America's Largest Social Network for Default Real Estate Professionals
Hello - Glad to be a part of the group and thanks for having me. I received a call from res.net yesterday "just letting me know" that they signed on a lot of new clients and because I was a past member they were offering me a discount of just $490/yr. I said that the last time I signed back up with the promise of new accounts I paid $700 and got nothing. I then asked if I could get a list of the "new companies" so I could review it and make my decision if I wanted to throw out another $500 for a hope and dream. The lady from res.net said she could not email me a list but she give me the following companies as "new to res.net" - Ditech (??), Carrington, NRes (??), Zoom, Green River and NationStar. Can anyone shed any light on if they think the res.net sign up is worth it and what other companies are actually using it? I have been in REO for 8 years, have had a few clients here and there that used it but I had decided to let a few of those companies go over the past few years and have not had a need for res.net. I appreciate the input. Thanks!
I have been on Res Net, the paid subscription since shortly after it was launched many years back now. I used to encourage folks to stay on the FREE side until you get an REO offer then move to the AMP - I have 4 properties there today so it works for me. I suggest you get in with USRES on the free BPO side as this is how I began getting REO from them! Good luck.
I have been with res.net for a number of years now. While I am in a rural area (Northern California coast), I have had numerous assignments where asset management companies use res.net. I have found the site to be an excellent medium for communication with AM's. I also attended the res.net conference in Dallas and got a couple of certifications. Whether this has helped me get assignments, I can't say. But getting just one assignment per year pays for the membership. I average 3-4 per year so I keep coming back.
Hi Melissa, Welcome,
Originally ResNet charged quite a bit less. I was a member years ago for about 3 years when the fee was much lower. I never received a single listing as a result of joining ResNet.. In the past few years they really doubled their price for agents. I joined with them years ago when some of my established clients changed over to them. I had to sign up to keep my already assigned listings. I only joined to work with my previously established REO lenders. I NEVER received even one new client from RESNET. When my clients moved on to EQ or other platforms I left ResNet.
Last year I had 2 listings reassigned to a ResNet lender, Dakota, a week before I had 2 listings scheduled to close. To get my commissions on those 2 sales Dakota insisted I had to Join ResNet since that was their platform. I was offered the "discounted" fee of 499.00 and promised wonderful things. I closed the two sales a week after joining ResNet again and have not seen another single listing since then. I was offered 2 BPOs for 45.00 each from a client I already have on another platform. Nothing new. It was a very big waste of 500.00. I don't know how they keep getting Realtors to sign up but they do. In my case I had no choice I had 2 earned commissions held up.
Most of the clients on ResNet also use LPS for invoicing. You have to sign up with LPS , pay a fee of 45.00 to 75.00 , pay 35-45 for a background check then LPS charges the Realtor 5.00 per invoice so you loose money on every invoice/ expense the property requires which is just wrong in my opinion.
Needless to say I will not be renewing that membership again this year. Most if not all of the Asset companies or lenders using these platforms have their established agents they use regularly and have for years. It is my experience that they very seldom use an agent that they have not worked with before for their REOs. Other agents may have different information or experiences but with 20 years in the REO field this has been mine with ResNet. and others.
A side note is Nationstar sends all of their listings in my area to auction and pays the listing agent 650.00 tops on anything under 60 K which is all they have here where I am at. Carrington is difficult to get reimbursements from in my experience and in all my time working with them I have received 5 listings total in 8 years with high referral fees.
I have to stress someone here will most likely have a different opinion or experience to share but I have given you mine.
This really makes me mad!!! As far as I'm concerned Res.Net is convenient however certainly not worth the $700 I had to pay last fall !!!! I waited until mine had expired after begging them for a discount. They wouldn't give me one and then held the properties hostage. I couldn't get in to do anything. It's like they black mail you to pay or loose out??? I talked to my asset mgrs and yes they have to agree to use only the agents that pay for the highest membership. Most likely they get a huge discount to use Res.Net to use the agents. I have been with Res. Net probably at least 15 yrs!
it seems to work for me too. I have done 10 in the last 12 months and have 3 in my pipeline now. Some of the banks ask for a lot, but don't all sellers ask for a lot for less pay these days. :)
Melissa, I am still paying for res.net because I have one active REO listing but that is it. No new assignments. As we all know, the REO business is almost gone. It is no longer worth the investment.
I have received a couple Old Republic (they currently have the HSBC account) and USRES listings in the past year because I was a ResNet member. I preferred the way they did it years ago; a free site, a basic REO asset platform & the upgraded visibility site. Back then, I had the middle membership and actually got more odd clients like BAM based on my office zip code location to the asset. I have to use it now because I do a lot of work for Kondaur Capital and they're on ResNet. My Kondaur volume and the personnel that I greatly enjoy working with over at Kondaur, make the $700/ year worth it for me. I haven't worked with people I enjoy as much as Kondaur's since back in the days of HFN & NDS.
I think it depends on the part of the country you are in. I am in Texas and REO's are now few and far between. It would not be in my best interest to pay for any platform at this time. My company stresses that we lead with revenue, not debt. I am making sure this year that I am keeping my money closer to me. Just my opinion. Good luck...