REOPro - Real Estate Default Professionals

America's Largest Social Network for Default Real Estate Professionals

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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I would suggest RESNET. I received my first listing with them from USRES in 2009. 

Hi Monica,

Signing up with Equator paid off for me in getting listings. I did do the platinum certificatio, not sure if that's what worked, but I pay about $15/mo for my zip codes. Still waiting on RES.NET, DispoSolutions(listings wise..done some BPOs), ect. If you're able to find NOD's from BofA in your area try to list and do the short sale in Equator.  Could help your scorecard rating.  Hope that helps.  Good luck! :)

RESNET AND EQUATOR are Mandatory to be in the REO business because so many asset management companies use them as their management platform.  The others are optional.
Save your money!  I was with res.net for 2 years and never received anything until a bank I was dealing with directly signed on thru res.net now I get a BPO periodically.  And Vanessa is right about the shortsale guide. Pay for the premium membership as I can honestly say  they deliver! Look for Mike Linkenauger's posts on this site.

Dispo Solutions went to $300 this year for renewal.....Ouch! that used to be the cheapest out there, I do have 2 current listings with them so I did renew.

My Platinum Membership with Equator expired and I just went back to the monthly zip code fee, I did not see any jump in business when I got the certfication.

Also I got all AMPED up with Res.net and that did not seem to have any impact on new listings so I am going back to the basic....maybe.

 

I still get listings from all three.....more listings than BPO's so I can't see dropping any of them. The BPO's come direct from the asset companies and they assign the listings through the platforms but I do know that most of my work comes from A.M's that know me and look for me in these platforms.

 

I do feel that you need to go through the list of asset companies on this website and take a few days signing up with them, there are many and most that use the platform portals are free to sign up with. Do a good job with the BPO's and the listings will come.

RES.NET and Equator - agreeably are the two "must haves" - the others are more along the lines of "just in case you get found there."  My business is almost strictly RES/Eq and Fannie/Freddie as far as REO's go. 

I paid for professional membership last year. Will not be renewing.

Very poor investment on my part. One BPO, no REO assignments. No servicers mentioned seeing me on the platform. I did, however, over the last year bring on 4 new clients. They all use Equator.

 

Only the use of the platform for my own listings was the benefit for me on res.net and I found it clumsy at best. Buyers' agents protested 90% of the time at the prospect of having to enter their offer into res.net (and register themselves), so that feature was no help unfortunately.

 

What really got me was that any training session for res.net is another opportunity for them to push their professional membership packages & exorbantly priced banner ads. Add in the games, promotions, rewards programs, hidden clovers, & jewels-- & you realize the marketing gurus are really thinking you haven't outgrown your childhood fascination with flashy, sparkly, meaningless rewards that you essentially paid for with your own dollars to begin with. (Chuck E Cheese any one?)

 

I'll be back on board when a client has an asset in the pipeline for me and informs me they use the platform, thank you.

Let your clients tell you where you need to be.  Signing up with the various platforms is not going to get you any business.  Find your business first and that will determine where you spend your dollars for the various platforms.

yep!

Just an update: NO kidding, within a week or so of my membership expiring (3/27/2012) Bayview emailed me a new assignment outside of res.net. So I am back on board. Interesting timing. *Sigh ;)

Jenny - with any luck at all you'll make enough off the commission after costs to pay your renewal.  Of course the renewal is a tax deduction.  Strange thing about tax deductions is that it's money we spent.

Read through the forums here, and elsewhere outlining the benefits and risks of paid services.

I bought into RESNET for several years - WASTE OF MONEY!!!

Just days before my membership would run out, company would give me notice that they had a listing for me in my area...

Coincidence?

Don't think so.

And E-V-E-R-Y one I got through RESNET were awful, not the usual and customary.

If you start to get into REO's a bit more, you will see that banks/government agencies, and their managers (AM's, etc.) really don't have a clue. Do NOT wonder any longer why our economy is in the position it is!

1. They use difficult to use and cumbersome software platforms (LPS Invoice Management has GOT to be the worst!)

2. They often use sub-standard agents to represent them - as I wrote about yesterday, we see small little boutique companies with only part-timers, or out-of-area agencies (many over 2 hours away), or agents with questionable standards and/or professional reputation in the community. Yes, I'm generalizing here a bit, but I CAN easily substantiate.

3. They offer sub-level fees for BPO's and as a result get sub-par valuations.

4. They seem to care about selling memberships more than actually trying to identify top-grade real estate pros. Every day, I too am inundated with e-mail requests to sign-up with promises of huge gain through exclusivity and new forecasted order volume. And, the biggest carrot they dangle???: yup, they promise you L I S T I N G S !

Bull crappy!

I've tried and call-out several AM's and bank reps on some of these concerns. Their response has always been the same--they don't care.

In one instance, I highlighted the fact that a particular agent had been let go on almost criminal grounds (and, had been with 4 companies in about the same number of years). The AM was almost as nasty over the phone as the agent in question usually is...Birds of a Feather.

Another time, I questioned hiring a company totally out of our area. How could they (and they couldn't) accurately assess value? They didn't have access to our MLS nor were they aware of local market determinants?

In response, bank said they didn't have anyone in area approved by their National Vendor List.  OMG!

And another, when I showed them how obvious deficient in almost every category even just the MLS Listing Sheet was?  Well, you'd think I insulted the AM directly, that's how offended they were.

I would LOVE a job where I could travel around to different regions and clean up the industry. We need accountability and until we get some, it's gonna' be bad business as usual.

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