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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 never gotten anything they are just a platform They don't have anything iT the asset companies we need to reach
I received few thru res.net and have couple in pipeline currently. I was found by companies because I didn't have any connection with them at all. I guess it depends where you live.
What kind of inquiries you are referring to?
IN MY MARKET, the clients that use RESNET do not request paid BPOs. If you have a BPO task from any company other than USRES, you have already been assigned a bonafide listing.
USRES, sister company of RESNET, requests free BPOs and they hold out hope that if you do enough of them, they will eventually assign a listing. Their listings in my market of Akron Ohio are generally junk, valued under $20k, priced too high for too long, require that you arrange and pay for all of the maintenance services, submit reimbursements but paid pretty quickly, and they pay you half of what they pay the selling agent. Their BPOs, however, are usually for Fifth Third Bank (as I recall but not sure) and in a more normal value range.
I signed up last November because I started with a new client that required it. I have not received any new business and my 1 listing is $50k sales price. So, unless I get at least 1 more decent listing it will not be worth the $700.
That would be a separate discussion. This is about resnet.
Years ago I did great with RES.net. I dropped it a few years ago. Then they called and offered me a listing if I join again. I did and it was a $40,000.00 listing that took 9 months to sell. I get a call every few months but have not joined. The overall REO market is down. In the good old days getting 10 Fannie Mae's 3 o4 4 BOA's and a few others was a good month. Now, if I get one I consider it a good month!
Here is my take for years now, first I must say I have been on the AMP since after it was begun many years ago now. I recommend that folks stay on the free side until they get an REO then move right up to the AMP as it gives you the visibility you need. One sale pays for the subscription.
I received an assignment from a servicer for DiTech. I feel the only connection was RES.NET. Other assignments with RES.NET are probably because I am signed up with the servicer but they look for the agent who is already on RES.NET.