Given that OrangeGrid’s technology covers the entire default lifecycle, it was expected that customers were going to want to manage their REO processes within the application. With a customer demand increase sooner than anticipated, OrangeGrid has announced an REO release date of mid Q2.
Adamant to simplify the Asset Manager to Broker and Real Estate agent model prior to the next REO influx, OrangeGrid is creating a B2B business model where only vetted REO Brokers will be contracted with the technology. Each Broker will be required to pass background checks, show proof of funds, REO experience, and a history of listings in their local markets as part of the rigorous approval process. Given that this is a true B2B model there are no subscription fees, marketing fees, or advertising fees. Additionally, once a Power Broker is approved, they can add their agent networks at no additional cost. “The vision is to provide Servicers and Asset Managers a strong, national network while simplifying their vendor and task management processes, “said CEO Todd Mobraten.
OrangeGrid has been working diligently over the past couple of months to partner up and verify backgrounds with select brokers in key counties across the country:
“The process was extremely simple. As an experienced REO Broker that uses all the REO technology platforms out there, I liked that there was no membership or visibility fees. There B2B model is a game-changer because it simplifies the vendor management process for Servicers & Asset Management Companies while keeping us seasoned REO brokers in the driver’s seat,” explained Zoritha Thompson of Goree & Thompson Real Estate based in California.
“OrangeGrid made it easy to upload the required documents needed to complete my Broker Applications and provided great feedback for the counties I qualified for. I look forward to implementing my REO team of expert agents and serving the South Florida Market with my experience & knowledge of the OrangeGrid platform” said Justin Knops of K&M Realty based in Florida.
“I applied for multiple counties in Michigan and am really happy that I can add my REO agent network at no additional cost. This allows me to blanket territories with my excellent team of agents and guarantees that OrangeGrid’s REO customers will have one of my team members available for properties that exist in the counties I cover,” said Melanie Lovati of Innovative Real Estate Specialist, based in Michigan.
With the release date rapidly approaching, the Power Broker movement is officially in progress, and OrangeGrid is aiming to have complete territory coverage by the Q2 2023 launch. To start, OrangeGrid will limit the number of REO Brokers and their Agent networks permitted per county.