Already our industry is seeing a change in the BPO market and as Bardell mentioned, it's coming from agents who are willing to do anything, for the chance to get a listing due to the worsening economy.
All of us know the companies that ask you do 10 free or 20 free before you get paid or even have a chance to get a listing and, make no mistake, they are getting agent blowing up their vendor applications, I know, I am talking with some of these executives.
Jose made a great point, how many of us have been with Titanium long enough to see them go from $150.00 to now $30.00 with a minimum of 3 contacts.....in other words, it's $10.00 a visit for nothing more than the chance to get the listing.
I know some of you are picking you chins up off the floor after hearing me say it would not surprise me if BPOs got down to $15.00 but, in many ways our industry is already past that.
Let us not forget, doing BPOs is seen in our industry by many as the way for a "New" agent to break into this business and therefore, it's going to be treated by many as a elementary, trial by fire product and will be paid out as so as long as agents are willing to do them.
Noel Cash > Jesus (Jesse) GonzalezFebruary 6, 2010 at 6:28am
I just completed a $150 interior and was thrilled to get it. Most interiors are half that amount, if that. I wondered why the amount because I've done orders for this company at smaller amounts. When I started in on the order there were explanations in the comment box already. My assumption is somehow someone started this order and they pulled it. The remarks said it all. Yes, there are lots of agents that would do reports for less but is it a report that a bpo company actually wants to stand behind and give to a client. My guess is they will lose major clients.
I see the $30 orders come in and I let them go. I also have orders come in from companies that don't pay and I let those go. The bpo prices are nearing the range where realtors might find it more noble to put a name tag on and practice in front of the mirror " would you like that supersized mam?".
Not to get off topic but...the NAR fought for years to keep banks out of the real estate business and most all of us that do bpo/reo work are now working for them. Now , property managers as well. Since the banks own so much real estate and the trend continues, are we looking at being bank employees soon?
Not only are BPO's going down. I have been told to expect commissions on listing be reduced as well. Don't like it? We will just ask one of the other 196,000 agents who want reo listings if they will work for less. Happy trails.
At this point I am making more money on short sales transactions than REO, I always get 3 percent on each side with short sales, with REO is usually 3 to 3.5 but giving between 25% to 46% referral fee to AMC.
It seems that short sales are getting hotter, so it might be better to do short sales rather than REO.
David Collins > Jose Rivas (DGRA) CDPE, SFRFebruary 6, 2010 at 3:57am
There is no way you can make money or a living doing BPO's for $15.00. In my opinion agents are being misled into thinking if they do it for a much lower price it gives them a better chance of gettting the listing. There are not too many favors or "you scratch my back and i'll scratch yours" in this business. What newer agents, that are getting into the BPO business dont understand is that they are just damaging business for everyone by doing cheaper BPO's.
I have also completed hundreds of BPO's and have not had one to turn into a listing.
Replies
All of us know the companies that ask you do 10 free or 20 free before you get paid or even have a chance to get a listing and, make no mistake, they are getting agent blowing up their vendor applications, I know, I am talking with some of these executives.
Jose made a great point, how many of us have been with Titanium long enough to see them go from $150.00 to now $30.00 with a minimum of 3 contacts.....in other words, it's $10.00 a visit for nothing more than the chance to get the listing.
I know some of you are picking you chins up off the floor after hearing me say it would not surprise me if BPOs got down to $15.00 but, in many ways our industry is already past that.
Let us not forget, doing BPOs is seen in our industry by many as the way for a "New" agent to break into this business and therefore, it's going to be treated by many as a elementary, trial by fire product and will be paid out as so as long as agents are willing to do them.
I see the $30 orders come in and I let them go. I also have orders come in from companies that don't pay and I let those go. The bpo prices are nearing the range where realtors might find it more noble to put a name tag on and practice in front of the mirror " would you like that supersized mam?".
Not to get off topic but...the NAR fought for years to keep banks out of the real estate business and most all of us that do bpo/reo work are now working for them. Now , property managers as well. Since the banks own so much real estate and the trend continues, are we looking at being bank employees soon?
It seems that short sales are getting hotter, so it might be better to do short sales rather than REO.
I have also completed hundreds of BPO's and have not had one to turn into a listing.
Yup
Inch- bes- ses George!
Hows the REO market in Florida? I am an REO agent in San Diego.
Rose Avedisian
Bancroft Realty Inc.
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