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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I am located in Reynoldsburg Ohio although I live in another town and I get a lot of rural orders. I can negotiate higher fees. I do not have a problem with lower fees ($40) if it is in a more urban or suburban location and I am relatively close. I do not take $40 orders if I have to travel a longer distance.
Sharon Letson > CECILIA D FOXDecember 21, 2013 at 5:15am
I don't judge anyone else. I'm sorry I reacted to the word "prostituted" because for my drive bys where I live is more than an hour for one. I seem to get all the rurals and those comps are more than the time spent finding locals in the city area. Then I have to justify and explain why there are such differences in their guidelines and what is available to me in our local MLS. Sometimes finding only a handful of listings and solds for the entire past year.
Much more time for rurals and I guess I was thinking of that time, more gas to drive sometimes may even take 90 minutes to 2 hours to and from those photo shoots sometimes on dangerous highways and that's one of the reasons there is a driver, my partner in life to make sure I'm safe not only from the traffic but from some of the backwoods people that have chased me in their car wondering why I'm taking pictures. Because I don't get multiples, it means driving to these photo shoots one day at a time, so I can't go out one afternoon and shoot them all.
That's why I don't do any under $50. If they were all in town, in subdivisions or other areas where comps were plentiful, I would do them, happily.
Just my opinion, sorry if I offended you.
Sharon
CECILIA D FOX > Sharon LetsonDecember 21, 2013 at 5:56am
LOL. Not offended. Maybe the prostitutes are.....
If I get an order that takes over a certain amount of time, I tell them what my fee is. I tell them "This is a 2 hour round trip. There are tough roads. Its been snowing and it can be even longer to get there and back. I have no other business in that direction. If you really need me to do this, it will cost you 'x'." Then the negotiations begin. I have gotten up to $200 just for a driveby that may take 2.5 hours round trip. Then I wait for other orders that I can do on the way. That really makes the trip worthwhile.
I get quite a few orders that are very rural for over $100, especially since they are hard to negotiate to and also if the comps are harder to find. As much as $175, but not $200.
Sharon Letson > CECILIA D FOXDecember 21, 2013 at 10:08am
I do the same thing and if they don't want to pay my fee, they probably get someone closer which is what they should have done in the first place. Most of the personal profiles I say how many miles I'll got, but they still send them twice the distance. Let's hope 2014 is a bettter one in all areas of Real Estate after 33 years in the business, I could use a banner year, LOL.
Merry Christmas and Happy New Year to all!
Willy Olsen > CECILIA D FOXDecember 21, 2013 at 7:39am
I don't know where you are located, but in my area there is no negotiation in fees from the BPO mills. There are 300+ starving agents who will accept a $20 to $35 BPO in a heartbeat. These are primarily agents who live in the closest cities to me. The closest city to me is 5 miles away.
I live in a very small city that is more of a town than a city. The area I cover is primarily rural and the mountain communities. And those are the primary type of BPO's that I get. It's not uncommon to have to drive 40 to 100+ miles round trip to do one BPO. Therefore I usually do not accept BPO's unless there are at least 5 in my area. Otherwise it is not financially feasible to do any number less. The BPO companies are usually out of state and they don't know where Adelanto is. As far as they know, Adelanto is another suburb just outside of downtown Los Angeles. Downtown LA is 110 miles away from me. I work out of a home office since my brokers office is 40 miles away. And I keep my focus on real estate that is within a 25 mile radius from my home office. But since the slowdown of available BPO's in my area from earlier this year, I have gone back to focusing more on getting listings. Where I don't mind having to drive 60 miles to Glendale one way for a $500,000 listing that will net me $18,500 in commission. One of those listings a month in that price range anywhere in SoCal and I'm a happy camper.
My suggestion is that any agent gets contacted to do BPO's from Valuation Vision (V2) to run the other way. They do not pay.
Late last year I did 2 BPO's for V2 and got paid fairly quickly. Was offered a BPO Inspection that was some distance from my home but accepted it since I was getting some work from them and figured I would get more. Several months go by and no check or BPO's. Sent invoices with no response. Started calling them twice daily until I finally got someone on the phone. The woman said that she would look into it and "By the way, we have 2 BPO's in your area. Could you take care of those for us?". Since they were close by my home I stupidly accepted to do them. Even after being promised that a check would be in the mail 30 days after they were completed along with payment for the outstanding inspection. 30 days, no payment. 60 days, no payment. Started making calls and no answer. So, I finally went to a lawyer asking what my best options were to get paid. The response was that I could either take them to small claims or put liens on the properties. I sent them a final demand for payment certified letter and was planning to take them to court just after the first of the year since then it will have been over 90 days for the last 2 BPO's and over 10 months for the 1 inspection. But in light of what I heard on this site about V2 being acquired by another company, I did some online researching. Now that a Canadian company is acquiring or has acquired V2, that possibly puts a wrench in my small claims filing opportunity. So, I think I am left with the best option to just to go down an place mechanics liens on the properties.
Agreed Clear Capital is a great company and I also have dealt with them for a number of years and never a problem. However, they have requested those "drive by inspections" where they only want a couple of photos but no comps and only want to pay about $15.00 or $20.00....not worth my time and effort on those.
Sharon Letson > Rita ReddDecember 20, 2013 at 9:06am
I hear ya. Haven't had any of those requests and as I'm out in the country, they'd have to be within 5 miles for me to even consider them. I did do the background check but not until months after they first requested it and during that time I still got offers. So maybe I spent the money for nothing, but I went ahead hoping for more offers.
