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Has anyone heard of this company? I have been dealing with them for several months and my company is at our wits end. We were contacted by them in early may to assist them with marketing investment properties, at a lower than average commission and to also be responsible for their rehabs. They gave us about 50 properties so it seemed like a good deal. They deal with different types of corporate investors so there were different parameters for certain properties. We got them in contact with some contractors, plus they have their own pool of "nationals" that they use to rehab their properties. Some of the properties are owned by a nonprofit company, which means the properties were donated to them. Most of them were very low end properties that were in primarily investment areas. The sellers spent too much rehabbing them, in addition the quality of the rehabs were extremely poor and in many cases not done completely done. They have tasked us to inspect the properties and do "realtor" walk throughs so the contractors can get paid. The nonprofit properties have a requirement that these properties only be sold to owner occupants. Needless to say, between the poor quality rehabs, the location of these properties and the values of homes in the area, most of these homes have not sold for very much. We are also working for investors who are selling these properties for profit, however, they are not listed competitively and sit on the market.
This whole endeavor has been an expensive farce, not to mention hours wasted on travel time to places that are over an hour one way to do inspections for free and having to pay literally thousands every month in utility bills up front even though this company has a utility department and also coordinating more repairs because they weren't done right to begin with.
I was informed yesterday that they wanted my company to "focus" on a local area, which turned out to be 70 miles from my office and they are pulling local properties? I informed them that I was located in an entirely different market and what they wanted me to focus on is not local. I am fuming because I have spent an enormous amount of time getting utilities on and also inspections for HVAC systems done and repairs done so these properties could be marketed and now another agent will reap my benefits? I get rewarded by being in a "local" market that is an hour and a half one way.
This has been one of the worst companies that I have ever dealt with, I feel totally used and beat up. what stinks is that we helped refine and define what they are doing and have gone out of our way to assist them in developing their system.
I could go on about the problems with this company, but if anyone has any input about this company it would certainly help.
I am feeling used....... I work with some pretty stingy REO companies but nothing this bad.
I'm with Derrick Emmett on this one: I had a pleasant experience with them earlier this year: easy, cash, nice people. As we all know, however, once any of these smaller companies expand they tend to become more ridiculous in their demands - I think in an attempt to impress their clients.
things changed rapidly, they started out ok but things have completely fallen apart..... right now I would say ridiculous......
I'm also with Derrick on this. I have been working with them for a few months and have, mostly, good things to say about them. I have received my reimbursements in a timely fashion and only use my best contractors to provide bids. In recent weeks I have been given a few reassignments from another agent they were using and I have learned that the previous agent, although claiming to be an REO agent, is not able to handle the rapid volume and short response times. This factor comprised his demise and subsequently cost him his listings. I personally think that if your team is structured accordingly, this is a GREAT client to have. I do my best to keep them happy and even plan on visiting them in the next few months when in Vacille. If I can be of assistance to anyone in regard to this account please feel free to email me at firstname.lastname@example.org. Happy Thanksgiving!!
Chris, I am a very experienced REO agent and can handle many listings at once. I have many other clients that I am I have also gotten several private emails and phone calls from other agents that have had many problems with them and I am seeing some things that indicate otherwise, however, if you are having good luck with them, that is fine. However, that is not the case with me, again, I will wait and see. I feel there are some serious issues on their end that has nothing do with agents. Particularly with the nonprofit properties......
I was not, in any way, insinuating that you could not handle volume or were not experienced. I was solely referring to the other agent in my market that has dropped the ball with this client. That was the only reason I became familiar with them and how they operate. Some clients do not require us to oversee or coordinate repairs and issue many properties. That is a bit different than this client and my comment was just to illustrate the difference in the requirements of the client, not in regard to your ability to perform your job.
I have also heard that they will claim the other agent cannot handle what they are doing when in fact that is not the case. That is one of the many complaints about this company, they claim the other agent did not know what he or she is doing, when in reality that is not what the problem is. I would be careful with them, that is all. I am going to wait and see, In their defense this is a start up company, however, mistakes are costing other agents.... I have a few more with them so hopefully they will sell. Personally I do not see myself taking new inventory with them unless it is local. My market is also not so profitable for them so that is another issue.
I initially thought that they would attempt to tarnish the name of the other agent as well. Believe me, why wouldn't they. But they didn't. In my experience, upon getting to the properties that were "rehabbed" and having knowledge that they expect the agent to prepare the home for the market and to pass financing, there should be no reason 16 windows would need to have a paint scrape or need a new roof (when the shingles are visibly peeling back), need spindles on the basement steps (per code), need visible address numbers (per code) and heat on when the temperature is freezing and no winterization performed. These are things that I would think would be easy items to address as an experienced agent. Again, I'm not saying you're wrong or discrediting your experience. The purpose of all of this is so that we can try to keep each other productive and I find great value to your post. I'm hoping that the next few assignments you get from them are profitable and different from your previous experience. Best wishes and Happy Thanksgiving.
I'm still working with them in volume and have nothing negative to say about them, or their process. They have become one of my favorite and most valuable clients. -Stay Well.
Crystal, if you would like to contact me privately or by email, I have some insight that I would like to share and my own perspective of what is going on with this company. TWELCH001@columbus.rr.com
I have been trying to get setup with this company over the past year plus; how is it going for you? Any thoughts on if I should sign up? Do you have any contact emails or asset manager info you can share for me to follow up with?
Dave, as an experienced REO agent I can tell you not to waste your time. Even now they send me listings only to pull them the next day, because I am obviously on their do not use list. The amount of issues they have with rehabbing properties, the way they handle offers and the listings themselves will be nothing but a headache. I had properties that were supposedly rehabbed but the contractors never bothered to test the mechanicals and none of the utilities could be turned on. This would result in several months delays getting permits from the cities and getting other contractors to get them in place and put in new mechanicals and systems. You have to deal with angry agents and buyers and they will blame you for problems you have no control over. Much worse than a regular REO property. Blue Mountain will blame you if the property does not sell. they also have a bad habit of reassigning a listing on you while you are working as a project manager for free. They give you very little time to market the property and will reassign the listing on you often without any explanation. They are also using unlicensed realtors to do property management. They have a nonprofit organization that is selling properties under them and those are a giant headache to sell because they buy them in neighborhoods that are heavily investor neighborhoods and will only allow owner occupants to buy them, so you open yourself up to a complaint. I had one property that I was the fifth agent they reassigned it to and the investor paid too much for the property. The rehab was done by two different contractors. The first contractor did a lousy job, the second one was only authorized to do certain repairs. Even after the work done, it was still only worth what they paid for it and I was told I had to bring in my value higher than what I thought it was worth. It was eventually reassigned to another agent who had photos on the internet of visible ceiling stains in a house that was in a very nice neighborhood. As of yet after about two years, the property has still not sold. Do you get my drift? I could go on.