Technology

‘Boomerang Project’ investor portal lets agents represent same property twice

RES.net and Precision Asset Management offer agents business from investors

RES.net, which offers a real estate transaction communication and listing platform, has teamed up with a national asset management company to launch a service that allows real estate agents to represent a property twice. Dubbed "The Boomerang Project," the service allows agents to submit properties of any kind -- whether REOs, short sales, multiproperty sales, vacant land, subdivisions or traditional equity sales -- to a portal operated by Torrance, Calif.-based Precision Asset Management for investors in the company's network to review. The agent submitting the property can be, but does not have to be, the listing agent. Submitted properties must qualify under investor guidelines to be considered, namely, the property must provide the investor with a minimum 10 percent return on any cash put into the property. So far, most submissions pass, offering between a 10 and 25 percent return, Michael Hermosillo, Precision's director of operations, told Inman News. Once an investor d...