Request for Comments "Real Estate Workshop" #00022

Submission Number:
Dari (Dee Dee) Davis Richards
Initiative Name:
Request for Comments "Real Estate Workshop"
The other factor that needs to be looked at are the Bank Owned or REO Brokers. There are additional duties and task placed on them from the asset management companies and no way for the Listing Agents to charge for the task or duties over and beyond the normal listing. Example the property checks required on the properties were completed by the property preservation companies. They charged a trip charge. This is now the duties of the listing agent we have weekly checks, report, monthly reports and BPO's that are over and above the normal listing and we can not charge a trip charge nor do we get paid for such reports. Also the asset management companies have started charging a referral fee by assigning properties to an REO listing agent then three days later informing the agent its a referral and a minimum fee of $250 is charged to the listing agent. If you do not agree with the referral then it is reassigned. Some asset management companies own the real estate companies that is getting the referral and they do not disclose the information. REO listing agents are required to to more and have no way be be compensated for the duties over an above listing the properties. We have additional fees such as tech fees, service fees, document fees. We need protected and have need a way to be compensated for work that is outside the duties of a listing. We need compensated for time and mileage for the number of times required to the properties and additional reports. This has all changed when the number of foreclosures were high. Please look at the practices of the Banks and the asset management companies they hire and help the listing agents that work with them get compensated for the work they do that is over and above the regular listing duties. Work once performed by property preservation companies and now by real estate agents with no way for the agent to get paid for the time, mileage or actual reports needs to stop. Help REO agents get compensated for the extra duties placed on them and have the banks and asset management companies stop with all the extra fees.