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Any feed back on 5 Star Force and the ResNet Pro Plus? Years ago I was a standard member of ResNet and did get some REO assignments. Then signed up with Res.Net Amp, but never received another listing, so went back to my standard membership.
I was just contacted by 5 Star Force to sign up with their program for $149 a month BUT supposedly in order to work a certain asset management company's assets I also have to sign up with Res.Net's Pro Plus membership. I am currently working an REO with this particular asset management company through their own portal.
I understand that asset management companies sometimes (but rarely in my experience) may use multiple portals to work their assets, but I am conflicted if I want to spend a lot of money toward 5 Star Force AND ResNet in one swoop.
In reading older posts here on 5 Star Force, the comments were mostly positive, but at $149 a month and a one year commitment, I would appreciate current feedback for this company.
5 Star and Resnet are NOT worth the words to type this. Rip off. Ridiculous fee's. Resnet yearly fee I think is up to 799 I got 3-8 listings within 5 years thats 799 year for 5 years 3995 so I barley broke even. Run, don't waste your money.
I was a member of 5 Star Force for 2 years and never received any new REO business from it, also had the ResNet AMP for 2 years at the $799 and got nothing...don't waste your money. In REO it is who you know not what you know.
It depends on your market. I am in a higher end market and get listings through RES.NET, so it is worth the $700/yr.
I've been a member since August 2014 and determined to give it a one year run. So far I can say I've got absolutely nothing from it, however I heard through the grapevine that Fannie Mae may be deciding to use only REO Force agents- ServiceLink already requires Force membership to get listings- not sure on the validity of that but I'd say if nothing changes between now and August I will not renew @ $99/mo.....I figured I might land a SL REO or two to cover my costs but I haven't- I've done only a couple REO's for them over the years.
Fannie Mae paid a bundle to switch to Equator a couple of years ago. I doubt they would change from Equator to another system, unless 5 Force is on Equator. the Equator system is being used universally by all Fannie employees and agents. Just an FYI, (unless they have scrapped Equator, which I doubt). I have been in the REO business for many years and I will not pay the ridiculous money that Res Net is asking for. , Some are requiring background checks. I have completed the background for the state of Texas and that should be good enough. won't pay a lot of money for any system....there is other business out there to harness. Just sayin'
I paid 799 for resnet membership it is almost a year now did not get any work i think it is waste of money
I really don't see any value on trying to run after REO listings since even the big guys are hurting. In my area, we are lucky to see one REO listing within 3 months. I am a Res.net subscriber and the only reason why I signed up years ago was because I was given 3 assignments by a company that I have been providing BPOs for 3 years. Due to the scarcity of REOs, I was lucky that I was able to get one REO from an asset management that I never had a relationship with and this was in 2013 so I had to upgrade to REOPro to continue working on the REO which has been lingering for years since the occupant does not want to leave and has been filing lawsuits one after the other. After this REO, I am downgrading to a free membership.
I am by far a fan of resnet, but I do however get steady listings from them every month. I wish their fee for pro would be changed to monthly. If you divide the yearly $700 it's $58.33/month. When I look at it that way, it worth the money. I typically get at least 2 listings per month, sometimes up to 5 or 6.
Can anyone provide any feedback on how FORCE has been going since they signed up? Is it worth it? I am be requested by join by ServiceLink in order to get any of their listings... Please help me out and let me know because it's really expensive and already paying lots of $$ for other REO subscriptions. Thanks!
I got the 5 Star membership for 99/mo in July 2014 to give it a one year run. I had previous listings with Service Link but acquired zero over the next year. After the one year run, I decided not to renew and did not see any benefit- watch it as you need to give 2 months notice to cancel your membership. If you're elect to do it, push for the 99/mo as I did.