ResNet membership does generate some business for me, so it is worth it -- but barely. After subtracting from commissions earned not only the cost of ResNet membership but also the additional overhead costs, it often comes out not much above break even. Property assignments through ResNet usually come from outsource companies, not from banks directly. Consequently, the outsourced asset management company (AMC) takes 1% or 2% from the listing commission. That hurts! Outsource AMCs seem more likely to reject offers for less than list (i.e., almost all offers) thus lengthening the DOM and increasing my overhead costs. Furthermore, many of these AMCs are difficult and slow when it comes to reimbursement for rekeys, utilities, lawn care, property preservation, etc. Their procedures and demands are detailed, time consuming and difficult. My billing clerk tries to convince me that AMCs intentionally make it complicated and then repeatedly reject invoices we submit in hopes that we will give up and "eat" the costs ourselves.
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Hello members, is anyone still using Res.net?
If anyone has any recent information can you let me know.
thanks
Catherine
I was on RES.NET for years and in the past 3 years i received nothing. So the benefits of listings vs Res.net HUGE fee is not reasonable or profitable one, I dumped them a few years ago. What I don't respect is that they PUSH you to take a membership of 750.00. I find it to be Ridiculous to stay the least
I have also recently dropped Res.net. They just don't have enough REO business to make it worth while.
My problem with Resnet is the live training you have to take to get THEIR certification. It is included in the membership I have - pro I think - but the sound is so horrible, I've had to stop taking it twice. The visuals are also blurry. The Resnet system overall is generally very simple - almost too simple - but asset managers and their companies need extra training on how to use it correctly. The offer system is not very well organized.
The membership fee is just a cost of doing business but ever since the membership got 'expensive', my business has fallen greatly. I would have hoped that they would have at least improved their system with the extra income.
I also only got 2 listings towards the end of yearly a membership and both were older units needing expensive up keep. Funny, that they were assigned just before my renewal was coming up because they said I needed to renew to keep them... REALLY, WHAT A JOKE.... I new that by the time I did all the work and shared commission I would profit less than $-0.0. I told them it was unfair to manipulate me by threatening to take them away if I did not buy again while they were not expired listings yet. Therefore, told them I was no longer going to continue my membership because it was not worth it and to re-assign them. It concerns me that when these amps keep bugging you to come back, it probably means they are not doing so well? Why keep hounding people to return to a platform if its supposed to be one of the best out there? You would think they would have enough members to not have to keep begging people to come back with silly promotions that really don't save you much...right? I think Citibank is the only account Res.net may have now, because they were the bank that had the 2 listings I had worked on. I believe they have already lost BOFA and others.
Frankly in my area, REO's are selling well under $100K. With the 2.00% to 2.50% commission I receive the res.net $700 member ship is not worth it! A few BPO's per year and low priced foreclosures, broker and E&O fees, taxes, no way is res.net worth it. I feel it is just greed on their part and if we continue to allow these companies to get in our pockets even more the fees will just keep rising. I sell REO's and do not go though res.net and those sites are free like pyramid platform. No fees to us!
Onewest bank fka IndyMac and CitiMortgage require pro plus membership to receive listings. However, res.net offers discount codes with short time periods. There is no reason you should ever pay full price for res.net. You might have to renew early, but I have got up to 40% off that way. If you let your membership lapse, they will offer you 15% in my experience to get you back, but it is best to check with your rep periodically for discount codes throughout the year of your membership. My guess is when they need an influx of money, they offer a discount code for a few days (usually near the end of the month). I get other business on res.net from MD web, Usbank and many others. The bpo form is easy.
People need to stop doing math on commissions vs membership fees. As business owner you need to think about whole picture. If you get 10 listings a year from them and break even so what. How many buyers do you get off of 10 REO listings...50-100-200??? if you get on average 10 leads, convert 1 that is an extra 10 sales a year......then that business turns out to be profitable....
In our area of WI we get about 4-8 calls a day of buyers wanting to see one of our REO listings. We tell them it is sold but we have several others they can look at and now we have a buyer off of the listing......big picture people...big picture
Yes, stay away from them and other platforms. In my opinion Res.net is over rated. I believe they are a discount mill and offer banks low commission to obtain business but then turn around and make it back by over charging the Realtor. We have to stand our ground now and not let these platform companies take us for idiots. I work only on BPO's now to keep the funds coming in. I got so tired of throwing my money away, now I spend that on my kids with more quality time for them. At this point in time, real estate is no longer what it was intended to be and that was for you to have an independent business and be the boss. Now all we are is a bunch of SLAVES to these platforms and paying ridiculous fee's to keep up our licenses. I would personally love to see agents dealing directly with the banks on their assets so that we would have a more personal relationship. Who knows what these platform managers say to the banks during the listing period. Also, the banks don't seem to know that 90% of the time these platforms are not showing the best agents possible. These platforms are only exposing those who pay top dollar membership fee's and they won't allow you to upload your own credentials you have obtained and still want you to pay more by taking their own in house certifications THAT'S A RIP OFF. No agent should have to buy a dozen of the same certifications. One certified certification for REO, SS HAFA/HAMP and ONE background check from ONE PLACE the Bureau of Real Estate should be ALL WE NEED. This should be the next issue NAR NEEDS TO BE WORKING ON. Anyway, just because an agent can afford to pay top dollar membership dues, does not mean that they are A GOOD AGENT.