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
I do this now with a few local banks. But my software is an Office based platform with Access and Excel. It's effective, but I have to micromanage it. I've been working on a different solution for the better part of a year now. Not having to complete, and based on the service charges and associated costs the platform would cost us, I'd be in.
Thanks for the heads up Dan, this is great news. I would love to be able to provide people like you, who are already doing this, a technology that works and makes your more effective. Yes, a fee will be associated with the technology, nature of the beast but, in an effort to keep cost low, REOPro will see no money from those fees, it will all go back to the technology platform provider.
I have an inside track - my sister in law was a compliance officer at a bank that I will not list with due to conflict of interests. In this world, I've been careful to make sure my reporting is spot on.
I've been on the other side of the table with Auditor's who feel as though the Lending Institution may have not been effective with the sales and management of their properties. It's been a situation that with a privately held bank, it's literally the Board of Directors and the ultimate owner's concerns of profitability.
That being said, those agents who have heard the term LOW HANGING FRUIT understand that this is a market that can be approachable. Also, this is not a one pony show. If you as an agent intends to go this route, time management is crucial. One bank, with a handful of properties, no worries. But consider the bigger picture and the value of time spent. I've seen so many individuals invest 50% of their time to get a 5% return. It's not for the faint at heart. It takes management, and a set of work ethics to protect the integrity of the client.
Let me know if I may be of assistance.
That would be great if Jesse will use you to test the system out. Your contact will probably help Jesse to improve the system, so that it will be in compliance. I know banks get audit on their paperwork, emails, client's personal information which should not be loaded up on the internet ... etc. And a lot of agents either do not read or forget the lender's/Asset Manager's guidelines.
sounds good to me, tell me more!
Jesse, I am very interested in working with you in this new program and will assist any way that I can. I have found that most small local banks and credit unions work with a preferred agent who has a connection to the bank like being a long time customer or a son-in-law of one of the directors so breaking in is a hard nut to crack. It's not impossible though.
The success of the program will be directly related to the agents' performance so I wouldn't look at this as an avenue for newbies to break into the business, at least to start. That maybe something to look at in the future but in the beginning, we need to make the initial contacts with strong, experienced brokers who can be a resource and a problem solver to these new clients.
Also, in response to Sally's issues about listings in bad neighborhoods, it is important for an agent to take anything that the client sends their way including low end properties and properties in tough areas. The client cannot worry about who will take what kind of property and they aren't going to work with someone who cherry picks the inventory.
Count me in with this exciting new program!!
Thanks Gary! You are so right.
Hey Gary,
I am in agreement however, it's not just about performance, it's also about reducing bank liability. I have found that most of these bank use, email and excel when working their own REOs and truth is, if the FDIC found out about that or, regulators for Sarbanes - Oxley....um, they would like no longer be in business or at the very least, find a heep of fines and regulators putting them under a microscope.
My point is, our position will not just be one of performance....why, because that is a losing argument for the very reason you outlined. Normally these banks are good ol boy networks so, unless you can truly offer them something they can't get with their current agent....it doesn't work out.
Our focus will be ensuring our process and technology is FDIC, Sarbanes-Oxley and FDCPA compliant.....if possible, even goes further than minimum standards to offer over and beyond security for both the bank, the client, the agent, and anyone else involved in the transaction.
This of REOPro as the Professional Solution that puts the bank back in Command of thier business by reducing liability and ensuring compliance.
Ok, I had some more questions come into via email so, I am going to answer those here.
1. You become perefered with this network by bringing business into this network. No, you can't pay a fee, or pay an annual membership or "pay" anyting to get preferred status. Why....well, that's because I don't think paying for preferred status is fair. Sure, it maybe a capitalist way of doing things and yes, I am a greedy capitalist pig "oink, oink" but, I have been a part of networks where all I had to do is pay like, $400.00 a year and never got anything in return. I felt betrayed and became jaded. I do not want this happening to any of the REOPro members so, to get preferred status, you got to bring in your own business.
This way, you are responsible for your happiness, you are responsible for your failures and more importantly, you can't put it back on REOPro that we didn't help you. If we can make the national connection to provide you with a winning technology and work with the providers of that technology to provice you with quality customer service and more importantly, the updates you need to do your job better and stay ahead of your competition, for a FREE network.....I would say, that is freaking incredible.
Can any of you name another free network that is even talking about doing something like this? If you can, I would love to know.
I would be very interested in this, please keep us posted
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