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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.
Thanks for the detailed response Colleen and I do get what you are saying as I too have worked with these difficult REO asset management companies. Hopefully they will figure it out and make it worth your while going forward...
Thanks Dave. I normally do not complain too much about my clients. I have a few that I have kicked to the curb, mainly when they start getting too demanding, usually BPO companies though. For the most part I have been doing business with my clients for years. I would exercise extreme caution. I also see them less outside of California. Most of the agents that like them are close by.
Just so I know; is the company's email address: @bluemountaincapitalgroup.com? I think that is the same company you are referring too....