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Commercial Real Estate REO Broker’s Association Scam

February 12, 2009

Chris at retailchatr has a post on an individual named Ray McLaine running around hitting up brokers and other industry professionals for inclusion into a commercial real estate REO association. Sounds like an interesting theory at first, but the way this guy is going about it and the dubious impression he’s left on other brokers who have been in on the sales pitch is concerning.

I took a look at their site and there is a sign-up page where the association is asking for some pretty extravagant membership fees ($995) and apparently there is a $100/month membership fee as well! The sign-up page on their site even asks for credit card information – yet isn’t even a secure and encrypted.

What people fail to realize is that there is a pretty big gap between the commercial world and residential world. On the residential side, there is a lot of standardization with regard to forms, processes, etc. In the commercial world, it is not so structured so simply being a member of a REO club will probably not lead to any business for a majority of the brokers who are willing to take a huge risk and sign up.

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Categories: Miscellaneous

Comments
Michael Smith August 10, 2009


I appreciate the information. Sure don’t want to waste money. Do you have any advice on how to obtain commercial reo listings? I joined the NRBA and that helped me get into the residential foreclosure market.

Shelley Kaye September 8, 2009


REOMAC has a commercial session at their upcoming conference in Hollywood, FL Oct 14-17. Additionally, on Saturday the 18th, there will also be commercial certification classes for those attending the conference. Check out the information on http://www.REOMAC.com No guaranty that you will get listings, but you will get some valuable information.

Thomas March October 5, 2009


CREOBA has established relationships with some of the largest default servicing companies.and have made arrangements for the companies to use the services of CREOBA Members.

Does this sound like a scam, I think not! It is always wrong to judge things without being better informed.

This organization began early this year but has already established itself within the industry and will be sure to be a positive association and a benefit to the industry and its membership with in the upcoming wave of commercial real estate.

Gregory Landsen October 6, 2009


“Thomas March and the rest of the Home Selling Team service Roseville, Rocklin Granite Bay, Loomis, Penryn, Auburn, Folsom, Newcastle, Sacramento, Elk Grove and surrounding areas.”

you are defensive about creoba – probably cuz you paid the fee they charge which highlights the problem with CREOBA – that they’ll likely take just about anybody that will pay the fee and fill out their form.

Thomas March October 6, 2009


Gregory,

We as Realtors pay many fees to be in business

I also pay a CCIM fee, a NAR Fee a CAR fee, multiple MLS fees, as well as many other association fees that are just a part of doing business. None of these busines associations brings any guaranteed work, they just highlight my and other members ability to prove that we are worthy of doing business with.

By the way Gregory, there is a screening process in place and not everyone does get accepted. An agent has to have five years of recent commercial experience or be working in partnership with a commercial agent with five years of experience.

I am sure that you are a member in many associations that also do not guarantee you business.

By the way, in the short period that I have been a member, the networking within the association has already served to bring me business 5 times more than the cost of membership. So for me, it has been well worth the cost of joining and I feel that the benefit of membership far exceeds the cost of joining.

Life is what you make of it…I have made CREOBA work for me.

Kevin Page October 6, 2009


I met Ray McLaine in Denver last month at a conference for LPS brokers. I will be partnering with a commercial broker here in Florida so I can qualify for CREOBA. They had a conference call last week and what Thomas says is true. If you do not have 5 years experience in commercial real estate do not apply. I have reo experience but limited commercial experience. I am also taking the commercial courses at the REOMAC conference next week. I think they are legitimate and will take a chance. I don’t see any other organization offering services similar to theirs.

Gina Troncone November 1, 2009


I looked into the commercial reo association and thought the fees were too high for these times. I am currently an reo broker for many banks on a residential level. I am seeking commercial reo contacts also. I did recieve a number of calls from th creoa about signing on.

Babby Kurian November 23, 2009


Hey I Just finished some certification courses organised by CREOBA last week in San Diego. Comercial BPO 201,Commercial REO 201,Commercial BPO 101 & Commercial BPO 202. All these certification courses are conducted by experienced professionals. It was very educative courses.
I congradulate to Mr. Ray Maclaine to conduct these courses. Knowledge is power. This is will refine your carrier to a better stage.

Brad December 2, 2009


I went by the CREOBA booth at NAR San Diego two weeks ago. My impressions of these guys are not too far off from what is posted here. I stumbled upon this while doing some searching and research on the group. Thanks for posting this.

W. Montgomery January 19, 2010


Knowledge is power but spell check will help you from sounding like an idiot.


R Silver February 19, 2010


You're DEAD wrong!!! Only commercial brokers with at least 5 years experience are "invited" to join. Get your facts straight, Obama followers, oops, did I hit a nerve?

rbsilver February 19, 2010


You're an idiot just like the twit who wrote the most innacurate piece above. I know this guy who is a residential agent trying to apply to an association of qualified commercial brokers, but was denied membership on that basis. Every applicant is invited and must be approved for membership based upon commercial broker experience (at least 5 years). This guy was sour graping about his denied application.

CREOBA has NO minimum term requirements and only accepts credit card information by fax making the transaction secure.

Get the facts by going online at http://www.CREOBA.com.

Square Feet February 19, 2010


You're obviously a fanboy, but for your information, when we wrote this, the site did accept credit card info through an unsecure site. They also didn't have the 5-year experience policy in place. Therefore, the policies of CREOBA have been changed because we were right, not because we didn't have our facts straight.

Looking through a lot of the people on the website however, many, many still seem to be entrenched in residential RE.

rbsilver February 19, 2010


If that's the case, a retraction and clarification are in order. But for some, not taking responsibility is more acceptable…

Square Feet February 20, 2010


A retraction? Does the media go back and retract or clarify a story every time something originally reported changes?

I think the fact that I allow comments and you clarified is more than adequate in this case.

LINDA May 19, 2010


I have been associaed with CREOBA FOR OVER 1 YEAR, I have had no BOV's, or listed a property in this time limit, they talk it up good but with no action. Your dollars per month are supposed to be for zip codes, I have never received anything from them except asking for more money to take classes or for dinners that are in other states to meet asset managers, however means a plane ride and room fee, in hopes to meet the asset manager and get some work, I do not think it is cost effective for us to do this on there say so, with no clear opportunity. How do we know that the asset manager holds a listing in our zip codes? Seems that this answer should be available prior to invitation…To keep brokers involved must be more organised

hnichols June 29, 2010


I stumbled on this blog while trying to do some research. A couple of things strike me as funny. (1) R Silver bringing presidential politics into the matter. I don’t get it. Seems like he has personal issues he must work through. (2)rbsilver visceral reaction to the article. Personally, I tend not to give hot heads any credibility. I’m still researching but if R. Silver and rbsilver are on the side of CREOBA I’ll continue getting the few leads I do from my local CCIM chapter.

Rob Wayne May 19, 2012


CREOBA has free webinars on Fridays at 10 AM Pacific. This would be a good place to start knowing about CREOBA. They provide this as a courtesy to the Industry for leaders through out the nation to present important current topics and trends. I have HEARD Brillion ON ONE A COUPLE OF WEEKS AGO SAYING THEY HAVE 1000 ASSETS TO GIVE TO CREOBA MEMBERS AND WILL ACCEPT THEIR CERTIFACATION you can log on their site and get the code for go to webinar, I believe and get a lot of info free as well. I have heard several of them. Check it out first hand. I notice almost all the negative BS is from people on here that are too cheap to invest time and money in their career. The banks have been holding things up as we know for everybody. Extend and pretend thanks to TARP money. Whish is really our tax dollars as we know!!

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