I have been getting Altisource/Ocwen listing over the last year that pay an $800 commission no matter what size, condition or location of the home. I know they are very handsoff and I kind of look at like a resume builder but even so after I pay my company a brokerage fee, my commission is only $400 even though they pay themselves and $3,500-$4,000 in referral fees.
What I'm wondering is whether or not anyone has had any experience when taking Altisource listings by crossing out the referral fees, reducing the referral fees, requesting a higher commission or requesting they pay a brokerage fee or submitting an expense report to have them pay the brokerage fee.
Look forward to hearing back from someone
They used to take 1-1/2 percent then they got greedy. I do not do anything for then anymore...
Tom in regard to having any REO company pay the brokerage fees or any fees by crossing out and adding non contracted amounts is a NO NO. As all the charges have to be submitted and approved on an expense sheet prior to the expenses going to payroll for disbursement. Talk with your asset manager first before any modification to the contract that you should have signed with that particular company. You get a listing contract correct?
This is the time to discuss these points with your asset manager who will check with their supervisor and get back to you. Meanwhile be prepared to be replaced by an agent who doesn't know any better. I am only human and anyone else can jump in here and tell you better than I on how to proceed.
I'm getting $700 just for managing an Auction house...very little work for me.
A full Reo listing should pay at least $1500 to both sides.
Get their payment schedule and listing agreement before you sign.
24 Asset Management and
Old Republic are good to work with.
I quit Freddie and Fannie many years ago. Their volume is good but too much work expected for little pay.
I prefer to sell FM $300.000 homes.
Good luck...your time is money :)
Hi Tom, would like to have more information regarding purchasing bulk REO properties, Please email direct at email@example.com
Laura, this is why Altisource requires errors and omissions at a certain level which covers your mistakes and not them. Altisource quit using me some time back as my turn around times was not fast enough for them. In doing my due diligence in reporting what is wrong with the properties from negative influences to the neighborhood trends my BPO's were most often under their listing prices and received bad marks.
Agents needed to see these influences that determine the true market value of these properties. I'm referring to the auction houses here as buying 'As Is' does not count when one's license is on the hook.
There is no middle man here Laura as Altisource uses their own companies when they can to handle the REO's. Agents just place them on the market for sale. For which they obtain the $800.00 commissions for certain properties.
There are a lot of grey areas with Altisource and after reading the posted comments I felt I needed to add my own.
Basically you take the Listing and List the property on you local MLS, from there all offers are processed at the Hubzu web site, but here's the RUB ...
1. Caution: HUBZU is basically an AUCTION web site and if you list a property that is being sold at auction, your office needs to disclose that this is an Auction Listing and you must provide a copy of the Auction License to your Local MLS or your in violation of the rules and regulations. (May not apply in all states, best to check with your local MLS regarding this matter.)
2. OPPS by the way: A few weeks back we closed a HUBZU listing and I had to sign a document stating that I would not Sue Altisource or it's Clients. Now this is so Altisource I got this document at the closing! Nice Huh
3. Also be careful of any 'Rental Property offers; as the new trend is renting properties 'AS-IS' along with signing a no recourse document to the lender. OH and get this the party renting the properties is responsible for all the repairs with no reimbursement. This is a Thousand RED Flag issues here.
My suggestion is 'Be Careful' read all the documents and if you are not the Broker of Record, make sure to review this with your Broker of Record, It's not only your license at risk but the Broker as well.
Ronald, interesting how this blog is moving along. Agents need to know these things before jumping into the pool of available housing and then finding out that their is no safety net under them.
I haven't seen a Altisource rental contract and when I do it needs to be reviewed very closely as It sounds like Altisource has their safety net but we the agents have sticks protruding from the pool....
Thank you again,
I was looking on this site trying to find if anyone has posted Altisource and their rental program and didn't find a site. Didn't know how to start one so didn't.
I have done work for them (BPOs & listings) for over a 10 year period. they went from good to bad to worse so I do nothing for them anymore.
Tom, several questions to clarify what you are saying. Altisource pays a low percentage like 1.5% to the listing agent and 3% to the selling agent correct? What I have seen with the lower commissions that these listings are on Hubzu auction site if the sales prices were under a certain amount. Is Altisource giving out 1.5% on listings now? Which means that you would have to sell your own listing.
Altisource is currently seeking agents to rent out their properties instead of selling them. I'm assuming that if these houses are not up to code that these will be given out to agents and or listed thru the auction site.
Just curious to see how this will be playing out as it looks Altisource purchased Equator also.
I realize you have to pay your dues but the liability for the transaction
seems to be on your shoulders since you are the listing agent of record...not them.
Sounds like your dealing with a middle man referring the listing and taking a chunk.
Good Luck with that.