Hi all,
I'm new to BPOs and would like to do them to supplement my income, as I do real estate full time and most of my efforts are focused on working with buyers and sellers. Though I would like to make a dent in it and also get to know the world of REOs. Any recommendations for BPO companies to register with that you've had good experience with? I'm looking for someone reliable and who will actually pay, preferably in a timely manner. I live in Louisiana if that helps.
So far I've registered with Residential Real Estate Review, which all they need is a copy of my real estate license but I'm waiting on that because I just switched brokerages last month and my broker hasn't received it yet. I'm in the process of applying with PCV Murcor, Clear Capital, and
Any other recommendations? In in Louisiana if that helps. Thanks in advance.
Replies
Valuation Vision is the best BPO payee, but they are very rigid and communication could be hard due to they are not realtors. I have problems with BrokerPriceOpinion and ValuationVision are the same company.
You would make more money flipping burgers at McDonalds.
I think it may depend on location too, because I get way more work than I ever thought I would doing BPOs. Mainly because I happen to live halfway between New Orleans and Baton Rouge and because of that I have access to lots of areas. I'm also under the impression that there aren't many other agents covering that area since I get a lot of them close to my house as well which I wasn't expecting at all. But I can see how for some agents BPO work isn't worth it. For me personally I'm glad it turned out to work out very well since the extra money helps.
Sounds like you are in a good area Blair. I am in SE Florida and have been doing REO work and BPO work and related fields for 31 years. The problem right now is there are alot of agents that have come in my area, the REO inventory is down and as far as BPO work it also is down but my bigger problem with RRReview, Computershare, Clear Capital, BPO Fulfillment, Mainstreet, SingleSource and more, are all on auto accept in my area and I can be sitting at my computer, an order comes in from one of these company's it is gone in less than five seconds. By the time I go to accept the order, and like I said I am right in front of the computer, the order is gone. I have brought this up to these companies and they say they do not approve of auto accept but in reality do they really care if I do the order or someone else. They just want the order done
Hi, sorry for the late response, I'm just now seeing this. That's frustrating that a lot of people auto accept orders where you are. It seems I did indeed get lucky where there is an influx of BPO work. It seems most of mine don't come from foreclosures but mostly other things. Also, a lot of larger agencies where I am don't allow their agents to do BPOs, but my broker is totally fine with it. In fact he was the one to tell me about them because it's a good way for me to learn the real estate market. I hope things turn around for you. This has been a big help for me re: income because I've had so much fall through with sales in the past several months so this is helping me out in the meantime.
Update: I'm pleased to say I'm getting plenty of BPO work. My favorite company thus far is Clear Capital. I wish I had more volume through them, though I think once I finally buckle down and do the background check I may see that number increase. So far I've gotten BPOs through them, AVM (now AssetVal), Computershare, and RRReview. I get the most volume from RRReview. That said, anyone know their pay structure and if they actually pay like they're supposed to? I called to try and find out and sent an email but the person I spoke to doesn't speak English very well and I think he misunderstood me and I haven't gotten an email response yet. I just wanna make sure I get paid like I'm supposed to when the time comes. I was careful and did my research with companies and stayed away from the ones who have bad track records.
Hi Blair,
Please contact me rinsupaul@heritustech.com
Hi, sorry I'm late getting back to you. I've been very busy but will as soon as I can.
I did BPO's a few years back and the one great thing about doing them was the market knowledge you gain, you get so good at pricing property's and seeing trends and you're getting paid to be a better agent.
Suzanne, I definitely agree. I am learning way more about the market than I ever have previously thanks to BPO work.
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