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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I should of said the KREC & MREC say all real estate related monies go through the Broker..Ultimately, it is the Broker's insurance and they are "responsible" for your actions...soooo
In MO & KS it's supposed to go through the Broker.
In Alabama and Georgia all monies are paid to the Broker as well. Your Broker is still at risk for you doing the BPO, why would you not split any money earned with your Broker?
In Ohio it has to go through the broker.
That is not Ohio law. I am in Akron Ohio. My checks come to me in my name. The only time they are in my company name is when the paying company is in California and they are also a brokerage. Their law requires that it be paid to the broker. I have it delivered to me and take it in and my broker writes me a check in full. (The only reason she just doesn't sign it over is that my bank won't take a 3rd party check.) Otherwise, my BPO payments are paid directly to me.
I'd love to stop doing BPO's but I need an income stream while I have deals in the pipeline, especially the short sales. I still have bills to pay while waiting for transactions to complete.
BPO's are not worth doing unless you get at least $75 per BPO. Ask for it and you will see that they will pay it. It sounds like you are not doing much selling or listing business if you are depending on BPO money? Spend that time building your business and you will be surprised how much more money you can make. Get creative.
Rodney, your blanket statements - repeated seemingly everywhere - about doing BPOs and fees do not apply to every agent in every market. You do not know what stage of business people are in.
I expect that if I ever 'retire' from selling that I can still do BPOs to supplement my income. I made a heck of a living for 3 years doing BPOs during and after cancer treatments and after the 2009 government interference in my REO business.
Why do you care if anyone else is selling or not? This discussion is about BPOs. It is really none of your business to judge.
CECE,
Weather you agree with my blanket statements (comments) or not is totally up to you and it does not make any difference to me either way, I was giving my opinion just as you obviously feel a need to do. At one point I was doing about 400 BPO's a month so I feel I do have some experience in what I am talking about.
If you want to supplement your income, then my comments should mean more to you. Wouldn't it be better to get paid a fair amount for the time you spend doing BPO's?
What on earth makes you think I am trying to judge someone's business? Your last comment was a bit rude! I was giving some FREE advice to try and help someone, obviously you are so smart you don't need any advice from me or anyone else for that matter. You seem to know it all already. My remarks were just to try and help someone not make the same mistakes that I made. Please try to avoid my comments in the future so you wont feel you have to be so rude to a perfect stranger.
If you consider your costs for doing business w/BPO's, you are probably working in the red.
I would only do a BPO if they paid a minimum $50, no more than 10 miles, no more than 15 minutes
to complete. If enough agents said no to these low paying companies, they would get the message.
Spend the time you would have on the BPO's to get new business, you will feel better end of day.
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