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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well, back in the great days...... I did tons of bpos to GET listings.... not the listings I did the bpos on...... just , their other lisitings.....back then..... they were foreclosing.....lolol
When I started in REO nobody did a BPO under $100. I received $1000-2000 for successful CFK's & my commission was never less than 2.5 per transaction side. I stopped doing BPO's after the standard became $65! I saw people doing them for $35-50 in the end! My last REO sale commission was 2% -25%. They even started charging me $5 per invoice to pay me back my expenses
I have almost stopped all REO work altogether! Except for NRT I have no REO work but am making more $$$! NRT actually eased up making the hold REO weekly check every 14 days instead of 7. They gave me permission to do a 1 per month on this property after I complained and stopped doing them at all! Since I can handle any type of home, debtor, repair & always close on time they decided I was worth it!! Those who are awesome at what we do so we don't need REO's! In fact it's a bad business model compared to retail sales! The smart companies will try and keep quality brokers! If your a good broker don't be afraid to throw your weight around. If you loose a service provider so be it! Sell retails! Work with investors & builders!
The service providers will all come around if the good brokers are acting like we are worth it! If they have to deal with the in experience & revolving door of new brokers for a while we will soon be in high demand. Selling houses with no discounts, service referrals, BPO's, CFK's, Repairs, utility management, & fighting with the payment dispatchers over how you uploaded the last electric bill is awesome! Damn.... why would we go back until they get back to the money they paid us before 2009!
Justin Thayer
Team Thayer Real Estate
Not to argue but just to illustrate the difference in markets. I am giving BPO Fulfillment a try after not receiving any work from MainStreet in a while. I had several days and 5 times fee. Now it is up to them to pay on the terms promised before I do any more work for them.
Did the name change affect payment schedule? Their work is very involved ......
Yes, loading all MLS info, having to supply the tax sheet as well as MLS, and now some are requiring LIVE PHOTOS of the comps! Thats just crazy. Useless too. I 'fire' myself from those idiot companies.
I just did a BPO for Consolidated Analytics. They offered $35 for an exterior with 5 pics. I emailed back and said sure I'd do it ... my fee is $100. They ended up accepting my fee (had to get management approval). I asked when they paid their invoices and she said bi-weekly so we'll see if I get paid in a couple of weeks. I won't work for 8 bucks an hour (my time, gas, wear & tear on my SUV, insurance, my self-paid benefits, MLS fees, NAR/CAR dues, etc.).
Good for you. Agents that accept $25-45 BPO's are losing money and making it difficult for other agents because they are lowering real estate agents standards. If they thought about it, they could have done better by working at Walmart for a couple hrs; no gas costs, no wear and tear on their car, as you stated..
Ditched Ocwen / Altisource a couple years ago when they started lowering fees and charging website usage fees. Freakin' nuts. Did probably 200 BPOs for them over the course of 3 or so years never once even got a hint of a listing. Yes, their forms are insanely long, but so are LPS', FiServ's, and NVAM's. The easiest? Goodman Dean and previously, Countrywide's. I can whip those out in about 5 minutes.
Not possible to do any BPO in 5 minutes that is worth getting paid for.
@Brian: Do you have advice on how to get in the door with Goodman Dean? Do you ever get any listings after doing BPO work for them? Do they pay timely for BPO's and/or REO expense reimbursements?
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