This is not a discussion of fees. Please do not include fees in this discussion. I heard an REO broker that does a lot of REO listings and does BPOs as required to support that business brag that she can pull comps in 5 minutes. Sure, I can do that, but are they good comps? Are they the BEST comps?
Are they worth anything if not the best comps? Now maybe I'm too slow but I can spend hours doing the best BPO I can. I take pride in my work. Without that I would not do any BPOs.
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I have been doing BPO's for about 5 years and depending on the form because all the companies I work with have different forms. Pulling comps is the easiest part is just transferring the data copy and paste I have gotten the time down to about 45 minutes per order. I do all my data entry morning mid afternoon and take pictures later afternoon on a good day I can usually get 4-6 done per day. My suggestion on pulling comps I use the map portion of our MLS dot my subject property and use the circular range to a 1/2 mile so you don't get the order sent back for distance and stay within 200 sqft of the subject GLA and if a comp. is superior or inferior just adjust the comp negative or positive
Hi, I do 5-10 bpo's per week on average and I figure 2 hours each. Once in a while an easy form -1 hour. I mostly do rural areas.
I'm sure I could get them done in an hour if I didn't have facebook open, letting my 5 dogs out for potty breaks, as I do all of mine at home, ect. I honestly love doing BPO''s and it's enjoyable to do other things at the same time. The most I have completed was 6 in one day, I took the pictures the day before. I'm happy if I get 2 done a day and don't mind doing them on weekends.
In a Tract with cookie cutter homes, plenty of sold and list comps, 25-30 minutes. In the more rural areas, which is where I usually work, it can take 1.5 to 2 hours if the job is really difficult. There are only so many comps on the MLS, even if I have to expand the parameters substantially, so finding the best comps shouldn't take more than 25-30 minutes for even the most difficult jobs. Making adjustments after you expand parameters is what takes the most time.
Now their is some one that knows what he is talking about. All the work is locating comps in rural areas, typing is the easy part, usually you make the proper adjustments when typing and writing this on your comp pages so you can refer back if need be, good job Mark
Rural properties are the most difficult and time consuming. Good comps harder to find. They don't pay more so I usually pass. Falling asleep at the computer increases the time also.
Turbo BPO iForm Speed Run: 7 Minutes & 38 Seconds
(Now available for Solo Agent use)
- https://www.youtube.com/watch?v=3dQnBUJqwqQ
Regards,
John Gattinger
Turbo-BPO.com
Looks really fast. Anyone here using something like this? What is the quality of the result? How automated is it?
What is the cost vs time savings?
Ed,
Yeah, our platform is pretty fast and compatible with any MLS that exports a CSV. Upon free setup we optimize the MLS export to work with what's in our database to ensure all possible data available can transport out of your MLS. This automation is also able to be customized. You can create your own comments, adjustment amounts, and save in important items such as digital signature & disclaimer. Assuming a $40 BPO, $1.50/order usage fee and you can achieve this level of automation with any form. For complete automation, our iFill browser add-on is what transfers the data from iForm to Valuation Form. It has an additional $1/order usage fee. It comes out to roughly 6% for a realistic 40% time savings if using both. Running data through the iForm adds an additional step to the BPO process but is necessary to maximize the quality of automation taking place, and this is where imacros falls short because it will never have the ability to manipulate data out of an MLS, only spit out what's extracted.
iFill compatible with the following companies:
Altisource
BPO Fulfillment
Clear Capital
CoreLogic
Emortgage
Equi-Trax
iMortgage
LPS/LSI
Old Republic
Proteck
Realty Pilot
Single Source
Solution Star
Specialized Asset Management
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