REOPro - Real Estate Default Professionals

America's Largest Social Network for Default Real Estate Professionals

This is a private letter I wrote to a member who will go unnamed. She/he sent me a private email which you will see first and then my reply.

From Anonymous REOPro member……
My understanding from one of my REO listing agents is that unless you have an established relationship w a bank or an asset manager - "good luck" getting any assisgnments. I was told that ithis is a platform only an I will NEVER receive an assignment. He told me that each bank has its own ports an its own way of distributing assignmetns via thier contracted serviceers and default companies that use thier own software - he said I was a "guppy".
Please tell me the real deal? I have signed up and not made any progress.

My Reply to the above…..
First off, yes....your Asset Manager is absolutely correct. Before you get any assignment from any Asset Manager using any system / platform you will obviously need to have a relationship with that company or Asset Manager.

Secondly, yes....your Asset Manager is absolutely correct. RealtyPilot is an OMS (Operating Management System) or as he called it, a platform. Right now, it only has active the BPO module however, it will go full launch on or about 1/26/2010 where it will include a complete Default Servicing Module such as REO Inventory Management, Vendor Management, Accounting and more. In other words, it will be in direct competition with other such programs like REOTrans or RESNET.

Where you’re Asset Manager went terribly wrong is when he stated that you would never get an assignment from it. As I have always said, REOPro will be offering assignments exclusively through our OMS, which is RealtyPilot. In order to receive a REOPro assignment you will need to be a member of our OMS. I am sure this mistake on his part was simply because he had no understanding of what REOPro is becoming and what RealtyPilot is and therefore, the nature of our cooperative alliance. In short, he was speaking from complete ignorance. To further my point, not only can you get assignments from REOPro but, you can get assignments from other Asset Managers who are already in the RealtyPilot system / platform. On this fact, you don’t have to take my word for it, just read this blog I wrote about Brian Wood, REOPro member who got an assignment literally less than 72 hours after we announced our alliance with RealtyPilot,

http://reopro.ning.com/profiles/blogs/realty-pilot-partnership.

I am not sure you ever read the very first reply which was from Brian Wood himself. You might want to check this out a bit further.

The other thing I would like to point out to you is the RealtyPilot Success Group on REOPro.

http://reopro.ning.com/group/realtypilotsuccessgroup

It has 66 current members and already, many of them are seeing impressive results by simply using the over 2400 Asset Managers direct contact information to network socially and professionally. I didn’t see you were a member of this group but, you may want to consider joining. This is where I post all the alliance updates, relevant information and share tips and tricks on how to make the RealtyPilot system work while you are waiting on a REOPro assignment.

In conclusion, you Asset Manager is simply ignorant and un-informed and may have brought up valid concerns that anyone should ask about but, making you feel like a schmuck by saying, “good luck” was really nothing more than a personification of their own infantile understanding of the real nature of what is going on. While in fact, people are successful and getting assignments even as we speak.

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Great info, Jesse! Looking forward to see what the new system will be like for REO.

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