The Panama City Real Estate Blog: Broker Price Opinion

Jeff,

BPO's for some are great and not so much for others. If you are an analytical person and generally prefer the follow-up and documentation rather than personal communication then perhaps this is your niche. For the most part Lenders are bureaucratic in nature. Logic and rationale do not play a part in their world.

If this bothers you , then I would suggest you move on. I for one had the opportunity years ago to build my business around REO's and Foreclosure's which would have meant thousands of BPO's. I did about a half a dozen or so but found them not right for me. I moved on.

Good luck in which ever path you choose. Just remember not to get emotionally attached to the outcome, believe me the lender's do not.

I've done BPOs and if you get a listing out of it then it's probably worth it (if you can sell it).  BPOs don't pay very well but if you don't do them somebody else will.

Hi Jeff, I have just started doing bpos...as a matter of fact my first one, was one where the owner put a sign on the door stating he would harm anyone who came to the house...i suppose he was mad about the foreclosure....anyay..would love to hear more feedback..with regard to whether doing bpos are worth is or not, you say you have been doing them for a while??  this one paid $90  I didn't do it because it seemed unsafe to do, and not worth it..but are others worth it?

Some people may not understand what a BPO is. Could you explain it more thoroughly?

My company went to a BPO meeting in 2006 in Texas.  Freddie Mac was a guest speaker.  One of the agents got up in the audience and asked why she should continue to do BPOs when she never got the listing.  Freddie Mac admitted, in front of over 800 agents, that Freddie Mac always took the highest BPO.  Reason: Their job was to get the highest rate of return.

However, that's about to all change.  The massive increase in foreclosure has just begun in some of the most over-priced areas.  Banks are getting much more realistic about BPOs.  I'd say, don't give it up just yet.  I think if they get to know you and start to value your BPO's, you might get pretty busy.

Did anyone else go to the BPO conference in Texas?

I do the BPOs but have not picked up any listings from them. They are relatively easy, quick, requires minimal work...and pays proportionately!

I have done BPO's, which stands for Broker Price Opinion, for those that may not know.  They are a little more in-depth than a regular CMA, as the lender's will want extra information on THEIR forms.

There are the drive-by ones with just a quick photo of the front/address verification & a street scene and then you do the market analysis part. And then there are the full interior ones...those are a joy, not knowing what you may walking into. I have also had the ones that just wanted all exterior photos & no interior photos along with a nice long list of how I'm supposed to the BPO.

I have turned some down due to knowing the neighborhoods and wanting to live rather than risk my life for a mere $50 to $100.

I myself have had a couple rejected because they didn't like the comps or the values that I put on the forms.  Upon calling and actually speaking to a live human being and able to explain the situation, they got it cleared and approved.  Sometimes, you just have to make the phone call to explain things.

It is good for the knowledge and you just have to decide if it is for you.

Good luck

Its very common knowledge that a recent sale sets the ceiling for what a home is worth, in a typical market.  A listing means very little, if anything in this regard...

I do BPO's as a means of keeping up on the market... you will rarely get a listing from any that you do..most companies have an agent or company in place.. Banks are not interested in the real value of a property just the value they want to get.. which is why they are in trouble now.. Not all areas are made up of hundreds of cookie-cutter developments where the houses are interchangeable.. 

Kaushik... I think things are changing.. and it is pending sales that are the most valuable.. sold info is old and many active listings have been on the market  at unrealistic prices.. in markets that are changing pendings give the best info but banks are not interested in those numbers..

Anyone out there do BPO's for BPO.com?

Is so, what is your experience with getting paid on time?

Jeff, that's just crazy -- but also may have something to do with the fact that many asset managers have been promoted from customer service reps, and are only 19-22 year olds doing hourly work.  They don't know anything about Florida real estate while they sit at some desk in NY or CO.

I personally am not a fan of BPOs because they always seem to take half a day to do them well, but that's me.  I'm very analytical and want to do it Perfectly, so I end up taking way too long in the process.  Hardly worth my 50-100 bucks, especially with gas and tolls factored in.  HOWEVER, I've become more proficient in valuing property and know the market better because of them too, so that's how I look at them... a learning tool that also gets me a few bucks here and there.

As for the listing part, my broker is an REO specialist and the NRBA's state Master Broker for Florida, so we get handed listings from them regularly.  So besides the bad, there's good too.  :)

HHmmm. BPO's - I love them. They don't pay well however...when your dues are DUE...the extra money can come in handy. When doing BPO's, remember....there is a bigger picture here. If you are creating a business plan that includes REO's....then BPO's are a must. In your business plan however...it should not have a picture of YOU doing all the work. That is what licensed assistants are for. I know of agents who have created an entire business of REO's and BPO's. Can you imagine doing 3-5 BPO's a day and getting 3-5 REO listings a week? It's happening all around you.......SSShhh. don't let it get out! REOMAC anyone?

I feel that appraisers might have the worst job in real estate. ex: if thing are good no one cares, if the numbers are bad EVERYONE is mad.

Agents doing BPO's can have a similar effect. several of my short sales have been subject to high opinions and have nearly blown sales. I have been able to fix those problems so far....thankfully.

some agents are doing these for money, and personally I don't think that is a win-win for anyone in the transaction. I would have to perform alot of these to make an income. not for me.

However, I have started doing them to gain relationships with banks. this is a win-win. and hey, it might pay for my starbucks habit. (ha)

Has anyone purchased an e-book for links to reo/bpo websites?  I am curious to see what they say.  But with the industry changing so fast-I can't imagine that the info is current...

I have been doing bpo's for 3 months and do it full time 6-7 days a week.  I am working thru a contracting company so have to split the fee. Typically I am marking $20 per report that takes me 1 hr to 90 min. depending how fast I can find comps.  I have a photographer take pics for me, so I just work from home.  The money is not good, but I get paid every 2 weeks.  The asset mgrs like someone already said are mainly just young kids who you have to call on the phone in utah and explain the florida market.  One asked me yesterday when I told him there was no house on the lot, just a slab, what a slab was????? Our company has only got 1 listing out of this, so that part of it is not going well at all.  I appreciate any feedback from anyone who is working directly for any of these companies.

 I am considering doing BPO again. I am a Realtor and I do not know if it would be to my benefit to become certified member of a National BPO company. It sounds like good information to enhance my knowledge from what I have read. But do Lenders really look at BPO certifications when selecting an agent to do one.

Been doing BPO's in a rural area for about 4 months.  Starting to recieve multiple requests a day and getting over the learning curve.  The more BPO requests I complete the better I've got, rarely do I have one kicked back at this point. I'd say stick with it, most of them are realitively easy and I'm finding I prefer this to general real estate sales.....I get to work from home and no whinning clients!  Making contacts with many asset managers, maybe I will end up with an REO, who knows.....at least it's a somewhat steady paycheck in this dismal market.  Just my 2 cents.

Hi John

 As you say "dismal market...how did you find so much BPO work so quickly? I've Got to get working on something with all this real estate experience and no buyers in the market!

 

I started doing BPO work a few months ago and received a listing as  a result of one of them.  Some Asset Management companies are known for giving out listings while others just do BPO's and then the bank has their specific agents that they want to represent them.

I do a few BPOs per month.  We get requests daily, but state that the minimum fee is $100 and 3 days.  If they give us a bad address, then the fee automatically goes to $150.  25% of the addresses they give us in upstate Vermont are screwed up, so this has lessoned the amount of time we waste.   They have started going back and checking with their "CLIENT" to guarantee the address.  Still, someone is doing the bulk of these BPOs for the lousy fees of $35 to $50 which hardly puts gas in the car. This, for us is significant because these properties usually involve travel of 25 to 75 miles.  I ask for more time so that I can arrange to accomplish multiple errands in the same trip.  I also find it amusing that everything is such a RUSH and then you'll see the same request for service dangling around out there for 10 days to 2 weeks before someone agrees to take it and go driving off into the boonies . . . . some RUSH!

Also, I have had to threaten to call in my attorney in order to obtain payment in some of these cases.  This enterprise is a form of interstate commerce which, though loosely monitore now, could have a Federal supervisory agency stepping in if they can't fulfill their side of the bargain and pay us our dinky little fees in a timely manner!

Thanks to Jeff Payne for this opportunity to VENT with some people who at least understand the issues. 

 

I just received my license in June and have been doing BPOs for my Broker so that I have some sort of income while waiting for my listings to sell and my buyers to actually buy! I have been trying to sign up with BPO companies so that I can do BPOs more often and under my own license. My problem is that in our small town and the surrounding rural areas the agents treat their BPO connections like highly guarded secrets.

I ask this favor:  If South Dakota is not in your BPO area, would you please email me the information for the companies you have success doing BPOs for?  I am signed up with ValuationSupportServices.com and ClearCapital.com and have had no problems with them. They can't keep me busy enough and would like to connect with other companies as well!   Thanks~~     brenda2724@gmail.com

Brenda,

I offer a list of companies that hire field inspectors and agents for BPOs. Here's the scoop:

Now Available – Field Inspection Company List  

With the slow down of the real estate and loan markets, to continue a successful, profitable Mobile Notary business, a Notary must diversify. With foreclosures on the rise, there is a need for Field Service Inspectors all over the Country.

The list is great for Real Estate Agents, Mobile Notaries and Loan Officers that are looking for other streams of income in the current market. You won’t get rich quick, but you should be able to earn some extra money without a lot of effort. At least that's been my experience.

Field Service Inspectors are used to provide on-site property inspection services for lenders, loan servicers and investors. There are many types of property inspections that are needed, most of which enable a mortgage servicer to make decisions on their properties with the information received from an inspection. Some of the basic information collected on an inspection would be occupancy status and damages. As a Field Service Inspector, you are responsible for completing basic inspection reports, photographing the property and uploading your report and photos to the hiring companies website. If you are a licensed Real Estate Agent, you will earn more for BPOs than an unlicensed person completing basic inspections and drive by inspections.

After weeks of work, I have compiled a list of over 200 companies (11 pages) that hire independent Field Inspectors. The list is easy to use and has hyper links to all of the 200+ companies, making it easy for you to locate and sign up as a vendor with companies that want to hire you.

All of the company information on the Field Inspection Company List is readily available to anyone that wants to take the time to compile the information themselves. All I am doing is offering the list without the work. I’ve already done the leg work and want to pass along the list for a nominal fee. Having the list will save you hours of research online.

To purchase the Field Inspection Company List, please email me or send $9.95 via paypal to floridasnotary@yahoo.com. Once the fee has been processed, I will email you the list in both pdf and Word formats.
 

There is so many companies out there doing BPOs. But the 80/20 rule applies here, most companies dont have that much work. You just need to find 5-6 really busy companies. For me clear capital, emortgage logic, and land american, real trans have been really good. I found a list for free if anyone wants it bpo4agent.com

The companies that have been good for me are:  Clear Capital (averaging about 40 to 50 BPO's per month), Pro-teck, Main Street Valuations, Land America.  There are several companies out there but these are the only ones that are actually giving out BPO orders.   I think this website needs to share information instead of making a fee for these companies and everyone would profit.  With a difficult market right now..making $ 2000- $ 2500 per month on BPO's works for me.   GOOD LUCK.

Our team doesn't do BPOs but is consideing them as a potential source for listings in 2008. The challenge with listing comps in many of our neighborhoods is that there is such a wide range in price - from the desperate foreclosure seller to the family who has consistently made their payments but now finds their equity eroded by market conditions.

Hello Jeff,

I always say that if you are learning something from what you are doing, than it is worth doing. I am currently starting to get into BPOs (just signing up with companies) and I am looking forward to completing some hopefully soon.

Thank you for the post.

D'Adrea Davie www.motheranddaughterrealty.com

As a real estate agent doing BPOs in the state of Florida, can a real estate agent be paid directly from the company requesting a BPO or does he need to be paid through the broker?

My broker does not want the money. The BPO companies pay me direct.

