Here’s where you’ll find a community willing to share their experiences with everything from computers to coaches and
from contact management software to virtual assistants. If there’s a real estate-related product or service, we’ll
have reviews for it.
Consider this patch of ActiveRain real estate your water cooler. Gather around it and talk to you colleagues – get and
offer advice. We hope this will be a forum for both teaching others about what you know and for learning from the rest
of the ActiveRain community.
What products or services work for you? Don’t be shy -- we’d love to hear all about them and spread the word to
help all ActiveRainers move on to the next level in their businesses.
RES.NET, a wholly subsidiary of USRES, an REO asset management and valuation firm, provides technology portals integrating every participant of a real estate transaction, including servicers, brokers, vendors, homeowners and buyers. The customizable portals have unique rule sets for communication and close the typical communication gaps among separate parties in a real estate transaction. The portals automate workflow and allow all participants to complete tasks and share information and documents in real time. In addition to dramatically streamlining processes, RES.NET portals create audit trails and generate reports that are crucial for auditing and compliance purposes.
Good solution for meetings, it seems.
They are there since 2003 - and since they are still around i...
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Good solution for meetings, it seems.
They are there since 2003 - and since they are still around in 2017 means a lot for an online company that provides the service to the consumers. As per their site description - RES.NET has been providing a virtual meeting place where Servicers, Agents, Vendors, and Consumers can connect, and communicate around a transaction.
Though with many platforms providing the similar services and social media is now much more advanced than what it was in 2003, I am trying to understand how this company can be helpful in Real Estate industry - hence 3-star review.
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Self described as "Simply put, RES.NET represents stability. We are not a new startup company that i...
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Self described as "Simply put, RES.NET represents stability. We are not a new startup company that is trying to get bought out at some insanely overvalued price. We have been in business for over two decades. We existed before, during, and after a great recession that was centered around the real estate industry. We have not only weathered the storm over the years, we have excelled and become a company with roughly 50% of the distressed property market share. Our time tested record and place within the industry speak volumes about who we are."
What is not readily apparent is that there is a significant up-front cost with minimal chance of return of the listing one is seeking...
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This is the ideal platform for tracking projects mostly from lenders.
BPO-broker price opinion, ins...
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This is the ideal platform for tracking projects mostly from lenders.
BPO-broker price opinion, inspection report, as well as listing assignment.
To sign it up and take notice from lender one has to pay $695 annual fee. If you get the listing that is fine. Most don't. This another way to throw online marketing money away for nothing.
If you contact them why I do not have any order they tell you that you maintain the platform not the listings.
What a bummer.
Three star from me. That is very generous to say the least.
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I joined Res.net back in Oct of 2014, agreeing to only a 1 year term to see how it would go and if I...
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I joined Res.net back in Oct of 2014, agreeing to only a 1 year term to see how it would go and if I would benefit from it. I did all the things they told me to do to market myself toward asset managers so they would "pick me". I also did their BPO's, FOR FREE, because they said if you do, you are more likely to get REO assignments. I got one phone call from an asset manager who wanted me to list property that was worth $40,000. And they would only give me, 1% on the commission. They asked me to spend quite a lot of time to this property getting quotes from at least 3 contractors, for each item that needed to be addressed. The home was just trashed and full of mold. They also wanted me to spend a lot of my money, out of pocket, and then to submit my receipts for review. After about a week, I told them this was just not worth my time for $400 and they needed to find someone else. They did and the house sold for $35,900. So some agent out there did ALOT of work for $359.00. And then if they have to give a split to their broker, I bet they barely broke even. So needless to say I was quite happy to see my year expire. Only to find they automatically charged for credit card $700 for a renewal. No email to me telling me they charged my account, nothing. I find the charge in February, call them to have it removed, spoke to Bill in customer service, he said he would have the charge removed. And send me an email to confirm the refund. The email never came. I call back and speak to Melissa. She said it had to go to management for review. Im like, Why? She said they had to approve the refund and I would get an email confirmation. Email never came. I finally called my credit card company and they said they pro-rated my refund between October and February. Only refunding me $467.00. The place is a joke and so not worth your time. Buyer beware!!!!
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This in house developed software company initially established in 2003, has matured into a community...
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This in house developed software company initially established in 2003, has matured into a community for sellers and buyers to manage bank owned assets with a platform that became a platform. The initial annual membership of $295 and inflated to $700 a year. They also provide some certification training that most realtors already have practiced for years by charging excessive amount for getting the certificate.
It keeps one track of the sales with must to have contacts etc.
I am in an area which had foreclosures briefly. For me the cost of paying fees is excessive since the AM were paying agents peanuts to start with. There are other platforms like Equator (formerly) ReoTrans etc that are easier and more affordable. I do not ever recall paying dues on Equator.
All in all, this is a product I think will not be used longer. I see there will be reo on a much smaller scale. I am generous with the rating given.
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I already have this listing and the loan was just sold to Caliber Homes. They want me to take out a...
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I already have this listing and the loan was just sold to Caliber Homes. They want me to take out a membership to RES.Net to upload my docs. Why would I want to pay $325 to share my docs with the bank? I can't for the life of me see that this would help me or the sellers in any way. Help! I don't think it's going to bring me business in Topeka, KS. We are not a big city. I get plenty of BPO's that I had been told would bring you listings, which I have never gotten a listing from doing all the BPO's I've done over the lat 10 years.
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There are no pros . They hold your listings hostage until you agree to pay for the Pro Plus membersh...
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There are no pros . They hold your listings hostage until you agree to pay for the Pro Plus membership. I have an email I received from a sales rep last year stating the asset co's agreed to only use pro plus agents. Right before you're membership expires you receive new assignments, This is strange when you haven't received anything for 6 months or more. We let ResNet get away with this because we don't want to loose the few $'s . The system is antiquated, for some reason they have managed to convince the asset co's to agree . I suspect maybe a kick back? At least always before they would give you a discount code.. 20-30%. From what I can dig up there has been no codes for about 9 months. Is this black mail? Yep. If you state any disappointment on their facebook site they delete it within a few hours. What do you get with the more expensive membership? Classes you can take almost anywhere on the web, expense management which you most probably already have, the ability to go back and check previous bpo's or monthly reports (if you're smart enough you've printed out and saved). I have yet to read but a few positive reports from other agents . So here you are with properties in their systems that you have worked on for months and they lock you out until you agree to "pay to play"!
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Beware Agents – RES.NET – Horrible Platform and Customer Service
As you are aware, Res.net is a p...
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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.
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Resnet was originally developed for use by REO agents to manage inventory assigned to them by banks ...
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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.
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I like the res.net platform except for the most recent reformatting. Being able to track the reo tas...
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I like the res.net platform except for the most recent reformatting. Being able to track the reo task in one place is really great. However, the graphics are taking up too much space on my computer screen. After all, I am there too work not be entertained.
Res.net is a requirement to list REO properties, and it is expensive.
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