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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It is beginning to look as if most people on this blog have forgot what it is about. This is to share who does and doesn't pay for BPO's not what forms they are using or how much the banks get. If you are doing BPO's as your main income from Real Estate, you need to go back to Real Estate 101 and the basics of listing and selling. Doing BPO's is an option that no one has to do. If you aren't happy with the amount the companies are paying, turn down the BPO. If you are good at what you do and keep turning them down for money it will happen. With the number of foreclosure going down, anyone that is relying on BPO's for a living better get a different profession. Doing BPO's has rarely ever been an opportunity to get REO listings, so no one should ever count on it happening. The lenders and asset companies have been at it for a long time and already have their listing agents. They are just looking for additional opinions. My suggestion is if you aren't happy with what BPO's and REO's pay, stop doing them and start working traditional Real Estate. Not only does it pay better but you get a lot more satisfaction. If you are just doing BPO's for a way to have extra play money and a good way to keep up with the market, keep doing them, but as long as they do pay, don't complain-it is your choice to do them or not.
Willy Olsen > Lavina A. JacksonSeptember 2, 2014 at 9:47am
Lavina, you got that right. I cut down to almost stopped doing BPOs sometime back, except for some fill in work between closings. Once these BPO mills dropped what they would pay, I got back into the Real Estate game and worked on getting listings. These companies are taking longer to pay (if you are lucky to get paid), are paying less and expect more out of you. I just had a closing last week and of my last 5 closings I made more money off the commissions than what I would have made doing BPOs in a long time.
Just got lied to by 24 ASSET management company regarding taking an REO listing. OK, nice house. They did not tell me it was an AUCTION.COM home til later in the paperwork. Had folks that would have paid more than it went for at auction but they refused to allow me to bring a buyer traditionally. Had to INPUT 2.5% for list agent in a software program (They even tell you you must put that in to allow program to accept) BUT....then they tell you OH it is really only 1% and there is no buyer agent %. I had been told if I held the open house and had sign ins and submitted the buyers names to auction.com that I would recieve a commission. BUT, after the bid was accepted the auction.com folks told...sorry, no % on this one for the buyer. Now realize, this buyer is local and I have to help him with all the paperwork and hoop jumping or look like a total....well you know..service is our name. So....I told them I quit. They do not have even the decency to contact me. It is a CHASE asset but 24ASSET is the company. BEWARE. You will be doing both sides of the deal, holding open house, and making a very small amount of $$. NOPE. I'm done.
Just wait there is more and more just like this to come. In my area, the Judicial Foreclosures are coming to the "end of time" and Foreclosures are becoming final more and more properties will be coming on the market as REO's. They will be finding more and more ways to SCREW US.. We do all the work, inspections, reports, etc..... and they will go to another avenue to market the property just to screw us out of the commisssion which is already reduced.
Sorry,I am NOT doing this anymore. Last company wanted a 35% referral fee to work the REO. That is when I called it quits.
John Giammarco > Coleen M. HugneyAugust 29, 2014 at 11:36am
The sad truth is that they keep getting away with it and find suckers agents to work for below minimum wage. A total lack of respect for the agents.
Antionette > Coleen M. HugneyAugust 29, 2014 at 11:36am
We all need to watch our backs now... all these companies are starting to merge together because they can't sustain the expense anymore to stay in business and pay us a decent fee. They want huge membership fee's then they work with small private banks who pay them cheap and then they turn around and ask us for a referral fee on top of the low listing commission. Its time for us realtos to STOP SIGNING UP with these platforms like RES.NET,EQUATOR,REOWORLD ETC..ETC...They lie to our faces consistantly and no gaurantee's of listings. We need to find a way to get the BANKS attention to deal directly with Realtors on their own websites and then just list with the broker as it should be done. There is no need for 3rd party vendors they just SCREW UP EVERYTHING with their unprofessional tactics and have no schooling/license to really understand the market. They are always hiring appraisers that are 3-4 hours/100 miles from the subject and why our BPO's are always questioned. They get paid $500/$600 for their reports while we get paid a crappy $50, and at the end, the home is priced as the appraiser recommends and not what the local expert says it should be...go firgure? I don't understand why the banks use these idiots. Its high time we all get together and start writing complaints to the NAR and BANKS directly with our concerns. I personally will not change my opinions when I'm asked to unless they can show me real justification to change out comps. They hate my attitude but I don't care! I rather lose their business then lose my license.
