Forum

BPOS that are too complex/take too long to do for the fee.

Posted by Neil Huthert on April 29, 2013 at 12:29am in Sample Title

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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Replies

        • Rob Marroche > Steve Adkins July 19, 2013 at 4:55am

          I allow by agent to keep all their BPO money.....Sounds like time for a ne Broker....

          • Rodney Weatherholtz > Rob Marroche January 6, 2014 at 5:21am

            You do realize that if you are the Broker you are still liable for any BPO work that your agents do? Why would you not split with your Broker? By being a broker and not getting a split you are taking a risk of getting sued over a bad BPO for nothing, not very wise if you ask me.

            • Mary Wilcox > Rodney Weatherholtz January 6, 2014 at 2:14pm

              Well, *I* wouldn't split with my Broker coz I split ENOUGH with my Broker already!  lol

              I do not split consulting fees, property management fees, bonuses or BPOs with them.

            • Patti Baker > Rodney Weatherholtz January 6, 2014 at 10:54am

              I put a disclaimer on all BPO's,  the broker can go fly a kite if he thinks I am giving up 30%.  I am a broker I really do not need him to do BPO's.....

               

              • Rodney Weatherholtz > Patti Baker January 6, 2014 at 11:14am

                That would be a great way to handle it if you have the capability of having a Broker's License. But if I have liability as a Broker than it gets split in my opinion. You can always have your own company just to do BPO's then you are the only one with any liability. Great answer.

                • obed montez > Rodney Weatherholtz January 6, 2014 at 1:56pm

                  what about broker splitting  on the platforms cost (res net) and the certifications required by some companies.

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