Clear Capital. Stay away from this firm. I completed a BPO yesterday, and this morning received notification that the max they would pay is $15, even though they contracted with me for $50. They also attempt to force agents to pay for a background check that is not needed.
Replies
I am located in Reynoldsburg Ohio although I live in another town and I get a lot of rural orders. I can negotiate higher fees. I do not have a problem with lower fees ($40) if it is in a more urban or suburban location and I am relatively close. I do not take $40 orders if I have to travel a longer distance.
I don't judge anyone else. I'm sorry I reacted to the word "prostituted" because for my drive bys where I live is more than an hour for one. I seem to get all the rurals and those comps are more than the time spent finding locals in the city area. Then I have to justify and explain why there are such differences in their guidelines and what is available to me in our local MLS. Sometimes finding only a handful of listings and solds for the entire past year.
Much more time for rurals and I guess I was thinking of that time, more gas to drive sometimes may even take 90 minutes to 2 hours to and from those photo shoots sometimes on dangerous highways and that's one of the reasons there is a driver, my partner in life to make sure I'm safe not only from the traffic but from some of the backwoods people that have chased me in their car wondering why I'm taking pictures. Because I don't get multiples, it means driving to these photo shoots one day at a time, so I can't go out one afternoon and shoot them all.
That's why I don't do any under $50. If they were all in town, in subdivisions or other areas where comps were plentiful, I would do them, happily.
Just my opinion, sorry if I offended you.
Sharon
If I get an order that takes over a certain amount of time, I tell them what my fee is. I tell them "This is a 2 hour round trip. There are tough roads. Its been snowing and it can be even longer to get there and back. I have no other business in that direction. If you really need me to do this, it will cost you 'x'." Then the negotiations begin. I have gotten up to $200 just for a driveby that may take 2.5 hours round trip. Then I wait for other orders that I can do on the way. That really makes the trip worthwhile.
I get quite a few orders that are very rural for over $100, especially since they are hard to negotiate to and also if the comps are harder to find. As much as $175, but not $200.
I do the same thing and if they don't want to pay my fee, they probably get someone closer which is what they should have done in the first place. Most of the personal profiles I say how many miles I'll got, but they still send them twice the distance. Let's hope 2014 is a bettter one in all areas of Real Estate after 33 years in the business, I could use a banner year, LOL.
Merry Christmas and Happy New Year to all!
I don't know where you are located, but in my area there is no negotiation in fees from the BPO mills. There are 300+ starving agents who will accept a $20 to $35 BPO in a heartbeat. These are primarily agents who live in the closest cities to me. The closest city to me is 5 miles away.
I live in a very small city that is more of a town than a city. The area I cover is primarily rural and the mountain communities. And those are the primary type of BPO's that I get. It's not uncommon to have to drive 40 to 100+ miles round trip to do one BPO. Therefore I usually do not accept BPO's unless there are at least 5 in my area. Otherwise it is not financially feasible to do any number less.
The BPO companies are usually out of state and they don't know where Adelanto is. As far as they know, Adelanto is another suburb just outside of downtown Los Angeles. Downtown LA is 110 miles away from me. I work out of a home office since my brokers office is 40 miles away. And I keep my focus on real estate that is within a 25 mile radius from my home office. But since the slowdown of available BPO's in my area from earlier this year, I have gone back to focusing more on getting listings. Where I don't mind having to drive 60 miles to Glendale one way for a $500,000 listing that will net me $18,500 in commission. One of those listings a month in that price range anywhere in SoCal and I'm a happy camper.
My suggestion is that any agent gets contacted to do BPO's from Valuation Vision (V2) to run the other way. They do not pay.
Late last year I did 2 BPO's for V2 and got paid fairly quickly. Was offered a BPO Inspection that was some distance from my home but accepted it since I was getting some work from them and figured I would get more. Several months go by and no check or BPO's. Sent invoices with no response. Started calling them twice daily until I finally got someone on the phone. The woman said that she would look into it and "By the way, we have 2 BPO's in your area. Could you take care of those for us?". Since they were close by my home I stupidly accepted to do them. Even after being promised that a check would be in the mail 30 days after they were completed along with payment for the outstanding inspection. 30 days, no payment. 60 days, no payment. Started making calls and no answer. So, I finally went to a lawyer asking what my best options were to get paid. The response was that I could either take them to small claims or put liens on the properties. I sent them a final demand for payment certified letter and was planning to take them to court just after the first of the year since then it will have been over 90 days for the last 2 BPO's and over 10 months for the 1 inspection. But in light of what I heard on this site about V2 being acquired by another company, I did some online researching. Now that a Canadian company is acquiring or has acquired V2, that possibly puts a wrench in my small claims filing opportunity. So, I think I am left with the best option to just to go down an place mechanics liens on the properties.
Agreed Clear Capital is a great company and I also have dealt with them for a number of years and never a problem. However, they have requested those "drive by inspections" where they only want a couple of photos but no comps and only want to pay about $15.00 or $20.00....not worth my time and effort on those.
I hear ya. Haven't had any of those requests and as I'm out in the country, they'd have to be within 5 miles for me to even consider them. I did do the background check but not until months after they first requested it and during that time I still got offers. So maybe I spent the money for nothing, but I went ahead hoping for more offers.
Clear Capital. Stay away from this firm. I completed a BPO yesterday, and this morning received notification that the max they would pay is $15, even though they contracted with me for $50. They also attempt to force agents to pay for a background check that is not needed.
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