IVE BEEN SCREAMING THIS FOR OVER A YEAR! lol Never sign up on those platforms. Good Lord--do people need to be hit over the head with an elephant? Who the heck knows why BPO ever gets business from the banks/investors. Those TOTAL IDIOTS still have not paid me in 4 months for 12 I foolishly did.
David Shelton > AntionetteSeptember 5, 2014 at 3:59am
Hello all,
I do not normally post on this site but I just couldn't let this ignorant rant go without a response. I run an REO asset management company that is apparently one of those 3rd party idiots that just screw everything up". There is so much garbage in this post that I almost don't know where to start. First off, only a fool would believe that us 3rd party "idiots" get paid $500-$600 for a valuation that we are paying an agent $50 for. Also, banks contract with companies like us to act as their representative in listing and managing the marketing of their REO properties. As the bank's representative we list the property with a local broker to market "just as it should be" and the bank does not have to maintain full time employees to handle all of the emails, phone calls, and issues that arise in the process. The one accurate statement in your post is that we do list these properties at a commission that is less than is customary for a owner occupant sale. We disclose the commission structure very clearly up front and have never forced a broker to accept a listing from us and I would wager that you have never been forced to accept a listing that you didn't want as well. We have had brokers refuse a listing due to the commission structure and when that happens we thank them for their time and list it somewhere else.
As to your complaints about these "no nothing idiots" asking you to change your valuations; I'm sure that has happened to you in the past or you wouldn't have made an issue of it but do you think it is reasonable to paint everyone with the same brush? We have sense enough to know that it is not possible for us to know if the valuation is correct or not but we can tell if it is reasonable. If we determine that it does not look reasonable we ask the agent to explain the areas where we have questions. We do not ask them to change their valuation. I know that you think us "idiots" have no expertise in this area but after reviewing these valuations and dealing with agents on REO sales for over 43 years, we do understand that sometimes these valuations are rushed through and possibly the agent needs to take a breath and a little longer look at the product. We have dealt with same agents that have proven to be very lazy and basically incompetent. You can find folks like this in any industry but would it be fair to publish a post that says all agents are lazy, incompetent, and "idiots"? I think you should speak with some of the agents that we regularly work with and ask them if they think having us in the process makes there job easier or more difficult. You may be very surprised at the response. I can understand why you state than companies that you are working for "don't like your attitude". Hopefully things get better for you.
Colleen > David SheltonSeptember 5, 2014 at 5:12am
David, this forum is for agents, not Asset Managers, This is supposed to be a forum for agents to sound off, and we are not ignorant. All of us have been doing this for years and have valid reasons for discussing what we are seeing. I don't entirely agree with you and I have dealt with many companies in the last 13 years. I have dealt with several unethical companies who have not paid me and have changed my values behind my back or have tried to force me to use comps that I did not choose. I have had managers blow contracts due to dropping the ball or refusing to agree to a minor concessions or even failing to respond to offers at all. I am not saying that you are not doing the right things with your REO company, but some are not. I am dealing with companies changing my commissions or lowering my commissions to the point where I make little profit. I am having issues with even being reimbursed for some of the bills that I had to pay up front. I have been billing for years and I know how to bill promptly and properly so it is not due to my dropping the ball. Some of the companies have actually gone out of business and we have been left holding the bag. No one has said ALL REO companies are bad, but there are some out there. What is happening is lower pay, longer days to get paid, listings being pulled before we even get to list them. making us do inspections and turn on utilities in our name, which can be extremely time consuming and costly. You said it yourself, if the agent does not like the commission you will find someone else and that is the problem. your companies don't pay us fair market commissions if you take into consideration the amount of money that is spent up front with utilities, preservation and inspections, and you find another desperate agent who will take the listing. The agents on this forum are not lazy and we have the right to post our frustrations with companies. If you are being thinned skinned and offended by what we are saying, so be it. Things are changing and not for the better.
This website is for REO professionals not just for agents. It is rare to EVER hear from asset managers and I welcome ANY response from them AT ALL. We will never hear from the bad players. Just stop working for them.
