I was contacted by Altisource/Ocwen some time ago as they needed more REO brokers for an increase in listings (I see they are now getting the properties I used to get from power REO) however the only requests I get are for bpos for $40.00 minus $1 for using the website! I did 1 but found it took far too long as they want previous history on ALL comps. Obviously some brokers are doing these. Just wondering how long it takes to do a report as it seems a lot of work for the fee to me. Also no listings todate. Valuation vision lite orders are also too time consuming for the fee, and main street property inspections for $20 are not worth doing either as they are more involved than just uploading photos and making comments on condition etc. LPS are also adding extra requirements for uploading mls sheets which is time consuming but no increase in fee. Thoughts?
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Hi Leslie,
I've never been lucky enough to of been asked to do a BPO so I could get a listing....years ago I use to do BPO's for my broker ,he did it to break me in, and the deal was if he got the listing it would be my listing (he's a great guy,he would give me the listing commission by myself)...now mind you he oversaw my work and gave suggestions before it went in,if we got the listing I was able to deal with the asset mgr too...really great experience....I can't remember the names of the companies, but I do know he still gets them once in a while like that (BPO and then the listing), my companies now give me the "shadow inventory" and then ask for the listing BPO when they're ready to list,that's VRM,Quicken Loans and some private investors.......how did this all start? I have no EXACT clue,.....I do know that years ago I remember someone....and I do believe it was on this blog....said,that when you do a BPO,always remember it is going across a lot of co ordinators, bankers and etc. desks and you just never know when it will catch their eye......and with all these people in the industry moving around, I would hope they would remember their favorites? I work for several companys that only give BPO's....and I know it is strictly for the money,supplemental funds: )))
Judi,
I think it usually the same guy with the same company that says there is a good chance of getting the listing. It is not luck, its BS because the next sentence was if you will do it for free or $25. I was quick enough not to fall for it and stuck with and still stick with a fee that makes it worthwhile. I can lose money and sleep several other ways that are a lot more fun.
Thanks for the reply.
Leslie, nothing to really fill you in, you're right. Many years ago, it was believed that if you did the BPO, you would get the listing but, that was nothing more than a rumor, fabrication, lie. Everyone who does BPOs know that they don't get the listing, it would be a conflict of interest. What I think may have happened is somewhere, in some conference, some trainer may have said, to be a REO agent, you must be willing to do BPOs and lots of them because, most banks require updated BPOs every 30 days for price adjustments accordingly and some agent went out there and started telling folks, BPOs = REO Assignments which isn't what they were told but, what they heard.
This myth was also helped along by a husband/wife team from Arizona who teach people (for a fee of course) how get rich doing BPOS. I ordered the course than fought them for my money back--as it was worthless. I then taught myself.
Actually getting listings from asset managers dies years ago. Paying BPO company wannabe type sites a monthly fee because they tell you managers will be looking at your name to give listings is JUST PLAIN STUPID.
Yep, that's what I was told.
Thanks Jessie.
That is about how I had it figured. I may be lazy or value my time too little but I am happy doing the BPO's instead of the REO listing and management. I have gained a tremendous amount of knowledge about the market ( I cover 5 counties) that most agents will never get. I have also learned a ton of tricks about how to get this computer to help me get the reports doen faster. I get to get out from in front of this computer for the site visits and am still able to make money in an air conditioned office or vehicle and have some control over what I have to deal with. A lot of folks feel that BPOs are too much work for the money and maybe they are but it seems REO listings are much more so.
Leslie you are spot on. I could be a blind taxi driver in three counties and can tell you values just by street name. That and looking up MLS info faster than the average agent. It has advantages. Overall though, Id make more money just by selling two large homes per month.
I stopped doing BPO's 2 years ago just for this reason. Not worth my time, especially after I had to give my broker 30%.
It might be a good idea to check you state law. In Kentucky all monies including BPOs have to go through the broker.
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