"Joe Knows REO" Early on, Joe learned an appreciation for real estate. As early as his teenage years, Joe was already searching out distressed real estate and looking for ways to purchase it. After obtaining his Real Estate license, it was a natural fit for Joe to work with buyers in the distressed sale market. He built his real estate business working with investors buying foreclosures for rentals and flips. After many years and many transactions working with the local REO agents, Joe realized his calling. Realizing he could do a better job, marketing, working with buyer's agents to insure a smooth transaction, and more competently assist his growing list of investors, lead Joe to spend several months learning how to earn the business of banks and asset companies selling their REO properties.
When working with buyers on showing and purchasing foreclosures, Joe learned all the areas that the other agents were lacking. It was obvious that many agents were not keeping on top of the preservation crews making sure the homes were secured and cleaned. Touring a home that was not trashed out or cleaned is never a pleasant experience. Especially when you can smell the home from the street. Joe has even tried to show a REO that was listed in the MLS, but when pulling up in front of the home he found that the home no longer existed as it was torn down by the city. Photos in the MLS have always been entertaining too. So many agents were/are taking photos while sitting in their car and can't seem to keep their side mirror out of the picture. Then the amazing creativity of agents who put nothing more in the marketing remarks than: "Sold As Is"
With so much lacking in the local market from the REO agents, Joe knew he could go above and beyond the banks expectations and take over the REO market. Realizing the sellers of these homes are typically 100's if not 1000's of miles away; Joe understands how important good photos and communication are. Joe's top priority is to keep his clients informed, on top of the market, knowing what their assets look like and are what they are worth. Joe has a network of preservation crews to help him secure, trash out, clean and maintain his listings. Joe's team is concise of the money spent in preserving these listings.
Joe's strong desire to grow his real estate business gave him a great opportunity to show the banks what he can do. Realizing where others fail is a great opportunity to stand out. Joe has done more to market and sell his REO listings than any other REO agent in the area. From making sure his listings have multiple quality photos in the MLS, enticing MLS comments, to clean and inviting properties to show, Joe take the extra steps to make sure his REO listings stand out form the ordinary. His efforts are paying off for his clients. IN 2008 the average days on market for Joe's REO listings was 43 days while the average for the area was 62 days. Year to date in 2009 Joe's average days on market is 46 while the average for the area has been 63. Joe knows how to sell REO!
Listing and Marketing REO properties is multi-faceted, there are many details that need attention. In an effort to make the process easier for Joe, his staff, buyers and buyer's agents, Joe has created many great tools to assist in quickly listing, marketing and selling his REO listings.
Joe knows attention is in the details...
A fact of dealing with foreclosures is that many of them were not maintained or cleaned on a regular basis. Joe knows that pending a day showing foreclosures can make you feel like you need to go home and jump in a hot shower! 50 to make his properties a bit more inviting to buyers and buyers agents, Joe makes sure each property has hand sanitizer and air fresheners available.
Joe knows efficiency...
REO should stand for "Reams of Extreme Office-work" After countess calls and emails to agents about not filling out purchase agreements and addendum's correctly; Joe has created several forms and checklists that make the process of completing the paperwork easier and proficient. Joe has checklists to make sure every listing goes through the same process from checking with the sewer company for liens to registering the home with code enforcement. There are specific forms to meet specific client needs.