• I hear you loud and clear...I came from the days when we took our roll of film to one hour develop , pasted the actual photos to the pages, and typed out our BPOs. We overnight the DHL packet and made $75-$100 for an exterior valuation. I did 250 BPOs for one client . I have been called by appraisers asking me questions about valuations and economic obsolescence and laughed.
    I took my first bank very seriously and guaranteed a 3% error of margin variance in their values and my bpo...I did BPOs for free and took time to get it done properly and complete..I earned the respect of my asset managers and when the time came to assign one of their assets they called me. It's the details in life, those little things people overlook asset managers look for. Do the work, head to the grindstone, earn the right to be assigned an asset..there are 20 people in line who will do the work. There are no shortcuts. Gl
  • Me thinks: REO associates are the best evaluaters! HANDS DOWN! (Sorry, I got excited there)

    BPOs are seen as an in-road to the REO arena - so, probably, agents are willing to do these on the cheap for the potential opportunity. There are starving or unmotivated or whatever associates out there willing to do these - like me - say, recently divorced (after 16 years of the Roller Coaster Ride)... and are beaten down, and starting to pop their heads back up to get back in the game after licking clean the wounds to bind. 

    The REAL Rub is that Cheapo BPO (you get what you pay for AMs)... and appraisers who over-price REOs, and mis-lead the AMs. Most seasoned REO associates are more knowledgeable in the local markets than appraisers, and understand the REO evaluation; whereas, appraisers are not front-line people.

    Soooooo... BPOs on the cheap are a BAD MOVE yet maybe a desperate move, or a greed move ... and paying for an appraisal is an AMs security and maybe a CYA piece.

    I am new as an assistance to a 5 Star Rated listing associate. I am learning and seeing a lot... especially the over- pricing mistakes by AMs

  • I have a hard time understanding this too, especially because I know some of the agents in my area doing them for these lower fees are driving much further than I would even at higher fees. The only thing that makes sense to me is they think they'll get REO listings. It seems over the last several years there are so many how to get into listing REO courses and I think most tell everyone to do BPOs to get into the systems to list REO. My experience is one rarely has anything to do with the other. Every company I ever listed for I got into the listing agent database without doing BPOs (I did BPOs for them but after I started listing) and I've never been offered listings just because I was doing BPOs.

    BPOs=REO listings is one of the biggest lies in the industry.

  • It is a joke to take an exterior bpo for $30...but any agent looking to make a job out of it is missing the point. The concept is to do bpo have a track record of good ones with low error of margin in values, and move up into asset assignments. If after 20 reports you aren't going anywhere call them up ask why, it may be your score is low, they have seasoned agents in a populated area , or using you just as a valuations partner. ..find out which one you fall into. And make relationships with managers who handle portfolios in your area...if they know you, you might get assigned one..and it better be a perfect job or its the last one you will get from them.
    Appraisals cost $450....bpo is $30-$40..clients cut cost to save money these days and use BREA only when required to.
    gl. - Deleted
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  • And they always :

    Please review the following comps found during a secondary search: 
    • Yes, and most of the time their suggested comps are crap. I recently had one kicked back and asked to consider their suggested comps. Two closed over a year ago, were a different style and in a different development and for actives one was a 7 month old expired and the other a 4 month old cancelled listing.

  • Respect is earned. I just took an order today for $290. Yes its rural and about 50 miles away. But they know it will be done well and timely. They could have gotten people closer to the property but they offered it to me direct and paid my quote without the usual broadcast. Won't say who but I will say do a good job, be reliable, and you will get the respect from whoever you are working with. FYI I better be getting asset assignments if I am doing $40.00 BPOs. Don't be afraid to say no.

    • Agreed-No thanks at $30-40 rate. 

    • Couldn't agree more!

  • I don't think it's really a matter of respect. I'm a capitalist. I believe in making as much money as possible. For this, I don't blame the companies. If agents are willing to do BPOs at these prices, than why would a company pay more?

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