Date post: | 05-Jul-2015 |
Category: |
Business |
Upload: | ann-potarf |
View: | 363 times |
Download: | 0 times |
REO EXPOJune 15th, 2011
THANK YOU
Agenda
• Partnership• Bridging the Gap• Building Excellence
Partnership
An arrangement where individuals agree to cooperate to advance their
interest. In the most frequent instance, a partnership is formed
between one or more businesses in which partners co-labor to achieve
SUCCESS!
Partnerships
PMH &
Clie
nt PMH & AgentPMH & Field Service
Field Service & Agent
Escrow & Agent
PMH & Escrow
Agent & Neighbors
Agent & Attorney
PMH & Attorney
Dictating versus Partnering
file:///C:/Documents%20and%20Settings/apotarf/Application%20Data/Microsoft/Signatures/PMH%20Default.1
file:///C:/Documents%20and%20Settings/apotarf/Application%20Data/Microsoft/Signatures/PMH%20Default.1
Partnership & Decision Making
Participants share power through the partnership. The process seeks to create a zone of agreement among
participants where workable solutions can be reached
Key Characteristics of Partnership
• Partnering identifies what participants agree on and then seek to grow that space.
• In this way, partnership is more like problem solving than decision making.
Key Characteristics of Partnership
Effective partnerships incorporate the following key ingredients:
Meetings that are civil and open to different groups
Deliberations that are thoughtful, and that take EVERYONE’s needs into account
A sense of trust within the group
In other words
It’s all aboutBuilding relationshipsManaging expectationsRespectful consideration of everyone's
interests
WhyPartner?
Benefits of Partnership
• Effective Outcomes– Partnership frequently results in innovative
ideas that help sell PMH Financials assets.
Benefits of Partnership
• New Perspectives– Conventional decision-making can bring
about change through new ideas, but only partnership can truly…..
Shift people’s attitudes
Benefits of Partnerships
• Mutual Learning– Partnership allows participants to learn
from each other and work towards a deeper understanding of important issues and constraints.
Benefits of Partnership
• A sense of shared ownership– Problem-solving power is shared in a
partnering process, and this often translates into a sense of shared responsibility for the asset
• Reduced Conflict– Meaningful involvement can lead to less
disagreements in the future
Partnering is the understanding that in spite
of our different responsibilities we are all in
this together.
Successful Partnering Processes
• Agree upon guidelines early• Encourage participation and
communication• Give control as much as possible• Communicate and build support• Trust
Final Thoughts
• Partnership has many benefits– Effective outcomes– New networks– Reduced conflict– Longer-lasting solutions
Questions
Bridging the Gap
We want to transform the isolation within our businesses into connectedness and
caring for the REO community.
How
• You bridge the gap by learning about and doing as much as possible for each other
Community
Community
2 QuestionsWhom do we want in the room?
What is the new conversation that we want to occur?
Engagement
• There must be partner to partner engagement
• We must want to talk to others in the community without any fear, without self-interest, without assigning blame.
Transformation
Transformation
• Large-scale transformation occurs when enough small groups shift towards the larger change
• Individual changes add up to company change
Ownership
• There needs to be a distinction between ownership and blame– How valuable an experience do you plan for this to be?– How much risk are you willing to take?– To what extent are you invested in the well-being of the
whole?– What have I done to contribute to the very thing I complain
about or want to change?
Ownership
• What is the story about the community that you hear yourself telling most often?
• The one you possibly take your identity from?• What do you get personally from holding on
to this story?• What is your attachment to this story costing
you?
Dissent
• Creates an opening for commitment– When dissent is expressed, just listen. Don’t try to solve it,
defend it, or explain it.– What doubts or reservations do you have?– What is the NO or refusal that you keep postponing?– What have you said yes to that you no longer mean?– What resentment do you hold that no one knows about?– What forgiveness are you withholding?
Commitment
• A promise with no expectation of return.• The enemy of commitment is “lip
service”.• The commitments that mean the most
are the ones made to peers.
Commitment
• What promises am I willing to make?• What price am I willing to pay?• What is the cost to others for me to keep my promises or to fail at my
promises?• What is the promise that constitutes a risk or major shift for me?• What is the promise I am postponing?• What is the commitment I am willing to make?
The power is in the asking, not in the answers!
Change
• We begin by realizing that we need a new conversation.
• Powerful questions are those that evoke a choice for accountability and commitment.
Final Thoughts
• Bridging the Gap has many benefits:– Builds the REO Community– Creates Engagement– Develops Transformation– Establishes Ownership and Commitment– Produces Change
Questions
How Can We Have a Partnership Built on
Excellence?
10 Minute Call
10 Minute Call
• What are the Asset Manager’s expectations?– Open the lines of communication– Phone or Email– Who is the Client?
• What are the Clients Initiatives?
– What are the timelines
Client Initiatives
• HomePath• Chase Financing• Bank of America
HomePath
Success
Chase Financing
• Chase Loan Officer– Contact the Chase Loan Officer– Marketing Materials– Contact the selling agent
Chase Retail Mortgage
• Each agent is assigned to a specific chase REO Loan officer• The approved MLS verbiage is Required• The marketing materials are required to be placed inside each listing• It is expected that the Chase REO LO will have an opportunity to
discuss the benefits of financing through Chase with all potential buyers• Each agent/LO relationship is being monitored, and tracked using the
reporting.
Bank of America
• A BANA pre-qualification/denial is required on all offers with the following exceptions:– List price less than $50,000– NSP & First Look Programs– Cash Offers– Certified NACA Buyers– Joint Venture Partner *Bank of America determination– Select Investors *Bank of America determination
Good Neighbor Program
Good Neighbor Program
• Door TagsAgent’s informationIs Property SecuredIs Lock Box Still PresentIs Porch CleanedIs Lawn/Pool MaintainedFree of Vandalism
Good Neighbor Program
• Property Inspections– Property Secured– Signage– Lock Box– Condition of Property
Broker Price Opinion
• Follow the Standard Guidelines
• http://www.nabpop.org/BPOSG-V4.pdf
Broker Price Opinion
Broker Price Opinion
• Comments– Anything outside the standard guidelines?– What comp are you giving the most weight?– What are the market trends?– What is the unemployment rate?– Any new companies coming into town?– Any companies going out of business?
Broker Price Opinion
• Updated BPO– Use the original listed comps on all
updated BPO’s
7 Day Status Report
Closing
• Weekly Status Reports• Attend the Closings
Closings
• Weekly closing Status Reports– Inspections are completed on time– Appraisals Completed on time– Verifying with buyers/lender/title company that
closings are on track– Buyer has submitted all financial documentation