Does anyone know how to do a "30 second" BPO? If so I want to know how. Maybe this was an error? I can't pull tax records for the subject in 30 seconds.
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I have no idea why someone would do for free? I do them because I need the money
Brenda Abide > Stephan K BlackJune 15, 2009 at 2:25pm
Stephan, the reason some of us do them free is because in my state and in some other states it is against the rules of the real estate commission to be paid for doing them. It's not that we're idiots for doing them free but that we have no choice. And yes, we need the money too but that's our tough luck. Lucky you!
well I learned something. I make between 4000 to 6000 a month doing BPO's. It's not a great way to get listings although I have to say that's how I got my biggest client, Countrywide. I did free BPO's for US res for years and never got a bloomin' listing so I told them to stick it. I'm a little sensitive because I live in a rural area and for me taking photos is not just down the block, It's mostly a long drive in the country every time.
My record time is 1 hour from acceptance of the order to finish, which includes pulling tax records and driving to subject property for pictures to finishing the BPO form online with 3 comps and 3 listings and submitted, which got approved without any QC problems. Anyone top that? :-P
well I can do a formerly known as Countrywide, now BofA BPO in 20 minutes flat, excluding drive-by time. Their form is one of the easiest in the Biz. And they never have QC issues. Once I got an email 3 months after doing one asking for revised photos. I realized I had uploaded the wrong photos. It really helps to have 2 monitors, and a good video card (consider gaming quality) , and of course lots of RAM (at least 2 gig) and a fast processor, that way you are not wasting precious seconds waiting for the hardware to process your requests.
And my mother always told me a million times not to exaggerate! I believe the AM was making a point-- Do you do something well or exceptional that gets the attention of an AM?
As for BPOs, when do they ever take less than an hour? Let's see? I have done quite a few over the last few years. I am slower at typing than some so I would be average. We have a great MLS system that is better than some others I have used which is a blessing.
Accept BPO and set up inspection if interior - 5 minutes if you reach the access contact.
Pull comps - good 15 minutes if you already have it set up for different searches, but most take some tweaking.
Type in comps - 15 minutes
Pull tax and assessor info if the BPO company gave you accurate info - 5 to 10 minutes (if not, then searches to identify - 30 minutes)
Make adjustments to determine values - 10 minutes (15 if you have to put in numbers and, hopefully, you have some standards or averages to input for your area)
If you drive to site yourself, then add 45 minutes for interior inspection, 30 for driveby (more time if further away and you can average\cut time down if doing multiple properties)
Upload photos from camera then on site - 15 to 20 minutes depending whether you have to type descriptions for each one
Submit and respond to QC process, hopefully no more than 5-10 minutes if you are good
Pat self on back and start another one - 15 seconds
You can adjust for drive bys and your own factors.
Make it as easy as possible and get assistance if you type slow like me and they can be done quicker.
115 minutes for BPOI or 1 hour and 55 minutes total time for BPOI. Less for Drive by.
$65.00 average BPOI is about 32.50 per hour, less carpal tunnel expenses. You do the math! Down side is sometimes they take more time depending on the company and the rigor of their process and QC. A few just want a basic CMA.
That is my experience, and, yes, I do use help so I do not make a lot of money from them and I always look them over for accuracy.
Replies
As for BPOs, when do they ever take less than an hour? Let's see? I have done quite a few over the last few years. I am slower at typing than some so I would be average. We have a great MLS system that is better than some others I have used which is a blessing.
Accept BPO and set up inspection if interior - 5 minutes if you reach the access contact.
Pull comps - good 15 minutes if you already have it set up for different searches, but most take some tweaking.
Type in comps - 15 minutes
Pull tax and assessor info if the BPO company gave you accurate info - 5 to 10 minutes (if not, then searches to identify - 30 minutes)
Make adjustments to determine values - 10 minutes (15 if you have to put in numbers and, hopefully, you have some standards or averages to input for your area)
If you drive to site yourself, then add 45 minutes for interior inspection, 30 for driveby (more time if further away and you can average\cut time down if doing multiple properties)
Upload photos from camera then on site - 15 to 20 minutes depending whether you have to type descriptions for each one
Submit and respond to QC process, hopefully no more than 5-10 minutes if you are good
Pat self on back and start another one - 15 seconds
You can adjust for drive bys and your own factors.
Make it as easy as possible and get assistance if you type slow like me and they can be done quicker.
115 minutes for BPOI or 1 hour and 55 minutes total time for BPOI. Less for Drive by.
$65.00 average BPOI is about 32.50 per hour, less carpal tunnel expenses. You do the math! Down side is sometimes they take more time depending on the company and the rigor of their process and QC. A few just want a basic CMA.
That is my experience, and, yes, I do use help so I do not make a lot of money from them and I always look them over for accuracy.
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