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Dave's BlogStreet

7/15/2010

A Letter To Fannie Mae

There are still details to be clarified, but we were happy to see Fannie Mae adjust its position last week on the number of its REO listings that a broker can have at a time. That adjustment, which came July 8, capped a week in which we were very involved in communications with the GSE. It's nice to know that our opinions were valued and our suggestions had a positive impact.

The process began with an alert, sent to listing agents June 28, in which Fannie's AMP Management Team reiterated Fannie's policy that no broker could have more than 30 current active REO listings at a time.

That limit, which has been in place but never enforced, strikes us as counterproductive. We understand the objective of balancing inventory among able brokers in a given market, but we wonder whether that approach undermines the goal of efficiently reducing overall REO inventory and leading the market back to recovery. We think it's important for performance to factor significantly into the assignment process; those with the best track records – and usually the most training and experience – shouldn't be limited by an arbitrary cap that results in listings landing into less-capable hands.

To make sure our voice – your voice – was heard, we wrote a July 6 letter to Mike Williams, Fannie Mae's president and CEO in Washington, D.C., and copied several other key officials, including Senator Chris Dodd and Representative Barney Frank. An excerpt:

"The across-the-board limit of just 30 active listings per individual broker is a serious concern to all in our industry. This limit places significant constraints on existing brokerage operations and appears to run counter to Fannie Mae's stated interests and objectives. If a brokerage is performing well and is efficiently removing significant numbers of properties from the REO inventory, it should not be punished and taken off the job.

"In many instances, brokers manage well over 50 agents. These broker/agent/team arrangements facilitate effective listings management and disposition of significant REO volumes, often well over 30. Fannie Mae would not want to lose the benefit of such well-designed systems, many of which would be dismantled under the proposed policy."

In addition to sending the letter overnight, we talked via phone to staff members and decision-makers at Fannie Mae throughout the week. It appears we were heard. On July 8, Fannie released this update: "After some follow-up questions this week, we'd like to clarify our position on the issue of volume of active listings per broker. As a general rule, brokers should not have more than 30 active listings from any one Fannie Mae source at a given time – we ask that you adhere to this guidance as your standard operating procedure. However, we understand that your network may include some high-performing brokers with the capacity to handle higher volumes. If you have a broker who consistently meets performance standards and is capable of handling higher volumes, you may ask for a special exception to the 30 active listings limit via your Fannie Mae Sales Director. We are establishing a process for reviewing those requests and will respond promptly."

Now that sounds reasonable. We support the idea of spreading listings around – as long as expectations and standards remain high – while at the same time letting top REO performers keep doing what they're doing.

Comments

Re: A Letter to Fannie Mae

REO Listings

Thank you, Dave, for staying the course and looking out for RE/MAX in this matter. It only stands to reason that agents and brokers best qualified to handle REOs would be the ones to receive them in the first place, and those that consistently deliver good results would continue to receive them without government interference.

.
Merrie C. (Merrie Chris) Leger at 7/18/2010 10:12 AM

How about a letter regarding homes with right of redemption.

Fannie Mae is not buying mortgages on homes with a right of redemption. In Alabama where I live the period is one year. I lost a sale last week because my purchaser had to go conventional. My buyer could not get financing. At a time when sales are so difficult this rule makes no sense. The possibility of a home in our market being redeemed is so remote it is not worth considering. Another way our government is "helping" the consumer.
Landon L. Crigler at 7/19/2010 10:27 PM
 

What about the Closing Companies

Fannie Mae should limit the number of properties on title companies also.  Many times they can't handle the volume
Lorelie LeBrun at 7/21/2010 2:25 PM
I appreciate what Dave does for us at RE/MAX. It seems he is trying to educate us on this changing market. I still would like more help in what I need to do as the broker to try to get some REO business for our office.

We are "brain storming" on developing a "niche" for our office.  What is working for you folks out there?

Kathy Jansen
Kathleen (Kathy) Jansen at 7/22/2010 5:37 PM

 

 5/19/2010

 

RE/MAX on Top in REAL Trends 500 

  RE/MAX agents once again outperformed the competition in the 2010 U.S. REAL Trends 500 survey.

RE/MAX brokerages held 122 spots, or 24%, on the list of 500 positions, more than any other national brand. RE/MAX also led the rankings in total transaction sides and sales volume, according to the report's top 500 rankings based on transaction sides.

In the participating offices, RE/MAX agents averaged 14.4 transaction sides, 46% higher than the next closest competitor. Individual RE/MAX agents averaged $2.98 million in sales volume – 157% more than the average Keller Williams agent.

"Our agents and offices made a commitment to succeed despite the distressed property market, and these numbers prove they did it," says Dave Liniger (ABR, CDPE, CRB), RE/MAX Chairman and Co-Founder. "Our agents were challenged a year ago to get specific training so they could tackle the market, and I'm proud to say that RE/MAX agents have helped thousands of families, many facing severe financial problems."

Since March 2009, more than 15,000 RE/MAX Sales Associates have earned a distressed property designation from RE/MAX University. That training, Liniger says, combined with having the best educated and the most experienced full-time real estate professionals in the industry, helped RE/MAX come out on top in this year's survey.

 

4/15/2010

Great Showing in Power Brokers

Once again, the industry-leading quality of RE/MAX Associates was clear in RISMedia's annual Power Broker Report.

We placed 69 brokerages in the Top 300, far more than anyone else. And our transactions-per-agent average (15.1) was double the collective average (7) of the other major national brands.

