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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.