VendorSelect Chooses REflex Technologies To Satisfy Distressed Asset And BPO Automation Demands

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Nation’s premier vendor network to leverage leading-edge software that will allow its real estate professionals to manage and complete more BPOs quicker and more efficiently through automation

The real estate industry has been burdened by unnecessary and substantial costs dealing with inaccurate and incomplete home valuations. We have taken the bull by the horns to resolve both issues thanks to this collaboration.

VendorSelect today announced that it has chosen REflex Technologies to serve as its sole technology provider, fulfilling a critical automation need for its turnkey network of qualified real estate professionals and property preservation contractors.

This alliance, which will allow VendorSelect’s real estate agents and brokers to turn around valuations such as Broker Price Opinions (BPOs) more rapidly -- exceeding asset owner expectations at a significantly lower cost -- is critical to meeting the growing demands of the distressed asset industry.

“With the ever-growing need for automated solutions in today’s rapidly changing landscape, VendorSelect has jumped feet first into meeting those needs,” said Patrick Butler, VendorSelect’s Director of Partner Relations. “This partnership is definitely a two-way street that enables the REflex Technologies team to hit the ground running for the benefit of the qualified professionals in the VendorSelect network and their clients.”

According to Butler, the first major leap is the launch of a cutting-edge valuation tool, a technology-driven BPO, which is slated for launch in Q4 2012. This platform has been developed to resolve two major issues in the valuation industry.

First, is the ability of real estate professionals to manage and complete their BPOs quicker and more efficiently with the use of REflex Technologies’ automated solution on their handheld devices.

Second, and most important, is to provide agents in field with complete, accurate data sets that are easy to use. Agents and brokers will be able to quickly identify and select the most accurate property comparables to help them complete and autofill their BPO requests.

Once onsite at subject property, agents will be able to verify the information provided, take the required photographs and complete the valuation, uploading it to the system for immediate review before ever leaving the property.

The accuracy and quality of data is among the many reasons VendorSelect chose to partner with REflex Technologies. By pre-populating key elements of the BPO there are fewer chances of human error that are often caused by hasty and manual data entry. There is no doubt that better data results in more accurate valuations.

“The industry has been burdened by unnecessary and substantial costs dealing with inaccurate and incomplete valuations,” said Butler. “We have taken the bull by the horns to resolve both issues thanks to this collaboration. The VendorSelect network is the perfect group with which to launch this platform. These agents are vetted based upon service areas and expertise. We see the savings in cost and time for all concerned to be a significant win-win for the entire industry.”

Those interested in expanding their businesses with VendorSelect and/or REflex Technologies can obtain more information at http://www.VendorSelect.com.

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About VendorSelect
VendorSelect offers the most innovative vendor management platform technology and nationwide vendor network that is designed specifically for real estate loan servicers, asset managers and government-sponsored enterprises (GSEs). Its software allows asset mangers to easily search, hire and rank vendors — real estate agents and contractors, among others — involved in the preservation/disposition processes throughout the United States. Only experienced, qualified and licensed vendors in the REO and short sale arenas are featured in VendorSelect’s nationwide network.

About REflex Technologies
REflex Technologies is the most flexible and user-friendly workflow engine available today in the distressed real estate asset arena. It was developed with direct input from loan servicers and asset managers, providing a powerful tool that assists them to streamline their day-to-day operations, manage assets better, liquidate them quicker and for top dollar. Unlike most (if not all) of the platforms on the market today, REflex is fully configurable, empowering our partners to define their workflows based on their specific business needs. The benefit of this key feature is rapid turnaround time and minimal cost to create or modify processes. REflex Technologies was developed to meet the needs of both enterprise-level organizations, as well as smaller to mid-sized shops.

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Tom Myers
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