Do we have any latest news on MCS. Received a call from them yesterday wanting me to join their team. Should I be concerned?


Thanks
New PP Vendor

Is that normal for national companies to take 28% off of the top?

i'd say 15-25% is normal.

I am new to the forum, but I have been working with MCS for the last year. I cant say enough about them. They actually treat their vendors with respect. Their software they send you to use is fantastic, no more sending pictures VIA email for me.

I have worked for Cyprexx the 2 years prior, and it was just a nightmare sending pics through the mail. That, and they really didnt provide a large amount of work. I am more then happy I made the switch to MCS, and I am sure you will be as well.

I am new to the REO property and PP scene. I am a small contractor looking to pick up some extra work for my crew and was wondering how to get in with the national companies you are talking about. Will they sub out for rural properties or do you have to be near a large city to find contracts. I am about 90 miles north of Houston. We are mobile and can work the Houston area.

1st step is to either call them or email them telling them what you want to offer them and the area you are located in. Then they will send you forms to fill out for the actual application process. Forms will range from agreements proper work procedures, W9, zone coverage, thats just to name a few. Some are more detailed then others, but basically its all about the same. Typically, the larger the area you can cover the better. Make sure you got yourself GL and E&O insurance, contractors license, Some may ask for you to carry Workers comp insurance, and some may ask for a DUNS number.

Hope this helps

Does MCS only handel preservation work or do they also assign REO listings? Not sure because I noticed they also have an agent sign up ? And why would they need E & O?

I personally only do property preservation through MCS, I can if I want also do inspections which the work orders for those run off the same software that houses the preservation work orders. I saw the agent sign up too, so I assume that they do, I have never inquired about it because thats not my field of interest. They have asked me a few times if I wanted to do inspections however. I politely turn them down because in my opinion, they just do NOT pay enough to warrant the gas and wear and tear on a vehicle. E&O covers you butt in the case you did something improper, or something you did just plainly cost the client extra money. Say for example you winterize a property poorly and forgot to drain the washing machine. Washing machine freezes and the pump inside washer bursts. Client then has to get a new washer, but may want to come after you to get it, thats where E&O comes in.


*Edit*
What is Errors and Omission insurance?

Regardless of what kind of business you own, a customer can claim that something you did on their behalf was done incorrectly, and that this error cost them money or caused them harm. This insurance is designed to help cover your defense costs and ultimately the final judgment if you do not win the case.

is it true that MCS requires new vendors to send their prior year tax return to MCS as part of the application package?

I just signed up with them and they didn't ask for any tax returns.
First of all it is nobody's business except you and the government how much you make a year.

Ive never had to send them any tax return forms at all either