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
Jesse, This sounds good, I have interest. To follow along to another question..If not a list of ALL of the local lenders..potentially at least of a list of the places for us to ge tthat list..local Govt agencies, banking departments..etc. Just to give us a heads up start..Laos... would this be set up..Like an Amp, etc..As we all likely work for one of the larger RE companies or have local rules/regs that the business needs to be in our local company names...are we woeking for ReoPro..or our company..both.. how would this work legally...
Hi Jay, What I do is look in the Yellow Pages under 'Credit Unions' - credit unions are not banks and are not listed with banks in the phone book. Also, when you look under 'Banks' you will be surprised at all the small banks you never heard of that are listed there! Linda
Working for REOPro and your personal RE company would be no different than it is now when you work for another AMP. That shouldn't be that hard.
As for the follow up on the list of companies / potential clients, I just don't have that man power to do that so, it would fall squarely on the shoulders of the local representative.
I've been spreading the word about this site for several months to other agents in my MLS and no one heard of it, so I'm hoping I'll have first chance at my area. How will that person be chosen?
You bring in the business, you are the preferred agent.
Sign me up. This is the kind of forward, out of the box thining that keeps me coming back.
Hey Frank, I think you can relate to my earlier post about the way it used to be! You were one of my best agents!
I am in!! Please let me know how I can participate.
It sounds like a good idea, I am not sure this will work for some agents. You got some who believe they will get properties only in good neighborhoods from a lender. What happens if they can not handle the ones in a bad neighborhood? The lenders do have properties in less desirable areas. Where is the accountability, if an agent refuse to go to an unsafe neighborhood? Some agents don't realize there are tons of work involved, plus expenses. They may not get reimburse until it closes escrow, if it gets to that point. Can they handle the cost on so many properties? How about the eviction process, especially with tenants or family members in the arm forces? Hiring Safeguard Properties may help some of the solutions.
Is there any training for new REO agents who never handled REOs, so that they will not have any illegal issue or create one for the lender? .... This is a pretty gray area for most agents. I think an attorney needs to be available, in case there are any problems.
old saying "you have to take the good with the bad." I've done them all, falling down, partially burned, everything and paid all the utilities, deposits, etc. and eviction too. It's a lot of work, but in all cases I ended up being the listing and selling agent. So even if the property went for $24,000 (like one I did), it's a good commission.
I'm excited and waiting for this to happen. I serve the entire SW Missouri area including Springfield and surrounding counties, many rural properties too that are hard to move. Tired of $50 BPOs and looking forward to any listing, lol.
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