Would you trust a Part Time Dentist to fix your teeth who had another job on the side!? Would you feel comfortable making such a decision?! Then why would you trust the largest and the most significant financial transaction of your life you a Part Time Real Estate Agent!?
Here’s the scenario which sparked my imagination to write this posting:
Our recent REO listing in San Jose generated more than 27 offers and we had to stop accepting offers in 3 days when the Asset Manager wanted to focus on top 4 offers. That was when one agent called and insisted that he will be making a strong CASH offer. His offer came from an email address that had “TERMITE” in the domain name, but I was not going to hold it against him.
Since his offer was selected by the Asset Manager and it was a cash offer over the asking price; I contacted him by email that I needed him to update his client’s proof of funds which were 3 months out of date!
He called back that he can NOT get a hold of his clients! This is me pausing on the phone now, which I was hoping would negate the possibility of me telling him, “why is that my problem now”!! Well, it turns out there was more to the TERMITE domain name than meets the eye. Guess what the Asset Manager’s reaction was when I told him that our TERMITE guy who is working as a Realtor part time and can’t get a hold of his client!? You guessed it, his clients didn’t get the offer.
Moral of the story is that make certain that the package your Realtor are sending to REO Listing agents is complete and comes across as professional and leaves a strong 1st impression. Specially when there are 27 offers and we have plenty to choose from.
Would you let a Part Time Realtor write an offer for you on your REOs? What is the benefit of using a Part Time Realtor?! He or She would be competing with dedicated agents who are spending 12-15 hours per day working on Real Estate deal. What are the odds of this Part Time Realtor being able to succeed in such a tight market where each property has more a dozen offers?!
We suspect none.