KeyLink Asset Management to pay REO agents on performance
KeyLink Asset Management, based in San Marcos, Calif., will release a new model for selling REO next year that will assign multiple agents to a property and pay them based on performance. Beginning in January, KeyLink will assign dual agents to a property throughout the pre-listing and marketing stages of the REO sale. KeyLink will also implement a task-based commission structure that pays agents more for better work. According to the announcement, servicers can save money if work does not meet expectations. To oversee the sale of the property, KeyLink will assign a full-time surveillance agent to each asset. This agent will generate weekly reports on the marketing and maintenance of the property, and he or she will report on the responsiveness and knowledge of the listing agent. "The industry has been ready for a far more managed and high touch REO solution for a long time," Ty Reed, director for KeyLink, said. "We feel we are well ahead of the curve in that regard." Damien Chiodo, managing director at KeyLink, said the industry has needed a high-touch approach to REO. "Most importantly, it holds agents accountable and force feeds high performance throughout all stages of the REO timeline," Chiodo said. Write to Jon Prior.