Anyone else have a recent spat of reassignments?
We've been with PAS for approx. 3 years and have never had an asset re-assigned. Then yesterday and this morning it seems that we have had 4 assets (possibly more to come) re-assigned to other agents. And the most disheartening/ underhanded part is that 3 of them have not yet been listed so we have no opportunity to recoup our costs, labor, time. Essentially, we paid PAS for the "honor" to sell their REOs.
I'm sure I don't need to explain to those reading this as you know what we have been through with the managing of the PAS assets (by far the most labor & cost intensive of all our clients). I have several emails and voicemails out for which I am awaiting replies, but we received zero explanation for the re-assignments. If the assets are being reassigned due to a
Anyone have any insight? Others with recently reassigned assets?
Maybe this is an Omen from Heaven, suck it up and ditch WF, I did that years ago...
I just found out from a Wells Fargo employee that the reason they cut so many Independent brokers was because Warren Buffet owns
Berkshire Hathaway which recently bought Prudential. Pressure was put on Wells to reassign listings to Prudential and that was why we were cut. That was the so-called "business decision".
Interesting. My biz partner just told me that he believes that Buffet is a BIG stockholder of WF.
I cant believe that any agents make money with the splits for the big brokers. I actually know another PAS agent that is leaving a big broker to come work at our office. After the brokerage takes their split he is making about 60% of the commission. I wonder how much Prudential is going to take as a 'referral fee'. Prudential may find it hard to find willing agents to work REO for anything less than the full commission.
I know that the busiest brokerage in Ocala, FL takes 40% of the bpo money on top of the commission money...cant make a living that way.....cant even keep doors open....think I will reinvent myself....
Yes, you are correct. I forgot to mention Warren Buffet is a BIG Wells Fargo stockholder. That was "the rest of the story". :)
WOW! the rich get richer WOW! here we are working just to pay fees......
I gave up my PAS account months ago. The fees were too high, the weekly inspections were too much, and out of the 5 properties assigned (that I had to pay to accept!) I was only able to list and sell 1. I "babysat" 4 listings for over 6 months, had to pay to accept them, drive by and take photos weekly, only to have them re-assigned.
Does anyone have a promo code for aspen grove?
After 8+ years of working with PAS/WF, I received on April 2, 2012, the following email from them, and they did not care at all, the time, effort and expense I went through with the assets they transferred to another agent. There were over 8 assets transferred, even the ones I was in the middle of negotiating offers, acquiring contractor bids, etc. PAS/WF has a very unfair and inequitable process for cutting agents from their network.
Dear Vladimir Diaz,
Premiere Asset Services (PAS) is in the process of evaluating various markets and agent performance including your own. Please be advised that PAS has made a business decision to remove you from our agent network. In doing this we will be re-assigning the above properties to different agents. Please remove these assets from the MLS as soon as possible. You will still have access to the agent portal to continue maintaining those assignments currently entertaining offers or in escrow as well as uploading invoices for these assets.
This letter serves as notice that you are no longer eligible to receive future assignments from PAS. This is a final determination and is not subject to appeal.
Thank you for your cooperation in this matter.
PAS Network Management
UPDATE: broker mgmt. provided no reason for our "de-activation" aside from "many recent de-activations were due to paying contractors directly for jobs of $500 or more and not using 3rd party vendors". We have always used 3rd party vendors and only once paid a contractor directly for a $500 job. Who would have thought that a $1 mistake would have carried so much weight!
We have been trying to get reimbursed for the $115 that we pay for each asset at assignment and even that has been a challenge? I have no idea how PAS can justify not reimbursing us if we didn't even get to list the asset -- never mind all of the work we did for the properties. Talk about adding insult to injury.
While WF may be trying to heal their image with the public, they are destroying it on the back side with RE professionals. I wont refer any traditional business to WF for fear of how they may treat my clients. Others in our office have said the same based on our story.
We have 2 remaining assets with PAS that we are trying to close. Both have been a struggle with some definite mismanagement on the part of PAS. Our pride has healed and we are actually somewhat thankful that we are about done with PAS. We have reviewed our work for them versus our other clients and despite the 2.5% commission we looked to be making less from PAS due to how labor intensive they are.
Best of luck to the remaining PAS agents! While most of the personnel at PAS are pleasant and acknowledgeable enough the corporate entity abuses it's agents.