Great advise by our In-house AM - Let's do this and see which companies pay the best and which ones don't - here's my list of good paysEMortgageLogicEqui-traxTitanium SolutionsFranklin CreditFASInc
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Great post John, thanks for that. For what its worth, why I don't and wont do bpos for less than $75
Keep in mind most agents are responsible for own taxes, mls fees, and expenses.
55 cents per mile ( cost of gas, tires, wear and tear on vehicle.)
average round trip 45 miles, lets use 30 miles round trip as a conservative number.
30 miles round trip x .55 = 16.50 vehicle expense.
how much is your time worth. I like to think my time is worth at least 25 to 30 bucks an hour, I try to average 50 - 80 per hour. And shouldn't we expect that. So an hour to do the report and 45 min drive time. = 1.45 hours
lets use 25 per hour x 1.45 = 36.25 + vehicle expense = 52.75
52.75 per report is cost.
So 30 miles round trip, 1 hour report time, = 52.75 no profit, no room for error, not counting time to email the coordinator, make any corrections etc. My 2 cents
Elena Jorrin > David KeslerJuly 26, 2013 at 4:59pm
I have 24 years of full time experience, and I cannot do a report in 1 hour. Am I too slow? The shortage of inventory, the increasing demands to avoid distressed sales and listings, essentially the lack of real comps etc...then the lengthy forms which are more and more demanding in numerous details such as providing the detailed listing history for all 6 comps...plus the companies whose forms do not allow cut and paste...1 hour for me is impossible. Sorry friends just sharing my personal situation..oh I forgot, what about those new retro BPO with effective date of 2011 or 2012...now that we are in July 2013
David, that is a nice break down of cost to complete a BPO. I am with you I think $25 dollars and hour should be a minimum. My 13 years of experience and knowledge are worth closer to your $50 to $80 range.
If all agents would realize that they are hurting themselves by taking $20 - $40 bpo's and started requesting fee increases, we would see prices start to increase.
Of course as long as these companies can get people to complete them for the low fees they will keep paying peanuts.
Here my summary for all of the posts I read so far in this topic and feel free to add or give comments. Great start of the post by Cindy Billman. Good luck and best to all hard working agents out there!
My opinion is we need to form a Trade Organization of BPO agents to have the following demands to BPO companies and request ALL of Realtors out there to boycott or not doing any BPOs below the set prices. I have completed over 2,500 - 3,000 BPOs from 2006 - 2010 timeframe and then I stopped doing that because the fee was dropped and the forms more picky like appraisal reports. One year, I remembered I made close to $50K seriously just doing BPOs and of course I had to pay tax a lot in that year :-), but I feel I deserved my hard works.
1) Exterior BPOs - at least $50
2) Interior BPOs - at least $90
1) BAD BPO Companies which DON'T Pay or Pay LOW
IAS (Integrated Asset Services) BrokerPriceOpinion Main Street Valuations (BPO Fulfilment) pay only $20 - $30/BPO and the forms is picky/insane...
Green River Capital payss only $17.50 for their Inspection Consolidated Analytics (formerly Carrington Morgage Default) pays a whole $35 for an exterior BPO. Valuation Partners Valuation Vision Sand Castle Field Services (suspicious company?) Titanium Solutions (Bankcruptcy or BK) Evalonline (BK) Evaluation Solutions (BK) TransContinental Secured Lending Services (BK) <-- formerly vendor of HSBC Bank National Real Estate Information Services (NREIS) (BK) <-- formerly vendor of Nationstar Titanium Solutions (BK) Powerlink Servicelink UTLS (UTLS Default Services LLC) Summit Valuations Network Mortgage Servicing
2) GOOD BPO Companies which PAY and some companies take longer times to pay
clearCapital AltiSource CoreLogic Goodman Dean RRReview eMortgageLogic Equi-trax (sister of eMortgageLogic ?) iMortgage Mainstreet Valuations PCV Murcor RELS LPS LSI Landsafe, FAS (First American Services)? Meridian Franklin Credit SingleSource Asset Valuation (can pay up to $160/BPO should negotiate with them) REMUSA First American Residential Value View (purchased by CoreLogic) Old Republi (picky and only $30/BPO, but can negotiate) Summit Valutaions ISGN (but has website issue only works with IE8 browswer) Five Bros Specialized Asset Management (SAM) Marktomarket.us (Mark To Market) Proteck Finiti
3) New BPO Companies and not sure how they pay and reputation?
