REOPro is in talks with a national technology platform about possibly revolutionizing the REO industry by allowing our members to go out into their markets and solicit REO's from small to medium sized banks and servicers.
The idea behind this effort is to make the agent the AMC (Asset Management Company). We have found that many local, small or even regional servicers just simply don't have the technology, expertise, staff or funds to hire or create a true "REO Department" for themselves. Instead, they assign an unfortunate VP of the bank to handle the REOs on top of doing their regular job.
What REOPro would like to do is provide our members with a technology solution that would enable them to go into their local banks, credit unions and servicers and offer them a true AMP (Asset Management Provider) solution. In essecne, creating micro AMP's across the nation through REOPro.
Basically what we would do, is give you access to a technology platform that allows you to customize it's performance for a particular lender or servicer in your area. You then could work for them and become their own little AMP and help them avoid the cost of outsourcing. This way, you could go into Bank of Small Town USA, show them your incredible software, your incredible support, your incredible tracking, etc..... and win them over as their own little AMP.
Truth is, we may never be able to capture a Bank of America or Chase but, a larger underserved market is out there and that is the local banks and credit unions who would like to outsource to a credible, knowledgeable and experienced AMP but, can't afford the cost.......here is where REOPro could step in.
The only question is, will our members go out there, sell our services as a AMP and win business? Of course, you would be our exclusive agent for any business you bring in but, would you do it?
Let me know, love to hear your thoughts.
Replies
Sounds like the best of both worlds. I've listed and sold REO for a few smaller regional banks that pay a fair commission for the exact same work I do for the big name banks who have too many people taking a slice of the pie that I am doing all the work for. I like being able to use local contractors rather than be at the mercy of some of the national preservation companies who often do shoddy work. The downside is that when you are used to task management software, the lack of it is hard to get used to. I use TAZA mostly for my document management, but it has the capability of task management and expense management. I just have not really used those features. I think your idea is a very viable one. Let me know what develops. I service Coastal Georgia, based out of Savannah. As far as price, most of us pay $100-150 per closing for Equator, so I'd be interested to see what the agent use price for this new idea will be.
Hey Jess, Quite an undertaking. Would like to work with you here in the Southwest Florida area. Would your management company, aside from the marketing manual, advertise and promote the service that we would provide? Count me in.... LeeFrank@comcast.net
Not exactly sure just yet but, I do know we would have a hand in it. Truth is, it would have to be under some type of national umbrella to give the local agents securing the business a leg up. So, I know the REOPro name, site, and ultimately the network will be a key to the success of the idea, just how involved....not exactly sure yet.
That is the most different idea in the REO industry I have heard! I work in the Richmond, VA area......Count me in! I hate doing everything, including paying utilities & liens to get 1.6%.
Good thinking, Jesse! - Count me in for the Central Oregon areas of Deschutes, Crook and Jefferson counties!
Please let me know if there is anything I can provide for you regarding Oregon state law and please keep me in the loop with progress updates with this idea.
Okay let me ask a question? If there was a company say a property preservation company that can handle all that needs to be done to a home to get it back on the market for sale would that help banks,lenders, and realtor or even investors.
Sure but, nothing new about an all in one property preservation company, they are everywhere. In fact, the last I had heard, almost 800 different national companies were completeing for HUDs property preservation business, including companies like Home Depot.
Interesting and creative.
I would love to hear more about it; training, webinars, how-to's, etc...
Out here in Brooklyn, New York....you can count me in!
This is not new! Back in the 90's, I was the REO dept. for a subprime mortgage lender, and I didn't have those companies. Files came to me after sheriff's sale, and I relied on the agent to report damages, change locks, winterize, etc. We cut the checks for all services. Agent listed and sold and got the commission, no referral fee. The way it should be. Throughout the entire Northeast and all the way to Indiana. My agents and I had a great relationship. They did a good job, they continued to get listings. It was perfect. The past 5 years, I've been an REO agent, and it's been crazy. Too many servicing companies, too many referral fees, Field Companies getting the job of winterizing, AND THEN getting the job of repairing the pipes that busted anyway ('magine that). Messed up lockbox codes...man I could go on. What a disaster. And the automated BPO and status reports that just keep generating...it's nothing but paperwork now. Used to be a phone call from me...to the agent requesting a BPO update as needed, depending on the market. Wow...them were the good 'ole days. I'm in.
Hey Edward,
Wow, I thought i was doing something unique......lol. Actually, I wasn't aware that this was how it was done but, none the less, I think we should get back to doing it this way. Think how much money we could save the lenders / servicers. It seems a no-brainer.
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