One of the most important metrics of REO asset disposition is how quickly the property moves from its investor’s portfolio of properties back onto the real estate market. To make this process fast and efficient, investors, asset managers, and lenders need to be organized, aware of the local market, clear communicators, creative marketers, and aligned with dependable partners and vendors.
Organization Is Key
Asset managers and lenders must stay on top of monitoring and maintaining their reports in order to know if their REO properties are in pre-marketing status, eviction status, listing status, under contract, etc. If the report is managed well, the disposition will be expedited because the lender will be aware of any potential problems that might arise, prevent those problems from derailing the disposition, and solve any problems that do occur in a timely manner.
Effective Communication Is Crucial
All transactions are dependent on the quality and clarity of communication between different parties. Open lines of communication, timely responses, and simplified channels for the exchange of information are all necessary. When a vendor relays information, such as an offer on a property, a quick response can help ensure the deal goes through to completion.
Be an Expert on Your Local Market
Market knowledge is another necessary component for fast disposition. It’s important to know who the different types of buyers are in each market if you want to turn a property around quickly. The more the REO vendor knows on the front-end, the better. In addition, having a partnership with a vendor who knows the local rules and regulations (and any recent changes in the rules and regulations) can keep the process on the right track.
Commit to Creative Marketing Tactics
Having proactive marketing plans specific to the subject properties will also help speed up the disposition. If the vendor doesn’t understand how to effectively market a property and the expectations of local purchasers, he will not have everything in line to move the property in an efficient manner.
Also, it’s an accepted fact that some properties are hard to sell. Asset managers must think about creative ways to market these properties to make them more attractive. They can offer incentives to buyers if they close by a certain date or reach out to organizations who might be interested in specific properties that might help them reach their goals.
It is so important to consider the location, the seller’s best interests, and the potential buyer’s needs while developing the marketing plan. Those who think about new ways to market properties and work to build connections with potential buyers will be more likely to sell their properties with minimal delay.
Have Dependable Partners
Who you do business with has the potential to either make you a success or create distress. Having high-quality support services and vendor partners with proven track records will improve the REO sale process.
Oxford Commercial Appraisal Management is committed to being one of your trusted partners. We will turn your appraisal projects over to our experienced team, and we will deliver a reviewed, certified, and 100%-compliant project while working with your staff to ensure a smooth and streamlined experience. Our secure online portal is available 24/7, and we monitor every detail with a system that has been refined over many years, guaranteeing an efficient and effective appraisal process.
Contact us today to learn more.