I do BPO's for an asset management company and usually get the listing.  They don't challenge me like that, they just want my reasons for using the comps I use if they are not within their guidelines.  They typically list the property for what the appraiser tells them & sometimes that's way too high.  It will end up selling with 95%-100% of what I tell them it will.  I did some when I was at a previous company & never ended up with the listing.  Now that was really a waste of my time.  Good luck!

In Nevada, you have to be an appraiser to do bpos for compensation.

In today's market, it helps to make a little extra money.  Do what works for you!!

Can Any one tell me the BPO companies NOT to work for? I read a article about Coast to coast and BrokePriceOpinion.com saying they don't for all or most of the deals. I hear you need to watch for some that are scamming agents. Does any one know if in California the broker gets a cut, because there isn't much to shave off  a $60 dollar fee. 

It is my understanding that licensed Brokers can do BPOs for a fee, not Salespeople in Michigan, I know salespeople are out there doing them.

I would also like to know the laws for BPOs done in Florida.  Broker need to be involved? 

i need to sign up to do bpo but do not know any companies web address. would anyone be willing to help me

Its all about the BPO period it set the standard on my last 5 APPROVED short sale deals.  One tip that works everytime on a short sale listing when the BPO agents comes out to your listing have the BPO completed for them with all the supporting comp data.  Meet them at the listing use your influence to get your price and give them all your work.  They will love you for it and probably give you your number.

Anthony - www.BPOAgentsWanted.com

I have been doing bpos for over 3 months with 3 different companies.  I have done a total of 40 bpos.  I am still waiting for a listing.  The banks seems to give them to certain agents.  If I don't get a listing from them soon,  I just might call the bpo company and ask for some listings.  It would not hurt to ask.

As far as taking a fee in Florida for a Bpo the broker in which you work for needs to accept the payment otherwise it is illegal. They wrote an article on it in either the Florida realtor or realtor mags last month.

You can do 1000 bpo's and never get a listing.  Wether or not you get a listing depends on a number of things.  If clarifications are requested call whomever ordered the bpo and explain.  I have had companies call and ask me to remove a comp property etc.  I used to say okay blow off something else and meet their deadline and do the deed.  I have realized over time that my time is more valuable that what others may think so I review my bpo when a clarification is requested and call to argue my point if i feel I am right.  When I call I usually get the bpo approved. 

A Realtor in our office has 25 REO listing and averages 5+ sales a month just because of his BPO participation in the past.  Back when the market was hot in 2003-2005 other agents would tease them about wasting their time for such "small change."  I guess it paid off.  Of course now they don't give their sources away either.  I ended up purchasing a huge list on StartBPOs.com.  Maybe ill get some listings after I do my time.  Now there are so many BPO companies out there.  I had a few bad experiences but now I just don't answer their emails anymore.  BPOs are not that fun but darn important in my book.

Angel - that amount of money every month works for me too!  Are there any hints you could share for working with these companies, getting started, etc.?  Thanks!

I have just started filling out apps and have just completed my first BPO    Seemed to take an eternity to complete......probably a little more intense than I thought it would be.  BUT  I felt this was a great learning experience.  I do know this......I was able to grab this invite or request and during this first week of sign up 5 others were posted in closer territories and they were snapped up before I was able to catch them! Sooooomy guess is that they are worth the time and effort to become proficient at.  I know agents who have developed teams to complete them and totally use this as a supplement to their business.  I would be interested in hearing more comments and am hopeful that this is a stream of income that will increase with the new year!

Char - where do you live? I'm working on getting into BPOs too. What company are you referring to if you don't mind if I ask. I googled BPOs & found something called Directory of Property Valuation which might be helpful to you.  Some require an appraiser but I found a few to apply to.

BPO's are fine as long as they don't take you away from the big money.  They can be time consuming and take your focus away from the big commission check most of us covet.  Find a balance and use BPO money to fund your marketing and expenses and then the big check becomes that much bigger.  But be careful..BPOs can suck you in and then at the end of the year you've made 20K less than the year before all under the idea that BPOs are a stable flow of income...yeah less income.

I have been doing BPO's since i started in the business a few years ago.  I cannot complain in 2007 I completed 448 orders.  and in the down market and semi rural location i am in it sure was a good income supplement. 

I am encouraged by all of the comments on here. I have 3 kids and in need of extra money. Whether it's $50 or $75. I need any  money I can find. . I signed up with an REO company in August and received 3 listings within a week in December. I have never received a BPO. I'm learning. I really like it..SO if I received a REO, Does that mean I have the listing? I have offers pouring in. I was cleaning out the yard and was approached by realtors wanting to submit an offer. I hope I get BPO's. 

I have been doing BPOs for a few months now and really enjoy the work and the money. I do about 2/ week and soend about 2 hours per report. I have gotten a system down wherby I look up the property in the MLS first and see what I can find, then I go out and take multiple pics, then I come back and open the MLS and work the report. I have learned that if a recent sales has not occurred and I need to guess the sq ft, room count, etc... to call the BPO co. and ask what they want me to do. If I don't, what I decide to do is usuually wrong and I'm gonna have to redo it.

I went www.AgentBPOs.com and downloaded their info to get started. It has active links to sign-up pages, sample bpo page links, how to, and other informative info.

 Hope this help other in this tough time being a RE agent!

M 

 

 

Now Available – BPO/Field Inspection Company List

This list is great for Real Estate Agents, Loss Mitigators, Mobile Notaries and Mortgage Brokers that are looking for more leads and streams of income. You won’t get rich, but you should be able to earn some extra money, get qualified leads and even gain REO listings without a lot of effort.

Field Service Inspectors are used to provide on-site property inspection services for lenders, loan servicers and investors. There are many types of property inspections that are needed, most of which enable a mortgage servicer or insurance company to make decisions on their properties with the information received from an inspection. Some of the basic information collected on an inspection would be occupancy status and damages. As a Field Service Inspector, you are responsible for completing basic inspection reports, photographing the property and uploading your report and photos to the hiring companies’ website. If you are a licensed Real Estate Agent, you will earn more for BPOs than an unlicensed person completing basic inspections and drive by inspections and you may also receive the REO listing.

I have compiled a list of over 200 companies that hire independent Field Inspectors and Realtors. The list is easy to use and has hyper links to all of the 200+ companies, making it easy for you to locate and sign up as a vendor with companies that want to hire you. The list includes links to more online lists and field inspection/BPO groups and forums so you have a place to ask the experts and research companies that hire field inspectors.

All of the company information on the Field Inspection/BPO Company List is readily available to anyone that wants to take the time to compile the information themselves. All I am doing is offering the list without the work. I’ve already done the leg work and want to pass along the list for a nominal fee. Having the list will save you hours of research online.

 

To purchase the Field Inspection Company List, please email me or send $9.95 via paypal to floridasnotary@yahoo.com. Once the fee has been processed, I will email you the list in both pdf and Word formats.

 

Rebecca, this sounds like the same list I purchased from a REO program that is copyrighted. He even used the exact same wording you have with the same number of companies you are offering with hyperlinks in a PDF format , etc. Coincidence?

Robert,

I don't know how or why he is copyrighting information that can be found by anyone so inclined on the world wide web.  As I stated in my advertising " All of the company information on the Field Inspection/BPO Company List is readily available to anyone that wants to take the time to compile the information themselves."

My list is a compilation of four lists that are available on the internet. I also include links to three other web based lists. Anyone with data mining knowledge and good internet search skills can find the information that is on my list and your “copyrighted” list.

This is not rocket science, you just need to know where to look for the information and many people don’t know where to look.

I guess if its so easy to find, not sure why anyone would pay $9.95. Good Luck.

Can anyone tell me if getting certified to do BPO's is beneficial or not?

I am interested in BPOs but I am not sure I am willing to pay for the information.  I have doing my research and I have found out a great deal of information form that.  What else could they tell me?  I have seen price from getting a list for about $10 to 200-300 dollars.  SO what is the deal? Sounds like a way to get paid for doing something or selling something to someone that could take the time and find out the same information from the internet.

Since is an Opinion, not an appraisal and since we give Opinions all the time anyway, can it be that different that it would cost so much to find out about how to do it? 

 

Hi..

I was assigned 3 listings but my broker decided it was not something that our brokerage was going to do. Needless to say, I'm upset..so I lost them.  Cited that it violated our state real estate laws. I think that the agreement was fine, but it said that the agent/broker was responsible for getting the utilities in the brokers name and other services.. I left Re/max to come to this new company which would have accepted this agreement.. So I need to ask does your broker have any trouble signing these agreements?

ALEX wrote:

There is so many companies out there doing BPOs. But the 80/20 rule applies here, most companies dont have that much work. You just need to find 5-6 really busy companies. For me clear capital, emortgage logic, and land american, real trans have been really good. I found a list for free if anyone wants it bpo4agent.com

11/07/2007 05:28 PM

by Alex

 THANKS ALEX! THIS WEBSITE IS FANTASTIC! 

 I have been doing BPO's since 2005 and find it a nice way to keep my bubble gum money fund supplied.  I have read most of the post and it is true it can be a little frustrating to work with some of the companies mainly because they are NOT agents and really don't understand the market,conditions, etc.  Their main goal is to turn in the best value possible to their client; even if it means requesting that you find "better comps" than the last 6 months of solds!  Sometimes I laugh and think, wouldn't we ALL like to find better sold comps!

Unless you have a good liquid working fund, it is sometimes not a good thing to take on REO listings. I have been offered these in the past and I turned them down once finding the firey hoops I had to jump through. First, I had to maintain all the utilities and the expenses involved. I had to maintain the house,lawn,trash etc., all at my own expense and THEN submit a reimbursement request with Lord only know how long it would take to get that check! Plus, have you ever tried to sell a REO? I have been the Buyer's Agent for a couple and it's a fricken nightmare to work with the banks.  I can only imagine if it were my listing.

All of the Fannie Mae,Freddie Mac BPO outlets are really not worth it unless you just want the experience in doing excessive government paperwork! And, their fees are about the same as any other agency.

BTW, Don't pay someone else for leads to find BPO companies etc, unless you are really lazy!  It only takes a little digging on the Internet to find all that you need. Thanks to Alex, the website he has provided you need to look no further!

I recommend these companies which I have provided BPO's, they pay in timely manner and easy to work with: www.clearcapital.com , www.assetvaluation.com , First American Value View (www.farvv.com)

Finally, if you have a client relocating to the Northern Virginia area, my referral commission is 45% until April 1, 2008. I can be contacted at realtorvwatts@aol.com

I have been doing BPO's now for some time....... One company sends out the order on a first come first get type situation and it can become a battle to get the order.  They also reject several based on your theroy of the 10% factor.  I have NEVER recieved a listing from doing BPO's... In fact I have been sent to do many BPO's that are already listed by other agents....This part I have NOT figured out.

I have recently signed up to to BPO's with a new company that contacted me and Also to have been doing Loss Mitigation over the past year.

I have seen a couple agents in our market make a good living dealing in REO properties.  I'm waiting on my turn to cash in on a few of these deals.  I'm looking for more BPO/REO companies. In past I have only done work for the 3 that have contacted me. I'm sure there must be a way to find the companies needed BPO's and get in the rotation...... Just need to find them...

I am a licensed real estate agent in California.  I am have been trying to find some training in doing BPO's.  Does anyone have any suggestions?

I am a licensed real estate agent in California.  I am have been trying to find some training in doing BPO's.  Does anyone have any suggestions?

01/18/2008 03:02 PM

by

Caroline

I did several hundred BPOs in 2007.  I average about $1500 a month in income from the BPOs.  98% of them are within a 10 minute drive from my house, in a subdivision with plenty of available of comps.  Including drive time to take the pictures, I average about 45 minutes on each report.  Easy money and it keeps my light bill paid.

