DS News - Bank of America

66 like the Multiple Listing Service, which enables real estate brokers to readily view each other's homes for sale, online auction platforms provide millions of investors the opportunity to purchase properties efficiently. By design, this eliminates the need to wait for weeks for a property to make its way through the traditional REO process, instead facilitating a change in ownership—and a path to stabilization—within days of foreclosure. Banks looking to leverage this option should first ensure that the marketplace provides the most expansive reach to allow the asset to obtain the maximum exposure possible. Also, well- equipped marketplaces can match properties with buyers using data integrations that provide a well-rounded view of the property and its history. Online marketplaces operate within the new paradigm created by the digital age and, as such, facilitate the marketing and sale of these properties much sooner. is, in turn, optimizes the sales process, mitigates risk exposure for the bank, and reduces costs for both sellers and buyers. More importantly, it provides a methodology to combat blight within America's neighborhoods in a way that protects the financial and reputational interests of the bank. Jason Allnutt is the Chief Business Officer and General Manager of Auction.com, an online real estate transaction marketplace focused on bank- owned and foreclosure properties. Using his more than 20 years of industry experience, Allnutt oversees the company's business development, operations, marketing, and product strategy. It's All About Flexibility By Rob Pajon, RES.NET Today's tech trends change so quickly that it is easy to get overwhelmed. In real estate, we hear things about intriguing new applications like drone photography and 3D tours, but a discerning organization needs to remain cautious and vet out technology prospects to avoid fleeting trends. On the other hand, you can't afford to be left behind, especially when it comes to increasingly particular consumers. is can be a fine line to walk for any business, let alone one in an established industry like real estate. It doesn't matter if you're an investor buying a large portfolio or a servicer working exclusively with GSEs, at the end of the day we all must cater to the expectations of consumers. People have quickly become used to the idea of doing everything online. In this world, everything happens in real time with clear communication that elicits trust in parties who have never met. is trust is key. As an industry, we must provide the same level of transparency and trust to our customers that they experience throughout the rest of their online lives. e good news is that ramping up technology will do much more than just meet consumer expectations. Technology will allow us to run more-efficient operations, increase outputs, and deliver faster, more reliable results, all with less labor. Technology is also the answer to the increased government oversight many are already experiencing. When all it takes is a small handful of errors to enact huge fines, no one can afford to overlook this crucial piece of the puzzle. By utilizing current technology offerings, businesses will lower day-to-day costs, while also avoiding major compliance issues. is alone should be enough reason to get the industry up to speed. A constantly evolving state of technology is now the new normal. It is not enough to simply catch up to current trends, for they will have shifted by the time you have. At the same time, you cannot create internal chaos by changing the way your organization does business overnight. So where do we go from here? We evolve. Constantly. Like your smartphone that constantly gets upgraded, housing technology must be built to meet the needs of today, while maintaining the flexibility to change with the times. Rob Pajon is SVP of Marketing and Product Development at USRES and RES.NET, which virtually connects servicers, agents, vendors, and consumers throughout real estate transactions. For more than a decade, he has overseen the organization's overall marketing and product initiatives. "It doesn't matter if you're an investor buying a large portfolio or a servicer working exclusively with GSEs, at the end of the day we all must cater to the expectations of consumers. People have quickly become used to the idea of doing everything online. In this world, everything happens in real time with clear communication that elicits trust in parties who have never met. This trust is key. As an industry, we must provide the same level of transparency and trust to our customers that they experience throughout the rest of their online lives." –Rob Pajon, RES.NET

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