I got someone nailed dead to rights posting properties on Reotrans that are not foreclosures just to build their image to the lenders I guess. Should I be the rat? this person applied to join my firm and brought this property to me, it is a short sale but not lender reo. Some people. I guess if we all did that reotrans would fail. So off to the county courthouse I go to confirm the info.
Anonymous
Jeffrey: LOL don't tell them that it's real...more competition! Let them keep thinking that it's a scam...of those of us who know better...and have gotten 100+ listings through REOtrans will continue to do so! :)
| 08/19/2008 05:09 PM | by Jesse Barron, REALTOR® - Real Estate Made EasyTM in Anne Arundel County, MD (Keats & Co. Real Estate, LLC) |
Hey Jesse!
Bluffer, I can't believe you can get 100+ REO listings from REOtrans. Your picture look like you are a high school student. How can banks trust their assets to agent like you?
Sep 24, 2008 06:57 PM
#35
Anonymous
The truth is REOtrans is for profit company. I have been with them for almost 2 years and haven't received a single BPO/REO. I have gotten tons of BPO's from free sites where you just sign up but not with REOTRANS. They have residuals every month from agents like us. What do you think?
Sep 24, 2008 07:01 PM
#36
RE/MAX Clarity; Praecelsus Property Management - Chula Vista, CA
I did the REO TRans thing for about 5 months, saw 4 BPO requests come in, and was always too late. I guess some areas are more competitive than others?
John Occhy, that conspiracy theory about a program being written to snatch up the BPO requests once they become available sounds pretty good to me. Anyone know any good programers?
Seriously though, I have talked to a number of agents, and they tell me that it is better for having your profile viewed than to get BPO's (unless you have "The Program").
Sep 25, 2008 12:06 PM
Anonymous
You keep paying REO Trans and they get your money every month. Put aside $2,000 in a bank account just for REO Trans and it will be gone in a year or so without getting anything in return. Have somebody figure that out? They are just playing with you. Sending notification when in fact they have sent it out to somebody already and got accepted. What do you say?
Sep 25, 2008 12:57 PM
#38
Re/Max By The Bay - Exeter, NH
GRI, CBR
I have received several listings from REO TRANS. Not 100 like some are saying. There is no way to see how many other agents in my area are signed up with them and that is a bigger concern as I see many listings being "spread around" by them.
Sep 28, 2008 09:03 AM
RE/MAX SUBURBAN - Libertyville, IL
SFR, e-PRO, CDPE
Thanks for the post.
I personally haven't gotten anything from REOtrans either...other than a bill.
Oct 22, 2008 02:16 PM
Anonymous
REOTRANS.....WHAT IS SEE IS LIKE OTHER SITES, I AM ON GOODMAN DEAN, GET LOTS OF ORDERS. OTHERS TELL ME THEY ONLY GET BLASTS. I HAVE NEVER GOTTEN BLASTS. THEN I AM ON MARKET2MARKET, GET A CRAP LOAD OF BLASTS, HAVE NEVER CAUGHT A SINGLE ONE. AN AGENT I KNOW NEVER GETS BLASTS, GETS REOS AND BPO'S THAT LEAD TO REO.
I HAVE BEEN ON AND OFF REOTRANS FOR ONE YEAR....NADA...
DOESN'T MATTER IF I PAY OR NOT, JUST BLASTS THAT ARE TAKEN, AND HEAVEN ONLY KNOWS, I'M REALLY NOT LOOKING FOR BPOS!!!
Oct 23, 2008 05:06 AM
#42
PalmerHouse Properties & Associates, LLC - Atlanta, GA
Your Greater Atlanta Marketing Guru!!
Rat them out. This business has to be about honesty and ethics above anything else.
Oct 24, 2008 09:51 AM
Anonymous
THE WINDS OF THE MARKET HAVE CHANGED. IT IS TIME TO ADJUST YOUR SAILS/SALES. IF REO-TRANS IS NOT USING YOU, IT IS EASY TO CALL THEM NAMES. I WORK FOR THEM, I WORK HARD, I DON'T GET A HUNDRED LISTINGS BUT SINCE I HAD AN OPPORTUNITY TO PROVE TO THEM THAT I AM A PROFESSIONAL AND TAKE MY JOB SERIOUSLY I GET A NEW LISTING EVERY TIME I CLOSE ONE. I CONSIDER MYSELF LUCKY IN THIS MARKET THAT I CAN KEEP MY BILLS PAID. THEY PAY A HIGHER COMMISSION IN MY AREA. (NEVADA) Some days I spend 6 hours on a $50.00 BPO. Not because of the $50 but because I really really need that listing. I signed up for BPO's in April. Appreciated the fact that my car payment was made for a couple months $50 at a time. In a few months I got my first listing. A correctly priced listing by REO trans and a company that understood you have a faster sale if the property is clean and the lawn is alive. I sold it in two weeks and closed within the month, ($28,000 commission) I got my second listing right away. It was in escrow in two weeks, closed in two weeks, I am on my third, maybe ten days old ... I just got my first offer, second is expected tomorrow. My BPO was low... REO trans didn't like it. (strange floorplan) The other BPO's disagreed with me. I am guessing I was wrong... my first offer is much higher. They are not perfect to work with... busy Asset managers... I am not perfect... this last BPO left way too much money on the table. I came in low... I will spend more time to evaluate my work next time. The bottom line. If we do the best we can as professionals everyone gains. On my last sale of $1.1 million REO-trans paid to have the home cleaned, trash removed, pool serviced, and lawn service. Every one of these subcontractors were truly grateful for the work. Most of them were licensed contractors out of work. I estimated by the time REO-trans closed this tranaction they left $80,000 in our community. Beat up REo-trans if you need to. But in my opinion they are getting the job done. The sooner we get rid of these REO's the sooner our market can stablize. In the meantime, we all have to work three times harder for a third of the money and be truly grateful for evey job. I for one... appreciate REO-trans and all the other pro's who keep my bills paid.
