Quality Takes Time

November 24, 2008 | By Kelley Koehler | Filed Under Odds and Ends 

I got a call from an Asset Manager the other day, someone that manages the selling off of bank-owned property for the bank or investor.  Apparently, an investor had specifically requested that I list his foreclosed home, but it’s not an asset management company I usually work with, so the manager had to call and find me and get me integrated into their system.

I was sent over a bunch of documents late Friday afternoon – a listing agreement and a request for a price opinion, which involves photographs and market analysis and whatnot.  And I’m supposed to get the keys from the previous listing agent, head out there to look at the property, do my analysis, submit it all, and have it listed and on the market by tomorrow.

I tell ya, it’s not gonna happen.  For several reasons.

One being that the listing agreement is for 3 months and is already filled out for the last price that the house failed to sell at.  3 months in this market?  During the slowest period of the year?  Over the holidays?  And at the same price?  No. 

And then to have it cleaned up, professionally photographed, and completely researched in 2 days?  With the utilities turned back on?  Make that, the 2 days before Thanksgiving?  I guess I could half-ass it like the last guy did, go take 3 photos, slap them up twice in MLS and write a 2 sentence description about how the property is AS IS and WILL SELL FAST.  Because that approach seemed to work well last time…

So I’ll be heading out there today to look over the property, see what it needs, what it looks like, so that I can reasonably pull comparable sales and price the place.  And then me and that asset manager are going to have to have a little talk.  If that investor specifically requested me, one would assume he has some faith in my expertise.  We’ll see, eh?

Comments

5 Responses to “Quality Takes Time”

  1. Dave on November 24th, 2008 12:08 pm

    fiesty today?

  2. Doug Quance on November 24th, 2008 10:38 pm

    I would pass on that one.

    Sounds too much like many of the listings I didn’t take this year.

    90 days? Are they serious? They don’t seem to be.

  3. Kelley Koehler on November 24th, 2008 10:58 pm

    Doug – I sent the employment agreement back with a few, ah, revisions. :) We’ll see what they say.

  4. Bryant Keefe on December 8th, 2008 9:24 am

    Hi Kelley,

    How did this turn out?

    Bryant

  5. Kelley Koehler on December 8th, 2008 11:37 am

    Bryant – we eventually came to terms. :)

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