Gerald Peopl…, Real Estate Pro in 80903

What is everyones experience with LAMCO - Lender Asset Management?

Asked by Gerald Peoples, 80903 Wed Dec 30, 2009

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7
If you google lamco reviews you will see that across the board you make back the fees, plus a little more most of the time. We teach quite a few agents on BPOs and asked for opinions on Lamco and they were okay at best. What has to make you wonder is how much marketing they seem to be doing to real estate agents.

I'm in Colorado Springs and there are roughly 20 agents in the network already. How many REOs are they planning on dealing with to need so many agents? Today is my last day in their system and I'm not renewing because I don't do BPOs for a discount.

Lamco is the proud owner of an REO slot machine. You do a few BPOs so you have some coins to put in, and then pull the arm and see if an REO comes out. Most of the time no and if you win you should quit while you are ahead. Sometimes they send the email stating a potential listing, but that's just a spin that came up with 2 out of 3 for REOs when you have to get all 3 to win. I gave it a shot and don't recommend them. Nice people but I don't believe in what they're trying to sell.
Web Reference: http://www.bpoteaching.com
1 vote Thank Flag Link Wed Sep 15, 2010
Don't waste your time or just flush the money down the toliet, full of excuse and it is the market
so forget it
0 votes Thank Flag Link Fri Mar 1, 2013
I to researched them and called a bunch of agents to get thier opinion.

All of the agents had similar stories as posted on this blog - mostly don't waste your time.
Web Reference: http://www.hqhomes.com
0 votes Thank Flag Link Sat Oct 22, 2011
I am not sure how legit this company is but I here is my feedback thus far.
I signed up with LAMCO in florida around Sep 2010 & did not receive a BPO or REO listing until June 2011 at which time I was sent an ext BPO order to perform. I accepted the order, completed the report early & have yet to be paid. I have been getting emails requesting that I sign up for their lifetime membership for almost $500. I replied that I was not inclined to register agin due to the lack of activity but I would be willing to pay the fee if they could provide me with referrals of agents in my area that have been getting REO/BPO assignments. In response I received a call from the sales person but was on the phone with an asset manager for another AMC. He had left a very condescending voice message that he could provide agent referrals but that successful agents answer their phone. I would not recommend this company based on my experience above. I hope this helps.
0 votes Thank Flag Link Tue Oct 11, 2011
I was a SR REO Asset Manager for over 12 years so I have the experience of "the other side". I am always VERY skeptical about joining a fee based website and opted after talked to the point of contact I had constantly calling and emailing me to join. After several discussions about my concerns of paying the fee and getting nothing I was assured it would be a worthwhile team to join. So, against my better judgement, I did and so far I have paid my annual fee and 5 months later I have received absolutly NOTHING! Not even a BPO request or an assignment. Now being located in the Central Florida market it is hard to believe that even with inentory accross the nation being as slow as it is I don't see how it is possible that not one BPO or listing is avaiable after I signed up for the highest paid fee program they offer to get the "MOST" exposure. If you want my opinion, fee based companies are not recommended, after all, as we all know they receive a mass portion of the commission on each transaction we close through the "referral" fee process. I would NOT recommend joining this company and shelling out good money and getting nothing in return. I will agree, they can "TALK THE TALK" but they do NOT "WALK THE WALK!" The only good thing I got for the money I paid to join was the "Best lip service and salemanship if have experienced yet." BUYER BEWARE!
0 votes Thank Flag Link Wed Apr 20, 2011
I was a SR REO Asset Manager for over 12 years so I have the experience of "the other side". I am always VERY skeptical about joining a fee based website and opted after talked to the point of contact I had constantly calling and emailing me to join. After several discussions about my concerns of paying the fee and getting nothing I was assured it would be a worthwhile team to join. So, against my better judgement, I did and so far I have paid my annual fee and 5 months later I have received absolutly NOTHING! Not even a BPO request or an assignment. Now being located in the Central Florida market it is hard to believe that even with inentory accross the nation being as slow as it is I don't see how it is possible that not one BPO or listing is avaiable after I signed up for the highest paid fee program they offer to get the "MOST" exposure. If you want my opinion, fee based companies are not recommended, after all, as we all know they receive a mass portion of the commission on each transaction we close through the "referral" fee process. I would NOT recommend joining this company and shelling out good money and getting nothing in return. I will agree, they can "TALK THE TALK" but they do NOT "WALK THE WALK!" The only good thing I got for the money I paid to join was the "Best lip service and salemanship if have experienced yet." BUYER BEWARE!
0 votes Thank Flag Link Wed Apr 20, 2011
This week my partner and I took the time to go to Denver to meet face to face with the people at LAMCO. We were very impressed, to say the least. The company is experiencing fast growth, and I am giving them a full vote of confidence in what they are doing. I will be writing a full blog here on Trulia today regarding the experience and conversations we had with LAMCO. We are planning on signing up for the Charter membership.
0 votes Thank Flag Link Fri Mar 25, 2011
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