WOW! ....It is amazing to me that agents are saying the are multiple thousands of dollars in the hole with these guys....If money is not received on the 32nd day for me I yank the rug until the money shows up....I know everyone out there is desperate to keep working and keep money flowing but this is getting way too commonplace to leave any money unclaimed for even 60 days. I am seeing stalled reimbursements with BPO, REO and direct Fannie/Freddie!. You really have to know that getting reimbursed on your work is solid at the minimum before you tell them you will take any work from them.... These companies know how to string you along and then they make sure that the "accounts payable hotline" is located in an empty room where no one will take the call, let alone check the messages! We have got to stick together as agents right now because this is getting more rampant as these companies continue to falter. Do double checks on ANY company with work for you, and after 30-45 days of no check, get after them...What I have found to work is I immediately file a complaint with the BBB of that area where the company is located. I will also call in on the main line and ask for the owner of the company, when the secretary asks who is calling just tell them your name and tell them you were just returning his call and tell the secretary that HE said you calling back was important! ....Works every time ;)...Good luck all!  

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  • Hey,

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  • I keep a simple 8 column bound ledger book that I picked up for just a few dollars.  I have the following headers: - property address, date assignment is receive, date submitted, $ expected, date paid, $ amount paid, client source, and asset managers name when available.

    As soon as I save the document when completed, I enter it in the book.  When the check comes, I complete the paid info.

    Since I am always in the book to enter info, I am able to see immediately who owes me what, who pays within a timely fashion, and how quickly those checks are expected. Since there are 30 to a page - it is a really quick and VISUAL way for me to track.  End of the fiscal year, I carry forward any pending payments so they are not forgotten.

    Yes it's old fashioned, and on paper, but it works for me.


    • I keep track too on a page I set up with columns, same idea.  No more long term payments for me.

      • I keep track on an excel spreadsheet.  I have columns and headers  It will add up how much I made, how much I am owed.  I also, have a spot that tells me what each company owes me.  (I was so happy when I figured out that formula).  I have been ussing since I started back in 2006. 

  • John, I like you, say it as it is or the way any business minded person should think!

  • Excellent advice John. I wondered too how some agents go so long, but in my case I was getting 2 or 3 a week from Integrated Asset Services who I had been doing BPOs since 2006.  They started getting worse and worse and now once again, they owe me $255 all over 30 days, one at over 60 and one over 100.  All my emails keep saying they are escalating payments, but no date for mailing can be pinned down.  After all these years I feel like this is a company going down the tubes.  I even sent email to their CFO, Damon Engleby and the President - Paul Sveen (used to be a big shot at Lehman Brothers before IAS).  I have not received one request since November and think they have black listed me as a complainer and a broker who gets $85 per BPO while they say $45 is what the new comers are getting.  I suspect the agents with thousands of dollars did many BPOs in a short time hoping to get paid, but then realizing it wasn't coming.  Should I threaten IAS with BBB complaint?  I don't know what to do, but need this payment.  SS retirement doesn't cover the bills and sales are in short supply for several years.  I only closed 4 transactions in 2012.  I will try calling Damon Engleby in accounting to see what his response is.  In the meantime, I'm afraid to accept any new BPO requests from them and have pretty much decided not to.  Not sure if I should say this before I get my last check as they may not pay me at all.  Do we ever have any legal recourse?  This forum is a big help.  Thank you for your input.

  • John, thanks for sharing your experiences. My BPO biz has doubled(after sneering at bpo folk for yrs) and now need some way to keep track of the business rather than my clip board. do you have some type  of excel spread sheet developed that will keep track of when you got paid and when you did it?

    Is there something on the market I could buy since my computer skills are limitied to what my 16 yr old granddaughter chooses to share with me. ?


    thanks and happy new year

    • For $30 per month you can sign on to Realty Pilot. It works great for my REO reimbursements; there is also a place to track BPO payments. It is full transaction management software with great tasking. For your smaller REO or BPO clients who do not use any particular BPO form you can populate a very professional looking BPO. Also you can receive assignments through the platform. GRC uses them. Lots of bells and whistles, but its pretty easy to use.

      • Who GRC?

        What do you do for general ledger like monthly expenses and income? Had bookeeper in the good old days but just me now. Qwik book looks complicated.

        Thanks for your help and Happy New Year!

        • Green River Capital. I just use Realty Pilot to track reimbursements, not business accounting but it will provide totals. You can attach the documentation to each expense and it will provide you totals. Happy New Year to you too!

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