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Hi REOPro Members,
So...REOPro has been approached by a large national buyer of distressed properties whose model is to buy, fix and flip.
They are hoping to leverage our 15,000 members to bring the distressed properties from around the country that they can push through on their model to buy, fix and flip.
Right now, it appears that members will go to REOPro, click on the "Buyer Direct" tab, input their property details and withing 48 business hours, know if our national buyer is interested in learning more.
As it stands right now, access to the Buyer Direct portion of REOPro will be a paid access section with a reasonable annual fee of only $29.95.
Right now, we are working out details like referral fees...if any, offer tracking, etc......
If this all pans out, our members will be able to go out into the market place and solicit listings knowing we have a buyer who is ready, willing and most importantly able to make a deal.
Replies are closed for this discussion.
Ok....so, we are having some doc problems on our Buyer Direct tab however, we did open a trouble ticket with NING and they are on the case so, as soon as it's fixed, I will let everyone know.
All right, all right....ALL RIGHT! The Buyer Direct Property Submission Form is now up and running however, it's only in the testing stage. So....if you use it to send anything through, it will be considered a TEST only and not submitted to our buyers. We are still working on the Terms of Service but, we hope to have that up in an week or so. For now, it's just in testing phase, so please be patient, we are almost ready.
Terms of Service and FAQ's is up....now, it's not complete because again, we are in the TESTING phase only at this time. None the less, it will begin giving you are clearer picture of what we are doing with the Buyer Direct program. More to come, stay tuned.
First full day of testing went incredibly well. I have to admit, I was surprised at just how well it all went. "IF" things keep up we may be able to push our time line forward and start the Buyer Direct program earlier than planned. You see, I had originally thought we would officially roll it out the first full week of December but, I had planned on having several lengthy delays to technical glitches that....well.....don't seem to be happening so, we may roll out sooner than expected. We are going to continue with some testing and some tweeks but, so far, it's all looking really good.
Jesse, I'm looking properties for fix and flip. Will I be able to search and bid on properties on this site too? thanks.
Hey Gabe, it's really not a "bid" sort of situation. We have a list of buyers who have very specific requirements, we then use those requirements to pair the agents property submission with the appropriate buyer. Now...yes, sometimes a property submitted may actually work for more than 1 of our vetted, Ready, Willing and Able buyers but, we only send it to one buyer at a time. It's a hierarchy situation. Now, if you want to be one of those select buyers, we need to talk because we do require the buyers we partner with to be able to actually prove they are actually, "Ready, Willing and Able". I will be in the office tomorrow so, give me a call at 615-424-0961
sounds good, thanks.
WOO HOO! So....it's been a little more than two weeks and our testing on the back end seems to be complete. We are now working on the Terms of Service....which you can see for yourself by clicking on the "Buyer Direct Terms" tab up in the top navigation bar. If all of you would be so kind, read those over yourselves and ask any questions. We will update the terms accordingly. Once we have that hammered down, we will begin going live.
Ok....so, we have had all our participating buyers and our attorneys look over our forms and terms of service and we have to make a few changes. Some minor changes, nothing huge but, time consuming none the less. So, as soon as these changes are done...which should be about a week, we should be able to go live. Keep those fingers crossed for us, we should be live early next week....woo hoo.
Hi REOPro members.
As many of you know, my name is Jesse Gonzalez and I am the Owner / Administrator of REOPro Default Professionals.
I am extremely pleased to announce that we are on schedule to going live next week with REOPro's buyer referral network, REOPro Buyer Direct.
Many of you have been following my forum thread for the most recent updates and still others have been sending me emails asking questions about the program so, let me share some of those with you now.
Q: What is REOPro Buyer Direct?
A: REOPro Default Professionals Buyer Direct Referral Program aka Buyer Direct is an online marketplace owned and operated by Liberty House Realty LLC, that finds and connects the real estate professional to verified national direct buyers of distressed real estate assets. When real estate professionals submit a request to find a buyer for their specific distressed real estate asset, we use our buyer's preferences, choices and interest to match the real estate professional with a Ready, Willing and Able buyer. Due to the possibility that some assets may match multiple buyers, we will occasionally match real estate professional with several buyers.
Q: How much does it cost to be a part of REOPro Buyer Direct?
A: REOPro Default Professionals membership is free however, membership and participation in the REOPro Default Professionals Buyer Direct Referral program has an annual membership of $29.95 US Dollars plus a 25% referral fee paid by the real estate professional at the time of closing on any and all properties they submitted to the program where REOPro Default Professionals provided the buyer referral. The annual membership fee is paid upfront and is non-refundable.
Q: Is REOPro a licensed brokerage?
A: No, REOPro Default Professionals is nothing more than a scalable hosted platform that provides the technology to publish and connect with a community distressed real estate professionals. REOPro Default Professionals is owned and operated by Liberty House Realty LLC which is a licensed real estate brokerage in the State of TN and in good standing with all regulatory and statutory requirements to participating in real estate referrals nationwide.
Q: Who are your participating buyers?
A: REOPro's participating buyers are hedge funds, trust, portfolio managers, and other high net worth individuals who are looking to purchase non-performing and or distressed real estate assets. We have existing relationships with many of our participating buyers and can confirm they are Ready, Willing and Able to purchase individual assets as well as bulk or tape on a national basis. Currently, our buyers represent a minimum of 1,004,000,000.00 in liquid funds for purchasing that we have verified.
Q: Do your buyers want to fix and flip or hold and rent?
A: We are currently working with 4 national buyers, they each have different programs they work their purchases through. Some buyers are fix-n-flip while others are fix-n-hold while still another is offering a fix-n-flip equity partnership with the local agent who offers up the distressed asset. When real estate professionals submit a request to find a buyer for their specific distressed real estate asset, we use our buyer's preferences, choices and interest to match the real estate professional with a Ready, Willing and Able buyer. Due to the possibility that some assets may match multiple buyers, we will occasionally match real estate professional with several buyers.
Q: Can you guarantee me that I will get a referral out of this program in a year?
A: REOPro Default Professionals nor Liberty House Realty LLC brokers real estate transactions through the Buyer Direct program. We are paid by referring real estate professionals to buyers of distressed real estate assets. In other words, we are not the deciding factor as to which properties our buyers will or will not purchase. This is completely out of our hands as we are nothing more than referring the buyer to you based on the buyer's desired matrix. Terms and conditions of any and all agreements between participating parties are not endorsed, recommended or otherwise known to or by REOPro Default Professionals with the exception of our annual subscription fee and real estate licensee referral fee.
look forward to bringing this exciting program to each of you and can't wait. I am sure our first year will be wrought with growing pains and obstacles but, together, I think we can work through these issues and develop a solid referral network for our members.
You said there will be a 25% referral fee, and also stated that you are not a real estate brokerage. In Texas, we are not allowed to pay referral fees to anyone except a licensed BROKER.
Are the referral fees actually paid to Liberty House Realty LLC?
Please clear this up for me.