This month, Old Republic has been sending me all of their BPO orders for $30. Their standard has generally been $40 up until now in the Akron Ohio area. What is happening elsewhere?
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In Alabama, I have been doing BPOs for them for years also. They typically start with me for $35. Generally I do them for $50-$60 if I can tell it will be an easy one.
Its not about the BPO company but location. I am in So FL where everyone and their uncle are realtors and jump on the opportunity to make a buck, so BPO mills know that they can get away with paying less since its not about quality for them, its all about profits and bottom line. In rural areas with few realtors and even fewer doing BPOs they have to pay fair fee to make it worth someone's while to travel and take pictures and complete work. So all comments about "I get paid $100 for exterior” or “you have to negotiate the fee" don’t apply it if you live in a city or hot area with myriads of realtors. So the only think you can do is value your work and not accept unfair fees; and don’t let them treat you like a common worker making less then minimal wage.
William J. May > Violetta Polyakov, BrokerSeptember 22, 2014 at 5:59am
Im' new at BPOs I am in Los Angeles CA . so far am working with Goodman Dean. Got my first check this weekend. It's a start.
William J. May > William J. MaySeptember 22, 2014 at 8:50am
Since I’m new to BPO’s I have a few questions....
1) how do I find out a homes Style? 2) What is the best way to describe The subject property? Best way to describe subject neighborhood? 3) And where do you get the stats or statistics of the neighborhood? 4) Should we use absorption rates? Is so can you give me an example on how you would write it out.
Thank you everyone!!!
CECILIA D FOX > William J. MaySeptember 22, 2014 at 8:55am
William - those are good questions. pls start a new discussion. that is off topic. thanks
William J. May > CECILIA D FOXSeptember 22, 2014 at 9:04am
I ignore everything unless it is initially offered at $85 or more with a reasonable turn time, 4-7 days. I have not done an exterior for less then $85 and majority are at $100.00 for typical drive-bys with 6-7 day turn time and $200+ for interiors with 10-14 day turn times. I'd say 75% of time I get my fee.
Shirley M. Cox
William J. May > Shirley M. CoxSeptember 22, 2014 at 5:45am
Shirley, what BPO Company's are paying your Price?
Shirley M. Cox > William J. MaySeptember 22, 2014 at 6:00am
Majority of the ones that have to pick up the phone and call me direct. e-mortgage logic, LSI/Servicelink/Black Knight, Clear Capital, Pro-Teck, etc. I do give some thought on location, easy of use of their software platform etc. Cost of business is going up for all of us, MLS fees, gas, insurance continuing ed. I know my market and how long it will take to find comps. I've had companies resist my fees, which is OK, A lot of times they call me back when the agent willing to do it for cheap flakes out. Maybe I'm a bit egotistical but I have 27+ years doing these and I'm good at what I do, they are getting a good deal, or they can hire an appraiser.
Replies
The ones that they had been sending me were for $30 and now they have upped the fee to $35 which is still too low!!
In Alabama, I have been doing BPOs for them for years also. They typically start with me for $35. Generally I do them for $50-$60 if I can tell it will be an easy one.
Its not about the BPO company but location. I am in So FL where everyone and their uncle are realtors and jump on the opportunity to make a buck, so BPO mills know that they can get away with paying less since its not about quality for them, its all about profits and bottom line. In rural areas with few realtors and even fewer doing BPOs they have to pay fair fee to make it worth someone's while to travel and take pictures and complete work. So all comments about "I get paid $100 for exterior” or “you have to negotiate the fee" don’t apply it if you live in a city or hot area with myriads of realtors. So the only think you can do is value your work and not accept unfair fees; and don’t let them treat you like a common worker making less then minimal wage.
Im' new at BPOs I am in Los Angeles CA . so far am working with Goodman Dean. Got my first check this weekend. It's a start.
Since I’m new to BPO’s I have a few questions....
1) how do I find out a homes Style?
2) What is the best way to describe The subject property? Best way to describe subject neighborhood?
3) And where do you get the stats or statistics of the neighborhood?
4) Should we use absorption rates? Is so can you give me an example on how you would write it out.
Thank you everyone!!!
ok thank you
I ignore everything unless it is initially offered at $85 or more with a reasonable turn time, 4-7 days. I have not done an exterior for less then $85 and majority are at $100.00 for typical drive-bys with 6-7 day turn time and $200+ for interiors with 10-14 day turn times. I'd say 75% of time I get my fee.
Shirley M. Cox
Shirley, what BPO Company's are paying your Price?
Majority of the ones that have to pick up the phone and call me direct. e-mortgage logic, LSI/Servicelink/Black Knight, Clear Capital, Pro-Teck, etc. I do give some thought on location, easy of use of their software platform etc. Cost of business is going up for all of us, MLS fees, gas, insurance continuing ed. I know my market and how long it will take to find comps. I've had companies resist my fees, which is OK, A lot of times they call me back when the agent willing to do it for cheap flakes out. Maybe I'm a bit egotistical but I have 27+ years doing these and I'm good at what I do, they are getting a good deal, or they can hire an appraiser.