It seems many companies are offering $30. to complete BPO's these days. It's an insult. I refuse to complete a BPO for $30. But, many agents are grabing these assignments as quick as they come available. I've been doing BPO's for years and/have also requested a higher fee on these assignments. Vendors have told me, they don't have to pay more because agents will accept and complete them for $30.00. If agents keep accepting these assignments for $30 the vendor will not pay more. Do the agents completing these BPO's, realize they can earn more by working at a McDonalds? I'm insulted when a vendor offers me a BPO assignment for $30 and you should be too. Herman
Ryan Diedrich > Herman L DawsonMay 5, 2014 at 2:51am
Exactly what i said in an earlier post. I said we can not blame the BPO company for the low fees because desperate agents do them for the $30.
I was accidentally sent a companies payment schedule from the banks. They pay me $50 for a BPO which is nice, the form is not too bad to fill out and they are not horribly picky. BUT they get paid $125 for the order grossing them $75 and all they do is delegate the orders and review them.
So companies paying $30 are more than likely get $100 or above but we do all the work. I get they have overhead but wow talk about the "middle man" taking the profit!
Jazz Mateja > Herman L DawsonApril 25, 2014 at 4:33am
As long as agents are willing to do them they will go even lower. I have seen $10-$35 for Exterior BPO and its upsetting and I am quick to let them know that.
Green River Capital (GRC) pays $18.50 in my area for what they want to call a Property Inspection that is nothing less than a slightly watered down interior BPO. Their so called BPO is more like a full appraisal that they only pay $38.50 for. Then the kicker on top of that is their so called asset managers always second guess your comps and values and want you to change them just to make the BPO look better for their client. They even come up with comps they found off of Zillow that are either old or can not even be used as a comp. I stopped doing any work for GRC once it became too ridiculous.
Even BPOfulfillment only wants to pay $20 for a Property Inspection, but at least their inspection is just that, a drive by inspection. You spend more time driving to the subject property and in gas than actually doing the online paperwork.
Green River is a whore company, as long as people support the lowered prices these people win. Gave up BPO's years ago focused on retail and the serious clients reo.
I have seen them as low as $35.00, I do not take them ...I know what my work is worth, if they do not want to pay - so be it - I do not need them as much as they need me
Replies
Donna:
It seems many companies are offering $30. to complete BPO's these days. It's an insult. I refuse to complete a BPO for $30. But, many agents are grabing these assignments as quick as they come available. I've been doing BPO's for years and/have also requested a higher fee on these assignments. Vendors have told me, they don't have to pay more because agents will accept and complete them for $30.00. If agents keep accepting these assignments for $30 the vendor will not pay more. Do the agents completing these BPO's, realize they can earn more by working at a McDonalds? I'm insulted when a vendor offers me a BPO assignment for $30 and you should be too. Herman
Exactly what i said in an earlier post. I said we can not blame the BPO company for the low fees because desperate agents do them for the $30.
I was accidentally sent a companies payment schedule from the banks. They pay me $50 for a BPO which is nice, the form is not too bad to fill out and they are not horribly picky. BUT they get paid $125 for the order grossing them $75 and all they do is delegate the orders and review them.
So companies paying $30 are more than likely get $100 or above but we do all the work. I get they have overhead but wow talk about the "middle man" taking the profit!
I agree !
As long as agents are willing to do them they will go even lower. I have seen $10-$35 for Exterior BPO and its upsetting and I am quick to let them know that.
Yes Old Republic sends out orders all the time for $30. I dont work for that fee for a bpo ever.
Did a lot for ordms years ago, not worth getting in the car for 30. Ordms gave reo out one time, heard they just lost Fannie BPO's.
Green River Capital (GRC) pays $18.50 in my area for what they want to call a Property Inspection that is nothing less than a slightly watered down interior BPO. Their so called BPO is more like a full appraisal that they only pay $38.50 for. Then the kicker on top of that is their so called asset managers always second guess your comps and values and want you to change them just to make the BPO look better for their client. They even come up with comps they found off of Zillow that are either old or can not even be used as a comp. I stopped doing any work for GRC once it became too ridiculous.
Even BPOfulfillment only wants to pay $20 for a Property Inspection, but at least their inspection is just that, a drive by inspection. You spend more time driving to the subject property and in gas than actually doing the online paperwork.
Green River is a whore company, as long as people support the lowered prices these people win. Gave up BPO's years ago focused on retail and the serious clients reo.
I quit doing BPOs for $40.00 and even refuse to consider them for $30.00.
I have seen them as low as $35.00, I do not take them ...I know what my work is worth, if they do not want to pay - so be it - I do not need them as much as they need me
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