DataQuick (formerly Transunion) First American Asset Valuation Solutions (FAAVS)
Vicki Taylor > John DuncansesJuly 12, 2013 at 2:25pm
I think the fees you suggest are too low. I have done about 80 BPO's for 6 or 7 companies in 2013 and I don't except anything less than 75.00 for exteriors in my county and I get 100.00 to go to the surrounding counties and I have received 150.00 for interiors. And I still not feel like I get paid enough for some of the forms. I am in a rural area, so it may be different than urban areas. I just can't get over people still doing BPO's for 40.00.
In No Cal also RURAL, LPS pays $40 for exterior, $70 for interior. QC is hard on the 1 mil since few are now under $1 mil. Have to picky QC on earth to deal with esp with the new smart form.
Proteck-$40 a mini dissertation also.
Old Republic pays a mere $30. Haggled for more they assigned to another agent.
Mainstreet(BPO fullfillment) promises to pay $10 bucks for inspection. That is quickly snatched.
Nice going Vicki, that is good to know, I have been asking for more money but I now see I need to raise my fees even higher. Thanks for posting this, hopefully other agents will start raising their fees as well.
Sharon Letson > John DuncansesJuly 9, 2013 at 5:37am
I agree with having some sort of organization so we can band together and eliminate the unfair labor practices of some of these companies which seem to have become the norm instead of the unusual occasion.
I looked over the bad list and I've been the victim of several but not any more. I demand a higher fee and if they don't want to, fine. Most of the ones they send me are rural, hard to find comps and having to explain over and over why I had to go outside their guidelines to find any, but that's the facts.
I'd be willing to join such a group of hardworking agents.
Sharon
CECILIA D FOX > John DuncansesJuly 3, 2013 at 12:40pm
DataQuick Lenders Solutions is fine but not new (was just hibernating until recently, I think). Being bought out by CoreLogic. Pay $20 for exterior condition report. Will negotiate if they can't find someone else. They pay about every 2 weeks or at least once a month.
First American has so many names, I'm not sure who or what they are anymore. I did a lot of listing with them for 2-3 years - 2003-2006 - when all of their systems were manual, not online. They were tough to deal with.
It was Equi Trax when I started working with them. They do have a new name now, but I don't have my book handy so can't remember the name. When I find it I will let you know. I have never had problems with them.
Replies
Great post John, thanks for that. For what its worth, why I don't and wont do bpos for less than $75
Keep in mind most agents are responsible for own taxes, mls fees, and expenses.
55 cents per mile ( cost of gas, tires, wear and tear on vehicle.)
average round trip 45 miles, lets use 30 miles round trip as a conservative number.
30 miles round trip x .55 = 16.50 vehicle expense.
how much is your time worth. I like to think my time is worth at least 25 to 30 bucks an hour, I try to average 50 - 80 per hour. And shouldn't we expect that. So an hour to do the report and 45 min drive time. = 1.45 hours
lets use 25 per hour x 1.45 = 36.25 + vehicle expense = 52.75
52.75 per report is cost.
So 30 miles round trip, 1 hour report time, = 52.75 no profit, no room for error, not counting time to email the coordinator, make any corrections etc. My 2 cents
I have 24 years of full time experience, and I cannot do a report in 1 hour. Am I too slow? The shortage of inventory, the increasing demands to avoid distressed sales and listings, essentially the lack of real comps etc...then the lengthy forms which are more and more demanding in numerous details such as providing the detailed listing history for all 6 comps...plus the companies whose forms do not allow cut and paste...1 hour for me is impossible. Sorry friends just sharing my personal situation..oh I forgot, what about those new retro BPO with effective date of 2011 or 2012...now that we are in July 2013
elena
David, that is a nice break down of cost to complete a BPO. I am with you I think $25 dollars and hour should be a minimum. My 13 years of experience and knowledge are worth closer to your $50 to $80 range.
If all agents would realize that they are hurting themselves by taking $20 - $40 bpo's and started requesting fee increases, we would see prices start to increase.
Of course as long as these companies can get people to complete them for the low fees they will keep paying peanuts.
Here my summary for all of the posts I read so far in this topic and feel free to add or give comments. Great start of the post by Cindy Billman. Good luck and best to all hard working agents out there!
