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?
Thanks-
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WOW ! we are in Silver Springs ,Fl and have worked with PAS for 15 yrs.. husband and wife team only www.auctioneer1.net ..listings fell off so drastically with PAS we have not had a pay check in 3 yrs....thanks for info ...thought it was us not doing a great job... guess it wasn't....just holding on here.... what a waste of education....at 69 and 71 too old to reeducate.........mark to market another one that does not pay.....all the work and nothing to show for it.......what a joke.....m/a
They cut me 4 months after I paid for their required training and of course I'd paid the entire year of aspen. I asked the agent manager for a refund and he almost laughed. I will not send anyone to WF ever again for a mortgage. They should be ashamed. I'd only worked tirelessly for them since 2001! Bitter???
We are all expendable by nature. If you don’t meet diversity requirements then you become 95% expendable.
I am a RE Broker in San Diego. We worked for PAS successfully for over 5 years. In 2012, out of the blue, PAS chose to reassign my listings to other brokers. When I repeatedly asked "WHY -had we done something wrong??" , the reply I finally got from a supervisor ( my REP claimed she had no idea) was the it was simply a "Wells Fargo business decision that came from corporate" No other explanation given. It was dis-hearting to say the least after so many years of faithfull service. We closed escrow on every property assigned to us - My only guess is that perhaps Wells decided to ax me because we never sent their loan dept any business - don't know......
i couple of years ago i had a house of thiers listed that required a total rehab of course the wanted it done yesterday but only approved the bids a few days before they wanted work completed i contacted approved bid person and found out they were no longer licensed. i contacted the other vendor who was licensed & told him if he matched the other bid he could do the work problem averted & solved right? WRONG because i didn't inform asset mgr (it was a weekend ) about the contractor change i lost that listing and no longer am recieving listings from pas
Dustin, I worked for them years ago. Got 3-4 listings a month. Then they said we had to pay $399 for an online class to learn how to use their portal (that I'd been using for over a year) and 6 months later they sent out emails saying they had too many agents and would be cutting some. I never got cut but dropped to one listing every 3-4 months plus they cut commissions from 6% to 5%. This was before Aspen Grove and the fee they charge per listing now. The new year started and I just didn't update my profile and dropped them.
Over the last few years my other REO clients either shut down or were bought out until I was down to one. They used to be good for 20-25 listings a year but I only got 5 the last 4 years. For this limited business I paid $300 a year to be on their portal, 33% refferal fee, $75 "tech fee" and $5 per invoice to get my own money back. The last one I had with them had title issues and they wanted me to bully a prospective buyer into making an offer immediately when they wanted a few days to consult their attorney regarding the title problems. They even went as far as to tell me if I didn't send in an off my the end of that day they'd pull the listing. I emailed them a cancelation form and told them to take it. I didn't renew my portal subscription and dropped them.
I can appreciate what you say about switching back to traditional RE because that's what I've done. I may try to get back into REO sometime in the future (never say never) but not until I've built up my regular business and I will never be a 100% REO broker again like I did for more than a decade. I suggest to anyone that is currently doing REO only to diversify. When it's 100% of your business you can find yourself out of business pretty quick.
Are they still making agents pay for an expensive training course? There have many posts over the years about agents being eliminated, then a broadcast email advertising for new agents and then the new agents are required to take their training , which 5 years ago was around $400. The only way they can make money on the training is to constantly have new agents coming on board who will pay for the course to get on their broker list. And that means agents who have already paid to take it have to be removed.
I don't recall if I had to pay for training but I do know that I paid a lot of money in annual and monthly fees to PAS for the privilege of managing properties for free! Then to have to work for 2 months more to get my contractors' invoices approved was just the icing on the cake.
Seems there's no doubt that PAS has an unfair and inequitable process for "cutting" agents.
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