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This is also on the GROUP discussion of Wells Fargo:

** I just got a listing agreement for a house I worked a long eviction for, put it on MLS yesterday and GOT FIRED today! Darn! I have been working so hard for PAS. I am crushed right now!!

Dear Agent,

Premiere Asset Services (PAS) is in the process of evaluating various markets and agent
performance including your own. Please be advised that PAS has made a business decision to remove you from our agent network. In doing this we will be
re‐assigning the following properties to different agents. Please remove these
assets from the MLS as soon as possible:

In reference to the following Listed files, you will have 15 calendar days to
submit any/all offers for review by PAS. Any property still in Listed status on
calendar day 16 will be reassigned. This includes the following:

You will still have access to the Agent Portal to continue maintaining those
assignments currently entertaining offers or in escrow as well as uploading
invoices for these assets. Any files that revert from Offer Pending, Offer
Accepted, or Under Contract back to a Listed status will be reassigned.

This letter serves as notice that you are no longer eligible to receive future
assignments from PAS. This is a final determination and is not subject to
appeal.

Thank
you for your cooperation in this matter.

Sincerely,

PAS
Network Management

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I got the same email today.  I am shocked.  I have been with PAS the last 5 years. So dissappointing.  Something must be up.  I know at least 3 local agents in my area that also got the pink slip.
Oh My !!  This happened to me with them 3 years ago.  and I know I was doing a GREAT job. I sold every listing they gave me in less than 90 days. I never turned in a late Monthly status report.  I honored their partnership and made sure I dotted every i and crossed every t in an effort to protect my relationship with them. I had just paid over $400 to take the required Default School courses. And then came THAT letter.   I was crushed also. I was shocked.   And then they added new agents to list in my same marketing area. I think they are doing this so they can get the income from the new agents taking the classes required.  It just really sucks. I am sorry it happened to you too . I am still hurt by it.
Sally have you thought of reapplying? It may simply be a function of supply and demand with the ebb and flow of assets and nothing against you.

    I Have to comment..... this "situation" has been happening since the beginning of reo's..... Its the nature of this game. We cannot rely on lenders to keep us around forever... In the end, they look out for themselves first and will always attempt to reduce their costs. Its only a matter of when they will get to it. Lenders, ( and all businesses) will consider costs and then determine if they can do it themselves........ then try test markets...... then decide. No one's "job" is forever secured......

     The BEST angle is to have many pokers in your pot, reo's, residential, short sales, buyers, investors......this way, no individual type of real estate can affect your finances if it dips.... or dissappears at any one time.....Balance , is the key word.

      Believe me... I learned this the hard way also..... homeq and countrywide did it to me when they closed up.... Ocwen did it to me when they changed their policies........ Just food for thought!!  Sorry all... it is difficult.

I went to the old PAS REO portal site and it redirected me to Aspen iAgent  . that site wants me to pay a fee to register. Can you tell me if PAS is using this site to manage properties now? Do I have to register on iAgent to get back in the door? Do any other companies usse iAgent to manage  their properties?
Yes PAS is now using Aspen I Agent. I don't know if you will need to sign up there or not. And I don't know what other companies use Aspen. Sorry I'm not much of help on that. I still don't know why or what PAS has done with cutting agents. I am still asking around. I want to know who is remaining and why !

John, I wrote the same blog last week on this also. I really check to see who still stayed on, and it appears that the long timers were saved. The guy that replaced me was someone in his late 60's possible 65. I did talk to him on the phone, and he had no listing what so ever. He mention that he worked with Wells Fargo for 25 years. So in my thoughs he was the original guy with them. I also feel really bad about what happen. To me it was a honor working with them, but to give us no warning, that was terrible and then to take our listing away. They just could of let it ride till we were finished with all of our assignments. I really think many changes are going to happen with Wells. I had many changes in the Reo business from past clients.

I also wanted to know why is Wells Fargo going to all these convention talking to agents like us when they are letting us go. I don't know the logic of this. They will be at the Reocon Convention this January, All these agent there is wanting to get into the Reo Business and what is happening in the industry. I did google Wells Fargo, and they let go of agent in 2008, 3 years ago. Is this a cycle they do? It really hurts us in the long run, in doing all our best to provide the services they request, and figuring are funds also. Due to them cutting are own inventory the last year, we had to cut staff too to pay everyone. They really don't understand the fact of creating  to be the very productive company they want. And also all this puff in the shadow inventory. I heard today they are letting this shadow inventory out. What's with that. I can't vision that this is the worse economy in history then let go Reo agent. Mind boggling.

i still believe it is a matter of economics. They developed a training program. you have to pay for each module of the training.  10 new agents x $500 = $5000 in revenue for them    If they keep all the same agents who have already taken the required training, they don't bring in the revenue. in 2008, when they eleminated agents in my area, they also sent a solicitation to agents who were not on their broker list and added new agents. Some of these had never even had an interest in REO prior to this. But they paid to take the training in hopes to get the listings.  It really just stinks, no matter what angle you look at it.  I was also told that the local mortgage consultant had a say in who was retained and who was cut from the list.  The one we had been assigned to is just terrible. She never returned peoples calls. the clsoings were NEVER on time. She always blames everyone else involved when the loan package is not ready on time. Yet,we were forced to use her to prequalfy everyone. It was a very awkward situation all around.

HI Alina,

 

Where are you located?  You can email me directly at ktf650@gmail.com

Cheer up people, it is not the end of the world.   These REO companies have high turnover and burn out with their Asset Managers as well.   I hated doing REO's and I terminated my agreement with Premiere and ask them where to send or assign their listings to, needless to say they were very upset and ask me to give them time to re-assign their properties. 

Sorry everyone, I just signed up and don't have a photo yet.  But I cannot wait to join the discussion of this topic, that's why I signed up this morning.  When I got terminated a week ago, PAS immediately re-assigned 5 of my properties that I was informed by the AM managers few days earlier that they're ready to put on market.   Few days ago, I asked Aspen Grove for the refund of $115 per property that they charged me plus the annual membership fee of $349.  I got a reply back from Aspen Grove indicated that they will NOT refund the fee, but I will get a credit back for future listings.  Can you believe it, got fired and got ripoff at the same time.   I'm very surprised that with the termination and all from PAS that made several agents furious, noone would dare to file a Class Action.  Most Asset Management would just keep you in their network and NOT assign anything if they don't have properties instead of sending out email and fire you.  The email that PAS sent out was so vague.  A friend of mine asked for reason, the reply came back with another vague answer, she pressed for reason again, they came back and told her that they're NOT going to discuss it anymore. 

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