Beware Agents – RES.NET – Horrible Platform and Customer Service
As you are aware, Res.net is a platform for agents working with REO companies to submit their BPO, photos and other tasks. They’re a company that takes advantage of agents by requiring them to pay excessive annual fees. If you don’t pay the $700 PER YEAR, you can’t accept the REO. Another frustrating thing about RES.NET is the fact that their platform is antiquated and takes a considerable amount of time to complete one simple task. It’s overall a horrible system.
In my particular case, I live in a small town, with very few REO’s. I was in the middle of working on an REO when my annual membership came due. The commission for the REO was going to be $800 after expenses, and was about to close escrow, I had been working on it for the past few months. The RES.NET representative told me that I had to pay the $700 to continue working on the REO, but when escrow closed, all I had to do was contact RES.NET and they would return my money.
Well, that’s not what happened. After escrow closed, RES.NET refused to refund my money – they told me that I only had a 15 day window to request a refund and was past the 15 days. I explained what their representative told me and they still refused to refund my money.
I am now out the $700 and forced to accept another REO assignment to pay for the $700 that they refused to return. I had 3 tasks due and, surprise, surprise, their crappy platform was down and not expected back up for a “few days” as I was told. I was also told that I would need to contact my asset manager and explain why I needed them to extend my due date.
For those of you that have dealt with Asset Managers, they don’t like to give extensions, and they don’t think highly of you when you do ask for them. I am now looking at 2 tasks due today, a week after the 3 days RES.NET was down, and I’m getting error messages again – again, I contact RES.NET only to be told the same thing..
This is ridiculous. They are holding my $700 hostage, their system does not allow me to get my work done in a timely manner, they are making me look bad by not allowing me to complete my tasks on time, and they still refuse to refund my money.
Please BEWARE – do not pay for their system, they don’t exist to help agents; they really aren’t even helping REO companies. They are simply there to make money off agents that are forced to pay them in order to receive REO business.
It would actually save REO companies money to get rid of them. Without RES.NET, my asset manager would receive the reports directly by email, and, ON TIME. It would also save asset managers time because they wouldn’t have to receive the numerous emails, stating that RES.NET is down and requesting a task date to be extended..
I believe RES.NET won’t refund money because they see REO business slowing down and agents won’t need them soon. Also, due to the decrease in REO business, they don’t care that their platform is antiquated. There is no reason to update a system that no one will be using soon.
Agents – DON’T PAY RES.NET’s ANNUAL FEE. If enough of us STOP PAYING and using RES.NET, we can hopefully get REO companies to stop using them as well. Equator doesn’t cost us $700 per year and has a much better platform – let’s recommend Equator, no cost to the agent, and a much better service to the REO company.