So who is this deal killing, file losing, savage beast lurking on the otherside of your your 45 minute wait on hold? Surprisingly not who or what most realtors think!

So before I go any further, i want you to get every Friday the 13th nightmare story that realtors have told you about loss mitigators out of your mind and hear the gospel truth.

If you know the truth about your loss mitigator you will understand how they operate, why they operate they operate the way they do, and most importantly, use this understanding close a higher percentage of your deals. So lets get to work!

1st things 1st: The Real Demographic of a Loss Mitigator

I am about to reveal the true demographic of your average loss mitigator hired by the bank.

Early 20’s (usually straight out of college)
Most loss mitigators are in their early 20’s and have come straight out of college with no type of financial training, education or background. In my business my staff is trained not to expect the loss mitigator to “know the obvious.” Spelling everything out for them makes their life easier.

Goes from collections to loss mitigation
They come from an environment where they made 200-300 outbound calls per day on delinquent or defaulted accounts. If they are good curing defaults they get moved to loss mitigation and become a “loss mitigator.” In the collection environment they are rewarded for volume. Keep this in mind. You need to be efficient…we will talk on this more shortly.

Makes between $8.50 to $14.00 an hour
Your average Loss Mitigator is extremely underpaid. Use this to your advantage when working your short sales. Loss Mitigators receive bonuses based on performance. Since their base salary is already low they need your help to get this short sale negotiated to receive their bonus. This is important to understand. They want to get your deal done. You need to give them the ammunition to get this done.

Is expected to work 50-60 hours per week
Your average loss mitigator is overworked big time. So you ever wonder why your loss mitigator is never bubbling over with joy? Well he/she has pushed the time clock past dinner time. Use this to your advantage. When you do get a response from the mitigator make your dialogue short and sweet. Be organized and efficient have all of the facts before you. Know the bottom line numbers. The mitigator will prioritize your file for not wasting his time…especially since there already working overtime.

Has an average of about 300 files on his desk
Ever wonder why it seems like your not getting a return call. Well your standing in line with about 300 hundred other deals. So let’s put a note here. If you had 300 hundred files, would you push ones that were disorganized to the “bottom of the stack?” Would you trash files that had stuff missing? Would you trash the files of people who were more of a pest than a professional? This is why my staff is trained NOT to be A PEST but rather to be PLEASANTLY PERSISTENT.

Is expected to close at least 30 files a month
This is critical to know. They want to close your file. In fact, they need to close it to keep their job.

MYTH #1: Bank Loss Mitigators Kill Deals

This is absolutely not true! Bank loss mitigators do not kill deals, at least not intentionally! When a realtor comes to me complaining about a mitigator who just killed there deal I have found that 9 times out of 10 the deal was not present to the bank properly. Moral of the story: Engineer your deal right the first time and more of your deals will stay alive. Here is a tip: NEVER HAVE THE TITLE COMPANY PREPARE YOUR HUD!

MYTH #2: Bank Loss Mitigators Lose Files

This is absolutely not true! Bank loss mitigators do not lose files. They TRASH files that are incomplete, disorganized, or incoherent. There is a difference. As I aforementioned the average bank mitigator is working on 300 files! It is vital that you get your packages together if you want the mitigator to work it. Kapesh?

MYTH #3: Bank Loss Mitigators are Savage Beasts Files

They are not. They are folks right out of college with little financial experiences who are given more than they can handle, paid less than what they deserve, and worked longer than they should. You got it?

So the next time you speak to the bank loss mitigator know and understand who you are dealing with so you can get can get the deal approve and get your client out of foreclosure!

Regards,

Aubrey Kipp, Investor
OrlandoShortSale.TV