Nov 16, 2008 02:30 PM
#44
Keller Williams - Daytona Beach, FL
Phil at http://www.findahomeinportorange.com/
Our company, Concord Real Estate Inc., has 36 listings thru REOTRANS that are owned by various lenders. REOTRANS is one of the easier AM companies/web sites to deal with.
Like anything else - it takes time to learn.
Nov 17, 2008 01:15 AM
Core Group Realty - Boise, ID
ABR, CRS, GRI
I am working 2 listings right now with REOTRANS and they have been great. Asset Manager is responsive. I was only signed up for 2 months for about 5 zip codes when I got my first listing.
Nov 22, 2008 01:06 PM
Homes for Sale St. Louis - Kirkwood, MO
I just sold one thru Reo trans and have not been reimaburse for repairs, It seems no one will answer my e-mails! Crazy!
Dec 05, 2008 04:04 AM
Midwest Executive Realty - Milwaukee, WI
Broker/Owner, Greater Milwaukee
Jeffrey, I commend your efforts for standing up to do the right thing and taking a strong ethical position against this wrongdoing even if you stand alone, continue to stand on solid ground, when there is an opportunity to do good, we should attempt to do good, even if no one is watching.
I think Matthew Boughton's point was that from the client's perspective you're not being graded on your ethics but rather on your bpo timelines and completing the tasks via a scorecard that we can't see, reotrans is performance based and asset managers are looking at timelines not ethics, which we all understand but as Realtors we have a code of ethics to adhere to on a local level in addition to fulfilling the REO requirements and satisfying the corporate clients.
I have about 40 listings through reotrans, but I already had the clients prior to signing up, so I'm not sure how long it should take for someone to start getting listings from reotrans. I think they would need to focus on networking and establish a relationship with the lender or AM. REOtrans is a great management system and on-line resource tool to help manage your reo portfolio. It helps me stay on top of things and sends out emails whenever new tasks are assigned such as the monthly reports and updated bpos. All communication from asset managers, title companies, eviction attorneys, etc. are centralized and funneled through this medium, documents including offer contracts, amendments, addendums, bpos, etc. are uploaded and stored thru this vehicle, everything is maintained in this on-line system, thereby reducing the need for paper storage and moving us closer to a paperless society, I think.....
Dec 05, 2008 07:01 PM
Keller Williams Realty - Santa Rosa, CA
I paid for REOTRANS too, never got anything. Then I started emailing asset managers. Finally got a bite from one lender, who gave me two listings. But I had to have the client first. Signed back up for REOTRANS, but haven't gotten anything from any other lender. I really think you have to have the client first.
Apr 14, 2009 08:58 AM
The Outer Banks Real Estate Copmpany - Corolla, NC
Carova Beach - Living & Working in 4-Wheel Drive
I got a call yesterday from someone who said that they were with Bank of America and that they WANTED me to register with REOtrans, and input the info on my short sale listing that we already have have an offer on. I was so excited until I went onto the site and saw sections where they wanted to charge me money and offered BPOs. I did the free registration, but will wait to talk to another BofA contact that I know before putting in details about my listing.
Nov 17, 2009 09:24 PM
BMC Real Estate - 209-910-3706 - Stockton, CA
The Mother & Daughter Realty Team
Putting different types of listings on Reotrans than what they allow is definitely not right, but I do not think I would police Reotran's sight like that. Reotrans should figure that out. Also, now that they are allowing Short Sales to sneak in with the new process.... will it really matter at this point?
I'd like to know some more important like what other banks (besides Bank of America) is now joining in with the short sales on Reotrans/Equator?
Nov 18, 2009 03:21 AM
Tierra Antigua - Marana, AZ
Ginevra -
Is what you are paying each month being covered by the number of BPO's you are doing?? I was paying like $45.00 per month and never got one BPO.
Jan 22, 2010 01:33 AM
Anonymous
They are cheats and frauds. We are stupid for allowing them to take us for suckers. Just like the gov't takes us for suckers. I would not recommend to anyone. They will not let me cancel my membership--I have asked them 6 times. They lock out my pass word because they say I owe them $3.48
Jim Newcomb
May 20, 2010 04:08 PM
#56
Rainer
80,702
80,702
JeffreyDolfinger
NRBA Member
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