Review for RES.NET

RES.NET (by tomd4re)
100.00 % thought this review was helpful
Resnet was originally developed for use by REO agents to manage inventory assigned to them by banks and asset managers who subscribed to the system. It does that job suitably. Naturally, US RES (the original entity that developed the product) sold the first bill of goods to the lenders who were fast becoming overwhelmed with inventory in 2007-2008. The easy pitch was to pass on the cost of the system to the agents, who were required to subscribe if they wanted the distressed assignments. I had completed a handful of BPOs (no fee) and first began working on the platform when US RES received a partial transfer of an REO portfolio from a major lender. Since I had already been assigned some of these properties, I was able to maintain the listings provided I agreed to work with US RES at an initial cost of $295.00 a year. Commissions were reduced (US RES asset management team had to get paid somehow) and all communication was directed to my former client through US RES or resnet. As the REO cycle progressed to record inventories, more lenders enlisted resnet, including many third party AM companies. I continued to handle REO assignments pursuant to my contacts agreement with resnet. There are other platforms that succeeded in this climate, the largest presence being enjoyed by Equator (formerly REOTrans). Not to be outdone by Todd Mobraten at resnet, Equator would nail the agent PER transaction at $150.00 a pop instead of a subscription based membership. If you were fairly active, do the math. Both companies up sell continually by offering "certification", exclusive banner advertising, zip code coverage fees, training, etc. In the last couple of years, resnet has attempted to target the retail side of listing management by marketing their system as a sophisticated contact management platform. I suppose the goal here was to compete with the likes of Top Producer and keep their REO agent subscribers in the fold as the foreclosure cycle winds down. RESNET's premium platform runs $700.00 a year. That's just shy of $60.00 a month. Top Producer's CRM product runs $39.95, based on an annual contract. If you are looking for inventory/contact/task management, shop around and talk to ALOT of agents who are using the product you are looking at.
Was this review helpful?