My opinion is we need to form a Trade Organization of BPO agents to have the following demands to BPO companies and request ALL of Realtors out there to boycott or not doing any BPOs below the set prices. I have completed over 2,500 - 3,000 BPOs from 2006 - 2010 timeframe and then I stopped doing that because the fee was dropped and the forms more picky like appraisal reports. One year, I remembered I made close to $50K seriously just doing BPOs and of course I had to pay tax a lot in that year :-), but I feel I deserved my hard works.
1) Exterior BPOs - at least $50
2) Interior BPOs - at least $90
1) BAD BPO Companies which DON'T Pay or Pay LOW
IAS (Integrated Asset Services)
BrokerPriceOpinion
Main Street Valuations (BPO Fulfilment) pay only $20 - $30/BPO and the forms is picky/insane...
Green River Capital payss only $17.50 for their Inspection
Consolidated Analytics (formerly Carrington Morgage Default) pays a whole $35 for an exterior BPO.
Valuation Partners
Valuation Vision
Sand Castle Field Services (suspicious company?)
Titanium Solutions (Bankcruptcy or BK)
Evalonline (BK)
Evaluation Solutions (BK)
TransContinental
Secured Lending Services (BK) <-- formerly vendor of HSBC Bank
National Real Estate Information Services (NREIS) (BK) <-- formerly vendor of Nationstar
Titanium Solutions (BK)
Powerlink
Servicelink
UTLS (UTLS Default Services LLC)
Summit Valuations
Network Mortgage Servicing
2) GOOD BPO Companies which PAY and some companies take longer times to pay
clearCapital
AltiSource
CoreLogic
Goodman Dean
RRReview
eMortgageLogic
Equi-trax (sister of eMortgageLogic ?)
iMortgage
Mainstreet Valuations
PCV Murcor
RELS
LPS
LSI
Landsafe,
FAS (First American Services)?
Meridian
Franklin Credit
SingleSource
Asset Valuation (can pay up to $160/BPO should negotiate with them)
REMUSA
First American Residential Value View (purchased by CoreLogic)
Old Republi (picky and only $30/BPO, but can negotiate)
Summit Valutaions
ISGN (but has website issue only works with IE8 browswer)
Five Bros
Specialized Asset Management (SAM)
Marktomarket.us (Mark To Market)
Proteck
Finiti
3) New BPO Companies and not sure how they pay and reputation?
DataQuick (formerly Transunion)
First American Asset Valuation Solutions (FAAVS)
I think the fees you suggest are too low. I have done about 80 BPO's for 6 or 7 companies in 2013 and I don't except anything less than 75.00 for exteriors in my county and I get 100.00 to go to the surrounding counties and I have received 150.00 for interiors. And I still not feel like I get paid enough for some of the forms. I am in a rural area, so it may be different than urban areas. I just can't get over people still doing BPO's for 40.00.
Best paying
LPS
Single Source
Proteck
Sandcastle
Service Link
Old Republic
Hi Vickie,
In No Cal also RURAL, LPS pays $40 for exterior, $70 for interior. QC is hard on the 1 mil since few are now under $1 mil. Have to picky QC on earth to deal with esp with the new smart form.
Proteck-$40 a mini dissertation also.
Old Republic pays a mere $30. Haggled for more they assigned to another agent.
Mainstreet(BPO fullfillment) promises to pay $10 bucks for inspection. That is quickly snatched.
Nice going Vicki, that is good to know, I have been asking for more money but I now see I need to raise my fees even higher. Thanks for posting this, hopefully other agents will start raising their fees as well.
I agree with having some sort of organization so we can band together and eliminate the unfair labor practices of some of these companies which seem to have become the norm instead of the unusual occasion.
I looked over the bad list and I've been the victim of several but not any more. I demand a higher fee and if they don't want to, fine. Most of the ones they send me are rural, hard to find comps and having to explain over and over why I had to go outside their guidelines to find any, but that's the facts.
I'd be willing to join such a group of hardworking agents.
Sharon
DataQuick Lenders Solutions is fine but not new (was just hibernating until recently, I think). Being bought out by CoreLogic. Pay $20 for exterior condition report. Will negotiate if they can't find someone else. They pay about every 2 weeks or at least once a month.
First American has so many names, I'm not sure who or what they are anymore. I did a lot of listing with them for 2-3 years - 2003-2006 - when all of their systems were manual, not online. They were tough to deal with.
It was Equi Trax when I started working with them. They do have a new name now, but I don't have my book handy so can't remember the name. When I find it I will let you know. I have never had problems with them.
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