It still amazes me that agents are/were accepting BPO orders from companies like evalsolutions and brokerpriceopinion.com when you can find discussions here from 2010 saying that they dont pay and the agents stopped accepting orders. We didnt have resources like this when Coast to Coast and Oaks Financial went out of business and left us without payment for BPOs.
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It is beginning to look as if most people on this blog have forgot what it is about. This is to share who does and doesn't pay for BPO's not what forms they are using or how much the banks get. If you are doing BPO's as your main income from Real Estate, you need to go back to Real Estate 101 and the basics of listing and selling. Doing BPO's is an option that no one has to do. If you aren't happy with the amount the companies are paying, turn down the BPO. If you are good at what you do and keep turning them down for money it will happen. With the number of foreclosure going down, anyone that is relying on BPO's for a living better get a different profession. Doing BPO's has rarely ever been an opportunity to get REO listings, so no one should ever count on it happening. The lenders and asset companies have been at it for a long time and already have their listing agents. They are just looking for additional opinions. My suggestion is if you aren't happy with what BPO's and REO's pay, stop doing them and start working traditional Real Estate. Not only does it pay better but you get a lot more satisfaction. If you are just doing BPO's for a way to have extra play money and a good way to keep up with the market, keep doing them, but as long as they do pay, don't complain-it is your choice to do them or not.
Lavina, you got that right. I cut down to almost stopped doing BPOs sometime back, except for some fill in work between closings. Once these BPO mills dropped what they would pay, I got back into the Real Estate game and worked on getting listings.
These companies are taking longer to pay (if you are lucky to get paid), are paying less and expect more out of you.
I just had a closing last week and of my last 5 closings I made more money off the commissions than what I would have made doing BPOs in a long time.
Just got lied to by 24 ASSET management company regarding taking an REO listing. OK, nice house. They did not tell me it was an AUCTION.COM home til later in the paperwork. Had folks that would have paid more than it went for at auction but they refused to allow me to bring a buyer traditionally. Had to INPUT 2.5% for list agent in a software program (They even tell you you must put that in to allow program to accept) BUT....then they tell you OH it is really only 1% and there is no buyer agent %. I had been told if I held the open house and had sign ins and submitted the buyers names to auction.com that I would recieve a commission. BUT, after the bid was accepted the auction.com folks told...sorry, no % on this one for the buyer. Now realize, this buyer is local and I have to help him with all the paperwork and hoop jumping or look like a total....well you know..service is our name. So....I told them I quit. They do not have even the decency to contact me. It is a CHASE asset but 24ASSET is the company. BEWARE. You will be doing both sides of the deal, holding open house, and making a very small amount of $$. NOPE. I'm done.
Just wait there is more and more just like this to come. In my area, the Judicial Foreclosures are coming to the "end of time" and Foreclosures are becoming final more and more properties will be coming on the market as REO's. They will be finding more and more ways to SCREW US.. We do all the work, inspections, reports, etc..... and they will go to another avenue to market the property just to screw us out of the commisssion which is already reduced.
Sorry,I am NOT doing this anymore. Last company wanted a 35% referral fee to work the REO. That is when I called it quits.
The sad truth is that they keep getting away with it and find suckers agents to work for below minimum wage. A total lack of respect for the agents.
We all need to watch our backs now... all these companies are starting to merge together because they can't sustain the expense anymore to stay in business and pay us a decent fee. They want huge membership fee's then they work with small private banks who pay them cheap and then they turn around and ask us for a referral fee on top of the low listing commission. Its time for us realtos to STOP SIGNING UP with these platforms like RES.NET,EQUATOR,REOWORLD ETC..ETC...They lie to our faces consistantly and no gaurantee's of listings. We need to find a way to get the BANKS attention to deal directly with Realtors on their own websites and then just list with the broker as it should be done. There is no need for 3rd party vendors they just SCREW UP EVERYTHING with their unprofessional tactics and have no schooling/license to really understand the market. They are always hiring appraisers that are 3-4 hours/100 miles from the subject and why our BPO's are always questioned. They get paid $500/$600 for their reports while we get paid a crappy $50, and at the end, the home is priced as the appraiser recommends and not what the local expert says it should be...go firgure? I don't understand why the banks use these idiots. Its high time we all get together and start writing complaints to the NAR and BANKS directly with our concerns. I personally will not change my opinions when I'm asked to unless they can show me real justification to change out comps. They hate my attitude but I don't care! I rather lose their business then lose my license.
