Altisource is no longer assigning listings to agents, no matter how many BPOs or CMAs you do for them.
Any work Altisource assigns to you will not get you any listing no matter what they promise. You will not be paid for any property management or assistance you do for them. The do still need local Agents for BPOs and CMAs and do still pay the money for those. Make no mistake you will not get listings from Altisource (Ocwen) any more at this time no matter what you do for them.
Altisource now has hired one inside agent for all of the entire state you are in. This agent will list all of the properties no exception. All the work leading normally up to listing that you do will be done by you without payment. Their one agent can not travel all over the state for BPOS, CMAs , cash for keys and all else required.
Altisource sends out assignment agreements and gives you duties to perform. In the assignment letter it states if you accept the assignment the property will be given to you to list when it is ready to market. You do everything they request including getting utilities on , help with securing, code violations, BPOs , property checks to occupancy checks and even CFKs. Then when they do put it on the market it will be taken from you and assigned to their own inside statewide agent. If you call to complain they act like they do not know what you are talking about and tell you it is their choice who they list with. Altisource sends you a property assignment letter requesting you perform work for them. Do not think they have to follow through no matter how much time or work you put into their asset, they will not list it with you. And will not pay you for anything you do associated with the assignment.
After working on 3 properties for 3 months they listed all 3 with their own State agent and paid me nothing. I had a listing, which I sold for Altisource (my listing my buyer) and they refused to pay the agreed on listing commission in the listing agreement. They also took 2 referral fees and a management fee from my commission. The listing agreement stated that the "listing agent commission would be 1.5 % and the referral fee would be 1.5 %." At closing Altisource paid me only 0.05 % and kept the rest. I did send them the listing agreement they had signed and they responded "TOO BAD" we are paying you only 0.05 % and they did. They also kept the 700.00 management fee that was to be paid to me and assigned it to Altisource instead (themselves) for management of a property they had never even seen. They used my pictures in the MLS when their own state agent listed the properties.
DO NOT DO WORK FOR ALTISOURCE (OCWEN) unless you want to work for free. Do not help them cheat Realtors, and change the rules in our industry forever, by doing their CMA and BPOs. If we do not stand together on this we will have a disaster in our industry which can not be undone.
Comments
Hey Barbara, you forgot to mention very few of them speak ENGLISH!! I took a couple before I realized some of the problems.
In rural East Texas Altisource does assign listings to local agents, however, the average house is under $100K and if the sale is less than $80K the max they pay on the listing side is $800.00 total and if you are not the broker of record and have to split with a broker, you are really screwed. I did take one recently because one of my investors thought he was interested...wish I hadn't taken it because he decided against it. Won't do that again. If they keep going, they won't be able to find any agents willing to take a listing around here.
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Samantha,
Sorry to say but there are still some assignments being sent out through Altisource to a few Agents. As I mentioned I did receive 3 myself and did all the work. When it was time to list them I was cut out completly and never compensated for all the work I did. 2010 Aug and Sept Altisource was still using Outside agents to finish up a few sales. It is possible your area is a litle behind but I assure you that Altisource has this new procedure in place and soon you too will feel the results. Altisource is and does have their own inside agents now.Becareful to keep very good expense records of the work you preform at this point. This will not help get you paid yet it could be important in the future for anything supporting these issues. Their Clients already are informed that Altisource is performing this way with in house agents. The transittion to in house only should be fully completed by the first quarter of this year.