Resolution Trust Corporation:
Survey Results on RTC's Communication and Real Estate Marketing
GGD-92-134BR: Published: Sep 24, 1992. Publicly Released: Sep 24, 1992.
- Full Report:
GAO surveyed Resolution Trust Corporation (RTC) staff and private realtors who specialize in industrial and office real estate to assess RTC responsiveness to requests about its real estate properties.
GAO found that: (1) RTC sales center staff reported that they had taken steps to establish good working relationships with the private sector; (2) RTC sales center staff had real estate experience in the local market and established outreach programs to provide information on properties and assist purchasers; (3) industrial realtors reported that RTC personnel lacked knowledge of local markets and did not timely provide information or respond to purchase offers; (4) realtors believed that RTC information dissemination activities were ineffective; (5) many realtors believed that, over the 6-month period before survey completion, RTC had improved; (6) realtors had mixed views of RTC property management efforts; (7) realtors did not use such RTC marketing tools as diskettes listing RTC inventory, preferring such traditional methods as newspaper advertising, direct mailings, and multiple listing services; (8) as of April 1992, RTC has sold nearly $10 billion of its real estate assets; and (9) since 90 percent of the remaining assets are commercial, RTC needs to work closely with industrial and office realtors.
Recommendation for Executive Action
Status: Closed - Implemented
Comments: RTC sent a memo to the field suggesting that staff and contractors work to establish good working relationships with the local real estate community. While field locations report that they have initiated outreach programs, no efforts have been initiated or planned to assess the effectiveness of these efforts in improving RTC's working relationships with local real estate communities. Also, RTC has not and does not plan to make customer satisfaction surveys to determine whether it provides timely responses to requests for information on its real estate inventory. At this point in RTC's life, it is too late for RTC to undertake such efforts to improve (1) its working relationships with the real estate community and (2) its responsiveness to inquiries from the public and achieve positive results before it ceases operations in December 1995.
Recommendation: RTC should make changes to its operations, by developing strategies to improve the timeliness of its responses for information on its real estate inventory and ensuring that its staff and contractors establish good working relationships with the local real estate community.
Agency Affected: Resolution Trust Corporation