Anyone heard or worked with Single Source Property Solutions? Good, bad, do they pay on time?
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Anyone heard or worked with Single Source Property Solutions? Good, bad, do they pay on time?
You need to be a member of REO Pro Network to add comments!
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Just got a listing today from a company that gets 25% of the listing side and Single Source gets 1% of a 3% to list agent on a 6% listing that the selling agent gets 3%. Let's see by my calculations I will get 1.75% unless I am fortunate enough to double end this baby.....oh and it gets better. Based on the area REO is located, the value is likely to be under $125000.......I have not been given the address yet....until my signed agreement gets back to them in the morning. I
might be just able to buy dinner or ???? you never know :)
It's not great, but better than nothing. Never know what might come of it, buyer, someone in the neighborhood sees it and calls you to list their home. I"ve been in the business for 20 years and there has to be a compelling reason not to take a listing. I never turn down REO listings. Don't feel bad. Last November I was assigned a REO from one of my better clients. Turns out it was tenant occupied. The tenant wanted to buy the property. He was very well qualified. So I let the AM know. Sent in an offer. Called the AM she put me on hold while she spoke with her manager came back on the line listing price was approved, the listing agreement was on the way. Checked my email the listing agreement showed 1.5% for the listing no commission for the buyer's agent. Did both ends of the deal for 1.5% The client was happy and could be a very good referral source. My guess is one day if he sells in the next few years property may be upwards of $900K I would hope to get the listing.(he didn't pay that).
Fast foward to February. Had another property from the same company. Tenant occupied and was under eviction. Had my own client wanted to pay cash. Told the asset manger. My buyer had his eye on this property for 6 months Submitted the offer took awhile but it was approved. Got lucky has they let me sell it off market got both ends of the deal 5% commission sale was close to $700k. My client was thrilled. In the process of rehabbing and my expectation is to get the listing in a few months. I'm going to peg that property about $1.8 million plus.
To make a short story long, one never knows what a listing will bring. SS is a good company to work for and would continue to work with them.
This applies to the accounts that are referred to Single Source from American Destiny Real Estate. I did send a note to ADR after my last deal asking them to reconsider their commission splits. If more of us do, they might start paying us a decent living. Be thankful your not in my market. My last ADR property, the selling agent made $1000 and I made a whopping $500(after referrals and before my split with my Broker) under the minimum commission structure. I do happy dances on any REO that looks like it'll value over $80,000.
I am considering requiring minimum commissions with certain clients. some clients take out so much in referrals that I am left with $500 before commission splits. I have some smaller banks and investment groups who let me dictate the commission, I am also the broker, so I have some ground. I do not like to turn down business, but there are some clients who are really starting to rip off agents.......
I got a referral from Single Source and paid them 35% they didn't pay me for the BPO and I did have to fight them on re key cost and some landscaping but in the end they did pay
You won't get paid from any REO company for doing the BPO if you are also assigned the listing. It's part of the pre-listing preparation.
OCWEN and landsafe also pay quickly, however, they charge per order a small fee. I am not keen on the landsafe form.
Good company to work for...simple forms, checks are cut every 15th of the month and actually get mailed that following week. Never had a problem with payment since 2007!!
they are one of the better companies, the pay for bpos is not great, however they pay on time and there is the potential for listings. FYI, I have gotten several listings through them, however, nothing in the last year or so, but it goes in spurts.
Single Source is a good one to work with. Their forms are easy to follow. They pay their bills. Once in a while they have listings minus the typical referral fee. BPO fees are negotiable. You can always respond to the low ones with the "conditionally accept" button and enter your fee in the notes. Do not complete it unless you get the email stating your fee has been approved. They don't harass you 24/7 about when you will have the order completed and if they kick corrections back, what they're asking for makes sense. But I rarely get kickbacks since I've learned what they want on the form over the last 10 years.
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