I just closed one with them. After referrals they made more than I did, but didn't have prop pres or utilities. They are a legitimate company as far as I have experienced.
Alicia, I could not agree. I accepted a listing for an $70,000 property with them. Had to evict former occupant. I thought when I accepted it was 2% at closing I learned it was 2 less 35%. I had to do weekly inspections. As the broker owner I did not have worry about split. After the cost for time and mileage I figure I lost money. I don't know how they can attract quality agents with this split. It ranks right up there with $35 interior BPOs.
I just found out after the property went out of contract about the management fee (33% or 35%). It is really a rip off. I was lucky because the house was over $300K. The selling agent commission is over 10K and mine less than half. As listing agents we do all the hard work, endless paperwork, weekly inspections and very often the evictions. The $ 35.00 interior BPO is a joke.
Seth Nadreau > Alicia B BaruffiMay 9, 2015 at 4:55am
Agree 100%.
The ONLY way this becomes profitable for us as agents is if we're able to lock down both sides of the deal. I have a client now that pays listing agent 2% and then takes a 25% fee from that.
I host "investor open houses" in my low paying REO properties. I advertise them using all non-mls means such as craigslist, streetside signage and newspaper ads. No cookies or champagne... but I invite investors to bring their contractors and I collect names and contact info for future investor properties.
This has helped turn some of those low commissions around and has helped me create a database of investors AND contractors. :-)
Carrington Property services is part of Carrington Holdings Comp. They have another property service company as well that is under their umbrella called White Van. Other companies under the umbrella are Atlantic & Pacific Real Estate, Telsi escrow, Carrington Mortgage Services and several others. APRE is expanding nationally and is the arm that helps liquidate REO's & Short Sales that their loan servicing side has control of. They are also acquiring distressed assets from several other VAR channels that are fed to APRE.
It sounds like Carrington Mortgage's real estate arm is branching out into inspection as well. Their model is have the REO homes rented while trying to sell. Their agent does get listings in their name (only) but bulk compensation goes to their employer. The agents run around like chickens doing what it takes to get the home sold. They do their own bpo, inspections. Answering Derrick's comment, the AP agents who got the listings tell me it was not their expectation and some are uninhibitable.
Replies
I just closed one with them. After referrals they made more than I did, but didn't have prop pres or utilities. They are a legitimate company as far as I have experienced.
Alicia, I could not agree. I accepted a listing for an $70,000 property with them. Had to evict former occupant. I thought when I accepted it was 2% at closing I learned it was 2 less 35%. I had to do weekly inspections. As the broker owner I did not have worry about split. After the cost for time and mileage I figure I lost money. I don't know how they can attract quality agents with this split. It ranks right up there with $35 interior BPOs.
Sandra,
I just found out after the property went out of contract about the management fee (33% or 35%). It is really a rip off. I was lucky because the house was over $300K. The selling agent commission is over 10K and mine less than half. As listing agents we do all the hard work, endless paperwork, weekly inspections and very often the evictions. The $ 35.00 interior BPO is a joke.
Agree 100%.
The ONLY way this becomes profitable for us as agents is if we're able to lock down both sides of the deal. I have a client now that pays listing agent 2% and then takes a 25% fee from that.
I host "investor open houses" in my low paying REO properties. I advertise them using all non-mls means such as craigslist, streetside signage and newspaper ads. No cookies or champagne... but I invite investors to bring their contractors and I collect names and contact info for future investor properties.
This has helped turn some of those low commissions around and has helped me create a database of investors AND contractors. :-)
Carrington Property service. Total commission 6%:
3% for buyer's agent
2% for listing agent over the 2% they charged you 33% :management fee.
From whatever you have left you have to pay the Broker's share. You ended up working for your gas money (hopefully). They suck!!
Carrington Property services is part of Carrington Holdings Comp. They have another property service company as well that is under their umbrella called White Van. Other companies under the umbrella are Atlantic & Pacific Real Estate, Telsi escrow, Carrington Mortgage Services and several others. APRE is expanding nationally and is the arm that helps liquidate REO's & Short Sales that their loan servicing side has control of. They are also acquiring distressed assets from several other VAR channels that are fed to APRE.
I have tried to contact them, but I keep getting a recording!!!
It sounds like Carrington Mortgage's real estate arm is branching out into inspection as well. Their model is have the REO homes rented while trying to sell. Their agent does get listings in their name (only) but bulk compensation goes to their employer. The agents run around like chickens doing what it takes to get the home sold. They do their own bpo, inspections. Answering Derrick's comment, the AP agents who got the listings tell me it was not their expectation and some are uninhibitable.
Sam, why does the bulk of the AP agents compensation go to employer? Does AP have in-house agents?
AP is a real estate brokerage. You need to find out from a former interview as each office may operate differently.
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