No, and for the amount of BPOs I do I should have more listings. I have had three listings since I started doing BPOs two years ago. I have received good ratings on my performance and yet no more listings. One company I called and they said they are not assigning listings any longer. I am looking for a company you can receive listings. I will stop doing the BPOs if it goes down to $15 it is not worth my time and gas.
FYI, I can tell you from inside sources that many....many will be going to $30.00 as the basic fee this year. The reality is just as Bardell stated. I wouldn't be surprised to see it go less than $30.00 before end of year. In fact, I was on a conference call with a AMC (Asset Management Company) executive who was flirting with the idea of $15.00 BPOs.
His biggest consideration factor was his site get's hundreds of vendor applications a day and for the "promise" of the chance to be considered or put in their "approved vendor list" he speculated these agents would do them and not think twice, I think he is right.
As Jose mentioned, some agents will do them for free, for that chance to get a listing and I won't name any company in particular but, I know at least 2 that require you do so many free ones before they will start to pay out or even give you the chance to get a listing.
As long as we have agents out there willing to do it, it will get done and, that is the fact the banks and servicers know all too well.
I have my limit at $50, I won't do any bpo under $50 unless it is for a company that can give me listings, for them I can even do them free, because I know I will get a good commission.
It’s just basic economics, when there are more people looking for the work – the bidding starts. The next step is to see how low you can go before quality begins to drop. There are agents doing BPOs that a few years ago didn’t have the time for such little pay. The sad thing is BPOs paid more than – when the retail market returns, and it will, fewer agents will want to do them or REO. As a result we could see the BPO pay go up for quality work and fewer “once in a while I do a REO if I have to agents” that ask a billion questions when they get a REO listing, while complaining about the referral fee to the AM. The questions are no problem, but whining about the pay – none stop – maddening! I only complain about times of no pay! LOL
Have a good day!
Some times I see orders for $30.00 in my area. That's not even gas $, but I guess someone is doing them. Fiserv's orders (ext) went from $65.00 to $60.00 in my area (CA Central Valley). ORT pays $45 for an int (5 days, but in reality it's due on the 3rd day after you accept) I'd prefer to get paid more and do the BPO faster (which I do anyway) to get it out of the way.
Replies
His biggest consideration factor was his site get's hundreds of vendor applications a day and for the "promise" of the chance to be considered or put in their "approved vendor list" he speculated these agents would do them and not think twice, I think he is right.
As Jose mentioned, some agents will do them for free, for that chance to get a listing and I won't name any company in particular but, I know at least 2 that require you do so many free ones before they will start to pay out or even give you the chance to get a listing.
As long as we have agents out there willing to do it, it will get done and, that is the fact the banks and servicers know all too well.
Have a good day!
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