The year was 2013, REO listings were all over, and there was no shortage of scammers sending emails promising every real estate agent a REO listing, for an up front setup fee. Of course, the promised REO listings were all bogus. The year is now 2023, REO listings are almost non-existent, yet there is no shortage of text spammers promising buyer and seller leads for 15% or 20% referral fee, with an up front setup fee.
Have you ever received a text message from one of the following companies, and if so, does their pitch sound like a twist on the old REO listing scam? If so, please comment below.
HomeShpere Referral Network
Realtor Growth Network
Realtors Field Referral Network
Sectem Real Estate Referral Network
Icon Media Co
IS TRILLIONAIRE REALTY THE NEXT IREO PRO? IF SO, PLEASE COMMENT BELOW!
View TRILLIONAIRE REALTY Here.
SCAM FLAVOR OF THE MONTH #1 – DEALLANDERS – REALTORS BEWARE!
View Deallanders Complaints Here.
SCAM FLAVOR OF THE MONTH #2 – REGENTOLOGY – REALTORS BEWARE!
View Regentology Complaints Here.
SCAM FLAVOR OF THE MONTH #3 – SET SCHEDULE – REALTORS BEWARE!
View Set Schedule Complaints Here.
Fellow Realtors: Have you received emails from REO PRO Corp, looking for experienced listing agents of REO, Short Sale, and Pre-Foreclosure properties?
REO PRO Corp contacted me back after I clicked on their link, and offered me 2 listings in my my area which were supposedly in preforeclosure.
They sent me a promotional PDF “Welcome Packet”, which was heavy on REO buzzwords and light on actual substance.
I was then pushed into a high pressure sales pitch for this program, which costs $400 up front for 6 months, and $300 for each additional 6 months. The sales rep did not call me back with a follow-up when I told him that I would have to think about their proposal.
Their published office “address” of 1000 N West Street, Suite 1200, Wilmington, DE 19801 is actually a Regus Virtual Office. Their published phone number of 302-570-0736 is serviced by Bandwidth.com, and is most likely a VoIP number. Their office numbers beginning in 302-394-9xxx are serviced by Peerless Network, and are most likely also VoIP numbers. In other words, they probably do not have an actual presence in Wilmington.
Their Facebook and Twitter feeds are simply set up on auto pilot to drip out the same articles fed from DSNews.com‘s RSS feed. Not much original content on their social media channels, save for the video testimonials without last names and contact information of the agents speaking the “praises” of REO PRO CORP.
A google search returns this REO PRO Corp review page at ModernComment.com. These reviews appear to be fairly worthless, given the lack of last names and any contact information for the reviewers. Some of the reviews are even left by anonymous commenters! It should be noted that ModernComment is a PAID comment review system!
I have since placed all of REO PRO CORP’s listed phone numbers in my ‘DO NOT ANSWER’ contact, so they go right to voicemail. See my blog post Annoying phone numbers which real estate agents should ignore when they are called by them for more details.
Needless to say, I was not interested. Below are the emails which I have received. Please feel free to comment below if you have any positive or negative feedback about REO PRO CORP. Comments with web links are held for moderation and are not immediately displayed.
We are looking for an experienced listing agent for a property located in XXX, XX.
Please follow the link below for this assignment.
To be removed from this list please visit manage subscription to unsubscribe.
1000 N West Street Ste 1200 Wilmington, DE 19801
Please find the attached file to this email.
We currently have received an assignment in the coverage area of xxxxx. The status of this property is under pre-foreclosure and we expect to receive back as a listing. We have an opportunity to turn this into a short sale, so I am looking for agents who can help in both the Short Sale or the REO. If this sounds like you, please let me know and I will have an asset manager return your call.
Please indicate a good time to call you.
UPDATE 1 – thanks for the comments so far! Feedback received indicates that these may be the same people behind BankerREO and FootprintsRE. Please see the following articles on LinkedIn, Ning, and ActiveRain.
AGENTS BEWARE! Banker REO now scamming agents as FootprintsRE
Banker Reo $349 scam ? legal? Read this before you pay them
UPDATE 2 – This video blog at Poncie.com titled REO PRO CORP: Legit or Scam? + Fannie Mae Application pretty much outs REO PRO CORP as the SCAM that they are! There is also an updated post on Poncie here at REO PRO CORP REVIEWS: Buyers Beware!
UPDATE 3 – Check out Richard’s comment to this article, he said that REO PRO CORP tried to give him an actual REO assignment… which just happened to be Richard’s own listing that he closed the week prior!
UPDATE 4 – Thanks for all of the great comments and feedback about REO PRO CORP! Please be sure to read through all of the comments at the bottom of this article, as they clearly describe the lengths to which these people lie to cheat you out of your hard earned commissions.
UPDATE 5 – Here are TWO discussions on LinkedIn with more negative reviews about REO PRO CORP:
Has anyone worked with REO PRO CORP? They have called me several times. They want a $400 deposit to work with them.
Has anyone worked with Reopro corp. And if so give me some feedback
UPDATE 6 – BEWARE, REO PRO CORP is now calling themselves iREO, iREO PRO, or iREOPRO! More negative reviews posted on the following threads:
My first Rant I was (almost) Scammed. A REO Scam
Ireopro asset manager asking for $700.00
Ever heard of iREO? comments appreciated
(article title has now been changed. article formerly titled: Have you been contacted to do business with REO PRO CORP?)
UPDATE 7 – There are new, negative articles and discussions about REO PRO CORP:
Has anyone worked with Reopro corp. And if so give me some feedback
REO PRO CORP: AGENTS BEWARE
UPDATE 8 – Below is a GREAT article of one agent’s thoughts on companies who want money to put you in front of asset managers:
7 must-knows before you pay for online real estate leads
UPDATE 9 – Unfortunately, yet another broker has fallen victim to REO PRO CORP and iREO. Please see Bob Ratliff’s post on ActiveRain below:
SCAM ~ Have you heard of REO PRO CORP? IREOPRO?
UPDATE 10 – It looks like the IREO PRO / REO PRO CORP fools are now operating as Team Lear. Please see the following links below:
TEAM LEAR SCAM !!! Read below and pass along! Reposting!Who has worked with Team Lear asset management Company in Colorado?Beware of Team Lear
UPDATE 11 – Is LISTINGREFERRALGROUP.COM the next lead scammer? Comment below if you have any experience with them: