After a LOT of trial and error over the past 10 years, I’ve found that there are 4 CORE positions needed to successfully close between 250 to 350 REO transactions per year consistently. In 2009, my team clsed 637 REO and Short Sale transaction sides, which was up form 423 in 2008.
I am somewhat dyslexic and I have ADD, I very much dislike typing reports, so I hired people who are excellent at skills based on my own shortcomings.
Valuation Coordinator – Manages, processes and types all BPO’s, MMR’s and MSR’s (consider hiring an appraiser)
Property & Billing Coordinator – Manages, processes all New Assignment Tasks, Water & Tax Bills, HOA Bills, OSR’s, Repairs, CFK-EVICT and Billing
Transaction-Closing Coordinator – Manages, processes all offers, pending deals and closings. (Consider hiring a title closer)
Listing-Marketing Coordinator – Manages, processes all new listings, price changes, back on market (everything MLS related) and all positng to webstites, signs, flyer boxes, open houses etc.
If you want to exceed 400 closed transactions a year, you will need to add at least two more positions:
* Sales Coordinator – Assists both on-staff and co-op broker/agents in getting their offers submitted to us correctly, handles addendums, counter offers, delivering documents, and assisting agents having problems.
* Valuation Coordinator – Assists Valuation Manager in coordinating all MSR’s and MMR’s, so the primary Valuation Manager can focus solely on BPO deadlines and quality control.
Each Team members runs all their indvidual Status Reports every morning in REOEDGE™ and then give me a copy so we can see whats going on. We also print a screen shot of each web portal (Equator, Dispo, iAgent, ISIS, Servicelink, LPS, Quandis, etc.) and send it around to all staff in order to review pending tasks and to go over any escalated issues. We review what occured yesterday, what is happening today, and what is coming due tomorrow daily.
We also utilize a Field Inspector/Photographer to take Initial and updates photos, follow up on repair completion, perform quality control inspections on contractors, vendors, deliver special financing flyers, etc.
Regarding buyer leads from sign calls and the various internet websites. I divided up the Metro Detroit area into several geographic zones, and assign all calls in each zone to a particular buyer’s agent. I also have one buyer’s agent who specifically deal with out of state and foreign investors. Up until last year, we had a sales coordinator manage all the incoming leads. Now I handle it myself each morning.
