Replies

  • Thank you Eric! It is nice to hear feedback from an actual AM. I have a question about purchasing  zip codes in Equator. Should an agent buy the zip codes in a 20 mile radius? Or does the agents name show up anyway? I have heard it works both ways.   

  • Equator is a nightmare......

    • It depends what you are trying to get out of the system. If you hope to use it for getting REO or BPO work, it isn't going to happen unless you are already established with lenders that use the system. I have worked with Equator for several years and have never received a BPO. I have however received listings, but only because I am established some of the lenders that work with them. The companies that work with Equator will check the qualifications of agents that are registered in the system and will use agents that have existing relationships. They are not a place to get new business. The fact on REO's is that most companies already have agents they work with on a regular basis and at this time aren't taking on new people. Possibly the same with BPO's.  Equator is the medium many companies use to manage their REO properties, not necessarily to find new agents. I would probably not pay to use the system if the companies I work for didn't require it.

      • Thanks. I do know what it is but havent used it in years. None of my clients use Equator anymore and not for several years. It is just a platform and I didnt think it was a very good one at that. What I wanted to know is how it is a nightmare now.
    • How is it a nightmare?
  • I got nothing out of it at all. I had it for a year and they just offered a renewal for 50% off. So that's 50% discount on making $0 which is still $0. So no thank you Equator. Will put back in my advertising budget.

  • I completed their certification last year and got a mother of all listings -- rural location 50 miles away, river had undermined the foundation, whoever completed the original loan and BPO called it "Commercial" property.  Zoning did not support it, it was surrounded by SFR on acreage.  It went to auction.com got an offer, for land value, rejected it, in the next monthly report I suggested that they should have taken that offer after 8 months on the market.  Within a week the listing was pulled and priced at the rejected offer. 

     

    Not a fan.

    http://auction.com/
  • 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.

  • 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. :-)

  • 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.

This reply was deleted.