4. MARKETING, MONITORING, CLOSING Page 56

Marketing Plan Marketing  Listing on the MLS  Advertising on prospects  Prospects  Newspaper advertising  Signs and flyers  REO buyers seminar Pricing Strategy: scheduled drops at 30, 60, and 90 days Page 56

“Staging” “ As-is” Trash-out and cleaning Functioning utilities Safe to show Page 57

No Unsupervised Access Don’t give buyers access codes or lock combinations REALTOR® Code of Ethics violation May violate MLS rules and state license law Page 57

Monitoring Schedule regular property inspections …weekly, once, or twice a month Inspect the outside and inside (Illegal) dump site? Check if property is still standing? Notify preservation services for routine maintenance Page 58

Monthly Marketing Reports Showings, caravans Comparable current listings Comparable sales New comparable listings Comments from buyers and agents Marketing progress and recommendations Price change recommendations Changes in property condition Repairs and inspections Photographs Page 60

Advances, Billing, Reimbursements Need a system for tracking outlays, billing, and reimbursements Keep on top of your cash flow Provide bookkeeper training on billing and reimbursement policy and procedures Watch out for reimbursement cutoff dates Page 60

Offers Signed purchase agreement Up-to-date proof of funds or pre- approved financing Submit online through Web workflow app Page 61 Show Me The Money!

Accept, Reject, or Counter Asset manager can accept an offer within set parameters Outside the parameters requires upper management approval Terms are more negotiable than price “Let me see how much is left in the asset” Don’t expect back-and-forth negotiation Page 62

Acceptance—the Counter Addendum “Highest and best” Counter addendum = acceptance Supersedes the purchase agreement and any interim agreements 2 Rules:  Don’t write on the counter addendum  Follow addendum dates and terms to the letter! Page 63

Deal Killers Delayed recording of deeds Declined approval by upper management or change of mind Liens for unpaid utilities or homeowner association fees Incomplete inspections or release forms No mortgage pre-approval Switch in financing or source of funds Page 64

Closing Need time for inspections and paperwork Even all-cash deals need time Asset managers pressured to close a deal before the end of the month Closing Extension: buyer pays per diem ($100 – $150 a day) Lender specifies title company Page 65

Working Smart with Asset Managers Follow instructions Don’t put the asset manager’s job on the line Meet deadlines without fail Communicate right Update and inform, but don’t pester Send concise s Stay cool under pressure Keep every Master workflow apps Page 66-67

Practitioner Perspective Cindy Stanton Nashville, Tennessee “It's very businesslike and there's none of the handholding…that warm and fuzzy part just isn't part of the culture.” Page 68