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USAA referrals

Created by:

Anonymous

Date: January 5, 2008, Number of Replies: 8

Bob Leonard says:

Coming from the land of USAA in San Antonio, Texas, I can tell you that (at least here in S.A,) they have a contract with Coldwell Banker. That is where they will send all their customers and “leads”. In fact, my experience here is that, if we send a borrower to USAA, they will direct the borrower away from us and to a CB agent from whom they can extract a significant fee without having to negotiate a fee. Their “lender” used to be PHH. PHH was affiliated with CB. I don’t know if that relationship (or even PHH) still exists but the result is the same. I’ve had borrowers call to tell me they were instructed to drop me and go with CB much like a relo company would do. I’ve had to call USAA and negotiate an “after the fact” “referral” to keep a client who was told they stood to lose financial help in rebates if they didn’t agree to use their agent.

As an aside, my experience is also that USAA does not do the lending. They “contract” it out to PHH(?). As such you and your client will be dealing 100% by toll free phone and email. You will never actually meet a loan officer and typically will speak to someone different each time you call. USAA is a great insurance company. As a lender……… let the buyer (and you) beware.

===========================================

As a USAA member and also formerly affiliated with a Company that had the PHH / USAA account - Bob is "Right On" in his assessment. USAA DOES NOT do the loans - they farm it out.

What I have done in the past is I will give / credit the USAA member the same monetary benefit they would get for going through the USAA System. I could do this and retain more than paying the USAA & PHH "Pound Of Flesh".

JIM
The Jim Cummings Team
CRS, GRI, RECS, e-Pro 500
Real Estate Consultants
512-633-3853 mailto:Jim@AustinTxMls.com
AVALAR Austin On Bee Caves, Austin, TX 78746
512-732-7001 Office 888-843-8989 Toll Free

Website: http://www.AustinTxMls.com

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Thomas Johnson Licensed Real Estate Agent, Pearland, TX

Date: January 7, 2008

PHH / USAA account

All the Realogy companies C-21, C-B, and ERA have the PHH "deal" available to them. The relo portion of the transaction is where you must be careful. The employers are the ones behind this money grab, and it is tough to fight when the transferee's moving "benefits" are touted as being in danger if they don't use the official relo Realtor. Of course, what employee is going to launch a RESPA complaint against his paycheck?

Thomas Johnson

www.ERAHouston.com

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Chris@GuldiRealEstate.com

Date: January 8, 2008

Thomas said.
"The employers are the ones behind this money grab,"

I got my hands on an invoice sent to one of the employers by a relo company
once. They are not the one's behind the money grab, it is the relo
companies. They collect a fee from the agent, and a fee from the employer.
You thought our fees to them were high you should see what they were hitting
the employer for.

6% of the total transaction (house they sold, and house they bought), plus
the referral fee from the agent. Bet they collect from lenders as well...

Chris Guldi

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Elizabeth ann Tidmore Licensed Real Estate Agent, Pensacola, FL

Date: January 9, 2008

I have been with CB for very near ten years and I can't say that I have had happy experiences with USAA. The incident that came very close to causing me to leave the company was when a previous happy military customer referred a friend to me and I sold her a house, (which I later resold for her when she was transferred again), and well after the transaction closed I was told that I was going to have to give back $900 of my commission because she happened to be a USAA member. I considered this very unfair as she did NOT come to me through USAA but rather was referred by another customer who was very satisfied with the service I provided to them.

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Bob Fournier Licensed Real Estate Broker, Alpena, MI

Date: January 9, 2008

I am interested in USAA referrals, are there other reasons I should reconsider?

Bob Fournier, ABR, CRS, ePRO, GRI, TRC, BS, MA

Michigan North Realty

Broker/Owner

www.MiNorth.com

email: Bob@MiAlpena.com

office: 989 255-4399

fax: 989 358-2207

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bleonard@remax-assoc2000-sa-tx.com

Date: January 11, 2008

>>I am interested in USAA referrals, are there other reasons I should reconsider?<<

How about four <S>:

1) Being with Michigan North Realty, You won’t get them anyway. Their contract is with C/B and they are not bashful about not wanting to work with other companies.

2) If, by some miracle, you got a referral they will extract an enormous fee (35% or more?!?) from your commission.

3) They want weekly reports.

4) If your buyer goes to them, they will coerce your buyer to drop you and go with C/B.

If that isn’t enough let me know <G>.

Bob

Bob Leonard ABR, CRS, e-Pro

Re/Max Associates 2000

210-581-2025

888-209-2001

BobLeonard@ReMax.net

www.BestSanAntonioHomes.com

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Elsa Rake

Date: January 11, 2008

“The incident that came very close to causing me to leave the company was when a previous happy military customer referred a friend to me and I sold her a house, (which I later resold for her when she was transferred again), and well after the transaction closed I was told that I was going to have to give back $900 of my commission because she happened to be a USAA member.”

Ann, I don’t know how they said you owed them anything. Our company and USAA will make an agent pay the referral fee even if USAA never referred the client to them, but the member ends up calling MoversAdvantage, unless they are already under contract. USAA claims “ownership” of anyone that calls even if it’s just to ask how the program works, and at that point the member might already be working with an agent, but USAA doesn’t care. The problem is you can’t get away with telling them to take a hike if you are an “A Team” agent. I’m sure you already know all this, it is pretty frustrating though.

Elsa

Elsa Rake

Coldwell Banker Elite

Stafford, VA 22554

mailto:Elsa@RakeTeam.com, www.RakeTeam.com

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Elsa Rake

Date: January 11, 2008

“Their contract is with C/B and they are not bashful about not wanting to work with other companies.”

As I believe someone already mentioned, Coldwell Banker, ERA, C-21 are the preferred companies USAA does business with. Why? They are all owned by Realogy, previously Cendant.

And it takes a lot of money for brokers to participate it’s not just putting your name on the list. They also have to meet a lot of criteria and after all that they are on a rotation with the preferred companies in the area. So brokers and agents both have to pay a lot into the system.

Elsa Rake

REALTOR®, e-PRO, Previews® Properties Specialist, ASP,CMAS

Coldwell Banker Elite – Stafford, VA

Direct: 540-288-5759, Cell: 540-226-9340

Mailto:Elsa@RakeTeam.com; www.RakeTeam.com

Licensed in the Commonwealth of Virginia

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Elsa Rake

Date: January 12, 2008

I have to correct myself: Realogy owns CB, C-21 ERA and Cartus, its
relocation arm. Cartus has a contract with USAA. USAA is not owned by
Realogy. Sorry about that.

Elsa
Elsa Rake
REALTOR, e-PRO, ASP
Coldwell Banker Elite
Stafford, VA
Elsa@Raketeam.com, www.RakeTeam.com

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