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Many asset management companies struggle with outsourcing and opportunities to improve REO disposition.
You can't do everything yourself and retain efficiencies, according to C.J. Gehlke, president and cofounder of REO Nationwide here. "You do have to stay involved to make sure it is done and done right. Even technology, which is not driven primarily by human effort, is dependant on oversight and monitoring, requiring human intervention from time to time." Asset managers should hone their skills to better ensure success, minimizing complications down the line.
Sometimes a new asset has challenges and is going to be time consuming. Ms. Gehlke says properties should be outsourced to a firm and an asset manager with at least 10 years experience. "Let experts who specialize in this pay the attention to it that would take you away from your other responsibilities.
"Do you know whom you are working with? Do you know how many years experience that person has? REO disposition is a combination of knowledge and intuition."
Ms. Gehlke recommends that companies choose two outsource vendors carefully and make sure to know the person who is in charge of the assets on a daily basis.
"Working with two reputable firms gives you greater control and intellectual capital to draw from and makes the best fit for you easy to recognize. Always give the new relationships at least six months to season before eliminating a vendor," she said.
"When making your selection, note that some companies may put the focus on ads and strong salespeople, but your success is primarily in...