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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Altisource/Ocwen used to give listings but now they have in-house agencies manage their listings, at least in CA. They still order tons of BPO's but as far as I know you will never get the listing. They call me sometimes when they're desperate to get a BPO done and have offered me as much as $75 after negotiating, but I still turned them down. Not worth it for no chance at a listing, especially with the long form.
I as well am findng that some of the companies forms are pretty time consuming. As also being an EX SLS BPO agent I believe we got spoiled with the pay and the amount of orders recieved, (70 to over 100 per month), and the ease of completeing the orders. Upon the closing of SLS I searched out a few other companies, as my old coordinator went to work for Single Source, I now do BPOs for them and yes for $40.00, but am getting orders at least. Some other companies seem to pay a little more on certain orders, but the quantity is not there. Still searching out some other companies that are good to work with without being too time consuming to complete. Also hoping to get some REO business from some of them as well, but nothing yet.
Also agree. SLS paid 60 for exterior and now 40 that's what? almost 30 something % loss???
SOme of them do not use common sense when designing their forms. No logical progression for following info that comes off the MLS forms. One has to jump back and forth---I solved a lot of that several years ago by using two computers and each has double screens. I have four open at one time and kleep MLS on one, the working form on another, comps on another, etc.
Neil - You don't really have to fill in comp OR subject history. Realtrans Altisource BPO form is the easiest and quickest to do because there are MANY MANY fields that are not really required in order to submit. Watch the bottom error messages disappear as you tab past all of those fields. And they very rarely challenge you. They already know what value they want anyway and many times just ignore your BPO.
Thanks Cece I get tons of bpos sent to me but were not doing them due to complexity/time needed. I will give them another go. Other company bpos that are time consuming in mainstreet valuations.
I use to do listings for them and BPO's....no more.....they have some wonderful people working for them, but there is USUALLY a language barrier,to the point I had to ask them to do an email because I couldn't understand what they were saying. I took them on for REO's so I could get the experience and experience I got!! I think every property had frozen pipes and anything else you can imagine.....not their fault...I got a lot of co operation with getting the items fixed,...but at the settlement table when I only got 1 % after their charge.....that did it for me...but I DID learn a lot...so that part was worth it education wise....but NOT pocketbook wise. For someone just starting out I think it's worth it to do a couple with them.......I think I did 5....but after that take your experience and move on. On BPO's,I'm at 60 and 70 minimum,and higher depending where it is.....I am an X SLS and really miss them (20-30 a week), but I'm trying to take it easy and find some good paying companies and working on marketing.I really depend on the information from this blog to guide me, so keep up the good work all! : ))
Agree. SLS. where great paid fast and on Time!!! I was at 20-30 a week also miss that income.
Judi,
I have a question? I do quite a few BPOs for about 10 companies. They all make it very clear that I am to have no association or interest - past-present -or future - in the subject so I am confused when agents discuss doing BPOs and listing the same property. One or two will tease me with the possibility of getting the listing if I do the report for free or a small fee but I learned that lesson quickly. My better client make it clear -Do Not Expect The Listing.
Fill me in when you get a minute.
Les
IAS used to assign listings only to agents who completed BPOs, you had to complete 30 BPOs to get 1 listing. BPOs were very lengthy and paid a little, the only reason agents kept on completing them was to get listings. Then IAS stopped paying for BPOs, now they went bankrupt. PAS used to do the same before Aspen, different ratio, maybe 20 BPOs to 1 listing, there used to be many companies who did this, not any more. You did not get the same property you did the BPO for, but you get assignments based on the activity with the company. No longer true, now days this is bait and switch only done by unrepeatable companies.
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