Home > Blogs > Chris Oliver > Chris Oliver's Lake Blog

Budget, Budget, who's got the budget???

By Chris Oliver

Real Estate Agent with Century 21, Preferred Properties

January 04, 2010 03:54 AM

Every year at this time I have to sit down and think about what to spend my REO budget on again. RES.Net & reotrans (now equator), and web sites are always at the top of my list but there are TONS of other sites and some look good but I don't have enough feedback to make an informed decision. Others looked good last year but didn't make the cut in production so I won't buy those again. Many are affiliates (read: owned by) the banks, asset managers & other interrelated companies and others lead to bpo business only and nary an REO in sight. What to do?? It's easy to spend a fortune and our budgets need to be targeted to produce results.

I'd love to hear what the rest of you are budgeting for this year and what companies are producing the best results. I haven't tried Lamco before and would like to hear from anyone who is with them. They've been at it a long time and have just come out with a new platform that is supposed to be good. Feedback please, how is your money working for you - I'd love to know your stories!

Happy Closings in 2010 ;)

Re-Blog

Comments(9)

Comment

Show All Comments Sort:

John Pusa

Glendale, CA

Hi Chris,

Thank you for sharing an informative and helpful article. Happy New Year.

Jan 04, 2010 04:00 AM

Mary Strang

Viroqua, WI

Chris it is getting expensive to do REO work, lots of pay for it sites, the referral fees and now the extra classes to take. Seems like all of these are huge profit centers for the lenders.

Jan 04, 2010 10:41 PM

Todd Kevitch

InterContinental Capital Group - Boca Raton, FL

Mortgage Loan Officer - I get deals done!

I've tried a few of the others, haven't seen or heard from Lamco after I paid up. I'm scaling back on frivolous BPO and REO companies that lead to nothing.

Jan 06, 2010 04:47 PM

Mark Ruda

Mark A Ruda - Fox River Grove, IL

I'm finding more and more reasons to question the "spend money to make money" mindset, Chris. Too many sites, services, etc. aren't worth dollar one in terms of payback. I use res.net and equator, only because too many REO/BPO companies require it. Otherwise, I take a pass on most of the come-ons I get in my inbox. Most of my work in the past few years has come from FARVV, and they don't charge a dime.

By the way, when did hiring decisions become predicated by who's willing to pay an upfront fee, rather than perform a service on time, on budget, accurately and efficiently?

Jan 07, 2010 07:09 AM

Matt Kofsky

Transaction Realty 500 Reno, Nv. - Reno, NV

I would say that 90% of the money that I have spent has been a waste. Good advertising, no additional business for me.

Jan 07, 2010 10:40 PM

Kathy Torline

ERA Herman Group Real Estate - Colorado Springs, CO

Colorado Springs Real Estate Blog 719-287-1049

Mark: I was glad to come across this article, as I've also been evaluating where to spend my money. Thanks for posign the question.

Jan 27, 2010 03:17 AM

Chris Oliver

Century 21, Preferred Properties - Reynolds Plantation, GA

Well sounds like many of you are in the same position I am - deciding where to spend the bucks. I did sign up w/lamco & hope that will produce. So far this year Resnet has been very good to me and if anyone has any feedback about the new upgrades I'd be very interested in hearing it. Equator too. I am getting some stuff from the basic level and wonder about the upgrades. It does seem to me that so far what I am getting is response from asset managers who have seen my work before and then see if I am signed up on the platforms. No complaints but I sure do hustle to make sure I beat my timelines on every task. 4 listings this month in a rural area & hoping for more next month.

Happy Closings to all ;)

ps. if you aren't signed up on REOpro you should-great network site & free.

Jan 27, 2010 03:57 AM

Well, I'm sure not impressed with Lamco so far. They certainly talked a good game & seemed to have the professional chops but nary a call, e-mail or even a bpo. Meanwhile I've had 2 call backs from AM cos' that I have been of waiting lists for years & pretty much gave up on. Just reinforces that patience & persistance pays off - paying to sign up with some of these guys-not so much. ;-))

Mar 28, 2010 09:08 AM

Julie Nikolaou

RPM Homes, LLC - Appleton, WI

Thanks for your comments - loved the song and dance from LAMCO, but just not sure if it will actually produce anything and give a good ROI. Think I'll spend the cash on the resnet upgrade instead...

Feb 04, 2011 02:42 AM

Budget, Budget, who's got the budget???

Comments(9)

Chris Oliver

Real Estate Resources

Recent Posts

Additional Information