A Day in the Life of an Asset Manager: Changing markets have meant an increased workload for all in the industry, which keeps asset managers moving.

Organization and multitasking! These are commonly associated with asset managers, who must keep up with the daily rush of responsibilities in the fast-paced business of REO property management.

Many REO asset managers like Maureen Burns of Keystone Asset Management manage their portfolios with a daily list of tasks to be accomplished. Her organizational skills include the use of tasks, which add to her control over the day's events. When it comes to dealing with REO, expecting the unexpected is daily part of the job. Offers being presented are common throughout the day and problems can and do pop up relating to marketing, code issues, evictions, closings - you name it. She must successfully resolve these and other issues in a timely manner while completing the daily tasks associated with her portfolio.

Ms. Burns has worked in the mortgage industry for a total of 13 years. When she arrives to work each morning, Ms. Burns joins her co-workers in the break room for her morning coffee before positioning herself at her desk. Inside the Keystone offices, she interacts with the men and women who work in property valuation, pre-marketing, portfolio management, evictions, title and closing.

Everyone in the office is constantly busy checking e-mails, making phone calls, and/or reviewing files in their computer system. Ms. Burns starts each day with approximately 50 e-mails waiting for her. In addition, the computer system reminds her of daily tasks that need to be done. These tasks include checking on price reductions, following up with agents for bids, contracts and monthly marketing reports. Her day has specific obligations over which she keeps strict control. She allows for the unexpected. Not surprisingly, she is consistently on top of each obligation and quickly gets each task accomplished.

"I love my reports," Ms Burns tells Managing REO with a smile. "I continually check for reports to see which properties are coming up for price reduction. It comes here from pre-marketing so we can see what they are doing. Sometimes I can push the pre-marketing team to go faster and get offers on those properties with listing expirations."

In her normal routine, she may communicate with over 50 agents a day. "I make sure the job is done the right way. I have very good interaction with my agents. We call their cell phones, send each other e-mails or fax documentation. Some managers only work through e-mail. I can't do that. I like to use whatever method of communication is best for the agent. Our agents are our eyes and ears."

Keystone deals with properties that range in value anywhere from $1 to over $1 million. Photographic support is important for all files. If repairs are requested for windows or to fix certain problems in the property, the agent must provide photos to support the issues. "I don't want to see just a picture of a chair, I need to see everything in the room. The color of paint, damage on the walls."