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Beware the BAD Business Practices of 24 Asset Management

Normally I would not complain about someone sending me business but after dealing with 24 Asset Management (hereinafter 24AM) on a number of JP Morgan Chase owned properties I had to file a formal complaint with the Illinois Attorney General's office.  In hindsight I should have reviewed the negative comments on the Better Business Bureau website. http://www.bbb.org/south-east-florida/business-reviews/financial-se...

To beign with, 24AM classifies the real estate agent as an independent contractor and then proceeds to make demands with deadlines and time consuming tasks.  No compensation is offered except the "promise" of a listing agreement somewhere in the future.  ALL OF THE WORK PERFORMED IN ABSENCE OF A LISTING AGREEMENT IS CONDUCTED AS AN ADHOC EMPLOYEE!!!! and subject to minimum wage laws.1

When the listing does come, it is for a reduced rate with a 35% referral stipulation to 24AM. Ok, no real shocker there as most of the listing referral services require some type of KICKBACK for their involvement.  I say kickback because they are getting asset management fees from the bank or investor as well.  

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Comment by Tim Perkins on October 28, 2016 at 9:57am

I worked for JP Morgan / Chase for several years before they outsourced everything.  Good company to deal with at that time.  When they went with multiple AMC's I chose to work with 1 of them.  The others that required a lot of free work with no guarantee of getting paid I declined to work with.  When I hire a plumber to fix something at my house I don't require a sign up fee from them to work for me, bank account number to charge them for their invoices or require them to fix some things free before beginning the major job.  Why should our occupation be any different?

Comment by Willy Olsen on August 24, 2016 at 8:01pm

Scary to hear about some of these asset management companies. I'm with Carrington and they do offer select agents REO's and also recommend agents to sign up with AM's outside of Carrington. One of those that I am signed up with is 24AM.   

Comment by Michael sims on April 22, 2016 at 9:35pm

Yes Jim Hess, I knew the rules, however when I abide by the rules and agree to them is one thing.  24 Asset Management systematically denied payment on utility bills that I put out money for.  YES the LISTING AGREEMENT specifies what the rate of pay is, but I was never given a listing agreement or any other agreement.  i was just told to accept the assignment for the listing.  The listing never came and that makes it subject to minimum wage laws.

Comment by Jim Hess on April 22, 2016 at 8:32pm

Gee it looks pretty much like every other AM company. When did real estate professionals start getting minimum wages. To not pay referral fees you need to deal direct. Good luck with that. I am sure the gave you guide lines before you accepted the assignment. Sorry you knew what it paid before you accepted the assignment. 

Comment by Theresa Grant on April 22, 2016 at 11:53am

Other reason(s) to pass up on these properties, regardless of the referral fee - see my discussion from August 2015 forward at http://reopro.ning.com/forum/topics/24-hour-asset-management .

Comment by Willy Olsen on April 19, 2016 at 10:07am

I've been signed up with them for a long time, but have never received any work from them. Good to know how they are. Most AM's expect a kickback. Usually it's between 15 and 25%. 35% is kinda steep. 

Comment by Awoke A. Sheferaw on April 18, 2016 at 2:36pm

Good to know

Comment by CECILIA D FOX on April 15, 2016 at 9:07am

How is this any different than the way all the other referral and asset management company work?  Sounds like business as usual.

Comment by Colleen on April 15, 2016 at 7:44am

Chase USDA transferred assets to different companies and 24 Asset is one of them. Lately things have been getting worse and worse with these companies.

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