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Anyone on here (realtor or buyer/seller) have any experience with the USAA Real Estate Rewards Network program. It pays rebates based on the sale/purchase price of the house to buyers and sellers who are USAA members and agree to use one of USAA's network realtors.
I would be very interested in learning more about this program and whether or not it is worth considering.
at least on paper, it's a great deal for USAA members. And if you get a really good agent, it's actually a great deal.
It's financially a bad deal for the agent.
Logistically, it's just USAA selling your business to one agent (maybe they let you interview several, I sure would want to).
USAA takes a chunk of the compensation as a referral. USAA takes some of that and gives you the rebate...or they split it where they get some directly from the agent, and the agent gives you some as closing costs on the CD.
I think you'd want to talk to several agents in the Network, to make sure you're getting the best one. As agents, we ALL have "cost of acquisition" - be that referral fees, advertising, or just maintaining great relationships with our former clients. There's an amount I - and most other experienced and successful agents - are willing to pay per client.
I will take VERY FEW clients that are "referred" to me by the outfits that take 35+% of the work that I do. So, you have to be able to determine if you've engaged someone for whom "50% of something is better than 100% of nothing" (which basically means they don't have enough clients, are new at the profession, etc) or whether maybe you have someone that values the ability to help those that have served our country above all else.
by the way, you didn't ask but I would add - I would strongly discourage you from using USAA for your mortgage. Find out what they'll do, and then find a local lender that can beat/match it, or get you within a few bucks a month. Unless you relish the chance to have unforseen hurdles pop up during the closing of the home you hope to move into.
Used multiple times as a buyer and seller. USAA has a call center that will track progress and gather feedback from you throughout the experience. They honor their side and send your check a few days, maybe a week after closing--I didn't send them anything--the broker took care of closing out the proof of closing. I hear the "rebate" comes out of the agent/broker's end. Agents varied in performance. I fired two and USAA immediately replaced them when I called and complained.
Is it worth it? I'd rather have a highly competent, professional agent than a rebate--but if I can have both...
The program is hit and miss as to the quality of the agent. USAA would like you to believe their screening of program participants is sufficient. Don't simply accept the name they send you...do an interview and ask all the questions. If you don't like it, tell USAA to refer the next one on the list.
It is worth a try, but don't expect the rebate or USAA to replace due diligence on your part. Good luck.
by the way, you didn't ask but I would add - I would strongly discourage you from using USAA for your mortgage. Find out what they'll do, and then find a local lender that can beat/match it, or get you within a few bucks a month. Unless you relish the chance to have unforseen hurdles pop up during the closing of the home you hope to move into.
Absolutely agree. I shopped other lenders despite the whole USAA RE network "value"--used the RE agent system, but quickly shut out the mortgage for a much better deal.
USAA Mortgage is struggling to overcome a reputation as slow and inefficient, including a mini-scandal a few years back where employees melted down on social media about losing documents, throwing away documents to stall processing, hostile managers...they are a good company, but it's going to take a few years of good mortgage services to make up the lost ground in reputation on mortgages. Just my opinion...
by the way, you didn't ask but I would add - I would strongly discourage you from using USAA for your mortgage. Find out what they'll do, and then find a local lender that can beat/match it, or get you within a few bucks a month. Unless you relish the chance to have unforseen hurdles pop up during the closing of the home you hope to move into.
I would highly advise against this, I got a preapproval from usaa, got a realtor recommended by usaa. Within 1 week I found a house, I put offer in, they got all inspections, appraisals, etc within 7 days. Closed like 2 weeks later. Not even kidding. I got 1500 rebate kicked back for buying.
I really like usaa mortgage since its in usaa ecosystem, all my credit cards, mortgage, insurance loans, bank account etc all in same app. plus I got 3.25% which was the same as everyone else with no points down.
They sold the mortgage to nationstar, but they've been excellent, no different from usaa, just like progressive is my sublet motorcycle insurance, usaa will step in if something isn't correct.
If you like usaa and they give you a good rate, I wouldn't hesitate to do the loan process. I was proactive though, if they needed info I faxed the paper instantly, responded to all the documents instantly, took me a couple minutes here and there. I'd call back daily, all the grunt of paperwork was done with in 5 work days, Monday thru Friday.
Thanks for all of this great feedback! I will be selling and buying in the next 2-3 years, and I'm just putting out feelers now to start to gather info.
I have been a USAA home/auto/life insurance customer for over 30 years and have found them to be solidly better than average, and sometimes excellent, in terms of prices and customer service.
During my very contentious divorce many years ago, USAA was hands down the most cooperative and compassionate financial institution I was forced to deal with.
I feel about the same way for USAA as I do Wells and BofA; I'm sure USAA has some more "customer service friendly" influences.
oct 2016. It was my first mortgage and it was so fast, I couldn't believe how easy it was. The sellers, I had spaghetti dinner with them before closing and they was astounded how quick it all went, they invited me out to give me a lot of paperwork/receipts thats been done to house for if I ever have issues in future. Very nice couple! lived here 37 years
They weren't competitive by beating anyones rates, they basically matched the rates. I chose them over other creditors just because of my ecosystem. If they have same rates as others I wouldn't shy against them. each their own.
Last edited by FreedomPenguin; 06-04-2018 at 07:37 PM..
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