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Hey Big Banks, Listen Up

I do not specialize in bank owned properties. I do show and sell them when they match my client's needs. If they want to schedule a showing or write an offer, it's time for the explanation that the bank's agent of choice does things a little bit differently and a whole lot slower.

Bankers, it does not have to be this way. Most of the agents who specialize in REO properties have far too many listings to manage. Many of your agents institute a "DO NOT CALL policy. What? We're not telemarketers. We're professional agents trying to show and sell the properties your bank is holding on the negative side of your balance sheet.

If you want the REO bulge to pass through the real estate and banking system with more ease and speed may I suggest you spread the REO wealth around. Limit the number of listings you offer an agent. I promise that agent will do a better job and work more diligently on your behalf if the listing load is capped at say 20 instead of 200.

This may come as a surprise, but often your agent of choice is not from or familiar with the area where your bank owned property is located. Real estate is local, so are ordinances, geographic and city requirements.

The housing market needs to lead the economic recovery. With all due respect, your policies regarding REO properties is stalling the process. You have the power to expedite the recovery. As agents we know time is of the essence. Given the condition of the banking and housing industries sitting on offers for weeks is the enemy of recovery for both industries.

Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800

South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach.


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South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach. Based on information from the Association of REALTORS®/Multiple Listing as of the initial date of this article/blog publication and /or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

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15 commentsNorma Toering • January 29 2009 06:42PM
Hey Big Banks, Listen Up
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I do not specialize in bank owned properties. I do show and sell them when they match my client's needs. If they want to schedule a showing or write an offer, it's time for the explanation that the bank's agent of choice does things a little bit… more
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If you're in the market for a beach bungalow, seaside cottage or Craftsman style home the Point Fermin area is a great neighborhood to begin your house hunting excursion. 2008 Real estate statistics for the Point Fermin neighborhood of San Pedro,… more
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Norma Toering's Crest Neighborhood 2008 Home Sales in Rancho Palos…
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Twenty single family homes sold in the Crest neighborhood during 2008. The total number of single family homes sold in 2008 on the Palos Verdes Peninsula was nearly 400. Yes, the market is slower but homes are still selling. 2008 real estate… more
Norma Toering's Los Verdes 2008 Real Estate Sales Rancho Palos Verdes…
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25 Single Family Homes sold in the Los Verdes neighborhood of Rancho Palos Verdes in 2008. Nearly 400 homes sold in the four cities of the Palos Verdes Peninsula. 2008 real estate statistics for Los Verdes: Active Listings: 9 Homes were for… more
Norma Toering's La Cresta 2008 Real Estate Sales Rancho Palos Verdes,…
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During 2008 27 single family homes sold in the La Cresta neighborhood of Rancho Palos Verdes, CA. If 2009 includes a change of residence I'll help you get started down that path. End of the year real estate statistics for the La Cresta… more