Real estate owned (REO) property management and marketing company New Vista Asset Management has chosen RES.net’s REO platform as its "system of record."
San Diego-based New Vista has used RES.net for a portion of its business since 2009. The company is expanding its relationship with RES.net because the company’s platform allows communication to flow between New Vista and agents within the system, said New Vista President Brian Hurley.
With other systems, Hurley said, communication between the company and agents about specific listings had to take place via another system like email. "If there was an issue with a property (on a previous platform), we couldn’t send info straight through the platform."
Lenders engage New Vista, which has a mission to make bank-owned properties more available to both multicultural agents and buyers, to manage the sale of their REO properties. With 1,000 current members, it claims to be the largest national network of multicultural real estate brokers.
Based in Lake Forest, Calif., RES.net is a transaction communication and listing platform that recently expanded its platform to handle non-REO inventory. The company offers an exclusive network of "prelisted" homes searchable by homebuyers.
In December, RES.net said that 17,000 of its 85,000 total listings were prelisted exclusively on the site.
About half of RES.net’s users are agents, and the rest are mortgage servicers, settlement service companies, valuation groups and other real estate players, said Todd Mobraten, president and chief operating officer of RES.net, in December.
For an annual fee of $700, agents can sign up as "Professional" users, which gives them access to the site’s transaction management platform and deeper access to its inventory, about two-thirds of which is made up of distressed properties. A more limited set of tools is available to "Premium" subscribers for $300 a year.
Only Professional and Premium users are listed in the site’s agent directory. RES.net offers trial Professional memberships that are free for 30 days.
RES.net was founded in 2003 and is a wholly owned subsidiary U.S. Real Estate Services Inc., which provides REO valuation and other REO-related services.