America's Largest Social Network for Default Real Estate Professionals
Trying to register on their site, but right off the bat there is the visa sign. Are they one in which you have to pay to play? If so, is this a good idea? Here is the page I am on in case anyone is wanting to know.https://ava.altisource.com/webtop/registration/default.asp
When Ocwen purchased HomEq I was transferred over to the Ocwen system. Several years ago I declined to take further listings from Ocwen, for the same reasons many of you have stated: Slow pay, no pay, bad communication, unreasonable expectations, low pay, etc.
I have one Ocwen listing at this time, and there are other agents in my market area who handle Ocwen as well. I took the listing in January 2011, and have heard nothing from the company until yesterday, when an email informed me the asset manager had been changed and he asked for an update.
Perhaps their policy varies from State to State in regards to listing assignments - I want to be clear that there's more than one Ocwen agent in my market area, and listings are being assigned. I don't know the criteria for the assignments, and I don't know if I'm getting them because I was a HomEq agent, however.
I currently have several Altisource listings and do BPO's/CMA's for them as well, thus they still list with local agents. Yes, they pay peanuts but really, for the amount of work required, kind of a no brainer.
1. Go to house and take photos
2. complete CMA
3. list on MLS
4. check home periodically
5. buyers agent enters offer at www.gohoming.com, so no messing with offers
They indeed are difficult to communicate with, rarely make sense and are poorly organized...but once you can accept those facts, working for them is a snap. PPI now handles the trashout, rekey, initial services, utilities and now they even put signs up when the home is listed. So really, I think it's easy money for some photos, mls and a CMA.
I am glad you still have listings with them. My last 4 went like this. One I had listed for 4 months , I Wrote a contract for buyers at full price. When it came to closing I received 1/3 of the commission stated in the listing agreement and no management fee which was agreed on in this listing agreement. Altisource refused to honor the agreement and said really, TOO BAD.
The other 3 I had been working on, were taken after I spent months doing weekly property check and BPOs, taking care of code violations and all the preservation scheduling. Altisource disregarded their own listing agreements with me and when they took the properties and gave them to their "in house" Agent for Ohio, the refused to compensate me or even reimburse me for any of my expenses including the utility bills for their assets. They did not even call me or contact me to let me know they took the listings. I saw them on the new listings in the MLS.
You may be in an area where they are still finishing up a few out side agent listings. They are having the preservation people do all the agent duties that they can do legally as you mentioned. This is enabling them to use their own inside agent who does not even have to go to the properties. They save the entire listing commission while doing this. The BPOs are done by agents as always at 40.00 per BPO. (or for free by a agent who believes they are getting the listings as I did ) As soon as they have the inside agent in place for the state you are in, you will not be getting the listings and you will not be paid for anything you have already done, that they required or requested that you do.
The auction site was the first step in getting rid of the listing agents, the preservation people and their increased duties is the second step. You and all outside agents will all be replaced in the near future. You yourself can see the steps taking place for this, so just be careful. There is no way to make them pay you for all the work you have done, without hiring an attorney and costly legal bills, if they choose not to pay as they DID DO TO ME. I worked with OCWEN for over 8 years and was a premier agent for them when they pulled this on me.
hI Shahid---- I went to the site last week and have not heard from them??? Pls advise? I did send in a request for info....?/ Thanks Rose
We provides? Try provide, no s. Please STOP spamming all the threads. Between you and Rajad and Ameritax....geez...give it a rest!
I was a leading agent for OCWEN for 7 years. When they changed to Altisource and began their miss use of their agents, I quit doing business with them. ALtisource takes a small service fee on each BPO submitted so you get about 43.00 each. You do get about 6 e-mails and 4 phone calls on each BPO you accept from them in the 48 hours turn time for each BPO assigned. They keep checking to see if you are doing the BPO as you agreed. I find that far too irritating and time consuming to deal with . Sort of harassment to get the BPO done after you accept it. IMO
I don't know what state you are in but most of ALtisource's listings are in house now. They have their own Brokerages in most states, so you can not get listings. Occasionally they will assign a very problematic listing to an outside agent when their in house agent refuses to take it. The commission is around 800.00 total on almost all of these listings. By the time you do all the required tasks they give on these problem listings you feel like the 800.00 was really far to low. The you get the referral fee surprises when it gets sold!! They will occasionally assign a property , assign tasks and when you are done doing the work, they take it from you and give it back to their own in house agent, paying you nothing for all your work. They are all difficult to understand, unresponsive and have a lot of issues , making your listing difficult at best. They use agents as much as they can and compensate as little as possible. They do not honor the listing agreement at all and the wording in it gives them the right to charge 2 referral fees from the listing commission. Even though it states you will get a minimum of 800.00 (on all listings no matter how much the property is sold for) the 2 fees take a large portion of the commission. On 1200 commission a fee of 397.50 and the second for 400.00 on a 27 K property. This left the listing commission at 402.50 on the sale on a terrible property I worked on for over 6 months.
They assign some properties and then take them away with out compensation at the time they list the properties. This is after initial BPOS, photos, lawn work and initial checks and trash outs are done or arranged by the agent.They did this to me on 3 properties and then said too bad.
I do not know why any agent today would want to allow any company to use and abuse agents the way ALtisource does. They have found a way to use agents and agents keep signing up for more abuse. We all should value our profession much more than that. Say no to ALtisource's BPOS and Listings(if you get one) and absurd treatment and eventually they will have to value Real Estate agents , as they should or find some other way to sell their assets.This company is really not worth working for and if you read the past posts on this blog I think you make think twice about signing up for anything from them.
Good luck...you have been warned.
I took one listing from them, though in my state their agent lives about 2,000 miles away....so this was a crap house that wouldn't sell. I looked and saw they had two other agents prior to calling me. I knew it wouldn't be a good thing, but I took the listing just to have that experience. We did a price drop, I drove about 90 miles round trip to install my sign. 2 weeks later they auctioned if off. I got a "sorry, but your contract does allow us to do this and not pay you crap" email. Well, I am sure it does.....no doubt there!! I haven't even returned to get my sign. The $175 it cost me is worth going back up to get it, but my feeling is that it was trashed when it was auctioned. I do so wish there were laws about how banks operate when they are lending money in the US. I know they are the "owners' of the properties so MLS can't really step in, nor can our states...but the whole having their team in India...ught! I hate dealing with it.