I keep getting orders from Finiti for $25. I declined them and told them to take me off their list of providers. Then they were really hard up for an agent and called me and I ended up doing one for Finiti for $85 rural driveby, which was fantastic but their forms SUCK. I could not complete the report without the Rep going in and helping me finish it to get it submitted. I told her to remove me, as I will NEVER do another report for them again. Apparently they lack agents to do their BPOs in this area and said they were supposed to have their website fixed in a couple of months. Has anyone done Finiti BPOs? I sure do hope they pay their bills, otherwise, I will be doubly upset.
There is no wonder they lack agents to complete their reports if they are only paying $25. Jeez. Get a clue and fix your darned website.
That is odd to hear about Finiti. I have to wonder if it was a property condition report. As for their BPOs, they typically pay $50, give you about three days to complete, the easiest form by far, and pay like clockwork. As for the website, as long as you are using their updated format, it typically works smoothly. I would be happy if I only did Finiti reports. They have been great to work with for the past five years.
They do keep coming out for less and less but the newer platforms and Fannie requirements make you do more and more work. The get by this way in more urban areas where there are more agents competing and subject properties are pretty close by. It doesn't work in rural areas though. I watch these requests come out, answering with what my turn time and fee will be and then not hearing back for 3 weeks while they call around trying to get them done. I've had them come back over a month later because someone accepted & then dumped when they figured out what the work entails. If they could outsource to Bangalore they would. Oh yeah, now we have to pay for background checks too.
I've even seen Clear Capital send out for lower fees. They have been at $50 or more for years. It's gotten to the point that I just ignore the low offers. Like many of you, I won't go below $50 unless they give me several in the same area. I've gotten direct emails and phone calls requesting I complete the BPO. I give them a price and the time I can complete them. Frequently, I get the business. As Jesse mentioned, there are agents applying every day. What's interesting is that some of these "new" agents are the seasoned pros that told me 11 yrs ago not to bother with these because they were time consuming and not worth the effort. I was new to the area and it gave me the experience needed while getting familiar with the communities. And, now they are the same agents begging for bpo business. I'm doing less because it is not worth my time to do what the asset companies ask for so little $$$ Wish we could stand together and keep the rates up, but that won't happen with the desperate agents knocking on doors. The quality does suffer though. I've been asked to do many because the asset manager didn't trust the other bpo.
I did 316 BPO's last year and made $13,588...which is about $43 per BPO. I figure after gas/mileage i profited $8,000 at most. It was a nice little extra income to fill up my slow times during winter.
This year i have done 4 so far...and this is because they were within blocks of my residence. I refuse to work with these pricks anymore.
I've been doing BPOs for nearly 10 years, and I've never seen them ask for so much and pay so little. One company I recently started with pays only $30 and they practically want an appraisal. I won't work for them anymore because of the amount of work they require. It's ridiculous. Another pays $40, and one of their clients requires uploading of all MLS sheets in pdf format for comps, and the list goes on. It's becomng a zero-sum game. As long as lending is hitting bottom, so will BPO rates.
Here is the problem. It is not US or the BPO/Asset companies that are the issue.
It is the desperate agent, the new agent or the agent who does not know any better that accept these BPO's at $30 or less. We cant, nor will we do them for that price and you cant blame the BPO company for getting some agent to work for free!
Replies
I keep getting orders from Finiti for $25. I declined them and told them to take me off their list of providers. Then they were really hard up for an agent and called me and I ended up doing one for Finiti for $85 rural driveby, which was fantastic but their forms SUCK. I could not complete the report without the Rep going in and helping me finish it to get it submitted. I told her to remove me, as I will NEVER do another report for them again. Apparently they lack agents to do their BPOs in this area and said they were supposed to have their website fixed in a couple of months. Has anyone done Finiti BPOs? I sure do hope they pay their bills, otherwise, I will be doubly upset.
There is no wonder they lack agents to complete their reports if they are only paying $25. Jeez. Get a clue and fix your darned website.
Thanks for letting me vent. :D
That is odd to hear about Finiti. I have to wonder if it was a property condition report. As for their BPOs, they typically pay $50, give you about three days to complete, the easiest form by far, and pay like clockwork. As for the website, as long as you are using their updated format, it typically works smoothly. I would be happy if I only did Finiti reports. They have been great to work with for the past five years.
Yes but I will only do $40 BPOs if they are easy local in town properties that I can finish within an hour. Rural is a different story.
I can
You can What???
They do keep coming out for less and less but the newer platforms and Fannie requirements make you do more and more work. The get by this way in more urban areas where there are more agents competing and subject properties are pretty close by. It doesn't work in rural areas though. I watch these requests come out, answering with what my turn time and fee will be and then not hearing back for 3 weeks while they call around trying to get them done. I've had them come back over a month later because someone accepted & then dumped when they figured out what the work entails. If they could outsource to Bangalore they would. Oh yeah, now we have to pay for background checks too.
I've even seen Clear Capital send out for lower fees. They have been at $50 or more for years.
It's gotten to the point that I just ignore the low offers. Like many of you, I won't go below $50 unless they give me several in the same area. I've gotten direct emails and phone calls requesting I complete the BPO. I give them a price and the time I can complete them. Frequently, I get the business.
As Jesse mentioned, there are agents applying every day. What's interesting is that some of these "new" agents are the seasoned pros that told me 11 yrs ago not to bother with these because they were time consuming and not worth the effort.
I was new to the area and it gave me the experience needed while getting familiar with the communities. And, now they are the same agents begging for bpo business.
I'm doing less because it is not worth my time to do what the asset companies ask for so little $$$
Wish we could stand together and keep the rates up, but that won't happen with the desperate agents knocking on doors.
The quality does suffer though. I've been asked to do many because the asset manager didn't trust the other bpo.
I did 316 BPO's last year and made $13,588...which is about $43 per BPO. I figure after gas/mileage i profited $8,000 at most. It was a nice little extra income to fill up my slow times during winter.
This year i have done 4 so far...and this is because they were within blocks of my residence. I refuse to work with these pricks anymore.
I've been doing BPOs for nearly 10 years, and I've never seen them ask for so much and pay so little. One company I recently started with pays only $30 and they practically want an appraisal. I won't work for them anymore because of the amount of work they require. It's ridiculous. Another pays $40, and one of their clients requires uploading of all MLS sheets in pdf format for comps, and the list goes on. It's becomng a zero-sum game. As long as lending is hitting bottom, so will BPO rates.
Here is the problem. It is not US or the BPO/Asset companies that are the issue.
It is the desperate agent, the new agent or the agent who does not know any better that accept these BPO's at $30 or less. We cant, nor will we do them for that price and you cant blame the BPO company for getting some agent to work for free!
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