IVE BEEN SCREAMING THIS FOR OVER A YEAR! lol Never sign up on those platforms. Good Lord--do people need to be hit over the head with an elephant? Who the heck knows why BPO ever gets business from the banks/investors. Those TOTAL IDIOTS still have not paid me in 4 months for 12 I foolishly did.
Hello all,
I do not normally post on this site but I just couldn't let this ignorant rant go without a response. I run an REO asset management company that is apparently one of those 3rd party idiots that just screw everything up". There is so much garbage in this post that I almost don't know where to start. First off, only a fool would believe that us 3rd party "idiots" get paid $500-$600 for a valuation that we are paying an agent $50 for. Also, banks contract with companies like us to act as their representative in listing and managing the marketing of their REO properties. As the bank's representative we list the property with a local broker to market "just as it should be" and the bank does not have to maintain full time employees to handle all of the emails, phone calls, and issues that arise in the process. The one accurate statement in your post is that we do list these properties at a commission that is less than is customary for a owner occupant sale. We disclose the commission structure very clearly up front and have never forced a broker to accept a listing from us and I would wager that you have never been forced to accept a listing that you didn't want as well. We have had brokers refuse a listing due to the commission structure and when that happens we thank them for their time and list it somewhere else.
As to your complaints about these "no nothing idiots" asking you to change your valuations; I'm sure that has happened to you in the past or you wouldn't have made an issue of it but do you think it is reasonable to paint everyone with the same brush? We have sense enough to know that it is not possible for us to know if the valuation is correct or not but we can tell if it is reasonable. If we determine that it does not look reasonable we ask the agent to explain the areas where we have questions. We do not ask them to change their valuation. I know that you think us "idiots" have no expertise in this area but after reviewing these valuations and dealing with agents on REO sales for over 43 years, we do understand that sometimes these valuations are rushed through and possibly the agent needs to take a breath and a little longer look at the product. We have dealt with same agents that have proven to be very lazy and basically incompetent. You can find folks like this in any industry but would it be fair to publish a post that says all agents are lazy, incompetent, and "idiots"? I think you should speak with some of the agents that we regularly work with and ask them if they think having us in the process makes there job easier or more difficult. You may be very surprised at the response. I can understand why you state than companies that you are working for "don't like your attitude". Hopefully things get better for you.
David, this forum is for agents, not Asset Managers, This is supposed to be a forum for agents to sound off, and we are not ignorant. All of us have been doing this for years and have valid reasons for discussing what we are seeing. I don't entirely agree with you and I have dealt with many companies in the last 13 years. I have dealt with several unethical companies who have not paid me and have changed my values behind my back or have tried to force me to use comps that I did not choose. I have had managers blow contracts due to dropping the ball or refusing to agree to a minor concessions or even failing to respond to offers at all. I am not saying that you are not doing the right things with your REO company, but some are not. I am dealing with companies changing my commissions or lowering my commissions to the point where I make little profit. I am having issues with even being reimbursed for some of the bills that I had to pay up front. I have been billing for years and I know how to bill promptly and properly so it is not due to my dropping the ball. Some of the companies have actually gone out of business and we have been left holding the bag. No one has said ALL REO companies are bad, but there are some out there. What is happening is lower pay, longer days to get paid, listings being pulled before we even get to list them. making us do inspections and turn on utilities in our name, which can be extremely time consuming and costly. You said it yourself, if the agent does not like the commission you will find someone else and that is the problem. your companies don't pay us fair market commissions if you take into consideration the amount of money that is spent up front with utilities, preservation and inspections, and you find another desperate agent who will take the listing. The agents on this forum are not lazy and we have the right to post our frustrations with companies. If you are being thinned skinned and offended by what we are saying, so be it. Things are changing and not for the better.
It still amazes me that agents are/were accepting BPO orders from companies like evalsolutions and brokerpriceopinion.com when you can find discussions here from 2010 saying that they dont pay and the agents stopped accepting orders. We didnt have resources like this when Coast to Coast and Oaks Financial went out of business and left us without payment for BPOs.
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