Has anyone heard of this company? I have been dealing with them for several months and my company is at our wits end. We were contacted by them in early may to assist them with marketing investment properties, at a lower than average commission and to also be responsible for their rehabs. They gave us about 50 properties so it seemed like a good deal. They deal with different types of corporate investors so there were different parameters for certain properties. We got them in contact with some contractors, plus they have their own pool of "nationals" that they use to rehab their properties. Some of the properties are owned by a nonprofit company, which means the properties were donated to them. Most of them were very low end properties that were in primarily investment areas. The sellers spent too much rehabbing them, in addition the quality of the rehabs were extremely poor and in many cases not done completely done. They have tasked us to inspect the properties and do "realtor" walk throughs so the contractors can get paid. The nonprofit properties have a requirement that these properties only be sold to owner occupants. Needless to say, between the poor quality rehabs, the location of these properties and the values of homes in the area, most of these homes have not sold for very much. We are also working for investors who are selling these properties for profit, however, they are not listed competitively and sit on the market.
This whole endeavor has been an expensive farce, not to mention hours wasted on travel time to places that are over an hour one way to do inspections for free and having to pay literally thousands every month in utility bills up front even though this company has a utility department and also coordinating more repairs because they weren't done right to begin with.
I was informed yesterday that they wanted my company to "focus" on a local area, which turned out to be 70 miles from my office and they are pulling local properties? I informed them that I was located in an entirely different market and what they wanted me to focus on is not local. I am fuming because I have spent an enormous amount of time getting utilities on and also inspections for HVAC systems done and repairs done so these properties could be marketed and now another agent will reap my benefits? I get rewarded by being in a "local" market that is an hour and a half one way.
This has been one of the worst companies that I have ever dealt with, I feel totally used and beat up. what stinks is that we helped refine and define what they are doing and have gone out of our way to assist them in developing their system.
I could go on about the problems with this company, but if anyone has any input about this company it would certainly help.
I am feeling used....... I work with some pretty stingy REO companies but nothing this bad.
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Crystal, if you would like to contact me privately or by email, I have some insight that I would like to share and my own perspective of what is going on with this company. TWELCH001@columbus.rr.com
I'm still working with them in volume and have nothing negative to say about them, or their process. They have become one of my favorite and most valuable clients. -Stay Well.
I initially thought that they would attempt to tarnish the name of the other agent as well. Believe me, why wouldn't they. But they didn't. In my experience, upon getting to the properties that were "rehabbed" and having knowledge that they expect the agent to prepare the home for the market and to pass financing, there should be no reason 16 windows would need to have a paint scrape or need a new roof (when the shingles are visibly peeling back), need spindles on the basement steps (per code), need visible address numbers (per code) and heat on when the temperature is freezing and no winterization performed. These are things that I would think would be easy items to address as an experienced agent. Again, I'm not saying you're wrong or discrediting your experience. The purpose of all of this is so that we can try to keep each other productive and I find great value to your post. I'm hoping that the next few assignments you get from them are profitable and different from your previous experience. Best wishes and Happy Thanksgiving.
I'm with Derrick Emmett on this one: I had a pleasant experience with them earlier this year: easy, cash, nice people. As we all know, however, once any of these smaller companies expand they tend to become more ridiculous in their demands - I think in an attempt to impress their clients.
things changed rapidly, they started out ok but things have completely fallen apart..... right now I would say ridiculous......
Thankfully my experience has been different, but I have only closed one asset with them. Reimbursements were prompt, the people were nice to work with. A little more work up front than a standard REO but they price them to get out the door so its less on the other end. They listened to what I had to say and it worked. Mine sold for cash in under 30 days.
one more thing, they have a client who has a nonprofit organization that has restrictions to investors and in my area makes it extremely difficult to sell. The restrictions have actually lowered the value of these homes so they are not selling quickly at all unless they get priced very low. the client is getting upset but I cannot help it if we are in a market that is primarily an investment market and not allowing investors to buy properties. my other properties with them are not selling due to being overpriced for the market area and too much being paid for the property. And guess who they are using to do their bpos for them? Broker Price Opinion of all companies so of course the numbers are skewed. In addition, many of the properties have had poor rehab jobs done and the contractors are charging way to much to rehab them. It is an exercise in futility.
Yes definitely sounds different with me there was no non-profit involved it was just them taking title under Polymathic Properties. I don't know if they were acting as an outsourcer for Polymathic Properties or if its the same principals. They took some REO inventory of B of A I think it was. Yes managing 50 assets is quite different then 1 or even 10! Here's hoping for you they get some more systems in place. 50 asset account would be a great account if the stress doesn't kill you. Good luck and keep us posted; i'm hoping it ultimately will work out good for you.
I am going to wait and see, some of the people are easy to deal with, and again I have been able to sell or get into contract more than half of them, but with the new requirements it is getting harder and there has got to be better way.
lets hope
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