I'm a Realtor in Texas.  I've done BPO's and have strong opinions about them.  Lenders want to pay you nothing for a watered down appraisal to avoid having to pay a full appraisal.  Lenders are Banks and Banks are not your friends.  They would cut your throat for a profit and have tried to do just that with their efforts to get laws passed allowing Banks to sell real estate.  Fortunately there are political action groups in our business that lobbied to stop that and have been successful so far.  It doesn't mean that the Banking Industry won't be back with a new attack strategy.  They will.  With your mind right about banks think about what it costs you to do a BPO.  Your time is worth money too.  Gas is outrageous as well.  A $50 BPO is a losing proposition and an insult.  Anyone who says "I might as well do it cause somebody else will if I don't" is just the sort of fool these banks are looking for.  It will never change until WE STOP doing them for cheap fees.  Minimum for a Drive By should be $100 period.  Inside BPO's should be at least $150.  If your doing them for less than that then you have no right to ever complain.  You aren't the solution, you are the problem.

John, have you had success at getting 100.00?  I have thought about accepting them but only for more money. I'll try it for the next one.

I JUST STARTED DOING BPOS.  I WAS SURPRISED TO SEE THE FAST RESPONSE. I RECEIVED THREE ORDERS  3 DAYS AFTER I SIGNED UP.  I ENJOY DOING THEM AND I'VE GOT TO KNOW NEIGHBORHOODS I'VE NEVER BEEN IN BEFORE.  MY ONLY PROBLEM IS WHEN I HAVE TO GET AN ESTIMATE FOR REPAIRS.  I AM NOT A GENERAL CONTRACTOR AND I HAVE A HARD TIME TRYING TO GIVE THE CLIENT AN IDEA ON HOW MUCH IS GOINT TO COST TO REPAIR THE PROPERTY.  CAN SOMEONE TELL ME IF THERE'S ANY REPAIR GUIDE I CAN REFER TO FOR ESTIMATE ON REPAIR COSTS?  HOW DO YOU COME UP WITH THESE NUMBERS WHEN YOU'RE NOT EVEN HANDY? 

I WOULD LIKE TO KNOW HOW YOU DETERMINE REPAIR COST (MATERIALS AND LABOR) FOR HOLES ON THE WALLS OR BROKEN WINDOWS, FOR EXAMPLE.  THIS IS THE MOST DIFFICULT PART FOR ME TOO.

I have been doing bpo's since Auguest now and I was able to get some listing form calreo in california which was pretty good. Couldnt sell it though so I guess that was a little waste but I have been getting these companies sending me bpo work.. i guess it helps to do them for now and maybe get another listing.

 Just recently got a guide and a list from www.bpobook.com and signed up with about 15 of thier companies and got ok results.

Jeff,

It worked at first but now they can find anyone to do them for small fees.  I refuse to ply my trade for free.  Tell you too, I have discounted my last commission fee as well.  I have actually walked away from listings because they refused to pay our fee rate.  Let the other guy work for less money.  I have good listings and do well by sticking to my principals.  Everyone has to do it their own way though.  Give it a go Jeff.  There is things to learn and you can always change your mind later.  Good Luck!

CAN I GET SOME SUGGESTIONS ON REPAIR COSTS.  I'VE DOING REAL ESTATE FOR ABOUT SIX YEARS.  WHEN ANY OF MY LISTINGS OR SALES NEED REPAIRS, I CALL A SPECIALIST ON THAT PARTICULAR PROBLEM AND TAKE CARE OF IT LIKE THAT.  ON THESE BPO'S THEY ASSUME YOU ARE AN EXPERT AT PRICING MINIMUM AND MAJOR REPAIRS.  I DON'T FEEL COMFORTABLE CALLING ONE OF THE INSPECTORS OR HANDYMAN I USE TO GIVE ME ESTIMATES, KNOWING THAT THEY WILL NOT GET THE JOB.  I WANT TO BE AS PRECISE AS I CAN WITH THESE NUMBERS.  ANY SUGGESTIONS?  DOES ANYONE KNOW OF ANY REPAIR GUIDE I CAN USE?  SOMEONE HELP ME, PLEASE!!! 

Vickyann, email me directly robert@harfordadvantage.com to discuss. Are you doing an Interior BPO? Also, please consider joining the forum. The exposure is great and you will join a community of professionals!

hi Again-

I'm one of those agents that bought a list and yes, I could have spent hours doing my own research to find BPO companies but instead I paid $14.95 (which equates to about 30 minutes of my time doing a BPO) and rec'd all the info I needed to get going doing BPOs including active links to BPO companies, their registration pages, along with sample BPO forms. I am guessing the program took someone a lot of time to compile and I think it was well worth the $14.95. Sure, you can go do your own research...and spend hours doing it but why? My time is valuable to me! I'll pay the measely $14.95 to get the report. No, I won't pay $200 nor will I pay to get "certified" since no one has ever asked if I am certified. But I think www.AgentBPOs.com created a great little package.

Hey 'MARCIA" - instead of spamming the forum with your commercial, join the club!

I just started doing BPOs and I like doing the research.  I still have a ways to go on registering with the different companies.

Marcia,

Just to point out some realities to your sales pitch.  If your time is valuable and you are currently too busy to do research then you are probably too busy to do BPO's too.  Based on my experience,,,,,,,,,yours may be different.......

So here's a question: who gets paid for doing them? You, or your broker? Do real estate laws require you to be paid through a broker for this type of work?

Vickyann, to help with your problem, you might try this book: http://www.realtor.org/prodser.nsf/products/141-253?OpenDocument.

It is the Home Repair and Remodel Guide. I bought one and it is helpful for figuring out ballparks on repairs. It has a modifier for each area of the country, so the price will be accurate. So far, I have found it helpful with buyers (not doing BPOs, but could see it being useful there too).

Good luck!

Michelle said:

am encouraged by all of the comments on here. I have 3 kids and in need of extra money. Whether it's $50 or $75. I need any  money I can find. . I signed up with an REO company in August and received 3 listings within a week in December. I have never received a BPO. I'm learning. I really like it..SO if I received a REO, Does that mean I have the listing? I have offers pouring in. I was cleaning out the yard and was approached by realtors wanting to submit an offer. I hope I get BPO's. 

Michelle, what company are you using? Do you mind sharing with us? Most of us are probably not in your area...

im thinking of doing bpo's  any suggestions on how to start off  .   and what it pays ?? .

JENNIFER WILTON:  THANKS A LOT FOR TELLING ME ABOUT THIS BOOK.  I'LL BUY IT TOMMORROW!  GOD BLESS YOU!!! 

Hi .. I'm considering doing BPO's to stay above water.  Are BPO's done before the bank actually takes possession?  It sure sounds that way.

I was just reading a blog at UniversalREO where it mentioned in the November '07 entry that BPO's are now getting only $25 to $50 per drive-by BPO.  Supposedly this is due to cost cut-backs.  Can any of you speak to this?

Sorry .. I have a lot of questions.  Have any of you heard of the REO Renegades System?  I Googled it and found only one occurrence.  Maybe they managed to eliminate all the negatives??  It's very pricey ($497), but promises to give you all the links and shows you exactly what to do so your BPO's don't get rejected, how to do a BPO in 30 minutes, how to get listings, and lots more.  This link states BPO's get paid between $65 to $125 per HOUR. 

Here's the link if anyone's interested:  http://www.investingnewslive.com/

That's not what I'm seeing 'out there' in cyberspace.  Is this guy credible?  Also .. I'll check tomorrow, but I believe North Carolina requires that any money paid to me (broker/realtor) must go through my agency (Coldwell Banker Sloane Realty) and if it does, I'm sure they'd want their cut.  If the $25 to $50 per BPO is correct, and I have to share it with them, there's no point in wasting my time.

 

never, ever pay anyone for  a list of bpo companies.  the majority of the high volume bpo companies can be found on this list

http://www.google.com/Top/Business/Financial_Services/Field_Service_Companies/

you can also google broker price opinion's

I have been doing bpo's for about two years, last year I did over 400.  I have never paid for a list of companies or to sign up with a company.  The volume of orders and the number of orders you get depends on your area, your experience and your history with company. 

If you want to get listings you want to sign up to do bpo's for the asset managers.  Alot of companies have isolated their bpo or valutation companies from the asset management companies.  For example Clear Capital does not assign reo listings but sometimes the client who requests the bpo will contact the agent that completes the bpo and give them the listing.   The company that owns Clear Capital also owns  REO Network which is an REO Agent marketing database.

BPO's can be profitable the lady that "showed me the ropes" says she makes 100k/year doing it.  The most money I've ever seen in a month is about $3500, but not consistently.  Most companies take about 30 days to pay but even the best companies can get behind on their accounts payables. 

I think BPO's help an agent familiarize themselves with the marketplace. 

I am trying to find out who would be hiring BPO's in the Austin, Tx area.   I am new to this and it is a little hard trying to find the info.  If any  one can help me out I really would appreciate it.  Thank goodness I ran into this web.  Thanx from Texas......

Try Titaniun Solutions, or www.iasreo.com or contact Land America.

The BPO market exploded as a source of income once the general market exploded

Read my BLOG here on AR about the % of BPO's that actually become listings...

I did over 400 in 2007 and you will be amazed how many actually become listings....

MY Ah HA for you is to learn how the mortgage market works before you start into the BPo world as it may not be what you are looking for

I've been doing BPO's now for about 6 weeks.  I've knocked out about 70 to date.  They have paid between $45-$100.  I actually don't mind the work and I've established good relationships with at least 3 asset managers, one of which has now given me three REO properties.  In this market, you do what you have to do.  Really, once you know the expectations of each asset manager, you can produce a BPO that they will "like."  They are only concerned about numbers and few don't really understand the local personality or psychology.  Ultimately, the actual appraiser is the bottom line.

I started doing BPO's March 2007 and they were plentiful and then became slower towards the end of the year. One BPO company which gave me the most BPO's slowed down and reduced their pay rates. I'd stick to those companies that pay within 7-14 days. One disadvantage is that I have to give my checks to my broker who reimburses for same and it takes another 2 weeks or so to get reimbursed.

I started soliciting BPOs march of 2007, it seems to be a good marketing strategy to possibly get REO listings, however I have never got any lisitngs, and I feel Iam wasting my time with $70 per BPO., I rather get back to what I do best, search for income properties in my neighborhood that I see potential and approach the owner and offer my service to list the property.. unlike residential properties in commercial its pretty much open hunting for FSBO, Cold calls and more relax rules inapproaching owners or sellers.

enjoy... 

 

Boy, ActriveRain comes through again.  I just googled BPOs based on an email I received to see if these were legit and there is more info than I know what to do with!!!  Great to know that I don't have to pay for lists, thanks for giving the websites.  I am a new agent in SoCal and searching for anyway to get my name out there.  Would love to have some REOs or just be able to handle short pays better.

Thanks for all the info.

 

My wife and I started doing BPO's around the the 1st of this year. To date we've completed about 2 dozen. It was very difficult at first and we were having a hard time justifying the amount of time we were spending on these BPO's vs the relatively small compensation we were getting. Once we became more experienced, we can knock them out more quickly. It seems at times the companies ask for far more than you're getting paid for. If for example you're asked to do a drive-by on a repo for let's say 40 bucks and you put in the report that the condition of the property is poor or even fair, they want you to give an estimate of repair costs. How can you do that when you can't legally step foot on the property?

I certainly wouldn't allow these BPO's to interfere with our real estate business, but in a down market you've got to do SOMETHING to pay the bills - it beats selling cars!

I guess the bottom line here is it's a lot of work doing these BPO's for very little pay, especiallly if you have to share your checks with your Broker. Once you're up to about 50 BPO's per month I'm sure it's easier to justify the time spent.

You can't please all the people all the time. Some of this may be preconieved beforehand as to where the owner may think the price should. This may be based on any number of so-called factors. At the end of the day, do a good professional jobs and the business will come.

Bonner

Why on earth would you share BPO income with your Broker.  This isn't commission.  Its money for services endered.  I get 100% of my BPO checks.

