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Is anyone having success with REOTrans and paying a monthly fee for zip codes?

We signed up almost two months ago with about 30 zip codes but have not received any communications, BPO orders, or REO listings. Are there any success stories to share as well as others who might be in the same boat? What has your REOTrans experience been like?

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I originally had 10 zipcodes with REOTrans for 1 year. I received nothing during that timeframe. I have since dropped all those zipcodes they were charging me and kept the FREE one. As of today, I still have not received any orders for my FREE zipcode.
I signed up with REOtrans 2/08 til 3/09 and recieved 0 REO's. I've done about 3 BPO's with Equity Pointe on REOtrans, but have never gotten a listing. When I first signed up with them I was paying for around 26 Zip codes and eventually reduced it to 12. I finally cancelled my account last month. I've only met 1 Agent from Reno that did get a Listing after being on REOtrans for 8 months.
Listen up gang. Once you establish a realationship with a Outsourcer or Direct bank that says they use one of the systems like REO trans or RES net. That is the time to sign up, otherwise your like a needle in a haystack. It will be rear that an Assest Mgr just finds you on one of these systems and assigns you a listing. You have to establish the relationship, then go from there. (For Example I had done several BPO for Goodman Dean, I got my first assigment from them through RES NET.) So as your signing up to do BPO find out if the companies are just mills or if they assign listings. If they assign listings you will want to be on one of the platforms they use, like RES Net or REO Trans. I am on REO Trans, but only after my outsourcer told me that I needed to be on there to get listngs. . The only listings I recieved have been 3 which have all sold and were from that outsourcer. I haven't gotten one from a comopany that I'm not approved with. (Maybe now that I've done a few on there, a random assest mgr might assign me a listing. Im not holding my breath for that one) I spoke to my assest mgr in charge of assigning listings on REO Trans, and have been informed when they get more in my area she will look out for me.
Best info I've seen thus far.
It all boils down to this: you still have to know someone who trusts you to get the business.
REOTrans is offering a new training/certification program and market it in such a way that would lead me to believe that if I were an REO Trans Certfied Agent that I would be get more listings (although I haven't received any so far). Has anyone else taken this training and if so have you been assigned any listings since the training? Thanks! Karen
I tried REO-trans last year with no success. Before I could click the button to accept, the screen blinks and it's assigned to another Broker. I signed up again two weeks ago, and the same thing is happening I'll give them a month and if I don't get any BPO's then I'll dump them, again. I suspect that you have to subscribe to their PLATIUM service to be seriously considered. However, they do assign listings to asset managers I know in my area. I think they are a viable company, but like many of these lead generators, they probably have a profit center for their referrals and that's why the small monthly fee-players are not getting their listings. They will assign to the big-money players (i.e., payers) who dish out $300 to be on their top priority list.
I have been on REO trans since past 6 months or more and have never recd a single BPO. In fact the message board has the BPO orders that were completed last year and since then there has been no new posting on the message borad. So I called REOtrans and asked them why was not I seeing any recent BPO orders posted on the message board and she told me that REO trans has stopped ordering BPO's and that I have to contact QuickBPO services as they are the ones who are ordering BPO's and she gave me a no. to call them and find out. Also, in one of my communications with them earlier, they had mentioned to me that REOtrans does not give out listings to agents. It is only a agent database directory.
I am currently on REOtrans. I signed up for about $30 per month with all of the zip codes and the enhanced name. I have received assets from an asset manager who said I had to sign up to receive it and I have received assets from other asset managers who stated they saw me on REOtrans when they called.

It is all in how you continue to follow up. You can not just sign up with a company (no matter what it is) and not do the other work needed in order to get the listings....
I have been on REOtrans for over 2 years now, had 3 listings and recently did the reo certification, have had no more listings.
It would wise for all of us TO STOP PAYING for zip codes....Check REOTRANS listings and you will see whom they belong in your area/state....
The good option is even with a free membership we can submit all our other REOs, short sales...If someone is taking an advantage of us, we also can take an advantage of them....The problem would be "If ANY buyers/investors ever looking this site"....I deeply doubt it.
I also stopped paying for zip codes....Generally, agents who have a business at REOtrans got on a platform by their AM invitations to work specifically with those agents...Selling zip codes is just a convenience to make more money...
"There ain't no such thing as a free lunch" [Milton Freedman, Economics Chair, University of Chicago] Perhaps a bit crude for such a distinguished scholar and renowned economist. But it's true.

I like many have sought the "secret door" or the "secret handshake" to get into/expand REO business. The truth is that the Pre-Marketers and Asset Managers have overwhelming jobs and don't have time to fool around with experimental agents. (I think) They are looking for agents that not only "claim" to know REO but have invested in their personal and professional development to an ever higher standard of excellence.

Forgive me if my statistics are off, but my recollection is that more than 600,000 agents have signed up for REOTrans and some zip codes. Less than 4,000 have actually taken any steps to study and test through any of the higher levels. If you were an Asset Manager, which one would you choose (form a thousand miles away)??? Mr./Ms. Zip Code or the certified agent???

Another thing is that REOTrans does not "make assignments" they are a portal and software platform, and an outstanding one at that, I'ts all about how "you" set yourself apart when the AMs and PMs are looking for a qualified agent resource in your area. If one is not willing to spend $30-$50-$150/month to be av available for consideration, the AMs and PMs will likely wonder if you'll cut corners on property perservation too. (a good call)

REO is a business, not a lottery. We don't look to "win", we look to provide and deliver exceptional service to our clients that depend on our performance, on-time, every time.

Invest in yourselves, and invest in your busness.

Best of good fortune,

Clay, REOMasters State Director, Virginia


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