REOPro - Real Estate Default Professionals

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I am ready to get a paying membership , but undecided if should I join RESNET, Equator, VRM ,Lamco, any other ?

Any suggestions  REO agents or Asset Managers?

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It has nothing to do with getting REO...that is a myth.  I have belonged  for years...moved up to AMP...no difference.  Clients pick to use the system...your client will call you and see if you are on the system.  I do few BPO's from this system...most come from BPO companies.  Few BPO companies guarantee an REO listing...
I pay at Res.Net, but not for the top service (AMP Pro).  I get about 50 assignments a year from them here in FL.  But that is out of FIVE branch offices that I run - so about 10 per service location.  And my performance statistics are in the top 3 in each of my service areas. 

I have been with Res.net for 2 years and I have only recieved 2 listings from them. My renewal is always in March and right before march they give me 1 listing which has always sold and commission pays for the year. I recieved one listing in 2010 and it was pulled after bpo and permits where done because there where issues with title that was 2 months ago and still have not recieved the listing back. I recieved one bpo order in 2010. I dont think I will be paying for res.net. I do however get many listings throughout the year from keystone. But with Keystone I will get one listing and once the bpo is done then they usually assign another property nothing more than 3 at a time but once they all sell then they dont assign for a month or so. Not sure why this happens. I really would like to get a fannie account and also with home steps. An agent in one of my offices closed 242 units last year all fannie and home steps but of course he wont share his success, cant blame him. I would also like to know how to to get in with HUD, if anyone knows please share, thanks

 

Connie Carroll

Prudential One Realty

Goshen, Indiana

Hi Connie,


I have had trouble getting my foot in the door at Keystone & Fannie as well.  We have a Team here in our office that is Fannie/Freddie/HomeSteps and they've been giving me ones in areas that are too far of a distance for them to travel, but other than that, nothing there either.  Res.Net has been my biggest client, hands down, for the past 2 years.  I know for me, it's been about the relationships I've been able to build with their team members when I was servicing my first few deals with them, that has helped me retain new listing assignments throughout the year.

 

Best of luck in 2011!

Getting in with HUD...you have to apply.  Hud and their associates across the country w ill ask for a proposal to work with them.  First step you have to have a NAID number.  If you are not the broker the Broker has to apply for the NAID.  More than likely the broker has this because without it you cannot sell HUD.   Look up the web site and read thquirements.  Look up your part of the country and you will see the companies that are working with HUD.  Fannie and Freddier...the Broker of record submits the applications.  Sounds like your company already has them...talk to the Broker.
I've been on ResNet for several years.  I signed up with the basic service simply because one of my best REO accounts started using the platform.  I can't say I've really seen any listings sent my way simply because of the membership.  Same thing with Equator.  No BPO business from either platform.  If you have to join the platforms I'd suggest you go with the smallest dollar investment you can just to get access to the platforms and then market yourself directly to the REO contacts.  Spend your money with those who make the assignments.

i got 2 REO's from resnet in 2009 and 1 at the end 2010. suspiciously close to renewal time...

i have done a ton of BPO's, though. most of the assignments are from the some company -  but no REO's from that company yet. is it ture that asset managers from different companies will see your name on BPO's you do? i've done a lot of them on several platforms with that concept in mind. thanks to everyone for all of the input.

You have to remember - this past year business was held hostage for many of the clients.  They would release and then we were playing it on hold game...checking issues...back on the market - get it sold and then cannot close - title issues...I found this interesting...  Personally I think they held so that they would look better to stockholders....numbers looked good so they must be OK...   Sooner of later the Government will gett out of our business and the market will rebound.   Real estate cannot move forward until the surplus of REO is cleaned up.  It drives the market, makes work for many people but right now many of the self employed people are not in the unemployment numbers...so we are always painted a false picture by all those "charts".   My favorite Economist is Chris Thornberg...he usually has it right
I couldn't agree with you more!

I agree with you too , They need to start clean and with the large amount of REO's everything is on hold. I t needs to hit bottom to be able to start new and start seeing some recovery in the long run.  Also  there are so many short sales that are scams that eventually the banks are going to get fed up with them too do that they are just playing with the system , either listed too high so no offers will come , or way too low, lower than average because they have an investor who will buy it and then rented it to the current homeowners. That is making thigs worst because of those activities , it is going to get harder to get an approval in short sales. I already have been seeing many of the low ball short sales getting back to the bank. More REO inventory.

On the other hand I need to get more in the REO business, we all had to start somewhere I heard many times to do BPO's but so far that haven't work I had done more than 1000 BPO's and haven't see any REO listings. That is why I wanted to start the paying route . I guess some people got some from RESNET and some not , but has anyone got anything from VRM? Dispo?

Dispo No not at all. Vrm also nothing.
Funny thing about Equator as soon as the agents caught on to their deal they discounted their Platinum Membership this year.  Equator, Res.Net and the like should only be used to process tasks when assigned by the vendor.  I spent thousands of dollars over the last 4 years joining and found like many here that continued prospecting of the Asset Managment companies and lenders REO Divisions along with actively blogging about REO on Active Rain, Wordpress, and my own REO web site got me many more assignments than these 3rd party pay to play guys.  What I find interesting is that the gang at Equator say that their Platinum Members get 35% of the business duhhh it is because they already had the business and are affraid (like one of our other agents here pointed out)  to drop them for fear they will not get new assignments.  RES.net AMP program actually admitted to me in an email that they have no say so over assignments.   

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