Short Sale Pipeline – The Ins and Outs
August 10, 2011 / /
http://shortsalepowerhour.com
Kevin and Fred discuss the short sale pipeline that all of this STUFF has to go through.
HOW TO CLOSE AT LEAST 3 DEALS IN THE NEXT 90 DAYS
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HOW TO CLOSE AT LEAST 3 DEALS IN YOUR NEXT 90 DAYS
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About the Authors
Kevin Kauffman & Fred Weaver
Kevin and Fred the founders of Group 46:10. Over the last 10 years Kevin and Fred, and their team have closed tens of millions in real estate all over the country and have created some of the best training for agents in the market. Kevin and Fred are also highly sought after teachers whose work has helped agents all over the country build their own next level real estate business.
I’ve got 95 files, 60 with offers. Last month (July) I had 16 approval letters, this month on pace for about the same. We are probably averaging 10 though. It has been myself (negotiator), and one admin who follows up for paperwork. We just hired on an “Office Manager” who will be responsible for collecting paperwork from homeowners directly instead of going through the listing agents. That alone should cut our timelines down by at least 30 days. I also have one other person we just hired that will be in verifying docs are received.
Nice work Ben! Keep Crushing it!
I’m finally up to over 20 SS listings. 16 have offers, one is pending, the other 3 are active waiting for offers. My RE company offers short sale negotiators for part of the closing commission. (The company actually brought on an assistant to the negotiation team because of my files, which I think is kinda cool!) I have another 25 SS listing leads I need to work on and convert to listings. I have two ladies working on my bank contacts/negotiation, and they let me know if there are forms missing or needing updating. They also notify me if we need to escalate our negotiation attempts due to difficult banks. I’ll get on the phone for these contacts, and VIP clients who want me to specifically negotiate with the bank. I will be hiring a part time “Paper Pusher” who will assist me getting all paperwork for me from the clients, as I have realized I suck at that. That position, if the person is a good fit, will eventually be promoted to full time, then to a full time “Office Manager” to manage the office, paperwork, and buying lead conversions, when more deals are consistently closing. I also need a buyer’s agent to deal with all the nonstop buyer leads. That will open me up to nonstop rainmaker activities like listing lead generation. I’ll get my name attached to the house through a listing, get an offer, then have the others deal with the behind the scenes stuff.
The Bay Area Short Sale Angels consistantly have 25-30 Pending subject to bank approval listings. We have on average been closing 2-3 a month and always have 5-10 leads that are trying for a loan mod, figuring things out, etc. We have two Buyers agents to handle all of our Buyer leads. We get 5-10 buyer leads a week, from that we have been seeing 2-3 Buyer closings a month. The Listing team is just Monica who does all the negotiating and transaction coodination. And myself who is the “rainmaker”, document collecter, phone answer and general keeping everyone “happy” lady. I also have an assistant who helps me with my marketing campaigns. She only works 10 hours a week.
We are launching a new marketing system in which we hope to double our productivity…..At that point we may need to hire another negotiator.
Our team currently manages between 25 to 30 short sale files at one time. On average, we are currently taking 3 to 4 new short sale listings per month and are currently closing just over 4 per month. Less than 10% of the total number of listed properties in the Knoxville, TN market are short sales. That being said, we list and sell more short sales than any other Realtor in our market.
I handle all of our short sale files from listing to close. I also manage all of our short sale lead generation. However, we do have two buyers agents on our team who handle the buyer leads from these properties. At 30 active short sales, I feel as if I am at my max. Fred and Kevin are 100% correct. There is NO WAY to provide your clients with the level of service that gives them the BEST CHANCE to make it to closing table if you are handling more than 30 short sale files per month. Something WILL fall through the cracks.
I’m looking to add a negotiator to our team, but am having trouble finding someone worthy of that job….Yes, I am a bit of a control freak. However, I take my clients’ situations very seriously.