Fast Can An Asset Manager Move A Property?
By Leo Miller/
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
“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
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