Stay away from the LAMCO Network!!! They will do nothing but give you "Lip Services" and empty promises.
I was bombarded with phone calls and made the mistake of buying a Lifetime Membership as a Restoration / General Contractor in the Denver Metro area.
I was promptly sent three work orders and property inspection requests, I thought "Great" this will be a great source of business!! All three requests took place in Oct & Nov of 2011. The work was completed within 1-2 days of the requests, and I still have yet to be paid.
I couldn't get a response regarding payment from LAMCO for almost four months until I filed intent to lien documents with the county clerk, and then received several calls and emails, the latest containing a settlement offer at 50cents on the dollar. I rejected the offer and turned the file(s) over to a Denver collection agency.
The Liens, Collections, On-Line Postings and Warnings to other contractors will (hopefully) put the LAMCO Network on the radar as being a Very Un-Ethical Business!!!
Most of the homes you manage will go to Williams & Williams an auction company. However if the auction fails for some reason you should get the listing. They do pay you for the BPO's but occupancy checks are just for the slight chance the auction company fails. I just recenty got one after a year or so of doing that. The sale was easy. I was told they are planning on moving away from using the auction company's and back to us brokers but who knows.
I have been an agent for Lamco for over a year on the free plan. I have been sent on a handful of preservation calls which I have been paid for in a timely manor. Ive probably earned almost $200 in that year. They have however sent me all over doing occupancy checks on numerous properties for free with the hopes of a future listing. NONE of these have been listed with me, they have all went directly to auction. I did however take them up on the $199 offer since if I get even one listing, it would pay for that. I have been signed up for 2 months, so far they have contacted me to do 1 bpo 2 hours away which I had to decline. I just joined iAgent simply because it was so cheap. I have annual membership posting my listings on Foreclosure.com, Realtycheck, listhub, Point2, res.net and REOtrans. So far, the only ones who have had significant returns are res.net, REOtrans and Listhub. I highly recommend listhub as they are FREE. While I am a paid member, it was only because I was so impressed by the free service they offer.
I would like to recommend that you join the Aspen Grove agent network through Aspen iAgent™.
As an REO agent, iAgent™ can help you successfully manage your REO Property Portfolio using a completely web-based software. The annual fee for iAgent is $349.00 applicable at registration; however, unlike many of the other agent networks, iAgent comes with many additional features which can add benefit to your business.
As an iAgent user, you will be on a list of agents accessible to Aspen Grove’s REO and BPO clients. If a client is looking for an agent in your area you will be listed there and the client can choose you for REO/BPO work.
Aspen iListing is a free additional service for all iAgent users which applies to all properties listed in iAgent. You will get to directly market all your properties on www.aspenilisting.com FREE of charge. iListing is marketed to buyers via mailing lists, Google ads and web search optimization. Buyer’s agents can register on iListing and automatically submit offers on your properties and submit all of the pre-approval and required documents directly to you in iAgent.
You will be also listed on Aspen iListing when a buyer is looking for an agent. In other words you may receive buyer referrals on Aspen iListing for free.
Some additional perks include:
- First 20 properties added to the system are FREE
- Receive credit for cancelled properties
- A once and once only charge of just $14.95 per property
There are too many of these companies calling themselves Asset Management Companies, and asking for money with no delivery of products. This is false advertisement. I believe credit card company can go after them for abusing the credit card by misrepresentation. Maybe they will be put in prison, since they went across stateline. I think we need a webpage with names of companies that ask for money and don't deliver. Also included on the webpage are links to the forum regarding feedback from other agents. That way, we do not have to go all over the place looking for answers. And we can use this information to give to the credit card company on what they did.
Craig, I've just received a voicemail from them offering a special signup for $199, exclusive to members that were with their company before. I'm reluctant to sign up with LAMCO basically because of the fee. I went to the website and that "exclusive deal" is offered on the main page to every and any one that want to sign up--go figure! I've heard from other agents that have worked with them before and were pleased. Just keep checking this post maybe more agents will provide their input about LAMCO.
They are bombarding me with emails. I just received a prerecorded voicemail blast about their company having tremendous growth and pushing the yearly fee. I am with you Billie. These fee companies will have to show and prove before being taken seriously by the REO community.
Hi Craig, been signed up ith them since 2007, never received anything, but there was no fee. Just received an email from them this week. They want an annual fee $199. guess everyone is jumping on the annual fee bandwagon. I googled them, and found basically nothing, so I will pass on paying the fee. If they want it from me, they can take it out of the first closed commission check.
Craig Alexander > Billie DalessioSeptember 4, 2009 at 12:47pm
Thanks Billie -- just the type of feedback I was looking for.
Replies
Craig,
Stay away from the LAMCO Network!!! They will do nothing but give you "Lip Services" and empty promises.
I was bombarded with phone calls and made the mistake of buying a Lifetime Membership as a Restoration / General Contractor in the Denver Metro area.
I was promptly sent three work orders and property inspection requests, I thought "Great" this will be a great source of business!! All three requests took place in Oct & Nov of 2011. The work was completed within 1-2 days of the requests, and I still have yet to be paid.
I couldn't get a response regarding payment from LAMCO for almost four months until I filed intent to lien documents with the county clerk, and then received several calls and emails, the latest containing a settlement offer at 50cents on the dollar. I rejected the offer and turned the file(s) over to a Denver collection agency.
The Liens, Collections, On-Line Postings and Warnings to other contractors will (hopefully) put the LAMCO Network on the radar as being a Very Un-Ethical Business!!!
Please don't waste your money!!!
Most of the homes you manage will go to Williams & Williams an auction company. However if the auction fails for some reason you should get the listing. They do pay you for the BPO's but occupancy checks are just for the slight chance the auction company fails. I just recenty got one after a year or so of doing that. The sale was easy. I was told they are planning on moving away from using the auction company's and back to us brokers but who knows.
Justin
Richard Stewart REO biz card - mailed.jpg
I would like to recommend that you join the Aspen Grove agent network through Aspen iAgent™.
As an REO agent, iAgent™ can help you successfully manage your REO Property Portfolio using a completely web-based software. The annual fee for iAgent is $349.00 applicable at registration; however, unlike many of the other agent networks, iAgent comes with many additional features which can add benefit to your business.
As an iAgent user, you will be on a list of agents accessible to Aspen Grove’s REO and BPO clients. If a client is looking for an agent in your area you will be listed there and the client can choose you for REO/BPO work.
Aspen iListing is a free additional service for all iAgent users which applies to all properties listed in iAgent. You will get to directly market all your properties on www.aspenilisting.com FREE of charge. iListing is marketed to buyers via mailing lists, Google ads and web search optimization. Buyer’s agents can register on iListing and automatically submit offers on your properties and submit all of the pre-approval and required documents directly to you in iAgent.
You will be also listed on Aspen iListing when a buyer is looking for an agent. In other words you may receive buyer referrals on Aspen iListing for free.
Some additional perks include:
- First 20 properties added to the system are FREE
- Receive credit for cancelled properties
- A once and once only charge of just $14.95 per property
You can register online at https://www.aspeniagent.com/Registration/RegistrationSetup.aspx or for more information on the company, Aspen Grove, visit www.AspenGrove.net
Regards,
Aisling