LRES Using REO Assembly Line for Faster Property Dispositions
Appraisal management company and property asset manager LRES restructured its REO department by assigning separate teams of employees to distinct tasks across the property disposition lifecycle.
The new assembly-line style approach replaces the Orange, Calif.-based firm's practice of assigning a single asset manager to oversee each step of a property's disposition. Now, LRES's REO department is divided into teams that handle various tasks including premarketing coordinator, marketing coordinator, listing coordinator and closing coordinator.
LRES says the new structure increases efficiency and better accommodates its various clients, adding that its REO inventory grew 72% year-over-year.
"Over the past year, our growth in REO volume can be attributed to the restructured model as well as to the performance of our asset management team exceeding the industry-established Key Performance Indicators," says Roger Beane, CEO of LRES, in a press release.