As if you needed more proof that the people that helped to get us in to our current real estate mess just don’t get it…well, here is a letter from the CEO of Keller Williams Realty to all associates;
Dear Associates –
We’ve recently been alerted to heightened enforcement from Fannie Mae of a per-broker limitation of 30 active REO listings from any one Fannie Mae source, and want to assure you that we have been diligently working behind the scenes on your behalf to address this issue.
While we understand that this policy is designed to curb abuses and ensure that all Fannie Mae-backed REO listings receive the necessary attention to detail, we were quick to point out to Fannie Mae’s leadership that the real estate industry’s most efficient REO specialists have invested heavily in people and systems. As we all know, efficient disposition of REO properties is critical to reestablishing stability within the real estate market, and it serves no one to severely curtail the operations of the most successful producers who understand the high-volume, low-margin nature of the REO business.
We also want to dispel the rumor that the National Association of REALTORS is in support of this limitation. Our sources at NAR have indicated that they share our conviction that top-producing REO agents are an integral part of the solution, and that dismantling their businesses in the interest of opening the field to more players serves no one.
Click here to find the letter that we have sent to the President and CEO of Fannie Mae that outlines our position. We look forward to working closely with Fannie Mae in promoting the highest standards quality and professionalism, and will keep you in the loop as this matter develops.
Yours in leading the way,
Frankly, I have to tell you I was dumbfounded that this rule was even in place! REOs are low profit, exasperating work. Professional real estate agents smart enough to put together a team of 3-8 people to review, list and successfully sell foreclosed property have to deal with governmental minions who need to leave by 4:30 each day because they cannot stand to work a minute’s overtime. Does it occur to Fannie that this is survival of the fittest?
If Fannie Mae doesn’t like how an individual agent or team is doing with their inventory wouldn’t it be better to fire that realtor (and/or team) and hire someone else? NO! We just have to make a rule that pertains to everyone.
I know I sound terribly sarcastic at times. But this is just more proof that Fannie Mae just doesn’t get it. Perhaps they never will. I don’t know. 🙂