I did BPO's in the beginning of my career. I found them to be a huge waste of my time. I was making very little and then splitting that with the broker. I then found that in PA it is against the law to do BPO's because you have to have an appraiser's license. Needless to say, when the calls came in, I simply told them I could no longer do it. I was relieved. My personal opinion, it's a waste of time for a mere $50-100.

I think that each office could be different but I do not share with my broker.  The checks come directly to me. 

Although they can be a bit time consuming, I do the BPO's in order to get listings and the pocket change each month is nice.  I had 3 double sided transactions from listings that I recieved from the asset managers plus I made another $5000.00 doing the BPO's

Anyone using Titanium Solutions for BPO's?

Since I've left my previous office I haven't done them but may start them up again but was getting fed from Broker. The checks always seemed to come at the right time and din't have too much trouble with them coming back to me with probs, maybe because I had their system down. I was doing 3-5 a week, sometimes if was really busy up to 10, so it a nice income coming in. I also liked them because I could do them from home or when I chose to do them as long as they were done by the due date. Also, I think we got a lot of them here because we sent them in way before there due date and they liked that.....

www.lowtaxrate.com/agents  is looking to expand its national broker network for BPO services, sign up is easy, Thank you to all who register with us.

Are there any free lists of BPO companies that don't charge a fee?  I live in Atlanta.

Yvette, did you read the post? This is addressed several times.....

In the December 2007 issue of Florida Realtor magazine, someone wrote in and asked if they could perform BPOs INDEPENDENT of their broker.  (I do BPOs for Clear Capital in the Tampa Bay area so this question caught my eye).  The answer was....

that Florida agents CANNOT perform BPOs independent of their brokers.  Uh oh...

Here's the link for anyone in Florida who's interested.

http://www.floridarealtors.org/FLRealtorMagazine/2007/December/1207Legal.cfm

 

IF THERE IS ANYONE INTERESTED IN TRADING BPO COMPANY NAMES (WEBSITES, ETC.), EMAIL ME AT NPAYETTE1@AOL.COM  I HAVE SEVERAL COMPANIES THAT I HAVE WORKED WITH THAT PAY CONSISTENTLY. 

One member of my team is the BPO expert.  She says the key with BPO's is consistency: get the info in on time, and accuracy. It can be a dynamic source of business, given the current market. Best of luck to you!  

I am interested in doing BPO's but I can not figure out how to get on the list of doing them. I believe I am a perfect candidate since I am an appraiser as well. I would be greatly appreciated for any info on how to get on these lists?

I have an item for sell I thought you might be interested in. (BPO-List of 60 BPO Companies-BPO+69 Loss Mitigation Co.) For only $9.99. Check it out, you can't go wrong with this list. If you have any questions please email me at brad@bradvannada.com For more information go to http://www.freewebs.com/bpobiz/

I am an agent in California interested in doing BPOs. Can I receive my fees independently or do I have to share the fees with my broker?

It is a hard way to do business but I guess it is the market right now.

Does Texas require the agent to receive his pay for a BPO from his/her Broker (and split) or can the agent be paid direct and receive all the fee?

I do a couple a week.  I don't feel it is hard at all, or a waste of time.  I live in an area where most any home is within a 15 minute drive.  I always have a camera with me, so when I get an order it is easy for me to pop by the address given, take the photo's, or with REO's go inside check it out and take the required photos.  I like to take my lap top home and do them in the evening while watching t.v.  About every month I get a check for whatever amount that I did the privious month..to me it is easy money.  Yes, it is only $200-$300 and a lot of people don't see it as worth the trouble, but with todays costs, I can always find good use for it.  Sometimes It just goes into my holiday account-that really adds up come December!!   It doesn't steal me away from my clients since I do it in the evening in front of the tube, or while I am on floor.  I say definately worth the time.

Just another add- I noticed many are splitting this with their broker..if you work directly through the BPO company, fill out an I-9 you don't have to split.  The check will come to your house.

Shari, in some states it is illegal to accept compensation as an agent for any real estate related activity without going through your broker. Agents should use caution and call their board to make sure they aren't going to be in trouble for accepting checks directly from the BPO company!

Jeff, thank you for this blog site.  I have been trying to figure out how to get into the REO BPO market and was getting really depressed.  Reading the comments and finding the lists has really lifted my spirits. 

 Does anyone think it is worthwhile to join the NABPO ( the Nation association of BPO agents)  is it an advantage to be certified?

I also am a Notary and found joining that National association an advantage.  At tjhe moment I do not have extra cash for such if it is not absolutely necessary.  Any comments, please.

Thank you all for participating!

Jeff,

 

I don't do them.

 

Jim

HI AGAIN!!!

 

WHAT IS A BPO AND WHERE CAN I BUY ONE. I WANT TO BUY THEM SO I CAN MAKE MAD MONEY YO!! 

Titanium Solutions is not a BPO mill, they do loss mitigation, Ive worked with them, they may require a BPO some times,

now you'll ask me what is loss mitigation? its what they called once pre forclosure,

in these days the lender wants to know the reason one has not made there mortgage payments.

thats were the loss mitigation counselor comes in.

Shea, you said you worked with Titanium Solutions, could you elaborate on this as I was considering this.  I think it sounded like a worthwhile job.  Thanks

I just started with Titanium.  The training is sound and thorough, but then I've been doing bpo's and shorts and reo's so I have a good understanding.  But it was good reinforcement.  You can make back your $100 investment easily so there isn't any loss.  I don't know yet how productive it will be for getting listings yet since I've only done three assignments.  I just got 4 more and expect to be getting even more next week.  I wouldn't hurt to give it a try.  They do appear to be quite professional and very organized and structured.  They aren't fly by night.

Jeff-I think the true benefit of the BPO is that once you get a listing from them, you are then in touch with the bank or lender and it give you an opportunity to solicit the decision maker in the forclosure department and once you have established that relationship and have done a good job for them you can "prospect" them like they were just another seller except chances are this seller has many properties to sell and you just might be the guy they were looking for to get properties off their books!!  Good luck and by the way I just moved over to Keller Wiliams last week and I have already heard alot about you in our office from Gene Rivers.  Congrats on your sucess in the biz!

Hi Jeff:

I HATE BPO's, but as Mike Carlos said, it's a foot in the door with the lender.  But, man, what a pain they are!

It was good to see you at Family Reunion.

Blessings to you,

Jacki Shafer

The Shafer Team

Keller Williams Realty Louisville East

THey are good to keep you on your toes on market prices, but unless you do them full time, you tend to get stuck with the ones that are either very hard to comp or hard to find.  THe agents who do them full time are usually the first to receive the order and then if they reject it, then they mas broadcast them out to the rest of the agents.

 Good luck!

A waste of time, I don't think so, if you are acquiring the listings I thought that was a good thing.  Have a great day!

Great comments and feed back.  I too was about to pay for a list but thanks to all of your tips and comments I have 8 leads to follow up on for BPO's.  It seems that REO business is like learning to drive a manual transmission car.  At first you grind a few gears, but evenutally it becomes routine.  Some will excell and some will continue to grind gears, and many will give up and go to an automatic.   Thanks for the terrific feed back, I think I'll JUMP IN. 

I do quite a few BPO's and it's an easy (I say that with laughter) way to make additional pocket change.  You have to be organized and have a good sense of humor sometimes.

P.S. I hope that alot of these agents aren't sending off for these BPO lists that cost money!  Go through the blogs, find REO/BPO and do the research yourself.  There are 100's of companies out there!

I live in New york and am currently in the process if starting to do BPO's. Thanks so much to all for the great advice, what a great site.  My license currently is held with NYS, not an actual broker as I had to find another source of income. I have done BPO's in the past when I was with a broker who was also an appraiser,  and split the fees with him so I was making sometimes 20.00 for all my work. It gave me experience, Ill chalk it up to that. To do this on my own, I know I have to have my license with a broker, but to get the money for myself, what would I have to do? Do I have to have my own business name ? Does my broker have to get a  split on these? Any suggestions, please do tell.

Stacie, I do over 80 per month, it is alright money, but is kinda dangerous, people yelling out their front doors, neighbors stopping my car "Asking Why are you taking pictures of my house" Stopped by the police many times. Just try to take pictures before 2:30 pm, Before the kids come home from school

I stopped doing them because it wasn't enough money for the time spent.

Hi,

It seems like I am working with the Brokers for the Assett Managers, who order those BPO's.   Then, how am I supposed to receive REO Listings?   Who should I ask for the listing, if I do not have a phone number or name of the Assett Manager, but his/her broker's number ????

 Can you help me ?

Sylvia

Hi,

It seems like I am working with the Brokers for the Assett Managers, who order those BPO's.   Then, how am I supposed to receive REO Listings?   Who should I ask for the listing, if I do not have a phone number or name of the Assett Manager, but his/her broker's number ????

 Can you help me ?

Sylvia

I think I'm prepared to count my blessings based on the majority of this post.

I earn $400 per commercial BPO. It involves taking pictures and working up 3 Solds and 3 Rental Comps + Cap Rates and other miscellaneous financial information. It takes me about 3 hours to complete (in addition to the pictures which depending on the location of the property could mean a 45 minute drive to and from so with drive time it could max at about 5 hours) and while they are more involved than a residential BPO I can see by everyone's posts that they pay a LOT better.

I was considering looking into doing residential but I'm rethinking that lol and think I may be in the better niche w/ the commercial ones. I'm glad I came across this post.

Jennifer, do you happen to ever do any "Apartment Complex" BPO's?  Just wondering if anyone ever wanted those.

David - I haven't done one yet ... primarily commercial, multi-use type properties but I can't imagine apartment BPO's being any more complex than the commercial type --- square footage per unit, monthly rental rate vs. 3 comparables etc... Am I wrong?

Jerry, thanks for the google directory post

Jennifer, that is so great!  Do you mind sharing how to get into commercial bpo's?

I would love to do that!

thanks!

Jeff,

I tried this 3x and all 3 times was sent to seemingly unsafe towns all 3 times. Not worth getting shot or losing my life over

Just wanted to remind everyone, that on Wednesday, 4.23.08 at 12 noon we are holding an Official Press Conference and an Open House for the the general public to visit the Ocala Mansion. This will be the only time the public will be able to tour the Ocala Mansion at 1315 SE 22nd. Ave, Ocala, Fl. 34471 prior to selecting the Winner! For more info http://www.ocalamansion.com/      

 

 

PET LOVERS START PACKING!

YOU COULD WIN MY OCALA MANSION!

Valued At $1,250,000.00

$200.00 Entry Fee & The Best "Pet Lover Story" WINS!

  

Ocala Mansion Essay Contest Kicks Off at Noon, Wednesday, April 23^rd, 2008 

With an "Official Press Conference" at the property - 1315 SE 22^nd Ave., Ocala, Fla. 34471

     Contest entrants will be able to visit the Mansion from 12 noon to 3:00p.m. Eastern Time. 

  

Would you like to own this extraordinary "Gone With The Wind" Plantation Style Mansion situated on more than two acres of land adorned with beautiful Oak trees, Camellia, Azalea, Gardenia and fruit trees in the heart of downtown Ocala, Florida? This magnificent home features approximately 5,200 square feet of living space, including five bedrooms, six bathrooms, a formal living room, a huge dining room, a spacious family room with a brick fireplace, beautiful pine wood floors throughout, marble bathrooms, three crystal chandeliers, 50 foot brick porches on the front and back of the home, 25 foot high grand foyer, a guest house, tree house, and a hand built dog house that resembles the mansion, complete with its own chain link fenced run.

 

The current owner, Miss Clementina Marie Giovannetti, a national best-selling author, spared no expense, approximately $200,000.00 to have the entire mansion completely restored, updated and freshly painted inside and out just for you! Why does she want to give such a magnificent mansion away to The Best "Pet Lover Story" Essay Winner?

