This is an old question but it has some new answers so I'll pipe in my 2 cents.
I started paying a few dollars a month for zip codes on Equator a year ago (early 2017). I figured for a few dollars it couldn't hurt. I've never paid the $400 fee for the Agent Elite due to skepticism. Since then I've received at least 15 listings in part due to luck (and I am not a lucky person). I got started when an asset manager called me to ask if I was interested in working with them. She said their current agent wasn't doing the reports and that cost them money because they get penalized ($$$) by the lender when the reports aren't completed on time.
I watch the foreclosure list at the courthouse each month. I usually receive listings shortly afterward. However, due to "right of redemption" the listing may not hit the MLS for 6 months.
Now, let me share with you the most frustrating aspects of these listings. These foreclosures involve a LOT of work. For example, biweekly inspections. With my biggest lender's listings I have to visit and photograph (with datestamp) each house every other week and complete a report on Equator. I have to do an initial BPO and sometimes a BPO after 3 months DOM. These are not paid BPOs. I have to do occupancy checks after the home has sold at the courthouse and inventory the personal belongings so the asset manager can determine if a personal property eviction is necessary. They expect me to pay for the utilities and they reimburse me. For any needed repairs (like a broke sump pump to keep the basement dry) I have to get quotes, pay for the repair and then they reimburse. I've learned to keep my mouth shut. The reimbursement isn't speedy either. After many repairs and utility bills I have a small nightmare to manage for which I am not compensated for except with more listings and that isn't guaranteed.
And if that isn't enough the granddaddy of them all is the listing agreement includes a fee paid to Equator at closing as a "technology fee". That fee has gone from $150 to $200 on each listing. Even the listings that had an initial tech fee of $150 have an increased tech fee of $200 when they lower the price on the house. Asset managers like Carrington include a referral fee which further reduces the net pay. A lender I've had two listings with on Pyramid wouldn't even let me work with buyers when we listed a home.
One more aspect is that some of the asset managers, the companies themselves, also have their own title and property management companies. One of them even has an online auction website they use to sell these foreclosures in addition to, or instead of, using the MLS. So then I have an auction aspect to deal with. This garners a lot of attention but auction buyers don't bid much on these houses so they don't sell due to the minimum reserve and I've wasted my time. They don't even send me a yard sign that says "Auction". Working with their title companies can be a nightmare. An absolute nightmare. I had one of these title companies acknowledge they knew the taxes on the closing statement were wrong but their policy was to "use last years taxes" and refused to correct it. The tax assessment had nearly doubled since last year. Also, one of the asset companies files the foreclosure deed filed at the courthouse only after they get a contract on the house. Then they have to do another title search to ensure it has a clear title. All of this usually delays closing because they do all of this this after the home goes under contract.
The thing about these low paying foreclosure listings is that if I don't do them, someone else will, unless ALL the Realtors in my area stood up against this low pay... which is unlikely.