America's Largest Social Network for Default Real Estate Professionals
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.
Replies are closed for this discussion.
The idea was discussed on linked in and I made offers to do what I can but although everyone says count me in no one seems to know how to begin. i would be vary anxious to help in any way I can since this may be the way to go after all of the REO agents who are well experienced know what banks look for. Let me know what I can do to help to start to get our own platform and move on it. You can email be at firstname.lastname@example.org Let's move on with this.
Any updates in the platform?
I am ready
8-13-2013 Status Update: Well, this update isn't going to be as good as I hoped it would be however, it's an update none the less and maybe one of you can help out and step up. The technology platform I was planing on using is starting to flake out a little. I can't get any of the executive team to respond to my emails or other correspondences. It's been a week now so, I am getting the suspicion that they can't perform and may have over promised a bit. I don't want to share who the platform is at this point but, I think I will keep trying to connect and if I don't hear back from them in a couple weeks, call it and start looking for another provider.
My problem is I really do believe in this idea. Sure, some of you have expressed real concerns that your area doesn't have enough small banks, lenders or credit unions to really warrant such a program and I get that. If you live in Cotton Town Tennessee, chances are, this program isn't going to work for you. I have also read comments about how they don't believe the commission structure would ever work....um, news flash, I haven't even decided on a commission structure yet or for that matter, discussed it with anyone who has leaked it to the public so, how do you know what it is and how do you know if it would or wouldn't work? Finally, I have heard some say that this has been done and it didn't work so, my idea can't work either. Yeah, I get it, been there done that and for you who think like that, I got one name for you, Thomas Edison.
Sure, maybe it's a crazy ride, sure, you might think it's a pipe dream and sure, it may require a little trust and you may have to pass me off as some Wile-E-Coyote but, if it has the potential to make you money, put you in control, and cost is lower than what you would pay for a once a month dinner for you and your partner at your local O'Charley's, what is the problem?
I am not here to convince any of you, I don't see my role as such. I do see myself as someone who can effect change and my goodness, if you yourself are in such a role professionally, personally, mentally, spiritually and you don't try every day to make that positive change, don't worry about this program, don't worry about this network because, it's not right for you at all.
Sorry for venting and, no...those of you know me know that I am not going to get into any forum thread discussion war so, as I said at the start, if any of you know of a tech platform that can accomplish what we are asking, I have a network, that from this thread, is ready, willing and just need a platform to make us able. Send those tech nerds my way, I want to talk with them..
Have you talked to Thomas Moore at eBrokerHouse? http://eBrokerHouse.com/
I hope you are able to find a workaround for this bump in the road, Jesse.
Are you the same Linda that's with KW in Texas?
We actually met down at home office years ago when I was opening my KW in NH.
Hope all is well?!
Jesus, It concerns me that after we pay a member fee, we still have to go out and do all the leg work to get the business and still have no guarantee anything will happen which is the same result as other platforms except we don't have to do the exercise? Once this gets out and introduced nationwide like a new type of res.net, equator or other amp, as more and more agents sign up for membership we then become just like the other platforms with more and more competition with our own local agents whom we constantly come against. Therefore, once more we can be throwing our money away. We as members want a guarantee we don't have to compete with others as we have been. Once we find the business and contact person, this be our own information to keep and not have to reveal it to the platform/executives? Platform executives should only be concerned with one thing and that is getting membership fees and nothing else. Why should anyone else reap on another persons hard work? I think once the agent has the business and contact person information the agent should be able to only supply their own personal contact information on a contract (of course with the logo on it which are paid through membership fee's). Anyway, my thought is you may not be getting any responses because the executives don't see making any profit unless they are in total control of the platform and will be able to charge the same as every other platform out there. It would probably be very expensive to get this started and would need a good fortune to do so and can see these expenses being passed on to the members through high cost membership fee's. I think this idea for a new platform should be created where as the members own shares of this platform and be able to gather up a few of their own different network companies they may know of and see what they all have to offer and put it to a vote to see which one would be in the best interest for all share members. In other words, this platform should not be controlled only by 1, 2 or 3 persons. We don't want to be SLAVES again to another useless platform.
I understand your concerns however, if....IF, we have a membership fee for this program, it will be very low. I can't foresee it being more than $20-$30 a month. If that is more than you are willing to pay, I completely understand and appreciate that however, this just may not be right for you.
As for a guarantee....well, I don't know that we can ever really guarantee someone business. As Realtors, I understand we are always looking for that "Exclusive" agreement however, as a AMP (Asset Management Provider), we don't get "Exclusive" agreements because our success and future assignments are strictly subject to the performance metrics we are graded on. Personally, I prefer it this way because, it allows banks and lenders to weed out ill performing AMPs and likewise, it gives the AMPs the ability to weed out ill performing agents. Unfortunately or fortunately, depending on how you look at it, I prefer a performance based system because it doesn't lower the bar on performance and keeps people honest. It's hard to argue against a top producer who has consistently performed vs. arguing that you aren't happy with someone and you feel your exclusive agreement is unfair. For any program / platform we work with, it will have to be performance based.
As for throwing your money away, once again, I understand your feelings. I myself have "thrown money away" on many platforms and programs and I don't ever want to do that again. What I can tell you is, if you end up bringing business in to REOPro and using "our" platform for your marketing effort, to capture your local banks, lenders and credit unions, then it's on you to keep that relationship going and ensure your client is happy. All we want to do at REOPro is give you the credibility of a national network, offer you educational resources, help you prove to your potential clients that you have a technology that can really help them. I don't want to be the one who says, "Mr. lender, you have to use Antionette and Antionette, you have to use Mr. lender". I don't think that is our place as REOPro. Now, that may change and I will reserve the right to evolve my opinion on that but, for now...that's how I feel.
As for revealing information to the platform / executives...well, that's going to happen. As an executive myself, I will always reserve the right to contact whoever is using the REOPro platform, customer, client, member alike. In fact, for the protection of all parties, REOPro will have full and complete access to all information shared on it's network. With that being said, our members won't have access to other members information or client bases....that's not fair at all and now how we would do things.
I don't share your opinion on what platform executives should be concerned with. The reality is, due to the confidential and legal matters involved in disposition of real property, someone will have to play the role as administrator and that would be REOPro executives. Exactly what are role is and how it's defined, I can't say just yet, we haven't gotten that far, we are still working on tyring to find a platform provider however, I assure you, it will be much more involved than just collecting dues.
I don't plan on REOPro every reaping what others have sown but, I do plan on making sure a REOPro platform is transparent, consistent, reliable and adheres to laws, regulations and local customs.I don't plan on making REOPro some sort of strange bait and switch program.
As for the idea of selling shares, this has come up. In fact, I have been talking with a 501c3 consultant who has brought up the idea of making it a non-profit platform. This idea is very intriguing and is something I am seriously considering. I wonder if we have enough people who would volunteer their time and energy to make a non-profit work?
Sorry for jumping on the wagon a bit late Jesse, but I am in if you can get the platform going. I am in Indianapolis, IN and the REO's are drying up or going to the same agents who have been with the banks for years. The Big Banks are simply not helping the little man like myself. So, if there is an opportuntiy to introduce myself to a bank or credit union as the new AMP in Indianapolis than I am ready to roll. Good Luck on get the technology rolling.
I like your approach! Absolutely a great idea and I'd do it!
I would definitely be interested in hearing more details about this idea.
Hey there Jesse - I'm very excited about this and am hoping you have an update as to where we are at with it. Any news?
I would also be interested if you get things worked out.