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Commercial Real Estate REO Broker’s Association Scam
Posted By squarefeet On February 12, 2009 @ 3:50 pm In Miscellaneous | 18 Comments
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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URL to article: http://www.squarefeetblog.com/commercial-real-estate-blog/2009/02/12/commercial-real-estate-reo-brokers-association-scam/
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 retailchatr: http://www.retailchatr.com/2009/02/12/a-cre-scam-for-brokers/
 : http://www.REOMAC.com
 : http://www.CREOBA.com.