A great deal of discussion continues about the importance of clear, concise and effective communications, not only within default servicing industry but throughout the business world and our society. These discussions should continue in earnest.
History has demonstrated that mankind was only able to evolve and advance by developing the ability to communicate with others, to work together to achieve common goals to the benefit of all. According to the American Management Association, “Effective communication is more essential than ever before. It is the foundation on which companies and careers are built and a crucial component of lasting success.” In fact, the lack of effective communications can lead to misunderstandings, frustration, and the loss of confidence in the communicator. It can also cause delays and cost not only additional money, but the loss of a client or customer.
Among the most often repeated complaints about field services providers has been the lack of communication between the lender/servicer, the field services provider (and their contractor vendors), and the REO listing agent; and not just a lack of effective communication, but any communication at all. In fact, many agents have reported that the lack of communication in this area has soured their disposition toward most national field services companies. At Assurant Property Advantage we recognize that close, clear communication between all parties involved with the management and disposition of bank-owned properties gives us another competitive advantage. It is simply good for business.
According to Ken Westfall of Westfall & Co. Marketing and Management Group Inc., who is a longtime veteran of the default servicing industry, many property preservation companies don’t seem to care much for keeping the listing agents in the loop.
“At a minimum some of the national providers don’t provide adequate information to agents that would be beneficial for problem resolution and a timelier listing of their client’s REO properties,” Westfall said. “I don’t believe it is malicious intent, but a more concerted effort should be made to communicate issues with the agents in partnership with their common clients.”
Westfall also expressed that the partnership he alluded to would be enhanced if the property preservation inspectors and contractors kept the agents informed directly when they find signage issues, maintenance problems, vandalism, etc., to assist the agents in better serving the client.
“This kind of proactive communication would help agents and field services companies to build stronger relationships and avoid finger pointing and unnecessary complaints from the clients,” Westfall added. “It might also mean that fewer complaints from the agents to the clients about the property preservation companies’ performance levels would occur.”
Eric “Bubba” Mills, chief operations officer and managing partner of Corcoran Consulting & Coaching, and a veteran of nearly 20 years in default servicing, echoed the sentiment that mastering effective communications can help one dominate their market.
“Whether you are a field services provider, REO broker or related vendor, or any other business professional, for that matter, effective, timely communications is a key component to your success in rising above the average performers in your area of expertise,” said Mills.
Sadly, the art of communication via the telephone seems to be a lost skill. One may want to try it sometime again and might actually realize the value of speaking to people once they do it often enough, and consistently enough. Agents also lament that it’s too bad more asset managers don’t seem to want this “human” contact. It may just reveal something about their level of communication skills.
A meaningful message involves establishing a connection that leaves a powerful impression on those with whom you communicate. This is true in all communications, but particularly true when addressing a group. That “group” for you might be a group of “one,” such as an asset manager or buyer of real estate, or a vendor or anyone else; and your communications might be in writing or oral. But that group could also be a large number of people like those members who attend default industry summits, conferences and dinner meetings where you have an opportunity to express yourself and impart your unique expertise. All communications are of equal importance if done effectively. In the final analysis, the method of communication is less important than the clarity of your message.
It should be noted that good communications entails not only one’s ability to speak or write effectively to exchange information, resolve problems, express ideas, impart knowledge, and so forth, it also requires that one be an exceptional listener. In fact, it could be argued that listening skills trump speaking skills. Clearly interpreting and understanding the message being conveyed to you can mean the difference between making a good, or correct decision, and making a bad, or costly one.
Lynn Effinger is a veteran of more than two decades in the default servicing industry. He serves as Business Development Manager for Assurant Property Advantage, the field services business unit of Assurant Inc.
