After reading your post, I just checked with one of the teams in my office who works with PAS.
They have done a lot of volume with them and would be considered a well run, competent reo agent team.
They received a 'dear john' form letter earlier today telling them that as of today, they would no longer be receiving any assignments from PAS, that the company had more agents registered than assignments and that cuts had to be made. It was a form letter that was not even signed.
I have received one of those "Dear John" letters before from another company. About 30 days later though I received more work from them. I think what they are most likely doing is getting rid of agents that are simply not good agents (not completing tasks on time or they are way off on their BPOs.) A lot of companies do this from time to time.
I am a PAS listing agent, I love them, they are my favorite client. I have not been cut, hope I won't get cut, do everything I can to provide them the highest level of service possible - but from reading postings at agentsonline.net, it seems plain that the cuts were made randomly. It seems like most of the cuts happened in areas where they had too many agents, in my area, we don't have that many, just a handful.
Im not sure why, but I do know that Asset Managers are getting ready to be more selective and not just use the good ol boy networking any more. There are too many agents who are willing to break into the REO business and do back flips for these REO asset managers. This means that agents that have relationships with AM’s need to make sure that they are doing their JOB! 110%! Also, as a side bar.. Im hoping that the NAR bill gets into the house and gets passed quickly to prevent banks from entering into the Real Estate, because with companies like Wells, who could easily start their own brokerage and hire in house Real Estate consultants… (Builders already do this)) That would be devastating to our industry. Because it would allow them to hire and pay salary, not commission, which could save them a ton. Send your letter to your congressman/woman to support the bill that NAR has on the table.
I did get one of the letters and it is simply just too many agents in the area. Our team was fairly new to PAS only with them probably a year but provided pretty good service and sold everything rather quickly. Thats just the way the business is.
I hope to continue to do exceptional work for PAS so that this does not concern me.
At this time, this is where you want to be with REO properties.
Bills are paid on time & feedback from managers is prompt.
Its all in the scorecard ,simple dont do the proper job you are out ,and it is about time !!! of course seniority will prevail if equal preformance shown ,wells is going hard after modification and short sale ,remember the most expensive way is foreclosure for the lenders ,takes longer and time is money ,all economics 101
Carmen's comment is correct. NAR is one of the reasons that this is changing. I work in a big office with over 100 agents. There are two Board Members that report to our office on the Items they are working on. REO has been a hot button for some time.
The attitude is that REO is a Country Club that Agents can no longer join. REOMAC by not taking more agents proves the point. Think if NAR closed their membership. Every agent feels like they have TIGER WOODS ability and are not being allow on the course.
The next thing that is going to hit is a wave of change with the Title Company Consolidators. They are walking with a large portion of the Commission from the Transactions and calling it a Management fee. It seems odd that even the large Brokerages of the world like Century 21 do not have master accounts with the Banks. Rather we went to the Title Companies to spread out our work.
Change happens everyday.... We are all just looking for the window to open.... even the most experienced of us. Every day we are on a job interview
I say Get Rid of the Dead Wood! Poor performing agents are being shown the door! And it's about time.
Every client deserves our full attention and our best performance. To half-a$$ service a client in todays marketplace is going to be fatal for some companies. Change is coming, the answeres are blowing in the wind! (oh man did I date myself with that comment)