Ok, I'm starting to wonder...Has anyone actually listed any properties from them? My AM is really nice and so is the other person I've spoke with, but I'm starting to feel as if they are just wasting my time with driveby, inspections, billng, ect. And they aren't even sure if I will get the listing? Any comments would be appreciated.

I've posted this before but I'll do it again. I received two assignments from them, did all the pre-list work was sent that e-mail we all LOVE to get that said they were ready to list and that I was being passed off to some other contact. The next e-mail was that it was being pulled for auction and to do no further activities.

They were always very nice, they paid for any expenses incurred, but I was never compensated for my time and effort and felt like I basically provided free local property preservation services as well as valuation for them when I probably never was going to have an opportunity to market the property and earn a commission.

I received the following e-mail June 27th, but haven't received an assignment since then.

:::start paste::::

LAMCO is very excited to debut our revamped Property Preservation Dept. In the past, LAMCO has relied heavily on our real estate agents for property preservation. This relationship has always made sense because we would compensate your efforts by giving the listing to the agent that assisted us. Since auctions are so prevalent now, this affiliation no longer is feasible, especially for our agents.



In an effort to reduce and eventually eliminate the amount of properties that get pulled from LAMCO and our agents, we have established the Property Preservation Dept. In the first month of operation, this dept. was able to give us a 40% reduction in the number of properties pulled for auction. Also, this dept. will now be coordinating and utilizing contractors directly for all property preservation. We will continue to call on our agents for BPO’s and you will be compensated when BPO’s are completed within required timelines. We may also be calling on you to complete relocation assistance and/or evictions. You will be compensated for this service as well.



If properties are unsuccessful at auction, and currently 44% are unsuccessful, the property will be returned to LAMCO. The agent involved with the BPO, relocation/eviction assistance, etc. will be the listing agent. Please keep in mind, not all of our inventory will be auctioned. However, with the growing surplus of foreclosures, this has proven to be an effective way to liquidate in bulk low range assets. Traditional marketing through our real estate professionals on higher end assets will still be in effect.



Our goal is to have a system that will allow LAMCO to call on agents to do what they do best. Sell properties. LAMCO will, going forward, coordinate all the time-consuming property preservation needs. If you have a long-term relationship with any quality contractors, we would appreciate you referring them to our website where they can register all the services they provide. If you are currently assisting with preservation efforts, please continue to coordinate with your LAMCO rep to insure all preservation needs are completed.



We want to thank you for your commitment and understanding as we implement this new department and internal changes.

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Realtormama;

Your action will depend on your situation. If the property is far out and costs you several hours a week to check on it, if you have capital tied up in it, if you have other more important things that need done, and perhaps if you feel you can tactfully ask them if they can show&tell you about some other properties they have listed with other agents.

They check us out for good reasons, so it makes sense for us to check them out too, for just as good reasons, just be tactful.

Well forget all I wrote since the post above pretty well paints the picture - but that is what checking them out produces and I can see both sides. 'Now Fish or Cut Bait' - It would be nice if they were more upfront with their agents - but this field is changing so quickly they probably didn't know what they would end up doing.

I received that email too, and I called my AM right away, because I wasn't going to let my contacts that have been mowing and rekeying ect get screwed. She told me this wouldn't affect this property since they don't have alot in this area so no need for their own people to do the work. And that I would still be listing the property. Well I've been told numerous confirm dates, and it still hasn't confirmed and it's going on six months. The house has been vacant for over a year and a half. The only reason I'm pushing it is because now they want winterization, they keep wanting things done, and I'm just their free worker. I don't know, how long do I hold out.

They were a total waste of my time! They had me babysit a property for 7 months. Completed Re-key, initial/recurring lawn care and trashout. They finally asked for a BPO (from pre-list dept) and then an updated BPO 3 weeks later (final BPO, going to list with you next week). The very next day after I submitted the "final" BPO, they pulled the property to go to auction. I know that they intentionally used me for the final BPO with no intention of listing it with me. They just wanted a "free" final idea of the value before the auction.

I had to threaten filing a lien in order to get my final reimbursement. They kept saying that they had mailed out a magic check that must have been attached to a boomerang, because it never got to me. The accounting department was caught off guard when I asked them to provide me with the check number. Um, uh.. I don't have that information. Yeah, right! I told them that I must receive the check within 7 business days or we would have to file a lien. The auction was scheduled for only 2 weeks away. Whata ya know... the check magically appeared in 4 business days, postmarked the day after I called them!

In talking with others in this business nationwide.. they are generally considered to be time wasters!