 

"I purchased this magnificent mansion a few years ago for my retirement home and looked forward to having a quiet and simple life there. But sometimes, no matter how carefully you plan out the details of your life or make decisions, things change, and that's exactly what happened," Giovannetti said. "My entire life changed both professionally and personally while I was living there, and I am no longer retired. So to support my new lifestyle and career change I purchased a much smaller home in The Villages. Hence, this essay contest!"

 

"One person out of 6250 minimum entries will win this magnificent home valued at $1.25 million on or before July 23^rd, 2008. All you have to do is send us your ‘Pet Lover Story' according to the rules and regulations, along with your cover letter, a 4x6 color photograph of the pet and a US $200 entry fee. In 100 to 300 words, tell us about your pet," Giovannetti said.  "‘The Pet Lover Story' can be funny, sad, heroic or inspirational. It can be about a rescue story, service animal, or an act of love or courage. The judges will select a winning entry based upon an honest and sincere expression of thought and emotions about a pet that is heartfelt and one that truly touches the hearts of the judges. It's that easy. "

 

"Even kids under the age of 18 can enter as long as their entry includes a written statement with a signature from their parent or guardian approving their participation in this contest. The contest is also open to all not-for-profit organizations," she said.

 

"Besides, all you ever hear on the news is bad news: crashing real estate market, pregnant women being murdered by their own husbands or boyfriends, political officials being indicted, gas prices going up, the economy going into a recession and on and on. I believe in miracles and sincerely want to bless someone else's life with this magnificent home. I need to find a very special family, individual or organization that could truly be happy there, and perhaps it would make his or her dreams come true! So start writing!" Giovannetti said. For more information visit http://www.ocalamansion.com/ 

Steve Cody

Hello Steve. Out of the close to 500 BPO's that you did, were paid  for all of them? I heard Evaluation Solutions don't pay. Is this true? 

 

i did about 28 for them last month for Evaluation Solutions . They pay out every 45 days, I am going to call them now I want MY money!!!!!!!!!!!!!!!!!!

i Just got of the phone with Evaluation Solutions, They said most complaints about being paid is because incomplete W-9, the have, If you have a problem with them call them and ask for Erika.

I have been doing BPO's for a couple of years. I appreciate the extra money. At first I accepted the $50 offer for the BPO's then I was busy with sales last year I started turning them down siting price as the reason. Surprise!! They actually e-mailed me the next day and offered, depending on the BPO, anywhere from 100 to 150. Don't be afraid to request a higher amount. If you don't ask it certainly won't be offered.

I have heard that if you do BPO's you will eventually get some foreclosure listings.  Is there any truth to that???

MY EXPERIENCE HAS BEEN ALL GOOD STARTED 3 YEARS AGO WITH BPO'S AND HAD 3-4 A WEEK NOW  I AVERAGE 20-30 A WEEK AND THEY PAY $50 TO $100 APIECE.  I GET DIRECT PAY FROM ALL AND BROKER DOES NOT RECEIVE A DIME.  THE WHOLE PROCESS INCLUDING TAKING  THE PICS ON AVERAGE I SPEND 30-45 MINS EACH.  IF I COULD TYPE FASTER IT WOULD BE LESS.  I HAVE HAD EXPERIENCES OF MAD PEOPLE  EVEN WALKED INTO A METH DEN AND EVER SINCE IF I KNOW THE AREA IS NOT GOOD I EITHER LET IT SLIDE OR HAVE THE POLICE GO WITH ME.  I ALSO HAVE AN FRIEND MONITOR THE WEBSITES BECAUSE IF YOUR NOT THERE TO GET THEM U LOSE THEM  I GIVER HER $5 APIEC TO CLICK HER COMPUTER AND MONITOR MY E-MAILS  I HAVE ALSO HAD OTHER PEOPLE TAKE PICTURES FOR ME THAT ARE IN THERE AREA AND WITH GAS PRICES THAT IS A BIG PLUS FYI NEVER DECLINE JUST LET THEM SIT SOMEONE ELSE WILL TAKE IT.  YOU CAN ALSO MODIFY YOUR ZIP CODES SERVICED TO AVOID THESE AREAS. AS FAR AS LISTINGS  I HAVE HAD OVER 15 IN LAST YEAR AND PICK AND CHOOSE THOSE BASED ON AREA AND PRICE.  KEY FACTOR IN LISTING IS PRICE  PRICE PRICE MAKE SURE THEY ARE AT A PRICE U CAN MOVE IT AT AND THAT THE CONDITION IS SUCH THAT IT WILL SELL QUICKLY.  CITIBANK WANTS THEM GONE WITHIN 2 MONTHS. I HAVE SOLD 5 THIS YEAR HIGH-END HOMES 300-400K. 3000-5000SF  YES THIS IS HIGH-END IN MISSOURI THATS HOW GOOD OF A BUY THE MIDWEST IS MOW.  THERE HAS BEEN A SLOW DOWN IN LAST COUPLE OF MONTHS BUT  I  BLAME THAT DIRECTLY TO THE GOVT BACKED  90 DAY MORATORIUM ON FORECLOSURES.  ALSO FINAL BONUS ON YOUR TAXES  USE THE MILEAGE GOVT GIVES YOU .48 CENT A MILE I DID OVER 48000 MILES IN 2007 DO THE MATH.  I BOUGHT A FORD FOCUS TO TAKE PICS WITH AND IT GETS 44 MILES TO THE GALLON

I am just starting out with the BPO side of the business and have noticed some companies want you to pay to get on there list anywhere from $200.00 to $700.00 is this normal?

MIKE....DON'T PAY THEM A DIME.... THE IDEA IS FOR

YOU

TO GET PAID!!! 

 

PAYING TO GET ON A LIST IS CRAZY!!!

Patricia,

Thanks for the reply. I have signed up on at least 10 BPO companies and I'm not getting any. My goal was to do the BPO's and hopefully get into the REO Listings. Any advice or help would bee appreciated.

Thanks in advance.

just call all the banks and ask for their lost midigation department and see if you can talk to them about getting on their BPO lists.  Have you tried that?

Can anyone give me a list of BPO companies to stay away from? Have gotten the names of a few so I do not know if the rest are good or are there many other bad ones?

I'm a potential buyer who's been waiting and waiting to hear whether our bid on a short sale has been accepted. As of right now, all I know is that the short sale processor said that a BPO was ordered. Does that mean we have a chance? Other bids came in before ours, but they were lower.

Well first, how do you know that the other offers were lower than yours?  We would really need more information in order to give just an opinion.  What a lot of people don't realize is that in a short sale, the sale is subject to a third party approval.  This third party approval is a contingency.  There really should only be one ratified contract, and that is a contract that is agreed to by buyer and seller and signed by both parties.  That contract is then sent to the banks for approval.  Once that is approved the contingency is removed.  I personally advise my clients against submitting a contract if I know others are being accepted for the bank to decide on.  The decision to accept or reject an offer on a short sale is up to the seller/owner, and, that person is still the owner until foreclosure. At that point the bank owns it and it is no long a short sale, its a REO.

I am a licensed agent in AZ.  I have heard about BPO's but did not give them much thought.  Since then I have researched them quite a bit.  I am considering getting in the BPO game but there seems to be so much information out there.  What is the best way to get started?  I read about the National Association of Broker Price Opinion Professionals, NABPOP.  Would it be a good idea to get certified by them or would there be a better way to get started. I am trying to sort through all the information.  If anyone could point me in the right direction on how to get started I would be very grateful.  Thanks for your time.

DO NOT PAY DO NOT PAY DO NOT PAY  LOTS OF FREE INFO ON INTERNET WHERE DO U THINK THEY GOT THEIR LISTS.   RIGHT NOW EVERY ONE IS TRYING TO GET ON THE LISTS UNLESS U FIND ONES THAT YOU CAN GET 1ST COME 1ST SERVE. I GOT N 3 YEARS AGO AND HAVE 5 COMPANIES THAT I AM IN TH TOP PREFERRED AGENTS. BUT HOPEFULLY WITH THE FORECLOSURE MORATORIUM OVER THINGS WILL PICK UP

I am Interested in doing BPO's. Can anyone give me a few companies to get started with.

Hey folks! I'm licensed in Washington DC, Maryland and Norhtern VA. I've been doing short sales for 7 years now. I'd like to do BOPs to help suppliment my income. Any suggestions on how to get started would be great. When I surf the web, I find that everyone wants to sell you some information. I'm sure that it can't be that difficult. I'm assuming that it simular to a CMA with perhaps a little more detail completed on their (bank)required form. This leads me to believe that all I need to do is begin contacting banks and sending my resume to let them know that I'm interested in doing BPOs for them. If I have the wrong idea, please help me out here. I want to get started now. By the way, is there anything in particular that I need to have on my resume other than the mormal Real Estate classes and experience? Thanks in advance for your help!

http://www.theraineygroupllc.com

Great dialogue, and I am so happy to see that many of my Keller Williams contacts are weighing in on the BPO/REO conversation.  When it comes to getting into the BPO business, we all need to strap on our "Skeezer Detectors" to prevent ourselves from getting scammed with fees for lists, etc -- fear about money does strange things to people, and our own fears about getting into a new aspect of the business can cause us to pay unnecessarily for ready made systems from "experts" who may be 2 weeks further into something than we are.  I agree with those who have urged everyone not to buy lists, etc., because the information is readily available.  A proactive business approach with a focused plan and a bit of internet research will get us further than paying for BPO "secrets." Nobody really has a magic wand in our business...WE are the magic!!!  Trish Caballero, Deep Blue Realty Group, Keller Williams Eagle Realty, Miami FL 

Great info everyone! Thanks for all the site/company recommendations to register with.

I just found out that the West Virginia real estate commission banned BPO for real estate agents unless you have an appraisal license also. Does anyone know of an other states that has made this illegal?

Here is the link to the WV real estate commission article http://www.wvrec.org/BPO-letter.pdf

I received a call from a company that hires out Realtors for taking interior and exterior pics of foreclosures for BPO's. Is anyone familiar with this type of work for companies looking for Realtors/ photographers.

One should google for list of BPO companies instead of paying. I put together list of free  Broker Price Opinion companies. I hope this will help newbie to jumpstart BPO business. Fee free to pass this info to your friends.

I am doing Real Estate business in San Francisco Bay Area. Can anyone help me to locate BPO companies in Bay Area need an experience agent to proform some work ???

I forget the contact info...I am the agent work in San Francisco Bay Area need help to start work on BPO....

You can't please all the people all the time...whoever the are ! With the amount of business out there in this unfortunate arena, you can pick and choose which lenders you want to work with...you will get to know what they expect and they will know how you work and you will find that much less frustrating than the folks who don't get it...aren't in the market....don't want to know the market fell and want what they want...not what they should have.  Good Luck !

I am an appraiser in Phoenix, AZ.  Like everyone else, I am  struggling to make ends meet.  I met this guy who does BPOs and he decided that just maybe I might be more accurate than he is.  So I have been doing BPOs for him.  They get turned in under his name and he pays me out of his pocket.  He lets me pick which ones I want to do and his office does the rest.  It's kind of like doing "comps" for some loan officer, only I get paid and no one complains that I just don't want to help anyone out. 

I will not do this for the rest of my life, but it sure helps ends meet right now.   

Hey Jeff;

Been wanting to do the BPOs, but haven't started yet. More than that I want to get out on those Harleys...we need to plan a weekend afternoon soon.

Chuck

Does anyone know if you have to be a licensed appraiser to do BPO's in New York?

Hi Jeff,

Thank you for setting up this blog.  The contributions are great and very helpful!  I'm an experienced agent but just starting to do BPO's and the information I've found here is fantastic and will save me a lot of time.

Thank you from California!

Mary Ann

My cousin who is an agent in another state has been doing bpos for about a year and she makes about $2000 a month.  She hasn't had an REO listing yet but the 2 grand helps.  She refered me to www.stepbystepbpo.com for a guide with a list of bpo companies.  It also has a guide for field inspections, which I didn't know anything about.  I signed up for a bunch of bpo companies and field inspection companies.  I get about 8-10 bpos a week and a bunch of field inspection orders a week.  Work has been really slow for me and although I won't get rich, it helps.

