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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Waste of money. I got the same spiel and never got one call. Now they are offering banner advertising... Ha. Save your money.
Here's a new one. I went for Res.Net Pro Plus last year, after not being a paying agent for several years and I did get 1 REO property.
My RES.NET auto renewal was today but my credit card in their system was expired so I thought, I will go for a discount or not renew.
I called on Monday and they said no discounts, and to call back of Friday to see if any were available. (the day of renewal).
I called this morning and walla, they charged my expired card this morning at 2 AM!!
After speaking with customer service, they said they will reverse the charges. OMG. I did not think you could charge an expired card!
I used to really like RES,NET back in the day when they were reasonable and their platform is easy to use, but $700 and charging an expired credit card is inexcusable!
YOU HAVE TO BE ON THE BANK'S APPROVED AGENT/VENDOR LIST BEFORE SIGNING UP FOR ANY REO PORTAL, OR YOU ARE PRETTY MUCH WASTING YOUR MONEY.
Most all of the banks/servicers/assset management companies use various REO portals such as Res.net, Equator, iAgent, Dispo/Exceleras, Pyramid, Reoconnex, VMS Altisource.
Most all the banks/servicers/assset management companies have internal vendor managers that create an approved vendor list, unless they lack an agent in a specific zip code and need to add a new one, they always draw from their approved vendor list.
If you're not on the approved vendor list for the REO source, it doesn't matter if you are on the portal.
Don't waste your money. Set up your profile on the REONETWORK.com and work at getting on some approved vendor lists.
Hello Michael,
REOnetwork charges as well. Is it worth paying their fee?
Thank you,
James
I agree with the two responses - if you are not in an area that has a lot of foreclosures it is not worth joining and paying the $700. I renewed with Res.Net a couple of months ago and have gotten three assignments already. They are from two different asset companies.
I agree that it probably depends on your location. I began with them in 2007 and had great success through 2012, when they lost most of their clients and became greedy with agent fees. I continued with USRES for a while but after confirming with several of their AMs that the had a quota on assignments and counted assignments going back several years (!), it was obvious that I would no longer be getting listings. Since Kondaur works with them and I'm a preferred agent, I've asked the Asset Managers if I need to sign up with RES.net. The Kondaur AMs have advised me not to bother unless the properties that I babysit actually go to listing - so it's been a couple of years. I agree with previous comments - unless your area has a number of foreclosures it is probably not worth it. Nationstar - are you kidding! They will pull your listing and assign it to auction in a heartbeat.
I think it depends on the part of the country you are in. I am in Texas and REO's are now few and far between. It would not be in my best interest to pay for any platform at this time. My company stresses that we lead with revenue, not debt. I am making sure this year that I am keeping my money closer to me. Just my opinion. Good luck...
I have received a couple Old Republic (they currently have the HSBC account) and USRES listings in the past year because I was a ResNet member. I preferred the way they did it years ago; a free site, a basic REO asset platform & the upgraded visibility site. Back then, I had the middle membership and actually got more odd clients like BAM based on my office zip code location to the asset. I have to use it now because I do a lot of work for Kondaur Capital and they're on ResNet. My Kondaur volume and the personnel that I greatly enjoy working with over at Kondaur, make the $700/ year worth it for me. I haven't worked with people I enjoy as much as Kondaur's since back in the days of HFN & NDS.
Melissa, I am still paying for res.net because I have one active REO listing but that is it. No new assignments. As we all know, the REO business is almost gone. It is no longer worth the investment.
it seems to work for me too. I have done 10 in the last 12 months and have 3 in my pipeline now. Some of the banks ask for a lot, but don't all sellers ask for a lot for less pay these days. :)
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