REO Pro - Real Estate Default Professionals

America's Largest Social Network for Default Real Estate Professionals

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BEWARE! Asset Management Companies that charge a fee to assign you NOTHING!

Check out this group and add any companies that you feel have taken you for a ride.  I have read about so many companies that are not living up to their promise and all agents need to know about them.  Agents should be checking and researching on any company that we sign up with -- especially since we are putting our personal information out on these systems and there are more and more charging a fee. 

 

These fees add up.  They definitely should be bringing work in if you pay for them - hopefully get more back than what you put in -- but at least get your money back and not have fight for your money back.

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I will start it off:

1. REOtrans - now Equator: I have been paying for zipcodes and have not been able to grab 1 BPO - even if I am online and in the system!! I feel that the email notification is a TEASE!!! The assignments have already been assigned and they are just sending letters out to make you feel their is a possibility that you will get BPOs! ouch!

2. REOtrans - now Equator: I paid to get Gold certified and have not received one REO from it. I get a reminder to upgrade to Platinum certification, but I am not certain it will pay off.

3. REOtrans - now Equator: Although I have used REOtrans for task management for several properties, I received those listings from my manager's account. Once the Asset Managers got to know me, they did give me assignments and that is how I got my experience with REOtrans (thank goodness). I created my own account, and nothing. So obviously you have to have connections. But this is not how they push this system - just signing up is not enough!

I know there are more companies out there that cross the "broken promise" line.
REOtrans is all about luck with a little supply and demand. Everybody will have different results. I have always had a free REOtrans but a few months ago I added about 50 zip codes, my picture and comments. I don't even try to get the bpo's but I have been lucky enough to have been found by 3 different AM companies with 5 listings. They were REDCll, Single Source, and Carrington Mortgage services and I wasn't signed up or approved with any of those companies. I won't pay for any platinum certs or anythiing else on there. I'm on Resnet but only because a company told me I needed to be and nothing from them yet but that was only $250 and it's good to have just in case because some companies will require it. Other agents in my office signed up also with all the bells and whistles and they haven't gotten anything yet that's why I think it's luck.

I think it's easy for agents to fall victim to these companies because they know how naive agents are and they'll pay for anything for a chance at some listings. I even got caught up in doing free bpo's for USRES until I hit about 15 and decided to give it up. But if I was one of these companies I definitely woouldn't give listings to an agent just because they paid a fee. I would want proven experience and a good track record.
Thanks Mark, I agree. However, you do pay Reotrans for BPOs and adding those zipcodes is what cost. I am not sure about others, but I am signed up on every AM company I can locate. Paying for the exposure of being on the system is what caught my money. I know they do not assign listings.

I am sure the way they send the emails, then you go on the system and there are no BPOs available is not a catch 22 situation. After all, and no matter how you twist it, we still pay our money in hopes of getting BPOs, REOs using the Equator system.

Maybe it would be wise to sign up for the AM companies and wait and see if they will tell you that you need to be on Equator before you go and pay for the zipcodes. I have paid as much as $60 month (for a year -- that is $720) and to not even get a BPO via the zipcodes and Equator system is steep.

Thanks, for you input. Have a wonderful day!
Also, keep in mind that even so a BPO Mill or Asset management company advertises they are Nation wide, they may not have any clients that cover a certain area or State. What is working for some folks on the West Coast may not provide ANYTHING for us on the East Coast. There could be lots of reasons why someone is not getting any business from certain companies.
Hi Rosemary, For the sake of the readers this is where many people get confused, you are getting property assignments from your asset company that happen to use Equator as their Platform. The BPO’s that I get come direct from the asset companies that use Equator but the listings are managed through Equator, I would not get the listings at all if weren’t signed up with both. I can honestly say I think I have done less than 10 BPO’s from Equator, but I have had over 50 listings.


I would think that your AMC is requiring you to manage their properties and task through Equator, it could have been Res.Net or Dispo or any of the other ones but they happen to use Equator. Chances are if you were not signed up with Equator you would not have the listings.


This is just a part of the REO world and it's another system, look at it this way, as a regular real estate agent you can't access the MLS without being a member of your local board, as a regular agent you cannot list or sell real estate without a brokerage, (unless you are a brokerage and have a company) As an REO agent you must use whatever system the AMC requires you to use. Now to expand and diversify your business you go after multiple AMC's you could find yourself signed up with multiple platforms. All the high volume REO agents know this and are members of many Platforms and signed up with as many asset companies that they can. You want this problem.

Now as far as the certifications with Equator, I don’t know if they help BUT! You have to realize that you are paying them money to market your name, profile and expertise. As you pay and certify for the higher levels your visibility gets better. I personally like Equator and get many assignments from them. I’m not real big but have managed to grow my business and closed over 100 REO properties in my 3 years of doing REO’s. Dispo solutions was my first Platform.

Now…here is a lesson in humility at my expense, I logged on to my equator account just a few minutes ago and here’s the first thing I saw.

Your coverage area advertisement has been viewed 648 times by Lenders since 08/11/2007.

Now why would this matter? Because right now I get properties from approx 5 different asset companies through approx 8 asset managers, 648-8 means that 640 times I have been passed over! WHAT! WHY! Is it my profile? My experience? My certifications? They will never tell you why, they simply go to the person they feel is best for the job.

The reason I put this out for all to see is simple, I do not think for one second that I have wasted my money, Why….because Equator got 648 people to look at my profile….they did what I paid them for….and threw in an operating system….now the rest is up to me, I ….and we, all have to figure out what we need to do to make us the obvious choice for an AM. Spend more time on our profile, update our certs and referrals, and sign up with the right AMC.

Actually Rosemary, this probably needs to be a blog in itself and not even pertain to you personally but there are literally hundreds of agents out there that sign up with a platform and then just wait, then we read how discouraged they are and even though these blogs and forums are littered with these discussions they don’t take the next step or go to the next level.
I can only speak for me. I do not just sit and wait. I know better. But when I do not get action from a site or system-site, I do think about it and quiet frankly I question it and its value. I have way more views than your number but yet no listings. So yeah, they AMs must be looking for something --- and no one is sharing that. It feels more like right place, right time kind of thing. So I decrease my zipcodes, stay on the system and hang in there (or on there).

Go to the next one and see if that one works for me. If not, go to the next. And so on.

I am happy for you and your succes and glad to hear that someone is getting their money's worth. And I appreciate your comment.
AS LONGTERM REO BROKERS, BEING A MEMBER OF RESNET AND EQUATOR ARE NO BRAINERS.
Agreed but agents shouldn't just think that because they signed up and paid for all the bells and whistles that listings will just come to them. It's my belief that if you want REO's stop spending all your time doing bpo's and go after them. Start building relationships and networking to get what you want. I should just keep my mouth shut and let those agents continue chasing them but it does get frustrating hearing all those complaints from agents that signed up for this and that and got no results. I bet if we do a survey of all the top REO brokers most of them don't pay much at all, if any, for all of those pay to play services and that most of them get their business from relationships. Bottom line is if you want listings GO OUT and get them because chances are real slim they'll come to you.
Good point, George. Thanks,
Thanks JD - good to know we're on the right track. There are so many companies out there that is making it sound good, but.....

I've got a question- I signed up a while back with REOPRO- what else do I need to do on this site to stand out a bit? Is there something else that I need to do?

 

This is not a site to get listings...... but chat away, learn, laff....and consider it a great source for new ideas, friends and guidance!!!!

Warm regards  ,   Rose

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