That's fantastic, but here's a way to go deeper into the numbers. Grab the magazine (or visit the site) and try this; it's amazing. Find a RE/MAX office and see who ranked one spot above it, skipping the spots where RE/MAX follows RE/MAX. Compare the agent counts. About 80% of the time, the RE/MAX office is closing roughly the same number of sides with a smaller sales force, which means its agents are outproducing the competitor's, sometimes quite dramatically.

Some examples:

No. 86. Keller Williams (AZ) – 4,223 sides, 900 agents; 4.7 average
No. 87. RE/MAX Achievers (AZ) – 4,190 sides, 212 agents; 19.8 average

No. 102. Century 21 (VA) – 3,798 sides, 525 agents; 7.2 average
No. 103. RE/MAX 100 (MD) – 3,776 sides, 264 agents; 14.3 average

No. 203. Prudential (KS) – 2,278 sides, 299 agents; 7.6 average
No. 204. RE/MAX Professionals (IL) – 2,259 sides, 106 agents; 21.3 average

It's interesting to note that the Keller Williams brokerages on the list had about 11,000 more agents than the RE/MAX firms, but closed 60,000 fewer transactions. And in average sales volume, RE/MAX Associates more than doubled the production of Century 21 and Keller Williams agents, and topped Coldwell Banker and Prudential averages by 40%.

Studies like the Power Broker Report put our excellence on display, benefiting every Affiliate in our network. Whether your brokerage is on the list or not, you belong to the most productive sales force in real estate. We're creating marketing materials that will help you drive that message home.

Comments

 

Thanks again for pointing out a very valuable nugget!

These points are very important for agents and owners to remind the public about the difference between full time professionals and part time hopefuls!

Thanks as always,

Jay McHugh Brookline, MA
James F. (Jay) McHughNo presence information at 4/15/2010 2:44 PM

RE/MAX Executive Realty, Charlotte NC

According to RIS Media’s Annual Report we are proud that RE/MAX Executive in Charlotte, NC ranked 156 in sales volume and 163 in number of transactions in the entire country!  When the market gets tough...the tough get stronger!

Hadi AtriNo presence information at 4/16/2010 4:45 PM

3/19/2010

New RU is Huge Step Forward

Everyone in the room was excited after our Opening General Session announcement about the new RE/MAX University. This is big, and people can see what it means for them.

 

Associates are thrilled about watching programs on their own schedules. Broker/Owners are happy about the very low cost of delivery by television – which is nothing after the purchase of a small Roku box.

 

This is a revolutionary step forward for everyone in our network. RE/MAX Associates have led the industry in education and professional designations for years, but having valuable programming available on a 24/7 basis takes this competitive advantage to a much higher level.

 

RSN was great – it set us apart for more than 15 years – but delivery on Roku and Mainstreet will be even better because your viewing schedule is completely, 100% up to you. If you feel like starting a CDPE class at 10 at night, you can. If you want to watch an ABR course on a rainy Sunday afternoon, it's no problem. Just register through Mainstreet and you're all set.

 

Online video, of course, isn’t completely new for us. ATOD and MTOD were terrific services, but the new RU on Demand is far superior. The video players on the Mainstreet home page and the Learn page are awesome. You can expand the screen size. You can use a new search tool to find exactly what you're looking for. You can access the training from anywhere in the world.

 

Of course, functionality is only part of the equation. The programming has to be great too, and that's where RE/MAX University shines brightest. RU has a long track record of delivering the absolute best in coaching, classes and expert advice. In our opinion the mix has never been better, or more relevant, than it is today.

 

Comments

Roku Box

Take some time soon to order your Roku box (in the U.S. and Canada) and tour the Learn section of Mainstreet, which has all the details. We think you'll like what you see.

I was fortunate enough to be involved with the beta testing of the Internet Protocol TV.  It was great.  We hooked the Roku receiver up to our HD TV in our conference room, and have used it for training.  The video and audio are fantastic.

I've now ordered another Roku receiver for my home.  Try it, you'll like it!

Marty Jones, CRS, CRB, CDPE
Owner/Broker
RE/MAX Summit Properties
Cashiers, North Carolina

Marty Jones at 3/4/2010 10:49 AM

RU IS GREAT

We were one of the offices to be involved in the testing, our agents love it.  They set up there laptop and work while watch the RU  it is a great asset to our office.  Thanks Darlene Kojis
RE/MAX Lakeside
Milwaukee, WI

Glena (Darlene) Kojis at 3/11/2010 2:13 PM

New RU & Convention

 

& the new RU is an incredible tool for all of us.  We are proud to be RE/MAX!
Thank you Dave for your commitment to excellence for RE/MAX. The Convention was outstanding & the new RU is an incredible tool for all of us.  We are proud to be RE/MAX!
Alan & Linda Sandlin, RE/MAX Results Realty, Marco Island, Florida

Linda J. Sandlin at 3/4/2010 5:09 PM

 

Re: New RU is Huge Step Forward

The convention unveiling was a stellar performance.  We use mainstreet everyday and REMAX continues to be "Out in Front" with technology and providing our associates with the best of the best.  Kudos to Dave and the REMAX International Team.  From convention to my day to day office....Well done!

Daynette Orr at 3/4/2010 7:11 PM

 

Re: New RU is Huge Step Forward

Dave-
Another big thank you for making sure that my sister and her husband, who travelled all the way from Oregon to Orlando, could attend the "Night of the Stars". I am so grateful to you.
Most sincerely,
Judy Armstrong
RE/MAX Advantage
Staunton, Va. 24401

Judith G. (Judy) Armstrong at 3/11/2010 5:20 PM

 

 

 

 

 

 

 

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