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Has anyone used res.net and been successful ?? I just signed up with them and paid for the plus membership and i'm a little nervous about if they will pan out..I don't expect the floodgate to open and be inundated with listings but I would like to see some activity...Can anyone share some insight on what your experience has been with them?
I have used RESNET for many years. The better you are over time the more work you get.
It has paid for itself.
Run the property search for the county you're in on their website. You'll get an idea of a quantity and who the other agents are getting assignments. Some of the asset managers have a big ego and what they decline to perform and expect you to do for free is rather interesting. I've done enough with them that I say no and the next day the AM has assigned a task to their property preservation company to do the work. REO assignments are down to a trickle in San Joaquin county from any source now that the pool of NPL's are being bought by Carrington and other regional companies. Usually a week before its time to renew the resnet fee I will get a listing.
I signed up with Res Net twice haven't received anything with Res Net. I feel as though this is a waste of money
You should be very pleased with the results, I work in a rural market and still receive 25+ listings a year through them. There has been an increasing number of servicers and banks using res.net so the volume of REO is continually rising. Your only problem may be being "the new kid on block" it will take a little time to receive an assignment. But when you do be ready to work.
RJ I will give you my two cents if you want. I am signed up with at least 40 reo asset mgmt companies. I actively work with half of them. the other have I keep harrassing to get them to work with me as well. Many of them like old republic as an example require you to have a top tier membership with Res.net. many of them do. So for me I have to have it. I usually average one to two reo's on it over the last couple of years. I am also on several other platforms but I will stay quiet about those for now. So you have to decide whether you want to be on there or not. For me I have no choice. Jason
I tried to use it twice and got nothing out it but a waste of my money.
yes but like I said I really have no choice if I want to work the reo's Jason
Res.net is the primary platform in my market. I have been a premium member since 2010 and have sold over 150 properties through it. That said, Res.net is the platform many asset liquidators use, not the liquidator itself. In my experience companies are either very loyal or follow the "devil you know" philosophy. If you are in a market where a few established REO brokers have consistent client base, you either need for them to decline an assignment or severely mess things up on a transaction. It takes time to build that clientele.
Short answer: Yes its worth it. I pay for two separate premium accounts because I have a branch office in a different county.
I have belonged for several years. I get five or six REOs every year. It takes the commission on one to pay for it.
It is a significant piece of the puzzle. About 1/3 of my business comes from res.net, 1/3 from equator and 1/3 from other platforms like pyramid, reoconnex, keystone and disposolutions. The following companies have assigned assets to me on res.net LRC Asset Management, Citimortgage, Specialized Asset management, USbank, Greenriver, and CIT Bank. I would like to hear what other clients assign listings on Res.net since res.net will not share this data.
I currently have assets assigned from the following servicers: Dakota, Fay, Bayview, Carrington, PennyMac, and VRM.
I also have listed REOs for Phoenix, Pennymac, Bayview and Kondaur via RES.NET. If you are into REO this is a good site. If you are not into REO don't waste your money.