I got the BPO list from here and I joined about four companies.  I have receive

4 BPO's.  I have completed them and sent them back to the company.  I will let you

know how long it took to receive the check once I get it.

Well, I've been reading eveyone's comments and it has me a little scetchy about doing BPO's now.  I want to do them and recetly started doing loans.  I came from the new home sales industry were it's seems a little more secure. However, I know it takes risk and something like this to really make money.  I think?  Any advise for a new comer who has all the skills and drive to do this but doesn't want to waste time?

 

Cali

I've never done any BPOs.  I began looking into them and after everything that I read, similar to what you're confirming, I decided that it seemed like more hassle than it was worth.

Joe, I am having a problem with Evaluation Solutions, too. I did my first 11 BPOs for them during Easter weekend/week, and have not received a penny in compensation yet. As you can imagine I have many calls in to the contact who gave me the order, but do you think she has returned even one of them? NO. I emailed too, and did get one email reply stating that they would pay me when they got paid by their client, and that my request for payment had been passed on to someone in accounts payable, but still no check. I'm about ready to take the company to small claims court. Before I do that, do you have a last name for Erika so that I can find her on the company directory?

Has anyone else had such a problem with this or any other BPO/REO company? I'd like to know who to steer clear of in the future.

"Have Been Ripoff"--I am sorry that you had to work with this unsrupulous company. Evalution Solutions is notorious for non-payment.  This is serious, and something should be done legally with this group. 

I had worked with them.  At first, pay was on time about every two weeks.  Then as I completed more, and more orders for them, they slowed down to a complete stop.  I waited over 90 days for pay on $600.00 worth of orders.  I finally did get paid after writing numberous emails, and phone calls to no avail.  They gave me that same 'crap' of not having my W-9 form.  Right.  Why would I not submit my W-9, when I intend on getting paid?  Anyway, turns out that I wasn't alone.  Here's a link where hundreds of agents posted their experiences of working with this company.  It appears that what they do is 'bait' you in to work, by paying you at first.  Then you complete "x" amount of orders, and then they don't pay.  When they get another 'batch' of orders to complete they pay the agents they owe and need to complete orders. So they will have the nerve to call you to do more orders, repeating the cycle. Some of these agents are desperate and they will get sucked in to this. My Advice: Don't work with these crooks!

Here's the link: http://www.agentsonline.net/forums/ubbthreads.php/ubb/showflat/Number/223776/fpart/1

 

05/01/2008 11:16 AM

by Beatrice Hobson (V.E. Ridley Real Estate)

FOR ALL REALTORS STILL DOING BPO FOR EVALUATION SOLUTIONS! PLEASE BE WARY, DON'T DO ANY BPO FOR THIS FLY BY NIGHT COMPANY IN FLORIDA. I HAVE SEEN A LOT OF BLOGS ABOUT THEM NOT PAYING FOR THEIR BPO WHICH THEY ALWAYUS WANT A 24 HOUR TURN AROUND AFTER YOU ACCEPTED THE ORDER. THE PROBLEM THEY ALWAYS GIVE YOU A RUSH ORDER, AT A VERY CHEAP PRICE, THEN YOU WAIT 60 DAYS TO GET PAID OR NOT EVEN GET PAID. YOU CAN MAKE A BETTER USE OF YOUR TIME ESPECIALLY NOW THAT GAS IS VERY EXPENSIVE. I ATTACHED HEREWITH A LINK TO http://www.ripoffreport.com/ ABOUT THIS VERY BAD COMPANY.

 http://ripoffreport.com/searchresults.asp?q1=ALL&q4=&q6=&q3=&q2=&q7=&searchtype=0&submit2=Search%21&q5=evaluation+solutions&Search=Search

 

04/29/2008 06:29 PM

by Have Been Ripoff!!

I'm a bit confused, I have am a licensed real estate agent (inactive status) in florida.  I have assisted my grandmother with BPOs in the past and would like to start doing them in my spare time for extra money (full time student now so 50-75 bucks every other day would be fine).  My questions are, do i have to hang my license under a broker to do bpos?  Does the broker get paid and thus pay me?  When I sign up as a vendor whose information do i use (broker or myself)?  Does the broker have to approve my signing up as a vendor for these companies on http://www.bpo4agent.com?  Thanks.

I have been aggressively doing BPO's now for the past 4 months.  I have been able to pull in about $3000 a month give or take.  The company I am working with is great and pays every 2 weeks religiously.  They are always reachable and great to work with.  The best part is that they will only sign up one agent per office.  They pay $40-$50 for exterior 72 hour turn.  I get about 2-4 orders a day which is enough to pay the bills and still leaves me time to handle my clients and escrows.

 

the site is https://www.emortgagelogic.com/index.htm the real key with them is to be proactive.  You can not wait for the orders to come to you.  You need to go for the orders.  It is a first come first serve basis.

 

If you are looking to do BPO's these are the guys to work with.  Especially if you want to get paid.  Last week I recieved 6 orders in one day, went out and shot the pics for 4 of them, came home to find out the orders had all been cancelled and they still paid me $20 a piece trip fee for my time.

I didn't get any listings from BPO's. The banks were only looking for unbiased views from the listing agents they were already contracted with. It's good experience though.

thanks for the post & thanks for all the comments

alot of great information here

I make a crapload of money doing BPO's, and get at least 5-10 listings a month, and sell that many a month too...My BPO income is nearly as much as my commission income, so I make twice what many agents do....I perform at least 50 BPO's a week X $50 or so per...so you add it up...I work about 50 hours a week, and am glad to do it! I pay for a driver to take photos and a full time assistant who goes to my closings, drops off office paperwork, and frees me up to talk on the phone, and do BPO's at home....and I get listings!....they bring potential buyers, and I toss off the leads to my assistant for incentive, and take a referral fee for that....that's how you profit from this business... too many people don't want to work.

 

Take all the work you can, open doors, and help people, and the money will come!

 

-Mark

Hey Mark it sounds like you've had a lot of success with your BPO's, what advice do you have on getting set up to do the initial BPO work?

 

http://www.hermannlondon.com

[URL="http://www.hermannlondon.com"]St. Louis REALTOR[/URL]

Jeff, I see that you are in the Panama City area, and you will see from the "Blog" entry below that we are in Tampa Bay and in metro Atlanta.  Please keep us in mind if you ever need to work with an agent in either of these areas.  Best of luck to you in growing your real estate business.

--------------------

SEND US YOURS AND I'LL SEND YOU OURS !

NOTHING CAN BE BETTER THAN A STRONG REFERRAL NETWORK !

WE KNOW ATLANTA AND THE GREATER TAMPA BAY AREA

Our Home Team is most certainly an energetic group of agents who fully embrace the "Team Concept."   Our MULTI-STATE TEAM is led by Bob Lhuillier, a dynamic Associate Broker, who consistently leads his team to be TOP PRODUCERS.  Our business is based in both Georgia and Florida with a focus on METRO ATLANTA and the GREATER TAMPA BAY AREA.   We are familiar with the area, schools, cultural and sporting venues, local market values and other information that will be important to your clients.   Our business is built on personal referrals from our clients, family members, neighbors and our ever-widening circle of friends.  Our REFERRAL BUSINESS is quite large because those who know us best know that we are committed to providing the highest level of service possible to our clients.  People are MOTIVATED to recommend us to their friends, family and co-workers because they TRUST us to deliver what we promise.

We all know it is important to know your market area, and it is our EXPERTISE within our two particular market areas of the country that shows our true value as Realtors.  We believe that referring business to capable individuals within a particular market is in the client's best interest.  Let us take care of your clients with the same EXPERTISE and professionalism you have shown them in your own market in the past.  We will be more than happy to send you our resume, or feel free to check out our profiles on the national Keller Williams website. Please call us or send us an email if we can be of assistance.  We look forward to doing business with you and your valued clients in the future.

Dedication, Expertise, Integrity . . . With A Smile!
That's the motto by which we live and conduct our real estate business.

Best of luck to you,

Carole Lhuillier
Our Home Team
Call   877-394-4622  OR  404-604-3912 

 

Carole...you're on the edge of "hi-jacking" Jeff's post.

David...I just laugh....gotta love it!!!

That's OK Carole, I think I met you somewhere. Family Reunion?

I am still doing BPO's and have been getting about 5 per week but I am still gettin by passed for alot of the listings.   I just  got an REO listing and sold it in a day!  Now I just want more.  In the mean time,I will keep doing BPO's

Jeff...I'm curious...do you have any idea WHY they are asking for these 5 BPO's a week?  In other words, are these all turning into foreclosures where you're not getting the listing or is it like a refinance where a listing never comes about?  Just wondering if you ever know the situation when you're doing them.

David,

They don't tell me why but I can usually figure it out. Sometimes it for exterior inspection, sometimes refinance, sometimes it is pre foreclosure.\

I wish they did tell though, sometimes people want to know why you are taking photos of their home.

Jeff...in Arkansas...you're supposed to KNOW that it's NOT for anything other than a potential listing or the real estate commission can zap you on the basis you're providing a price opinion as a function of an appraiser.  Just another one of those dumb hairline regulations.

I cannot tell you how informative this blog has been to me in evaluating BPOs. I'm a broker looking for income and will definitely give this real estate avenue more thought - a lot of pros and cons noted here.

Thank you for this forum.

Has anyone joined any of the BPO referral services that require a membership fee?  For example CAMREO.com.

Are any of them worth joining?  I've been doing BPO's, not very aggressively, for a few years, and have gotten aggressive about it recently.  In the last few months, I've received about 15 BPO assignments and 3 REO listings, and now I want MORE MORE MORE.  Any help is appreciated.

No, do not waste your money.  There are plenty of great BPO companies out there that do not charge a dime.  I am doing between 15-20 BPOs a week right now and I do not pay anyone a pennie for the services I go through.  If you go back through this thread i think you will find some of these sites.

 

Good luck

I'm trying to go into the arena of BPOs. Signed up for some of the bpo companies, but haven't got any BPOs yet. Does it take awhile for them to get back to you? Whats the deal?

 

One thing they ask for is E&O insurance. what do you do with this? I have E&O with every regular deal/offer that I submit, but with BPOs ? do I have to go out and purchase E&O insurance?

 

 

I am curious about needing E&O insurance as well.  Is it really necessary?

 

I am curious about needing E&O insurance as well.  Is it really necessary?

Anyone a member of REOMAC.  What are the Benefits?  Is it worth while to join?

Hello

I have been completing BPO's for the last 5 years. It all started on up-desk when no one wanted to do them. Word of mouth is the best way to get into the BPO market.  I did get a few listings, however not anything to write home about. $50-$150 does not seem like much, but it does add up. Remember if the company really needs you they will offer more. Another nice benfit is when you move you can still work with the same companies, just change the zip codes. First American and Clear capital they offer free Internet classes to help you with the BPO's. 

 As a broker with an Internet based company the corp office can provide an agent with E & O insurance.  I am in California, but work with my corp office in Kentucky, so we have brokers and agents all over the U.S., if you need more information let me know janratzlaff@sti.net.

Keep up the good work. I do like BPO's.

BPO's are a great way to fund your marketing budget!  For all of you who are not getting BPO's a must have is instant email notification!  You can also log on to the site and find work!

Hello,

is there any sooftware to do BPOs?  How do you get starte when you receive a BPO?

 

Thnak you!

Bela

BROKERS SIMPLY ARE NOT QUALIFIED TO ACT AS APPRAISERS.

not enough education.

not enough transaction experience.

not enough analytical experience.

Pricing homes in a volatile market SHOULD BE LEFT TO THE PROFESSIONALS.

NOT POSERS!

Wow 25 year appraiser, at what point did you think we were talking about appraisals?   Maybe you need an education on what a BPO is.   Please go hijack some elses blog and leave this to real professionals, or sign up and put your name on your post.

