Hello - Glad to be a part of the group and thanks for having me. I received a call from res.net yesterday "just letting me know" that they signed on a lot of new clients and because I was a past member they were offering me a discount of just $490/yr. I said that the last time I signed back up with the promise of new accounts I paid $700 and got nothing. I then asked if I could get a list of the "new companies" so I could review it and make my decision if I wanted to throw out another $500 for a hope and dream. The lady from res.net said she could not email me a list but she give me the following companies as "new to res.net" - Ditech (??), Carrington, NRes (??), Zoom, Green River and NationStar. Can anyone shed any light on if they think the res.net sign up is worth it and what other companies are actually using it? I have been in REO for 8 years, have had a few clients here and there that used it but I had decided to let a few of those companies go over the past few years and have not had a need for res.net. I appreciate the input. Thanks!
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What kind of inquiries you are referring to?
IN MY MARKET, the clients that use RESNET do not request paid BPOs. If you have a BPO task from any company other than USRES, you have already been assigned a bonafide listing.
USRES, sister company of RESNET, requests free BPOs and they hold out hope that if you do enough of them, they will eventually assign a listing. Their listings in my market of Akron Ohio are generally junk, valued under $20k, priced too high for too long, require that you arrange and pay for all of the maintenance services, submit reimbursements but paid pretty quickly, and they pay you half of what they pay the selling agent. Their BPOs, however, are usually for Fifth Third Bank (as I recall but not sure) and in a more normal value range.
I have never gotten anything they are just a platform They don't have anything iT the asset companies we need to reach
I received few thru res.net and have couple in pipeline currently. I was found by companies because I didn't have any connection with them at all. I guess it depends where you live.
I've been getting the same calls. The companies she mentioned have been with res.net for years. Last time they called, they said there were 30 res.net listings in my area. Doing a keyword search in our mls, I found one. Just say no!
You can search for the resnet listings directly on resnet which many buyers do.
FYI they told you a bit of a fib Nationstar has their own platform for assigning REO properties and it is called Cascade.
To my knowledge they have no plans to use Res.Net. I used to have Res.Net but I believe it is a waste of funds.
Why would you pay then all that money and get nothing? We should not have to pay these companies to do their work for so little; let them hire an appraiser!
As you know, resnet is a platform that many asset companies use. I wouldn't pay until I had a listing assignment. Apply directly to as many asset companies as you can and sign up for free directories.
I've been a member for over 10 years or since the beginning of resnet. I currently have listings from 5 different companies on resnet. 2 are new companies I've never worked with before. 2 are companies I worked with before they started using resnet.
When I started doing REO, every company had their own "system ". It was horrible. Resnet simplified a lot of things.
I too would and have dropped such memberships when they didn't pay off. In some instances, I have been offered discounts or a free year when I explained that they wasted my money.
I've paid 3 times to RES-NET and NEVER AGAIN! These companies are ripping off real estate agents by charging fees with no guarantees. They've become powerless advertising agencies rather than REO and BPO servicing platforms. We all need to start complaining about these practices!
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