Many of you may have seen a new advertisement on REOPro for Bridge Asset Servicing Network and their claim to GUARANTEE LISTINGS. Obviously, this intrigued me and I wanted to learn more about this company and see just exactly what they were all about.
After some initial contacts, I was able to send over a list of questions I had for them and I am pleased to say, they responded. Below you can read those questions and determine for yourself if you want to do business with them.
I have to disclose to you that I was so impressed with their responses and with my conversations over the phone with their leadership, Steve McCormick and Angelique Norton that I completed the application and joined.
Question # 1: What is Bridge Asset Servicing Network?
Answer #1: Bridge is a single source asset servicing company….
Question # 2: What exactly do you mean you can guarantee listings?
Answer #2: ….We want to be different. With our guarantee, we are trying to put the agents at ease and affirm that we will follow through and will provide product. If your combined commission does not cover your first year annual membership cost, then 50% of those fees will be reimbursed to you. That of course does not apply to an agent that declines properties assigned to them.
Question # 3: Do I have to sign up for Equator or RES.NET?
Answer # 3: No, Bridge has its own system and that is why we require all agents that wish to work with us to attend our seminar to receive training.
Question # 4: Do you offer Training?
Answer # 4: Yes, we require that all agents come to our seminar and participate in future training….
Question # 5: I see you have a conference coming up, how much is it to go?
Answer # 5: The conference is $495.00 if paid by May 15th. After which, the cost will be $695.00 and $795.00 at the door.
Question # 6: Why would someone want to attend your conference?
Answer # 6: The conference like all education events is a key opportunity to stay current with best practices and to network with your fellow professionals. The key reason to come is if you don’t, you ca not join the network and receive any listings as you will be unfamiliar with our forms, computer system and expectations. …we want everyone to be successful and fully understand where we all stand.
Question # 7: Do I have to sign up for Equator or RES.NET?
Answer #7: No, Bridge has its own systems and that is why we require all agents that wish to work with us to attend our seminar to receive training.
Question #8: Do I need any special certification or designation?
Answer #8: No, we don’t currently require any special designation but we do look favorably on those who have made the investment in themselves and their career to get default service certified. We will ask our members to stay current with industry standards and move toward certification in their area of expertise.
Question #9: What is the specific type of agent you are looking for?
Answer #9: We are looking for agents that like us and want to do things the right way. We want people who are dedicated and show integrity in the way they do their business, individuals that want to give back to our industry and their communities. This business is not just about making money but about improving the areas in which we work and profit. We desire to remove the blight that an REO can cause on a community and replace it with a home that is at or above the community standard filled with families that will function in that community.
Question # 10: Do I need my own money to float my listings and pay for property preservation?
Answer #10: No, we believe that this is an unfair burden to place on the real estate professional and as such, we work with contractors that can carry the rehab costs and Bridge Asset Servicing reimburses utilities etc…. on a monthly basis.
Question # 11: What is the referral fee?
Answer # 11: There are no referral fees, we believe that you earn those commissions and that it is yours alone.
Comments
Paying to get a job is a bad idea being re-kindled from the dark ages....I and my 30 years experience completely disagree with this philosophy. I think they shoud pay me to have my experience among their ranks so they can attract good clients. Let me ask...how many of you have fallen for the AMS4REO scam? Has any one EVER received a listing from them? Big talk is CHEAP. I am not the new kid on the block...AMS4REO, Lamco and Bridge and the jillion others are...In my mind, they are the ones with the need to "buck up" and prove themselves if they want experienced REO "PRO"'s and "Masters" to join their ranks.
Providing services for "free" was/is bad enough. I draw the line a paying a client to hire me and my firm.
IT IS TIME TO REBEL!!!!!!!!!!!!! That is what as a group of PRO's we should be doing.....not bending over and paying out or even suggesting that one of our members should do so......sorry for my "openness". I hope no one is offended by my straight forwardness....this kind of stuff just makes me mad.
Having said that, not once have I heard of a guarantee to refund anything if they do not deliver.
I am more than a little curious to hear how they expect to back up their claims of being able to deliver. Based upon private discussions I've had with senior asset management professionals with track records covering three REO cycles, nobody is getting the kind of numbers needed to sustain our industry. They feel that until changes are made politically to remove the 'too big to fail' assurances provided to the 14 largest financial institutions with our tax dollars, the lenders and loan servicers will continue to hold onto their inventory.
Think about it, with the exception of GMAC who is attached at the hip to GM and fannie & freddie, pretty much every major financial institution that we know of are reporting record profits and improved earnings forecasts. My question for the principals at Bridge is this:
Considering that the majority of REO asset management companies with proven track records can't get any substantial inventory volume assigned from the lenders and loan servicers, how is an unproven newcomer to the industry going to succeed where virtually every other one of their competitors are failing?
Ask the question Jesse, I promise you all of us want to know the answer.
Their answer is what will determine my participation.
Thanks for keeping us up to date.
We will be discussing their Guaranteed Listings, No Referral Fees and Annual Dues plus taking your questions and comments.
You can't miss out on this profitable opportunity to learn how to take advantage of their GUARANTEED LISTINGS. All this next time on REOPro Blog Talk Radio!
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The" devil" is in those details......
Thanks for sharing this info, Jesse!
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