Hello everyone,
I'm in MA, I have registered with USRES and completed a few free BPO's for them, with the promise that after completing a minimum of 5 I would be considered for listing assignments. Has anyone passed that step yet? I don't mind doing some freebee's but I certainly don't want to continue working for free, if that is not a true statement.....
As to CAM, is anyone in a non-competing market who is willing to share some experience/info...???
Greatly appreciated,
Happy New Year to all
Replies
Hi Jose:
I am in Kissimmee,Florida which is located in Osceola County. I have been doing BPO's and REO's for USRES for over a year & a half now but they have not sent me anything in the last 6 months. When I first started doing these free bee's I was told it was a 15 to1 ratio, I have done over 60 BPO's and have gotten 3 listings from them,unfortunetly they have all been cheap little listings of 35k-60k prices which does not bring much of a commission and lately they have been telling me that they don't have any inventory in my area.
The people that I have delt with from USRES all have been very nice to deal with which is not always the case with this type of assets. I will also say that dealing with REO's is not as easy as it may seem and can get very expensive,usually you have to rekey the property and maintain the utilities on in your name. With the properties that I have done from USRES, they have done the trash outs and the cleaning of the properties which is not always the case with some Banks and asset managers, some times you have to shell out alot of your many and wait for them to re-emburse you later,some later than others. Good Luck and Hang in there,hopefully you will get something soon.
Thanks Angel, for your elaborate response.
I have been doing BPO's and listing REO"s for other asset management companies for about 4 years now. So, I am very familiar with the entire process, from A to Z, and all the variables one encounters with each asset and each client.
My concern with USRES - being a new client to me, and given its prerequisites and entitlement structure - was to hear testimonials from anyone who had the exposure to the company and was willing to share its merits and shortfalls.
I am glad to know that USRES delivers as promised, taking into account that workflow will obviously vary in nature and frequency, from market to market, from time to time.
Best regards.
In 2008-2009 I did 20 free and was waiting for a listing. Newer got one. I did check on the 20 I did. Three were listed with other agents. I then stopped doing the BPO'S.
FYI, I'm in MA as well.
Oh, ok, good. I suppose it depends on a lot of variables, just like with many other AMC's, there is never a guarantee of one getting any work, you just have to be present to win....
I'm just trying to avoid (as we all should) traps and scams, that's why it is so important so share one's experiences.....
Thanks.
Jose,
I know many agents who have received listings from USRES. My market is very competitive and it's very difficult to get in with them. I'm in their system, but have not completed any BPOs, eventhough I've asked. I hear the average BPO to listing ratio is 10-15 BPOs for every listing. It really depends on supply, time of market, etc. So, if you're patient, are willing to put in the time, and produce a great product, you will be rewarded. I hear they are very loyal, if you're good : )
As for CAMREO, I spent the money way back, and never received a thing. I thought that all of the listings on their website were their listings. I later found out that many were entered by the agents on their website, similar to how you can add them to Equator, Res.net and other platforms. In my opinion, save your money.
USRES strives to be fair and consistent with the assignment of REO’s to our agent network. If you consider the market we are in today, there are many uncertainties. The fluctuation in the REO market over the past 3 years has been the reason for increases in property valuations, and slow down in listing assignments. During a foreclosure cycle in some states, the property can be valued 6 times before the property goes to sale. As well, during the foreclosure process, you might have several bankruptcies, or loss mitigation initiatives that delay or stop the process all together. With all things considered, 10 valuations might be done on a property prior to sale, and at the sale, it might be sold to a third party resulting in the property not going to an REO agent. There is not a magic number of BPO’s to complete before you will have an assignment. As soon as the first BPO is completed on behalf of the company, you become eligible for assignments in your coverage area. I hope this answers your concerns C J, and for any direct questions you would like answered feel free to email me at vendor.management@usres.com .
GM, VP of Vendor Management
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