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REOPro is in talks with a national technology platform about possibly revolutionizing the REO industry by allowing our members to go out into their markets and solicit REO's from small to medium sized banks and servicers.
The idea behind this effort is to make the agent the AMC (Asset Management Company). We have found that many local, small or even regional servicers just simply don't have the technology, expertise, staff or funds to hire or create a true "REO Department" for themselves. Instead, they assign an unfortunate VP of the bank to handle the REOs on top of doing their regular job.
What REOPro would like to do is provide our members with a technology solution that would enable them to go into their local banks, credit unions and servicers and offer them a true AMP (Asset Management Provider) solution. In essecne, creating micro AMP's across the nation through REOPro.
Basically what we would do, is give you access to a technology platform that allows you to customize it's performance for a particular lender or servicer in your area. You then could work for them and become their own little AMP and help them avoid the cost of outsourcing. This way, you could go into Bank of Small Town USA, show them your incredible software, your incredible support, your incredible tracking, etc..... and win them over as their own little AMP.
Truth is, we may never be able to capture a Bank of America or Chase but, a larger underserved market is out there and that is the local banks and credit unions who would like to outsource to a credible, knowledgeable and experienced AMP but, can't afford the cost.......here is where REOPro could step in.
The only question is, will our members go out there, sell our services as a AMP and win business? Of course, you would be our exclusive agent for any business you bring in but, would you do it?
Let me know, love to hear your thoughts.
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I like the idea and I wio\ould like more information as you move forward.
I would to see that
Worth a shot, Jesse!
It sounds promissing but how can we find out what they are paying outsourcers now, so we can compare and explain what they will save?
Also how would this work in a big city like L.A and vicinity?
Great question and the answer is....who cares what they are currently paying because we can offer it for free...or at least no additional cost to them outside of maintenance, repairs and commissions.
I had heard a rumor that some banks are paying the AMP's on top of the expenses I listed above....some, about $1,000 a listing. Let's not forget, the banks are also paying for the software platform. So, we should be able to eliminate these two cost all together, if the agree to exclusive list with our preferred agent in their area...you.
Yes! Agreed! How about how AMs then take out their huge "referral fee" from our commission to boot? My REO listing commission would often net out to 1% or less - for doing all the work!
I've long contended that most AMs are unnecessary parasites in the system - REDC aka Auction.com is the BIGGEST parasite BTW (though not technically an AM, but you get the idea). So Who's the real "asset manager"? Me, the agent, doing occupancy checks, field preservation, utilities, management, etc? Or some AM simply pushing papers and "reporting" MY findings to the REO seller?
I've often wondered how I could become my own AM and cut out the unnecessary middle flea.
I hate it when I do the work getting an REO on the market, then the bank decides to try one of the online auction companies. They slash the commission, add tasks I didn't have before and charge a buyer premium. Then they get a low high bid and the bank might take it. Then again, twice the buyers have relisted it with me.
I applaud you, Jesus, for such an innovative and powerful idea.
Yes, you can absolutely count me in.
I'm in the rural area of Central VA including the City of Charlottesville, home of the University of Virginia, and surrounding counties of Albemarle, Fluvanna, Greene, Orange, Louisa, Nelson, Rockingham, and Augusta.
Look forward to hearing more and I'll be following developments with bated breath!
Go Get 'em Jesus!
Yes, definitely interested. I've been doing so much research on companies offering what they claim are listings and going nowhere with them. They all charge fees, some outrageous and when I look up their reviews and reputation, it's not good. So I'm spinning my wheels but going nowhere. Sounds great to me.
That sounds fantastic on paper. Would you provide a list of smalltown USA lenders or do we just cruise around town ourselves? Which I would be willing to do, because hot software is hard to come by in this industry.
It could work, being the exclusive agent would be critical.
Keep us posted.