I just got a new listing agreement from USRES. 2% list side. And it's a multi-unit. I can't market a multi unit for that. It's in bad condition too.

So whats the problem turn the listing down. You have that choice you know.

How may freebie BPO's did you do to get that?

I would take it, here you would get 30-50 hits in no time on MLS, xxcalls from investors & possible sale which would add to another 3%? Not shaby at all. Then how many buyers you can turn into another sale? In resale you are competing agains xx agent who's discounting commission just to get the listing.

Is USRES commission usually that low? What is it, 5% total, 1% referral fee? And they expect you to do free BPO's for who knows how long before you even get a listing?? I received a BPO order from them just 5 minutes ago, and it said they will not pay for the BPO, but I will be eligible for future listings - if I do the free BPO, I'm not guaranteed to get a listing but if I do I'll get a low-ball commission...is it worth it?

I did more free BPOs than I care to think about. I have gotten around 3-4 listings in the past year, and they've all been junk. Plus you have to pay $200+ a year to use their website to market their property.

who else has done free BPO'S fur USRES. I have done over 30 in the last 2 weeks. I don't think I will be doing any more freebies.

We did a ton of free bpos for them. We got one listing out of it and it was priced really low. We finally cut them loose because we were losing money.

30 in 2 weeks, meikda??? Check on your MLS and see how many listings they have - maybe it's worth it in your area. Their listings are few and far between here.

I recently did 8 in 3 weeks for them. I declined a few during that time and have since declined a couple more and will probably not do any more unless they are in my back yard.

I don't mind doing some for a client that does give listings, but I don't think they have any inventory in my area at this time. In order to keep the relationship alive until the REO market kicks into high gear and they do start getting listings in the area, I'm thinking of doing some if they are within a couple of miles from home.

I agree with darg, it's one thing to do it for free, but it's another thing when you are losing money. At 13 mpg, I figure I am losing $10 in gas alone, on each one (not even considering time, vehicle wear and tear, etc).

I'm still trying to figure out the best way to handle this situation. I don't want to kick them loose entirely, because I remember back in the 90's they did get a lot of inventory in the area.
But I surely don't want to keep doing them for free (actually lose money).

I did one for them, and I ended up with the listing, months later. The listing didn't come from them, tho, it came from another AMco I've worked with before.
I guess you now have the option of switching to paid BPOs, rather than free. My guess is you'll be just as likely to get a listing as you are on the free ones...

zephyr - I think you are right. I've turned down their "no fee" orders a few times in the past. Today they asked me to do another one. I told them no again and he asked me what I charge? I told him and guess what?? They approved the fee and I have the order.

I've complete 18 orders in the last month. I told one of their reps I need to see some listings. Rep said she sent my info over to reo dept. and my account is on hold pending a listing. I'm not going to hold my breath. I'm sure they found another sucker in my area to do 18 more, and another agent to do 18 more, .... My theroy is they play the numbers. It's not even just working free, it's actually COST me to work with them.

I have noticed the trend in my area for reo's to pay out low commission.It's starting to say crap in the listing agent remarks like,no commission paid to buyers agent if seller makes concessions,what a joke i can see the offers rolling in.lol!

Others commission paid on net,or no commission paid if buyer is agent.
Buyers commission is running 2.25 to 2.5.In our area regular commission goes from 3 to 4 for the buyer.

These reo's are overpriced dogs that knowone wanted at auction and the onvestor who owned the loan was unwilling to do a short sale on.

This is exactly why i stick to the pre-foreclosure side and listing those.Usually the property is in better shape and easier to sell and the homeowners are often time more negotiable than banks on the price.

I just turned down USRES for the 2nd time this week. I just don't see me running all over BFE in the hopes that maybe I'll get a crappy listing with an even crappier commission + pay $200 to join their whatever network and then give them a referral fee on top of all that.

Rep offered to pay me for the BPO but said I wouldn't be considered for any of their listing.....I just asked him to take me off of his contact/vendor list (I'm not sure how I got on it in the first plae). Their business model is basically set up to rip off the agents/brokers.

I started turning them down and they asked me why.
I just explained how much the avg REO is in my area, and that it just wasn't worth it to me, even IF they stuck to the 10-12 BPOs / Listing ratio.

They switched me over to payed agent, and I still get BPOs. As far as getting listings; it's the AM's call, not there's. If you were an AM, would you give listings out to agents who would spend 1+ hours each on 10-12+ BPOs, for FREE, in hopes of getting a crappy listing? I wouldn't, but that's just me.

I even told the guy that there are a lot of flunkies that I could refer him to that would be happy to do it. They are still sending them to me though.

How come USRES is so stealth about the names of people in thier REO dept? and other depts as well?

Because they care about their employees, and don't want them hurt? Who knows? But it is an interesting point to ponder.

Darg, How can I tell in MLS if it's USRES or not? I have checked on their website and there are no foreclosures listed in my area.

Oh, I did take it. It's in contract. Of course, there's a buyer agent involved, so there goes that other 3%. I didn't get a single buyer to "turn into another sale". Plus it has been advertised, and mulitple trips to the property (which is about 14 miles from my office). So, I figure I'm going to make somewhere around $200 off this house. Last one for them.

Received a call today from the bank on one of the bpo's that I did from USRES. Well tomorrow the property is to be sold at the auction, and the bank have their bid in. He told me that if the banks gets it back. They would send the listing to Horizon or USRES. How much do you bet I don't get the listing if USRES gets the listing?