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Just curious what you all think of this. Equator jumping on bandwagon to charge realtors more money for their zip codes. Listing agents seem to continue to "eat it", this is on top of the transaction fee charged to the LA on each closing. When I asked how many agents were limited to the zips, the reply was the "cap" was not set yet, although contrary to this: Important message from Jack Markham regarding exciting changes in Equator Lead Areas
We are moving to a more exclusive model which means only a certain number of agents will be marketing to servicers in each Lead Area - reducing your competition.
Your default zip code will SOON be billed. It was free before. In my area that is $150/yr.
They say it will drop out but you need to check it on June 1 to be sure.
I just delete the 4 zip codes I subscribed to $6/month. Save me potentially $1000/yearly fee!
Those who subscribe a lot of zip codes need to thank Adrienne Kasheta and Sam Shueh saving you a bundle!
You got to do it yourself;
"go to Products, My Products, click the Manage button, click on 'active' next to each zip code (this will change the status), then click 'Save Changes'.
Really? I have been charged $1.50 per month per zip code, where are you located? I am in a small area. So it will be a great savings for realtors in metro areas
The other way around.Realtors who subscribes 20 zip codes for $30 will pay may be $300-400 a month.
32920 for example will be $13.50 per month instead of $1.5(old).
One area has "zero" home under water, No bank owned property last 10 years. The new rate remains to be at $1.50.
I just cancelled all 17 zip codes I had subscribed to for $1.50 ($25.50 per month) for many years. I have been with EQ since the beginning. Every closing the seller charged me $150 fee for EQ. My fee was going to go to $187.50 per month. If you happen not to read the email EQ sent out..............you may be in for a surprise.
Sam you are right. The letter said high volume "REO / Default" area's zips will be charged more money and low volume default areas charged less....hinting maybe even less than what they are paying now.
Study the EXCEL payment by zip code. The lowest will be $1.5/mo. The write up is getting you sign up or stay there.
After June first if they do not NULL my default zip code I will be clobbered with $150/yr. Free before. No REO inventory in my zip code.
Altisource must have thought they bought a cash cow. I (and my previous clients) haven't used Equator in years. And I cancelled buying zips much before that. The clients can usually figure out where you service based on their own files. But I appreciated being informed by Adrienne's post.
If I did not receive the email and Equator charged me anyway, I would certainly challenge their charge with the card company. Can't see how they.could possibly get away with it without your consent.
I listened to the VP of Real Estate's webinar last week as he tried to discuss and defend the massive price increase (over 500% for my zip codes) to go along with the $300 yearly certification fee, the $175 closing transaction fee, and the $5 per invoice for reimbursement fee (from LPS Invoice Management) to go with only 2% listing fee we get from the asset management company. Add in all the time (I have a 6 mo. redemption in Michigan), driving and advertising / promotion costs and it's well under 1.5%...
It didn't sound like the "new pricing strategy / model" was going over well as he constantly referred to many agents calling and complaining. We will see if these "capped" zip codes do anything with the overall REO's way, way, way down over the past couple years.