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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Like you, after working with them for several years, they requested the certification. I decided I have enough companies I work with that there is no reason to pay $50 for another certification. They can find another agent that wants to work harder than I do.
Sharon Letson > Lavina A. JacksonMarch 21, 2014 at 8:25am
Amen, at my age, free time and stress free days are more important.
Antionette > Sharon LetsonMarch 21, 2014 at 7:27am
Again, just another money profit machine. The next thing they will ask you to do, is become a Professional Level Member @ $700 with Res.net whom they partner with to get any listings/BPO's . You may never see any BPO's? I never did when I paid the $75 membership with SAM 2 years in a row and then decided I would no longer give them my money.
Thanks for your reply. I've done some with them and they pay ok, but wondered why now after over a year they want me to be certified. Isn't 33 years experience and membership in all the RE groups enough?
Funny too, when I get a BPO from some companies, even the ones that pay and it's low, I decline, but I can see now that other agents are declining and if it's a rural one and I'm the closest they get on the phone and call me and tell me to set my fee. Which the past two I said I want $100 for an exterior and you know even that seems low when I have to drive over 160 miles roundtrip for 2 and then spend hours trying to find comps that don't exist because of the extreme rural location and then they keep asking for why, why, why on the comps. Hope I get a break soon and can turn down all but the easy subdivisions. I don't mind them, but yesterday I was taking part of the continuing ed class for renewal of my license in June and they speaker asked how many people did BPO's. Out of probably over 70 agents, I was the only one who raised their hand. Looks like the no pay and badgering we get from these asset companies has come back to haunt them and now they're desperate to find agents, especially for these hard to do rurals. I think it's called KARMA, lol.
I am in that situation as well. I can get higher prices for rural ones, as much as $150 depending on how desperate these companies, are, however, you kill yourself being on the road all day like I was today, there are no comps and often they keep rejecting the report because they want better comps. I would rather get $50 bpos in more urban areas, but everyone is competing in the more populated areas so it is harder to get those.
Antionette > Sharon LetsonMarch 21, 2014 at 9:36am
I recently did a BPO for one of my vendors and I got them to pay me $200 for a 3hr round trip. I don't think these companies realize that its not just the time but its the wear & tear on your vehicles and the high cost gas to get to these places. Then on top of that, some sleezy brokers will even try to gouge their agents and take 8%-10% of that to cut them a check. Used to work with a broker like that and I left them for the broker I have now who lets me get paid direct.
I had a broker like that as well. Most of my brokers let me get paid directly unless the companies required it be paid directly to the broker and now that I am the broker I do not require any agent to have their checks paid directly to the brokerage. I think that is unethical to take from agents like that even though most companies require E and O insurance. BPOS keep agents' cash flow going and makes it easier when there are dry months.
As a broker owner, at least in Virginia the Real Estate Board requires all payments to real estate practitioners pass through the brokerage with any real estate related activity. This includes bpos. You might want to check with your states regulations before you allow your associates to accept payment directly you could be putting your license in danger.
THE OAR says we can let agents get payment directly. It is also up to the broker. I checked carefully and so did my previous brokers before I became a broker. Also, many companies pay to the agent. In our state the broker's written policy dictates whether or not payments can be made directly. It is really up to the broker. Also, property inspections are often done by non licensed agents and it is legal. It really depends on the state. In West Virginia BPOS cannot be done for any compensation.
Replies
Like you, after working with them for several years, they requested the certification. I decided I have enough companies I work with that there is no reason to pay $50 for another certification. They can find another agent that wants to work harder than I do.
Amen, at my age, free time and stress free days are more important.
Again, just another money profit machine. The next thing they will ask you to do, is become a Professional Level Member @ $700 with Res.net whom they partner with to get any listings/BPO's . You may never see any BPO's? I never did when I paid the $75 membership with SAM 2 years in a row and then decided I would no longer give them my money.
Thanks for your reply. I've done some with them and they pay ok, but wondered why now after over a year they want me to be certified. Isn't 33 years experience and membership in all the RE groups enough?
Funny too, when I get a BPO from some companies, even the ones that pay and it's low, I decline, but I can see now that other agents are declining and if it's a rural one and I'm the closest they get on the phone and call me and tell me to set my fee. Which the past two I said I want $100 for an exterior and you know even that seems low when I have to drive over 160 miles roundtrip for 2 and then spend hours trying to find comps that don't exist because of the extreme rural location and then they keep asking for why, why, why on the comps. Hope I get a break soon and can turn down all but the easy subdivisions. I don't mind them, but yesterday I was taking part of the continuing ed class for renewal of my license in June and they speaker asked how many people did BPO's. Out of probably over 70 agents, I was the only one who raised their hand. Looks like the no pay and badgering we get from these asset companies has come back to haunt them and now they're desperate to find agents, especially for these hard to do rurals. I think it's called KARMA, lol.
I am in that situation as well. I can get higher prices for rural ones, as much as $150 depending on how desperate these companies, are, however, you kill yourself being on the road all day like I was today, there are no comps and often they keep rejecting the report because they want better comps. I would rather get $50 bpos in more urban areas, but everyone is competing in the more populated areas so it is harder to get those.
I recently did a BPO for one of my vendors and I got them to pay me $200 for a 3hr round trip. I don't think these companies realize that its not just the time but its the wear & tear on your vehicles and the high cost gas to get to these places. Then on top of that, some sleezy brokers will even try to gouge their agents and take 8%-10% of that to cut them a check. Used to work with a broker like that and I left them for the broker I have now who lets me get paid direct.
I had a broker like that as well. Most of my brokers let me get paid directly unless the companies required it be paid directly to the broker and now that I am the broker I do not require any agent to have their checks paid directly to the brokerage. I think that is unethical to take from agents like that even though most companies require E and O insurance. BPOS keep agents' cash flow going and makes it easier when there are dry months.
As a broker owner, at least in Virginia the Real Estate Board requires all payments to real estate practitioners pass through the brokerage with any real estate related activity. This includes bpos. You might want to check with your states regulations before you allow your associates to accept payment directly you could be putting your license in danger.
THE OAR says we can let agents get payment directly. It is also up to the broker. I checked carefully and so did my previous brokers before I became a broker. Also, many companies pay to the agent. In our state the broker's written policy dictates whether or not payments can be made directly. It is really up to the broker. Also, property inspections are often done by non licensed agents and it is legal. It really depends on the state. In West Virginia BPOS cannot be done for any compensation.
Has anyone done BPO's for Consolidated Analytics, if so how do they pay.
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