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?
You are so lucky they were re-assigned. I worked for months on several PAS 'pre-listings' before they were re-assigned and the assets are still sitting there months later rotting and a danger to the community. I managed to sell one after 21 months (one month on the market) of weekly inspections an hour's drive from my office, supervising construction, filling out detailed reports, investigating the whereabouts of previous owners, dealing with a Title V installation.Then I spent several weeks trying to get my contractors paid wondering if I was going to have to pay them myself (They were paid in the end) I doubt if I made $3/hr for those 2 years. The PAS people themselves seemed great to work with but their system will sink you.
They won't throw out the dead beats living in their homes, for free, but they have no problem " making a business decision" and throwing us out like " yesterday's trash"!
We have had 15 properties reassigned from us. We have over $10,000 out in unreimbursed expenses we have had to wait for really 60 days for reimbursements we have received.
We are nearly out of business because all the time we have invested in Premiere's properties. We really think some explanation should be granted to the loyal realtors they have decided to deactivate for no reason. If anyone finds out what is going on, we would love to know. They have reassigned some of our properties to realtors we have never heard of and most likely have no REO experience.
Your HMC cannot help, we have a WF loan center IN the office and got tossed. I know the Regional VP of 14 Western States who cannot help.
There was no discernable reasoning behind the cuts, like they just drew a line through every other name. In logging onto their site you see some names get all the properties, agents who were booted out of other client’s databases for ineptitude or dishonesty, in some cases agents who are literally so far from the property as to be in a different MLS. Very often the properties are dirty, unlocked, have no loan info or MLS sheets inside, unsurprisingly when you submit an offer you get no response.
I did request a refund from Aspengrove as we had just renewed our annual dues, another junk fee really, for their boring, sophomoric training that we have all heard from every other client for years. They pretended to have to think about it but I explained they could think about it while they waited for the case to be heard in small claims court, that the only good thing about being cut was not having to listen to their webinars anymore which reminded me of nails on a blackboard. I got the refund.
There isn’t much REO right now and there may not be more than a steady trickle next year but my advice is to stay awake and up on developments; change is a big part of REO and the PAS management will change at some point we will all be able to get back in. Hopefully by then they will have cleaned up their act.
I'm on the fence about getting back in, but we're going to try. Truthfully, our HMCs manager and regional VP seem to care more about getting us back in than we do. You may very well be right, but the guys I know at WF are tigers.
Yup, Christian is right. Turns out we were cut.
PAS started re-assigning properties approx. 36 hours before we actually received the termination notice. We received no explanation whatsoever in any of the communications. We get to keep working the assets that are under contract, but all of the others were re-assigned. PAS is by far our most costly client in terms of time, energy, money so it's a real punch to the gut when you have done 30+ asset inspections and PAS gives you no opportunity to recoup your expenses let alone actually make a little profit.
Our HMC is trying to get us back in, but at this point, I don't know if we even want back in. Apparently, PAS just "downsized" several agents in our market and it may have little to do with performance.
Wayne, we're in the Greater Baltimore Metro area. It's funny/ sad that an agent that got one of our reassignments is still working for PAS yet turns down some assignments in the scarier parts of the city - yet we never turned down any assignment.
This industry gets worse and worse (at least in the 8 years we have been selling REO). If we weren't in as deep as we are we would have switched back to traditional RE by now.
Good luck to you PAS agents out there and watch your 3 year mark!
That's has to be illegal? How can we be subjected to tons work and NO
pay? Why is it that Realtors are not protected by Labor Laws? This is the only industry I know that's is subjected to these practices.....
Other agents in our market think the same thing. One in particular who currently works with PAS told me she will most definitely contact an attorney if/ when she gets cut. How PAS handles their cuts really shows the complete lack of concern for their agents. We are nothing more than a number to them.
The crazy thing is that these seemingly un-provoked cuts cause so much ill will towards PAS in particular and Wells Fargo in general. As I mentioned, our HMC thinks he will lose business so is upset with the cut and none of the agents on our team will refer their traditional buyers to Wells Fargo. I assume that no agent who was cut will refer business to, or have anything good to say about, Wells Fargo as they transition back to traditional RE.
Where are you located? I am in Port St lucie Fl and Have three currently and just about to spend the $200 for the Training course required again. I do know there are tons of Wells Fargo foreclosed own homes here in my area so hopefully this will not effect me.
You've been cut. PAS just downsized it's agent database even after a lot of us just paid our annual dues to Aspengrove.