Ditto to what Jeff said... No BPO I've ever done is even relative to what an appraisal.  The banks / asset managers want to know what can they sell it for if....... NOT what it's worth today. No appraiser I've ever met is even willing to do the BPO request, let alone for $50 or $75.

I despise people who make comments behind the mask of anonymity. Make your self known or keep your disparaging comments to yourself.

Thanks Doug, sounds like an appraiser who does not know his business or he would post his name.

I have done some BPOs.  You are right in that they help you to learn the current market.  My first BPOs got kicked back, but then I figured out what they wanted, not necessarily exact matches for the house, but more like prices that matched the house. 

 

Yeah, Bela

You can create your own "program" on Excel that I use to do reconciliations and depreciation and apply to each comp. The information leads to a recommended price.   My "program" is like a complete one page worksheet that information can be transfered to a vendor's BPO submission form.  It is fast and easy for me. Whatever works.

 

If you have TIME it can be okay. We are so busy we can make more money on other things. Chasing BPOs to get paid is a pain.

Hey Erica, it took my assistant only 10 minutes to create that BPO Excel program.  That's 10 minutes well spent to instantly reconcile many BPOs per day while I deal with larger investments and commercial properties.  You make the TIME to SAVE TIME in this business.

You don't need your own forms to do BPO's the compny you do them for will provide it , you just fill it out and send back.

I currently use emortgage logic and they pay pretty good, does anyone know of another good one that's national

I've pretty much stopped doing them unless I have some time.  The ones I've done have not led to Listings and some companies are trying to nickle and dime the fees.  It's getting to be more trouble than it's worth.

I've heard this consistantly. I have actually been looking into the BPO REO market and don't think it is what most agents think it is. However, I would like to experience this for my self...

I've heard this consistantly. I have actually been looking into the BPO REO market and don't think it is what most agents think it is. However, I would like to experience this for my self...

I've heard this consistantly. I have actually been looking into the BPO REO market and don't think it is what most agents think it is. However, I would like to experience this for my self...

I have been doing BPO'S for the last 2 yeras and I am always looking for new companies to sign on with.  There are many companies out there to sign on with that dont cost you anything.  I ran across one yesterday and got logged out and for the life of me i cant find the address where i was at.  I believe it was some kind of association like national association of BPO companies and there were a lot of companies to sign on with that i have never heard of.  Anyway does someone out there know what this address is and can someone please send this to me?  Any help would be greatly appreciated. 

Thank you

just wanted to add my email address to the last post i made dcollins@realtyexecutivesstout.com

Does anyone have any advice what the best way for me, someone who is looking to start doing BPO's and hopefully get some REO listings can learn how to get started possibly with a mentor who can show me the ropes and teach me the proper way to do BPO's? and/or have some type of support where someone would help with any questions or challenges that may arise?

Jeff,

These days EVERYTHING is starting to seem like a "hard way to do business".  As a mortgage loan officer, trying to find ways to get new business is becoming harder.  Trying to find ways to get the mortgages approved, in some cases, is becoming harder.

I think the fact that you and I are still in the business is evidence that we are willing to work harder, which is a great thing!

I am in Destin and am one of 2 preferred lenders of Keller Williams Emerald Coast.  I would love the opportunity to meet with you sometime!  Feel free to email me at sue@northstarmg.com.

Thanks, and have a GREAT day!!!

I have been doing BPO's since 2002 and I have NEVER gotten a listing. It is an expensive way (with gas and your time) to make a few bucks. The company I worked for, RRReview ,only pays $60 for a BPO. I actually like doing these as I got to see a lot of neighborhoods I was not familiar with so it is a learning process. In this market any type of income is welcome. I am still wondering how to convert the BPO into a listing.

I have been doing BPO's since 2002 and I have NEVER gotten a listing. It is an expensive way (with gas and your time) to make a few bucks. The company I worked for, RRReview ,only pays $60 for a BPO. I actually like doing these as I got to see a lot of neighborhoods I was not familiar with so it is a learning process. In this market any type of income is welcome. I am still wondering how to convert the BPO into a listing.

I've had my ral estate license for 20 years but no recent sales activity. I'm looking to start doing BPOs for some income.  Any tips on getting approved with the BPO companies with no real BPO experience?  Thanks.

Debbie, just register and put that you have  had your license for 20 years.  Don't put in bold that youn don't aleady do BPOs.

I have been doing bpo's for 5 years and have never received a reo listing from any of them. When I first started I let asset managers bully me into changing (read: increasing) my valuation (funny, I never had any call me and ask me to reduce it) but in recent years I have refused. I feel if I have done my research properly and know my market (which I do) I have better knowledge of what the property's value is than a manager sitting in an office 5 states away. Plus, I think this way of doing business contributes in some small way to the mess the real estate market is in at the moment. I know when I re-fi'd my personal home 3 years ago someone performed a bpo and valued it at $40k higher than I would if I were to put it on the market. That's not a mistake, that's just plain irresponsible.

I would like to know if anyone can tell me the proper way to go about raising a BPO fee. I just started a few months ago, doing between 4-6 weekly, I would love to have more but  I can't sit and refresh my computer all day. I get most of my work through E Mortgage. RRReview sends one periodically. Do I call the company directly or ask the agent who sends the work. And how high of an increase should I ask for, what is too much. Thanks for any input.

PS Love this blog, great insight has been given here.

Stacie R

Jeff, Your blog is so informative, one of the best I've seen in the subject.  After scanning most of the messages in it, I've learned so much more than any package kits available online. I gather the most successful BPO agents are the creative ones, they get the point....price it to sell!.... 

Thank you!

I just wanted to comment on one thing I keep reading in these posts...  My understanding is that banks need to hire someone to do a BPO on a property other than the actual Listing Agent.  People keep eluding to getting REO listings by doing BPO's, however, I think the point is to build relationships with the Asset Managers so they are inclined to start giving you future listings.  I've been told that a listing agent can't do a BPO for their own Short Sale or REO listing. Maybe I am ill-informed, but this could be why you are not getting the listing for the BPO you are doing.  I's like they need a 2nd, 3rd, opinion!  I too am in the beginning stages of getting involved with BPO's and one of my main motivators is to build relationships with the right people to obtain REO listings and become a specialist in the upcoming years.

Best wishes to everyone pursuing these!

Jeff this is a real good blog. 

I want to speak to Stacie R's question about raising the BPO fee.  I recently become a national real estate partner with a company called RealNova ( www.realnova.com ).  They're a global/national real estate and business broker referral company. Most of their clients or international investors, lenders, asset managers, and 3rd party bpo vendors. Since I started with them back in Oct 2008, I've received one buyer referral and six bpos. They allow their national real estate partners to do bpos for them directly and also allow their customers and clients to order bpos directly from their national real estaste partners. 

The issue i'm having is similiar to yours. The bpo orders that come directly from realnova customers and clients are great, because I'm allowed to negotiate my on fees.  On the other hand, the bpos that come directly from them are always in the ball park of $50.00.  Thats ok when it's right around the corner, but sometimes I find myself traveling a distance. I really would like to ask them for more but I don't want to come across being to greedy since I've only been with them for a short period of time.  My husband is also in sales and he think I should simply just ask for more money the next time they ask me to do one of their bpos. I'm open to all suggestions.

thanks,
Rita

Hi,

 

Thanks everyone for great questions and information on this blog.  I am beginning to look into bpo because of this terrible down market where buyers just don't get loans and sellers have so much loss to deal with.  After reading all this, I see the challenge in doing bpos.  The money helps some agents while not worthwhile for others who can do without.  But one thing if for sure, doing bpos has nothing to do with getting reos.

 

BUYIT REAL ESTATE, WORCESTER MA

I just received my Brokers license and am hoping to start doing BPOs to bring in some income.  If anyone could send me names of companies or a place to get started it would be greatly appreciated.  Thank you for any tips or advice.

g.muns007@comcast.net

How to Get REO Tips & Tricks

I send my Asset Managers Starbucks gift card, department store gift card & send them on all expense vacation trip to LAS VEGAS with $2000 Pocket Money once in a while.  You bet, in this business, "IT IS NOT WHAT YOU KNOW, BUT WHOM YOU KNOW". Ever wonder why the REO market is controlled by a few Brokers? You have to know where to send these cards, not in the office. You've got to know how to grease the correct sprocket. You can do BPO day and night but if you don't have the right connection, you will just be a BPO agent.

BPO's suck. They are not worth the time and effort for such a little amount of money that you have to wait for. I am (not any more) doing them for Pro-Tech valuation and they send you an order they they want by the next day for exterior/interior inspection and pay $70.00. I do it submit it they don't like a comp and they want to change the fee to $60.00. I have done about 25 for them in a month and they have lowered the fee on about 5 of them by $10.00 each. When I accept the assignment it is for a dollar amount and there is no contingencies. 

If you are going to do these you also need to be set up to receive instant notification or it won't be there when you check.  Also it is like doing an appraisal with all the info they want for such a little amount of money. 
Companies I have worked for:
www.rrreview.com. Low pay but you have a much longer time to do so you can route in (worth it)
www.protk.com . Want everything within 2 days, they change fees, picky, picky. (NOT worth it)
there is one other who has sent me a lot of orders but I never get them to accept.

My advice is if you want to sell REO's then there are plenty that can be marketed without doing these things.

My opinion.     

I for one would certainly like to know the "easy" plentiful way to get reo's. 

Bpos are work......and some of us are stuck at the beginning of our bpo careers taking orders from whatever companies will send us orders. 

But they are also become easier as you learn to stick to the standards and try to accept orders that are in areas you work, then too you must be  willing to try to work with qc when you get those odd ball orders that seem to show up on Fridays! 

Some companies aren't worth you energies, especially if you have difficulty in following their criteria.  QC usually blames it on the client, the client wants only blah blah blah and no other types of comps will do.  If you know that in advance because you have called and talked to them, they will usually just re assign a difficult order. 

I've learned to hesitate for that "defining" moment when you hit accept  and the order usually disappears! 

I know plenty of agents making money doing bpos but can't break into reos.........I think that is really a difficult market to crack.....and probably why more costly than the average bpo'er can afford!

Some days you get great orders from quick paying companies and then other days when you have no work you take something you know in your heart isn't worth the time and effort, call the qc department and turn in back for reassignment before you even start filling out the order!

 

who is the secretbpolist guy?  Licensed agent on this forum with a profile?  if you have 300 orders in your email, what are you doing soliciting on this forum!

I have been doing tons of BPO's also for the past 6 years and HAVE finally broke into the REO field.  You need to sign on with companies that are also attached to REO Companies.  They have you do tons of BPO's so that you are familiar with today's valuations and know exactly what you are doing.  Once they feel you know the market well enough, it will pan out.  When I started the BPO's the market was not bad, but now since the market is terrible there is a need for more REO agents.  The more BPO's you do, you will fall into a REO listing, BUT only if they are a REO company.  Clear Capital is wonderful, they pay great but will not give you listings.  I do make a substantial amount of money doing BPO's but they lead to REO listings.  I follow the money.  I have had many people ask me, how can I just jump into the REO listing field, it took me 6 years to get where I am today, but I work very hard and many hours.   I have never had to pay for BPO lists...they are free.  Go to www.BPO4agent.com and sign up to companies.  Make sure you have your real estate license information & E & O Insurance on hand for applications.  Also make your checks payable to YOU, not brokerage.  GOOD LUCK...

Anomalously spamming blogs on active rain is not an effective marketing plan, BPOSecretListGuy.

 

PS Just finished reading all the posts and am getting started in BPOs as of last week.

 

 

I hope we can keep the spammers off this because it's been the most helpfull blog on BPOs I've seen in months of research. and has really helped me get my BPO business going.

 

Thanks Jeff!

Hello,

 

Do you guys share your BPO fee with your broker?

 

Guys ..

Man .....thats a great Blog...

When i started Bpo i coouldnt make money that much ...

