We signed up almost two months ago with about 30 zip codes but have not received any communications, BPO orders, or REO listings. Are there any success stories to share as well as others who might be in the same boat? What has your REOTrans experience been like?
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I paid for the extra zip codes for about a year. I never received an REO from this. Early on I could get some of the broadcast BPOs but now, as others have said, they are gone in seconds and most never even appear as available before they are taken. I have been literally sitting logged in on the BPO page and still not gotten any of a group of about 10 which were posted almost at the same time. When I contacted customer support in frustration they said that there are "hundreds" of agents signed up in those zip codes. It doesn't take a math genius to realize that with those odds it just isn't worth it.
I maintain my free membership because one of the asset mgmnt companies I work with requires it, but paying for the additional zip codes just doesn't seem to make sense.
I haven't recieved anything in 6 months. The BPO's are answered before I even get the e-mail saying it's availalbe. Has anybody heard of a software that automatically responds to open orders that are availalbe with REOTrans?
There is a company in Seattle that sells a software that automatically responds to open orders. If you notice when a BPO comes in at 1:15 it has been taken at 1:16. It takes me two minutes at best to log on to the site and another minutes to open the assignment to claim the BPO and it's gone.
I was signed up with them for at least a year before I realized that I did not receive a bpo, a listing or anything. The only thing they were good for was informing me of new listings and who the listing agent would be.
Any training or certifications at REOtrans is just a way to make a money. Almost no one who is used there ever was certified....Lenders do nod serch for agents there, they invite "their" agents to REOtrans to work with.....
It would wise for all of us TO STOP PAYING for zip codes....Check REOTRANS listings and you will see whom they belong in your area/state....
The good option is even with a free membership we can submit all our other REOs, short sales...If someone is taking an advantage of us, we also can take an advantage of them....The problem would be "If ANY buyers/investors ever looking this site"....I deeply doubt it.
I also stopped paying for zip codes....Generally, agents who have a business at REOtrans got on a platform by their AM invitations to work specifically with those agents...Selling zip codes is just a convenience to make more money...
"There ain't no such thing as a free lunch" [Milton Freedman, Economics Chair, University of Chicago] Perhaps a bit crude for such a distinguished scholar and renowned economist. But it's true.
I like many have sought the "secret door" or the "secret handshake" to get into/expand REO business. The truth is that the Pre-Marketers and Asset Managers have overwhelming jobs and don't have time to fool around with experimental agents. (I think) They are looking for agents that not only "claim" to know REO but have invested in their personal and professional development to an ever higher standard of excellence.
Forgive me if my statistics are off, but my recollection is that more than 600,000 agents have signed up for REOTrans and some zip codes. Less than 4,000 have actually taken any steps to study and test through any of the higher levels. If you were an Asset Manager, which one would you choose (form a thousand miles away)??? Mr./Ms. Zip Code or the certified agent???
Another thing is that REOTrans does not "make assignments" they are a portal and software platform, and an outstanding one at that, I'ts all about how "you" set yourself apart when the AMs and PMs are looking for a qualified agent resource in your area. If one is not willing to spend $30-$50-$150/month to be av available for consideration, the AMs and PMs will likely wonder if you'll cut corners on property perservation too. (a good call)
REO is a business, not a lottery. We don't look to "win", we look to provide and deliver exceptional service to our clients that depend on our performance, on-time, every time.
Replies
I maintain my free membership because one of the asset mgmnt companies I work with requires it, but paying for the additional zip codes just doesn't seem to make sense.
The good option is even with a free membership we can submit all our other REOs, short sales...If someone is taking an advantage of us, we also can take an advantage of them....The problem would be "If ANY buyers/investors ever looking this site"....I deeply doubt it.
I also stopped paying for zip codes....Generally, agents who have a business at REOtrans got on a platform by their AM invitations to work specifically with those agents...Selling zip codes is just a convenience to make more money...
I like many have sought the "secret door" or the "secret handshake" to get into/expand REO business. The truth is that the Pre-Marketers and Asset Managers have overwhelming jobs and don't have time to fool around with experimental agents. (I think) They are looking for agents that not only "claim" to know REO but have invested in their personal and professional development to an ever higher standard of excellence.
Forgive me if my statistics are off, but my recollection is that more than 600,000 agents have signed up for REOTrans and some zip codes. Less than 4,000 have actually taken any steps to study and test through any of the higher levels. If you were an Asset Manager, which one would you choose (form a thousand miles away)??? Mr./Ms. Zip Code or the certified agent???
Another thing is that REOTrans does not "make assignments" they are a portal and software platform, and an outstanding one at that, I'ts all about how "you" set yourself apart when the AMs and PMs are looking for a qualified agent resource in your area. If one is not willing to spend $30-$50-$150/month to be av available for consideration, the AMs and PMs will likely wonder if you'll cut corners on property perservation too. (a good call)
REO is a business, not a lottery. We don't look to "win", we look to provide and deliver exceptional service to our clients that depend on our performance, on-time, every time.
Invest in yourselves, and invest in your busness.
Best of good fortune,
Clay, REOMasters State Director, Virginia
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