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
It sounds like they want to use agents as their investor’s bird dogs for one part of their business. What does the agent get back in return for this?
HUD will be at their training conference. I guess I don’t get that. If your broker has a NAID number than any of their agents can market HUD listings as their own. HUD has no exclusive listings. Is Bridge considering HUD listings as part of the their guarantee listings?
When I look at the schedule for the conference there isn’t anything about training the agent to learn their systems or processes . The schedule is below. I think they need to be specific on what they're going to train agents to do. It looks like a general information conference to me not a training conference.
Speaker Lineup Includes:
Marla Webb - State of the Union: Working with HUD & Government Agency
CDSP / CCIM / CDEI / President of Cambrian Asset Management Group / Lead
Trainer for DS University
Shelley Kaye - Understanding Asset Management
Director, Women in Default Services / Former President of REOMAC® / Former
Senior Asset Manager for Option One Mortgage
Mark Shenkman - Financing in Today's Challenging Market
President and Co-founder of Priority Financial Network
Looks like they offer their own certified program for BPO/Valuation specialist under the about us tab on their web site. Will you be required to get their certification and how much will this cost?
Do they Guarantee the monthly dues will not increase for the next two years or more?
The industry is full of agents trying to hang on with out any business plan, skills, experience, etc. Many of the Asset Management Companies have had more than there fair share of agent disappointments. There are way too many agents involved and over their head on properties they should have never had a listing on. And they will get weeded out over time.
BPO's is a simple way of pre qualifying agents to see if they understand value and how to position properties before committing to them. Then if they dont or cant perform they are gone. Never done one and never will. But it is a proving process and does make sense for many, just not me.
This process for Bridge ASN may be a way to weed people out of the system who are not actively selling or making any money. But as with Rosemary, you add in the time and travel, it does make you wonder. I am busy working the properties I have now. It is not that I cant make time, it is just is the time I spend at a Bridge seminar going to be valuable. I would pay the $495 without thinking about it, if it were like a Master Builders or NAR class on line and if you worked hard and were good, were paid in direct proportion to the value you add. I have things already planned and scheduled and probably wont make it. But if Jesse gets some credible answers, I may reconsider
We do have a new product, consumer purchased BPOs but, we are waiting on the bank that we partnered with to get thier website and everything done.
i am hoping by next week but, it's just a hope.
Besides Jesse, what happened to your A/M company that will only charge a referral fee at closing?
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