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How Fast Can An Asset Manager Move A Property?

By Leo Miller/ www.GoAskLeo.com

Watching a football game this past Sunday afternoon, the commentator made an interesting comment as a player was racing down the field to score a touchdown.

“If you pick up your feet and put ‘em back down faster than the other guys, you will score a touchdown.” It made me realize that asset managers are like football coaches choosing agents who can run faster than their competition.

When a property is taken back by the bank it becomes an asset of the bank and must be sold. This is the job of an asset manager. The good asset manager looks for a group or organization to aggressively market and sell the property. Finding that professional team is the challenge of the asset manager. One of the many services that they seek is someone who can provide accurate and timely BPO’s which will help guide the manager to price the property competitively. It’s a buyer’s market and starting with the right price is key. Also, asset manager’s agent will conduct occupancy checks on the properties to insure that they are secure and if necessary offer a cash for keys program to existing residents.

Like a football game, it’s the agent that executes the basic tasks faster and more effectively than his competitor to score. For example, a good REO agent has a marketing plan in place prior to taking the field. This is the agent’s game plan. Like football players, top performing agents have access to the same tools, but find ways to use them more effectively than the competition. Start with Multiple List Service. An experienced agent will make the most of it by broadening its appeal and using descriptions that appeal to the emotional buying actions. People buy what they want not what they need, which is the subject of a future article.

Utilize photos, surveys and zoning descriptions to provide as much information as possible. Connect that information to buyers’ desire to purchase or invest in a property. This will also appeal to a wider range of buyers increasing the probability a property will sell quickly. Another basic skill an agent can implement is not only directions to a property, but how the property’s location adds to the value. Remember the first rule of real estate?

Also, an experienced agent is playing on a state of the art field. That means the internet. It’s no secret that over 80% of real estate buyers are starting their search on the internet. Maximizing the internet by cross referencing, promoting and connecting with internet sites is crucial to scoring quickly with a sale. In addition, savvy agents are promoting their sites and properties with other forms of media. Radio, television and print all compliment the internet by driving more people to seek out properties.

Industry analysts are providing figures now that more foreclosures are on tap for 2010 and more properties will become bank owned. Asset managers who will become the stars of their industry will be the ones who has a team that executes the fastest.  Choosing the best team members will put them in position to win.

Leo Miller is an agent and host of Real Estate Radio. www.GoAskLeo.com

"Happiness is not something you postpone for the future; it is something you design for the present." – Jim Rohn

 

 

 

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