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Altisource/Ocwen REO Agent

Posted by Tom Rineberg on July 21, 2014 at 6:09am in Sample Title

Hello Everyone,

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

Tom

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Tags: reo, altisource, florida, jacksonville, jacksonvillehomesellingcom, listings, ocwen, rineberg, tom, tomrinebergcom
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Replies

  • Mark Allen July 21, 2014 at 7:34am

     Tom,

     I'm not sure why you are paid only $800, unless all your listings are $80,000 or under. I've had several the last year for Ocwen, most of the commissions range from $1900 to $2400.00.

     They are pretty generous giving theirselves 2%, but all they require is putting the property on MLS. They handle the offers, closing, rehab, BPOs.

    • Tom Rineberg > Mark Allen July 21, 2014 at 9:48am

      Thanks Mark, No actually, I just took a listing for $252,000 and the listing agreement says on the comissions page that they pay 

      $2,500 plus 1.5% of the purchase price, of which then a referral fee of 1.5% of the purchase price goes to their company REOM, which wipes out the 1.5%  and then another $1,700 to RHSS, $2,500 - $1,700 only equals $800. 

      I've had 4 closings with them, all properties were under $100,000 but I'm reading the same language on the bigger listings. Not to mentiion, I have to pay my company $395 and so I only end up with $405. 

      Now I know they handle almost everything and it's mostly hands off, although I could do a much better job handling it myself, I'd still like to see what I could do to get those commissions up like you're getting. Did you make any modifications to the listing agreement or is that $1900-$2400 what they offered you up front?

      • Patti Baker > Tom Rineberg August 1, 2014 at 3:14pm

        You are paying your company TOO MUCH you should have a bigger split on these sales.

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