company for Quickbooks). If you would like I can send you a link for a special promo they are doing right now. They are offering 40% off of QuickBooks Pro plus a free learn QuickBooks CD and free shipping, now through 4/30/09. Send me a quick email and I will get it over to you. Skyeh@atyourservice-va.com

Mar 27, 2009 12:31 PM #6
Rainer
2,480
Gita Faust
Fast Trac Consulting - Langhorne, PA
QuickBooks Certified

QuickBooks Pro is on sale for 99.00 this weeek at http://www.officemax.com/catalog/search.jsp?freeText=quickbooks+pro

 

Apr 22, 2009 11:47 AM #7
Rainmaker
328,918
Carolyn Nelson
Online REPA - Durham, NC
REO, Short Sales & Closing Coordinator/Client Serv

I have been using QuickBooks Pro for REO Reimbursements, A/R, and A/P tracking for 9+ years. It is the best way to go. It is very easy to setup, track property expenses, track outstanding receivables and you can print out reports on demand. I also use it when I  need to email the A/P department at the banks with the details of the properties.

If you have any questions, email me.

Carolyn

May 29, 2009 11:35 AM #8
Anonymous
Anonymous
Erica Phillips

QuickBooks Pro has the features needed to track REO Reimbursements.  Until you get up to 15 or 20 properties, you will not notice if you have set up QuickBooks improperly -- there is just not enough data or work load for it to become confusing.  However as you increase in size, you do need to have QB properly set up.  At 50+ properties you will have receiveables of $30K to $70K from the Asset companies.  You will have more problems with delayed and lost invoices, or denied claims (submissions).  We have set up 100s of REO Brokers and are members of the QB Pro Advisors program.

QB Online does not allow the tracking and reporting features of QB Pro.  There are some free or inexpensive log in or remote programs that allow remote access.

You will want the Item List and Chart of Accounts set up properly in coordination to allow you to print receivables by Property, aging, a Profit and Loss by Property for closing to insure you have submitted all invoices, and allow you to apply payments to specific bills.  It is also important to set up QB so that one set of data entry prints your checks, creates your payables list and your A/P list to reduce data entry.  You can also track your checks that you are holding for reimbursement, eg the home repair checks.  Brokers that have 100 to 400 or more properties can not have any room for error in the set up due to the large volume of money and multiple staff members involved. At that point, the Broker needs clean data and proper reports to trust and manage the staff, so she/he can be managing the business and selling.

You can look for more information or help for the above at www.reobrokerturnkey.com, the REO Broker Turnkey for REO Brokers, or contact me directly for more information.

Jun 02, 2009 09:29 AM #9
Anonymous
Anonymous
darin

Need a service or individual that does REO accounting for N los Angeles (sfValley area)  thank you darinerickson@hotmail.com

Jul 13, 2009 07:34 PM #10
Anonymous
Anonymous
Assist Business Solutions

I'm a Quickbooks Pro Advisor with 15 years experience. 

One of my specialties is setting up Quickbooks to manage bank-owned properties / REO's for brokers.

Let me know if I can be of assistance.

Linda L.
Assist Business Solutions

www.assistbiz.com

Aug 16, 2009 02:12 AM #11
Anonymous
Anonymous
Erica Phillips

Our REO Turnkey for Quickbooks has a manual and the file already set up for you. It is the most inexpensive way to set up QuickBooks.  If other people think it is easy, than they either have natural talent, school of hard knocks, or really aren't using it correctly.  Of the hundreds of brokers who have purchased our set-up, we have only seen 2 that have got it right and didn't have to use our product (they did buy our manual, though, because it has more tips than they were using).

Please call us for our current discount promotional price, at 800-995-0308, in San Diego, CA.


Thanks!  www.reobrokerturnkey.com

Jun 07, 2010 08:20 PM #12
Anonymous
Anonymous
Eric

I'm looking for a good REO accounting bookkeeper in Dallas.  Know anyone - send them my way.

 

Dec 17, 2012 07:48 PM #13
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the balloons to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Rainer
9,629

Matthew Kelly

Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the foot to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information