Primary Function
As a Real Estate Owned (REO) Portfolio Manager, you will take on complete responsibility for the management and disposition of bank-owned foreclosed real estate. You will manage a national portfolio of residential properties ranging from single family residences to 1-4-unit multifamily properties obtained through foreclosure or deed in lieu of foreclosure. Daily duties will include supervising the repair of properties, recommending anticipated sales prices for properties, as well as coordinating, reviewing, and executing any purchase or sale agreement and communicate offer approvals with management. This role requires enlisting and managing the services of property management companies, contractors, and real estate brokers to perform property preservation, repairs, evictions, marketing, and sales. Additionally, you will perform a monthly review of all assets and prepare marketing plans for homes before they are on the market. If you are looking to take on a challenging role that requires a high level of responsibility and a keen eye for detail, then this could be the perfect opportunity for you.
Principal Duties
- Manages all property listings and sales agreements, assures properties are actively marketed for sale in accordance to listing contracts / broker agreements / property management companies, assures work orders are completed accurately maintaining the properties in good repair and within budget.
- Recommends repairs and improvements necessary on Real Estate Owned ("REO") properties that will maximize profitability on the resale of the property.
- Coordinates sub-contractors and supervises the repair/improvement process on REO properties.
- Analyzes real estate market and recommends initial selling price for REO. Makes recommendations to management to adjust selling prices, as necessary.
- Recommends best marketing approach for the given property based on established guidelines.
- Responsible for selling REO properties and completing all paperwork associated with the sale and/or financing.
- Assure properties are insured and secured safely from all hazards.
- Provide excellent customer service, guidance, and support to both internal and external customers, legal entities, contractors, and all other internal associates involved with matters of Bankruptcy, Foreclosure or Short sale processing.
- Set up new vendors under Vendor Management on all new third party service providers.
- Review market condition and sales reports, review and analyzes appraisals for correct market pricing and recommended value adjustments to bank balances, approve listing agreements to establish marketing price and sale strategies.
- Negotiate terms and conditions of sales between realtor and purchaser.
- Analyze property conditions, relevant values and recommend adjustments to value.
- May be asked to serve as a company representative at bankruptcy hearings, litigation, and evictions.
- May perform other duties as required.
Knowledge, Skills And Abilities Required
- Strong organizational skills.
- Must possess good communication skills and have the ability to communicate with all levels of management, clients and outside resources in a professional manner
- Ability to work effectively under time constraints and deliver results by critical deadlines
- Strong knowledge of Microsoft Office Suite
- Ability to learn and understand various software packages
Qualifications
- Bachelor's degree in relevant field. Advanced degree in real estate, business, finance, or related field preferred
- At least 4-5 years' experience directly managing real estate owned assets
- Comprehensive knowledge of standard principles and legal procedures related to real estate transactions and property transfers