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I've used DispoSolutions in the past and although they were never the busiest portal, I always got a decent amount of work to justify the $300 fee.
In the past six months, I signed back up and have gotten a few BPOs out of them, but was wondering if anyone is still getting listing assignments through them. In your opinion, is it worth the $300 membership at this stage of the REO game?
No. First you do not have to have a paid membership to get BPOs. The $300 just makes you eligible for listings. My only client that used that portal was SPS. I went from 20-25 listing a year to 1 a year. They went from 25% listing side referral fee to 33%. Then they started charging me a $75 per transaction technology fee for using the portal (WTF was the $300 a year for?).
My last sale thru them was a $105,000 cash sale to an investor. It fell out as an FHA sale (even after I told both the buyer's agent and asset manager it would never go FHA due to condition). After paying all the portal, tech, referral, invoice and other BS fees I made about 1.6%. That's when I decided not to renew. Too much payola for too little business.
The technology fees have now been jacked up to $150 AND the selling agent also has to pay a $150 technology fee at closing. so that's now four times what they have been making. I have United Midwest Bank that also used Dispo as a portal but they did not charge me technology fees. The only client I have right now that uses Dispo for REO is SPS. I get a few bpos from REO America and Summit valuations but that is it.
I bought basic membership for that i paid $ 75 i did not get any work so i decided not to renew.
Ask for a free year. I think I got a free year last year when I pointed out that I did not get any listings that year. Either I asked or they volunteered. I forget.
Several years ago I signed with DispoSolutions for the basic fee, just to see how they are. I never got anything from them. The following year, when renewal came up, I asked them why I should pay them for the privilege of never getting any work from them... but I foolishly renewed anyway, thinking that I surely should have something in a two-year period... nothing. I guess I should be glad that I didn't get caught-up in the fee fee fee I'm reading about here.
Why in the world would you pay anyone to get a nibble every now and then or maybe nothing at all. They should be paying us. I just don't understand why some agents pay $300-$400 or $500 to get $100. worth of business a year.
Usually I wait until I have a listing assignment to sign up for the portal the asset management company uses. The one exception is RES.net as I have no problem parting with $700 a year for the income I've made through that portal.
See... some portals make sense (Equator used to!) and some don't. I was hoping for agent experience to help me determine whether or not it made sense in this regard. By the looks of things, the $75 membership is the way to go (unless I can charm them like CECE and get a year for free!).
Amen, seems the more I paid the less I got. Used to be a client would have 2, 3 or 4 agents in an area and if you did good work you got assignments. If we're willing to pay $300, $400 or more just to be in the system and "maybe" get business then they're going to sign up 50 agents and give them all 1 or 2 a year instead of having 2 agents getting 20 or 25 a year.
$300 for paying membership ? You got to be kidding,
$300 is for being able to list 30 zip codes. $75 is for your home/office zip code. Both offer listing opportunities. The free membership is for BPOs only.
No need to list 30 zip codes. The asset managers are smart enough to find you with only one zip.
Maybe I'll try a year at $75 and see if I get any results. I've gotten BPO work through them and most companies that I've taken work from pay a decent wage for a residential valuation... and a better wage for a commercial valuation (on the same residential form!).
I can part with $75 and see what happens.
Thanks everyone for the feedback!
Have you had any luck?