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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I don't claim to be perfect but I do try to do the best job I can with BPO's,I try to give the pic's the way they want them and descriptions so they can feel like they were right there with me....OR that's what I think I do : ))))...my point is....I let those $30 ones go or if I'm heading that way and it would be convenient and I know a co ordinator with that company ( especially OR) I reply from the email they sent out to a co ordinator I've worked for before and ask if they know who has this assignment and I tell them if they don't have anybody I'll do it for 60-75 (ext) and when I can have it back in,and let me know....I don't always get it,but I get more then I loose.....I have been known to remind them to keep my phone # for future use....I get quite a few calls a week from several companys besides the normal assignments ....on the ones that let you accept or decline I was told by emortgage logic to decline and tell them how much I want...I can't afford to do an ext for less than 60,regardless where it is, and if it's further than what I was planning on going I go higher. I also take a minute and keep them posted when I have the pics...just little things to make their job easier and help them remember me : ))) It's a win,win for both of us.
In high crime neighborhood of Oakland, CA, the fees are NO higher. The method is blast at everyone every 30 mins until it is grabbed. If you reject it, next hour it is there again. Some stay there for days. I spoke to one Oakland agent she says it is not the kind of neighborhood to venture around esp inside a home.
Another place is Pebble Beach & Carmel, the fees are NO higher. This estate was for sale ~$20,000,000 and you get $30 (exterior) or $45(interior). If one is off by 5% that makes $1 mil variance. As for comps I have seen data pulled from Hearst Castle several hundreds miles away. They are always looking for brokers there.
Here in the Central VA area we've seen the same--companies trying to lower their fees 'cause they know Realtors are starving!! Because so rural, in this region, just doesn't make sense at that price, I always have to ask for more--sometimes I get it, sometimes not.
The lowest I have seen here in Washington is $15 for an extremely rural property from Clear Capital, it normally gets sent out a couple times before someone takes it. The other one that says they will pay $40 then either pulls it from you before it's completed or never pays is Evaluation Solutions.
As long as agents were willing to do them for $40, they will try to get them to $30. If agents are willing to do BPO's for $30, they will start offering $20. Where do you draw the line? Where do you value your time and your business?
I drew my line at $65 for drive-by's and $125 for small house interiors.
Steve thats quite a line---you actually receive any business with those fee demands? Ive done 5,000 bpos for almost all the companies and never been able get increasews that high. Only once in a while if its 3o or 40 miles from me will I get $100 to $130. Most of my companies are averaging 45 drive by and 50 to 55 interior, with 3 or 4 at 65 to 70 for interiors.
Marvin - you might note that Steve's post is almost 2 years old....
I agree with you Steve. I stopped doing interiors all together (tired of working around others schedule for access) and I've told everyone $65 for exteriors. At that rate I still pick and choose based on distance, volume of orders and how busy I am. Anything beyond 10 or 12 miles I need at least three in the area or more than $65.
LOL--- they are the "Walmart" of bpo's..... ya get what ya pay for......lol
I've seen the $30 order coming out of ORT for the entire time I've been working with them. I don't accept them at that price. Most of the time they bump it up to $40, then I'll accept, if I have the time. If I ignore enough email requests, they send it (open fee) and I name it dependendent upon location. Of course I'm competing with other agents and now it becomes a matter of accepting it first. I've gotten them up to $75 on some orders due to distance. I'm finding negotiating for fees on these orders is being accepted more and more, that must mean volume is coming down the pipeline and these guys have to move on to the next file. The job still needs to be done. Some companies alllow price increase requests and some don't, it's just a mattter of knowing which from which.
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