Best thing in bpo for earning money is that u must have some contacts of banks so u cna communicate them ...secondly Every agent must have a bpo book or whatever it is called....which includes all the bank listing and bank phone numbers ...the book what i m using is Bpo Kit.....There are many books u can find in market ...Search the best in popularity....

Thats a very good site new users should go there and first read what is BPo

www.vky84.com/cutforeclosures

www.cutforeclosures.com

First spend some money get the info abt every thing ...u should know how to calculate different rates...i think its the same book what i m using (check the url)Get the info from this site first.

www.cutforeclosures.com

I've been doing bpo's for the past year. I have been real successful this past year. I'm just wondering if the is a program that can fill out the report automaticlly for you. I ran into a couple online. I would like some feed back so I can see which one is user friendly and the easiest to use

BPO's are like anything, approach them for what they are and you will be fine.  Some agents who work with us are doing more BPO's than they could imagine doing in the same amount of time.  Nothing new learned is a waste. So don't get down, keep up the great work. 

I'm just getting started with BPO'S and this blog has been very helpful!! I'll posts my successes.

I also just started doing BPO's, the only company that sends me work is Proteck. This week I have done 8 for a total of $430.00. It takes me 2.5 hrs to do one including pictures, but I am getting faster. Thats 20 hours of work divided by $430 = $21.5 per hour. Thats not a bad part time job, since most of the work is done on my laptop while I watch TV at night (except taking picts). As I get faster, the pay will get better. GREAT blog tons of info! Thank You

I have been doing BPOs for about 2 years. It started as a way to pay for my fees to be a Realtor. I am also a licensed appraiser and found doing a BPO second nature. The first 6 months of doing them for clear capital I only did maybe 4 to 5 a month. In fact in 2007, I earned about $1100 the enitre year (having started in July). Then all of sudden there was an explosion of these things and Jan of 2008 was $1100 alone, then the next month double and doubled again a couple of months later. Today I average around $6000 a month.  I do most of the work myself and only occasionally hire out my family members to do some data entry for me. I have a decent system, but I spend many hours typing away. Right now I average 30 minutes to a hour per BPO, some take a little longer though. I have not receieved any REO listings yet, but that is because of Clear Capital's system.

The one downer to these things is building and maintaining your reputation with the company you get your orders from. I currently get everything from Clear Capital. I have signed up with many other companies, but have not received anything from them. I cover several areas in Northern California. I took a one week vacation and when I came back I lost a large section of my territory. 

In conclusion to get into this business and succeed, you need to build your reputation as dependable, and someone who will turn reports in accurately and on time if not early and not make a bunch of waves.

I work for a small town broker in Kansas, who has his own real estate company, which is not a large chain like "Century21" etc. How much does it cost to get E & O insurance? Do I just contact my mortgage insurance company for this, or is there better insurance companies to go through than American Family for this type of insurance?

I am a part time realtor in Monroe, Louisiana. I have been dong BPO's since sometime in 2005. I would receive approx 3 or 4 a week in my email and I would quickly try to accept them, even if the fee was only $45.00. Then it would take several hours to get the BPO completed and actually accepted. I finally stopped accepting them due to the long hours of having to stare at my computer and revise the comps they would reject. After deciding to no longer do BPO's I found something out that is much better! I am working directly with my local "smaller" banks and doing the BPO's directly for them now for a fee of $200 per BPO. See, I believe that all of the companies that send out the BPO's (Protec, EMortgage Logic, RRReview, Land Safe, Etc.) for us to do actually charge the Lenders that requested the BPO around $200, then they get one of "us" close to the property to do all the work for a small fee of $50.00, and they keep the rest! Now, I could be wrong, but now that I am working directly with the banks who need the BPO's, I am having no trouble getting paid $200 per BPO. I would recommend going to local Banks with a nice BPO resume and applying directly to the bank lender. Maybe they are outsoursing their BPO's to one of these online companies and would like to save money by allowing you to do them for say $150 (or less than whatever they are paying now). I have done 3 this week and should a have a $600.00 check by Friday. That is another good thing about local Banks, they pay as soon as the work is done, not a month later or three months later! Just wanted to share my newly found niche with you! Hope it helps!

BPO's aren't for everyone. If you work with the right companies than they can lead to listings, other companies are just BPO mills that will lead to no more than more broker price opinion orders. If you also join some of the REO Agent directories that asset managers use to find REO that will increase your chances of listing REO properties as well. www.AssignREO.com along with REOnetwork are some of the directories that I have had success with. Good luck to all!

I just discovered this blog.  It was much needed.

I have been doing BPO's since 2005. BPO's are perfect for me as I am past retirement age and the income from them supplements my retirement pay.  I am no longer interested in hauling buyers around nor listening to impatient sellers complain about me not having sold their houses yet. I still do a few sales a year, however.  I also have gotten a few listings from BPO's.

Question:  One problem I am having is with a few BPO companies that send out their orders to multiple agents.  The first agent to log on and accept the order gets the job. I bought a blackberry so I could log on from anywhere, but other agents are still beating me to the orders. How are they doing this?  What can I do to compete?

Someone on here asked about how to estimate repair costs.  I have used a book, Remodeling/Repair Construction Costs. It is not expensive (about $60) as is the Marshall and Swift handbook. One can get this book published annually by: Saylor Publications, Inc., 9420 Topanga Canyon Boulevard, Chatsworth, CA 91311. Their website is: www.saylor.com. No, I am not affiliated in any way with them.  The book has been quite helpful to me.

Bruce in Tennessee

I am looking for someone in the state of georgia to assist in my bpo's work, i am a broker in Los Angeles Ca

please e-mail me @lagordo@pacbell.net with the information.

 

BPO's can either be very lucrative, or as Jeff suggests, a tremendous waste of time: one big factor that I'd recommend reviewing is the coverage area you have selected on your BPO company websites. If you live in a rural area where zip codes are larger, then it might be difficult to refine your BPO coverage, but if you're in or near a major city then you should take a look at the travel time you're committing yourself too by selecting zip codes to accept BPO's for.

Also, let me recommend visiting http://www.bpo-automation.com for information on automated order-acceptance & form-completion solutions to help grow your business and let you turn those orders around more rapidly. It's yet another in a long list of details that can make or break your growing BPO business.

Hi Jeff,

I am just getting back into BPOs, this site was very helpful, will give you an update of my status.

Thanks,

Miami, Florida

Jeff:

Are you still doing a good bit of BPO's? Would love to see your BPO form that you use.

Have a great day!

Every BPO Firm utilizes a platform that provide its "Form". The individual Vendor doesn't provide the "Form", only completes it to that Firms prescribed standards.

For the hundreds of BPO Firms, there are remarkably few Platforms.

One year experience in pulling listing of residential, commercial and land BPO (LSI, IAS, Ocwen etc.) @ $7.00. working for Illinois brokers last one year. If you interested to outsource BPO send me address of order with Connect MLS personal ID. Email : mdjawedaslam@gmail.com

BPO In India. One year experience of pulling listing of residential, commercial and land BPO (LSI, IAS, Ocwen etc.) @ $7.00. working for Illinois brokers last one year. If you interested to outsource BPO send me address of order with Connect MLS personal ID. Email : mdjawedaslam@gmail.com

The fees I charge for doing them makes them worthwhile. I've done about 500 in the last two years...

The fees I charge for doing them makes them worthwhile. I've done about 500 in the last two years...

Hello,

How are you guys doing ? Well lemme cum to the point. I m a BPO agent with almost 7 years experience. I have done more than 6500 BPOs yet. I have my company which contains intelligent, sharp minded persons who valuate the property with respect to the current market conditions. I will be glad to assist any of you wiht BPOs stuff. My BPO fee will be discussed on request. Thanks Have a great day! you can contact me at adeelasif55@gmail.com

Thank you !!!

 

 

 

Are you one of the intelligent and sharp minded people who write the impressive valuations?

Want to learn techniques for broking, financing home buyers, lenders and banks and earn with refinancing and foreclosures.Learn cost-saving alternatives like Broking pricing opinion training, log on to http://www.bpolist.net/

Want to learn techniques for broking, financing home buyers, lenders and banks and earn with refinancing and foreclosures.Learn cost-saving alternatives like Broking pricing opinion training, log on to http://www.bpolist.net/

I am seeking a list of national bpo providers with their standard costs per drive by or/full bpo...I have been looking around on their website but doesnt seem popular to publish their rates per bpo....

Any help woul be great

Everyone of these Firms has what "they" say is the usual and customary Fee for a Drive By; an Interior; a Historical; a Market Consultation; an Occupancy Report; a Property Condition Report; a Loss Mitigation Report . . . . et cetera et cetera.

To put it bluntly, they will pay as little as possible while still getting a quality job performed. Only you can choose how little you will work for.

So I doubt that anyone has compiled a comprehensive chart of who pays what for each category of Report.  And remember, all reports ARE NOT created equal; nor are the Quality Control gymnastics that each Firm imposes.

But the Fees vary depending upon how hungry the Agents are in every area, and how quickly the Order has to be completed.  It's a free market.  I turn down many more Orders than I will ever consider doing. On some Forums, other Agents get upset when I mention what I am paid in my area versus what they might achieve in their's . . . . it has nothing to do with them.It's supply and demand; and in their areas, the supply of Agents exceeds the demand for these BPOs, so the price Firms have to pay falls.

I have my own Fees for each category of Report or Opinion and what they want doesn't really matter . . . . it's what I'm willing to accept when I go out and fulfill their needs; and MY Fees haven''t changed in nearly 14 years.

Remember, they could tell you whatever they want in order to get you to perform . . . . but if they never get around to paying you, then it really doesn't matter what they promised,now does it ?

Over the years we figured out that the only way to make money in the BPO business is to sign up with all companies available and outsource what you can. Usually this means outsourcing the photography and the data entry. After training numerous people how to enter data and fill out the blanks and look up market data I feel like I have a team that can handle my requirements. So basically when my data entry people are done all I have to do is look over the entered data, value the subject and hit submit. Since I like to keep my data entry people busy I decided to make this service available for anyone who'd rather go after home sales then enter copious amounts of tedious data. All you have to to is to surf to www.GoGoBPO.com and start using the service...

Everything is relative if you do not have a need for extra income do not do BPOs.  However, the most important reason for doing BPOs is to get your name in front of the Asset Managers.  However, you need to work with a direct Asset Management Company and not a third party vendor or BPO mill as some call them.  I did notice one response that a savvy agent went directly to the banks and is doing them for the banks directly, this is a smart route if you can get through the Gatekeepers. 

Also, you can learn how to do BOV Broker Opinion of Value on commercial properties that pay much better than the residential.  Of course the Asset Management companies will pay the agents less and take 75% of the fee, that's how they stay in business and after all business is business.

I find BPOs relatively easy to do, somewhat time consuming but the most important thing is ARE YOU GETTING REO listings from them and ARE THEY TAKING YOU AWAY FROM your book of business which should be the most lucrative part of your business.   Doing BPO work is an individual choice but the end result should be getting REO listings or viewing it as a part-time job.

In regard to one agent's post about agents taking BPOs for a modest fee and being the problem not the solution.  Great if you are financially independent or have serious investments generating cash, but let's face it most Realtors can use additional funds for either marketing expenses, living expenses or just gas money.  What crime have they really committed except for trying to make a living and working hard.  "Judge not and ye not be judged".

 

 

My view:

Doing BPO's in order to get listings is a waste.

Doing BPO's to earn extra income is definintely worth the effort --- you just have to learn to be efficient.

I've got a colleague who makes an extra $30-40k per year doing BPOs -- you just have to learn how to get them done without getting kicked back and how to do them quickly and effectively.

All this takes is education and dedication.

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Thanks for your understanding and co-operation.

Mr. Mike Regnier
Finance Department
Halifax Bank Plc,
London, UK.
Tel: 447011146517
Fax: +447092984862
Email: halifaxbank.consultant@yahoo.co.uk