America's Largest Social Network for Default Real Estate Professionals
I tried it. I think it's pretty good and a definitely plus when an Asset Managers find you and see's you have this. Any training helps gives confidence to the Asset Manager that you'll know what you're doing if you do in fact receive an Asset.
I signed up for a year for the extra $ and received nothing from them or any asset manager.
One thing to consider is that their certification is only good for one year so you have to pay to renew it every year.
I have the REO certification from RESNET and Five Star so I did the Short Sale Certification with Equator. Many of the banks use their platform to complete short sales..
Spent $500 a couple of years ago for Platinum Certification with Equator and never ever received even an inquiry. Also spent hundreds of dollars on a RESNET membership and their AMP product. Wouldn't you know it, I got violated again. The funny thing is that if I got raped on the street, it would be against the law, but it perfectly legal for these REO portals to commit the same act and get away with it. My recommendation would be to burn your money before ever spending it on a REO membership to any REO websites.
I certified for a year and a half and got 0 out of it. I believe it is just a way they earn money to support equator.
Experience is good, but a reference from a REO servicer is what you need. If you've done a few BPO's ask that they give you feedback by way of a reference in writing you an email. An Asset Manager, saying you did a good job goes a long way. I keep it in my file and use it when needed. Especially if you did several BPO's for an Asset Mgr.
I have been Equator Certified for quite some time. Unless you have actually worked with a company that uses Equator, it is difficult to get BPO's or listings, even with the certification. Other asset managers do see your profile and compare you with others in making the choice. The Equator Certification will increase your chances of assignments. I first started working with Equator through BOA as I had worked Countrywide properties for a long time and they converted over to Equator. Most of the large banks have web sites where you can sign up with them if they are signing new agents and many will ask if you are familiar with the Equator system.
I had a free listing with Equator - got nothing.
Paid RES NET $250-$200 a year for several years, don;t think I got anything. Bought a RES NET banner a couple of months ago and got a REO listing from Aurora. One week later, Aurora sold the listing to to another company. I have a decent business without all the "pay us and we'll make you rich" BS!
I guarantee that my payment is good. What do you guarantee me? And they guarantee NOTHING!
I get listings the old fashioned way - POSTCARDS DIRECT MAIL.
I charge $100 for BPOs and did several 1,000 til I cut back to 3-4 a month. Never, never got a listing where I had done a BPO nor have I ever gotten a REO listing from a company I did a BPO for.
The best business model is: Do things the old, tried and true ways and you will be OK. All this REO, BPO, short sale, social media is crap. We sold RE for 100 years before all this new stuff.
It is a fact the old fashioned way can't be beat and to really make REO's work for you, you need to work at it just the same as any other listing. I do bank BPO's on a regular basis and have received REO listings from the companies I do BPO's for. However, I don't feel the BPO's actually brought the business. I go straight to the Bank web sites and register. I do not pay for leads and I don't buy membership in any of the companies that want an annual fee, with the exception of Equator. Several of the lenders I work with use Equator so it locks me into working with it. I have never talked to anyone that has signed up for Equator, and received listings or BPO's without already having a working relationship with a lender that works with it. I know several agents that have signed up, taken the certification (which by the way only teaches you how to use the site) but have never received either a BPO or REO from the Equator membership. Keep working your usual clients because the REO's won't last forever anyway and when they run out you will be ahead of the market.
As a former AM on BOA account, I saw that agents are selected on the basis of distance to subject property, sale price to list price ratio, task performance ratio...but not how many certs your have or what they are.
The comment from Ellen Cerasuolo is also correct. I always left positive feedbacks on profile of agents I knew that have worked hard for me. I often advised agents to ask their asset managers for a good feedback after selling the properties. Most of the agents that got recommendation from me ended up receiving new assignments soon afterward. But not all though! I'm sorry guys. :-)
I signed up when they 1st started it and received 0 extra business. Think about it, all you are doing is paying for the logo! There is no training. I also have wasted money on other sites and do a lot of research before paying anything. It just seems to be another way for companies to get more out of hardworking agents. I have never had to pay anything to get the clients I currently have.