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Does anyone have experience with 24 Hour Asset Management? I have had three properties assigned to me by them in the past 2 years. One was a vacant lot that they immediately put into auction status and sold, which was nice. The other two have been in my inventory for up to two years with no movement. One is in perpetual eviction, and the other has never been on market but is now being gifted to a veteran's charity. My problem is the one going to the charity. I have almost $1,700 in unreimbursed expenses on that one, all billed out through the LPS Desktop system. I have received one check for about $400, finally, last week, and it bounced! I emailed the asset manager who told me she was forwarding the email to accounting.
I'm tempted to take all utilities out of my name, and inform the asset manager that I'm liening the properties until I'm paid. My oldest unpaid expense is from 10/6/2014.
I googled the company and there are a few BBB complaints that come up, all with slow- or no-pay on reimbursements. I know that "bad" gets more noise than "good" on the internet, so does anyone have any info on this company?
While 24 Asset Management tends to get better quality assets there are a few negatives most of which I've seen mentioned here. Long periods sometimes years of premarketing or eviction all the while agents required to do constant inspections, reports and valuations. They are also quick to reassign or send to auction. Reimbursments are challenging and you have to constantly beg to get your money back. When you do get your checks the post mark is months old. The referral fee never goes away even when they choose to auction an asset at 1%.
Although you're required to put 0% to buyers agent in MLS, I've been able to use $1 to satisfy any issue with "0%" if your MLS objects. SECRET note they will pay buyer agent 1% as well, so be sure to tell potential buyers/bidders to input you as their buyers agent when registering to bid. It is the only way to really make any money when the asset has got to this point.
I still accept assignments from them but I work them to make it work for me.
I don't input the listings in the MLS without compensation to the selling agent. $1 won't work. Also I have had issues with buyer's agents getting angry over the auction terms and auction.com in general.
I have had a few Chase properties with them. These properties where vacant for years and were in my inventory for about 2 years but eventually closed. Did my expenses with LPS and no real problems. A little slow but I was always able to get asset manager to reply.
now this is a legit complaint. you deserve to be paid. Contact the owner and sale you will lien the property
Theresa, I have the same situation with the Veterans Charity program and non-reimbursement of expenses. I am about to take this to the courts. I wonder if this can be put in federal court since they are doing it in multiple states? Let me know if your situation has been resolved or not.
I have done a little over 60 deals with 24 Asset over the last 2 years. They do take a while on the reimbursement and the properties do take a while to go on the market (sometimes). I get paid regularly though. I actually posted some of my commission checks from Bank of America and Chase on my Instagram page (excitement). I attached one to this post too. 24 Asset provided me with listings from both of those banks. 24 Asset along with 100+ other REO companies and BPO companies are on www.reoeducation.com. REO education will also provide you with tips on how to get paid faster with companies like 24 Asset and how to avoid many of the rookie mistakes that can be made in the REO business. That's not saying that you don't already know your business inside and out, but, perhaps you may find some good information to help you to improve your relationship with 24 Asset or at least sign up with some other companies and get an REO team started. I would definitely email the asset manager if I were you and explain to him/her what your troubles are and what you are thinking about doing as a recourse so that they can understand the seriousness of paying you. Try out the 7 day free trial at www.reoeducation.com and see if you can get more help there.