Is it worth the several hundred dollar investment to obtain a RES.Net Professional membership so that I can receive REO listings?

Asked by Michael Harris, Coronado, CA Tue Feb 28, 2012

I perform BPO's weekly with the intention to establish relationships with banks and asset managers. However some have partnerships with companies such as RES.Net that require you to have a paid membership. Is it worth the $300-$700 investment for the membership?

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Andrew Mooers’ answer
Andrew Mooers, Agent, Houlton, ME
Thu Mar 27, 2014
You have to look at the time for the reports, that if you have a number of these listings adds up. Lots of busy work. And by the time the membership cost to join and reduced commission, fees back, in a small rural market with lower priced property you should be putting your time into other areas of business. These are not low hanging fruit. Cheaper to let brand X be the slave and swoop in and sell them as buyer's agent. You make more that way than the listing agent with all the fees.
0 votes
Jeremy Lehman, Agent, Garden Grove, CA
Thu Mar 1, 2012
No. There's a high probability that if you're not already a preferred REO agent, you won't be for a very long time. You've got agents with well established credentials and contacts that have been standing in line for REO listings for a long time. With low REO inventory compared to a few years ago, those agents are going to get the business. Save your time, money, and effort and prospect for other business.
0 votes
Pamela Bicke…, Agent, Indian Shores, FL
Thu Mar 1, 2012
I agree with Barbara- the brokerage I was previously with sold 98% REO's and we used Res.net to manage them. There were only a couple of banks that require the use of Res.net, not Fannie or Freddie. And we had SO many issues with Res.net it was ridiculous. They were NEVER able to resolve programming issues. For one example, when they did an "upgrade", we lost ALL our lockbox codes that had been input into Res.Net and they were never able to resolve the issue. Also, everytime they did an upgrade, our custom report settings were wiped out. NOT a good system at all and certainly a waste of money if you are hoping this will help you get REO listings. It won't.
0 votes
Barbara Gran…, Agent, Anaheim, CA
Thu Mar 1, 2012
Being a member of RES.NET does not assure you of receiving REO assignments. It is merely the platform many banks and asset companies use to process their REOs. In short, save your money!

Good luck!
0 votes
Katherine J.…, , San Diego, CA
Tue Feb 28, 2012
Only if you already have an account with a bank to take listings and you have to use res.net to manage them. Otherwise, no.
0 votes
Shannon Ande…, Agent, San Diego, CA
Tue Feb 28, 2012
no....never helped me at all
0 votes
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