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 feel the same way, nothing wrong with it if you can get the work done. it is a very good way to make money as a realtor and will often lead to listings.
yes actually in many cases yes, about 5% of the time. sometimes short sales, sometimes REOs. there are some clients though who will not assign the listings to you if you do BPOs to them. Actually my goal is to do much less. I prefer property inspections. They pay pretty well and very short and easy to do.
Elena Jorrin > CECILIA D FOXJanuary 3, 2014 at 9:05am
This is a response to CECE about her completion of 25 orders (full BPOs?) in 2 half days. Can you do 25 orders of research and input (not county inspecting and taking photos) just the research, evaluation and input in 2 half days? It makes me feel awful. I must be very slow. I could never do that volume in that time.
I guess I must be slow also. I do not use auto accepors and do not have auto assigns unless it is a company I do several orders for. We are a very rural Wyoming area and comps are generally hard to find unless they are right in town. I do not do orders for less than $40.00 and rural for less than $65. There are not a lot of agents in our aread that do BPO's which makes negotiation easier. I do not go over 55 miles from our primary market area. If I have more than one order, I go take all photos at one a time and do as much research for all properties at once that I possibly can. I cut a lot of time corners and I do not feel competent to do more than 3 BPO's a day. I have been listing and selling real estate for 35 years and know my market well, but would not even consider trying to do more than 3 orders per day, even though I know the forms well. I pick and chose my orders and regularly negotiate my fees and completion days. I also work extensively with REO's and standard sellers and buyers so maybe my time is more limited for the BPO orders. Happy New Year to everyone and I hope your business stays good.
Hi, I could never complete 10 bpo's in one day. The most I have ever completed was 6, and I had completed the inspections the day before(pictures). It normally takes me 2 hours for each one on the computer. If I do 8-10 per week I am happy. My average fee has gone up to around $100, thanks to Proteck. I average about $500 per week, as much as $1200 on an excellent week, and $200-$300 on a slow week. I honestly love bpo's, and I no longer print out the orders or keep track of when I keep paid. Sat. I got a check from last summer, they did not have my correct address. Less stress. I live in rural Northwest Wis. and have kind of cornered the market on BPO's and can negotiate a higher fee. When I do my drivebyes, I do my shopping, lunch with friends, and line up ones in the area. Currently its -25 degrees and working from home is priceless. I'm really no longer interested in listing and selling, after 20 years and seeing houses on the market for 3-4 years, if I could do bpo's for ever I would.
actually I have done as many as 30 in one day, although it is not really possible to do that now. As Cece says, it depends on the form. some can be done in 20 minutes. property inspections only take a few minutes. Some companies have harder and longer forms. A good average is about five a day. if you have some help, 10 or 15 a day is not out of the realm of possibility.
I use no automation system. I have become pretty efficient at doing these. I also do not do more than about 10 a day and I also do some property inspections. I also charge more for rural areas to make up time and gas as well as difficulty of comps. I am just saying that you can do these if you really need to but it is a marathon and when I am really busy it is an all day and all night affair. I do not do as many when my sales pick up. It just depends.
Are you using an automation BPO program that is linked to your MLS to get all those BPO's populated/done and if so, can you recommend it to us? That seems like 30 a quite a few in one day when you have to still consider the driving time to the subject for photo's and researching comparables specially in this slow market where inventory can be low?
CECILIA D FOX > Elena JorrinJanuary 3, 2014 at 11:08am
It depends on the property and the form. If I know the form well and I'm not slowed down by a lot of check boxes, drop downs that don't work properly, and requirements for cut and paste MLS remarks, I can go to town. I get into a rhythm. If I know the area well and several of the properties are in the same area, by the time I get to maybe the 3rd one, I'll have seen the same properties doing the research several times, and already know where my research is leading me.
And I vary how I go about getting them done. I will do the research for several at a time, then do all the data entry which contributes to the speed. I rarely do the research for just one, do the data entry, then do research on another.
It's the one or two orders with forms I don't get very often that slow me down.
I do have a line I draw on fees and degree of difficulty of the form but I object to agents criticizing others who take the lower fees. You don't know what their circumstances are. You don't know if they have 5 other orders in the same area and they decided to squeeze one lower paying BPO or inspection in on the same trip.
It is not like I get this one order and run out to do it, come back and get another order and run out to do that one. I will wait until the last minute to do a distant order to see if I can combine the trip to make it economical. Sometimes, luck will have it that while I'm out, I get an order on my tablet that I can do on the way there or back. And I will take that distant order for a standard fee for a good client or will have already negotiated a higher fee.
It all works out for me in the end although my 'half day' may be a little longer than some definitions. But still not bad. My BPO work contributes enough income that I can make a full time living doing it while "working" less than 40 hours a week if I want to. Akron Ohio is not very expensive to live in.
Replies
I feel the same way, nothing wrong with it if you can get the work done. it is a very good way to make money as a realtor and will often lead to listings.
TW,
Have you ever gotten any assets from doing them for the mills?
yes actually in many cases yes, about 5% of the time. sometimes short sales, sometimes REOs. there are some clients though who will not assign the listings to you if you do BPOs to them. Actually my goal is to do much less. I prefer property inspections. They pay pretty well and very short and easy to do.
This is a response to CECE about her completion of 25 orders (full BPOs?) in 2 half days. Can you do 25 orders of research and input (not county inspecting and taking photos) just the research, evaluation and input in 2 half days? It makes me feel awful. I must be very slow. I could never do that volume in that time.
I guess I must be slow also. I do not use auto accepors and do not have auto assigns unless it is a company I do several orders for. We are a very rural Wyoming area and comps are generally hard to find unless they are right in town. I do not do orders for less than $40.00 and rural for less than $65. There are not a lot of agents in our aread that do BPO's which makes negotiation easier. I do not go over 55 miles from our primary market area. If I have more than one order, I go take all photos at one a time and do as much research for all properties at once that I possibly can. I cut a lot of time corners and I do not feel competent to do more than 3 BPO's a day. I have been listing and selling real estate for 35 years and know my market well, but would not even consider trying to do more than 3 orders per day, even though I know the forms well. I pick and chose my orders and regularly negotiate my fees and completion days. I also work extensively with REO's and standard sellers and buyers so maybe my time is more limited for the BPO orders. Happy New Year to everyone and I hope your business stays good.
Hi, I could never complete 10 bpo's in one day. The most I have ever completed was 6, and I had completed the inspections the day before(pictures). It normally takes me 2 hours for each one on the computer. If I do 8-10 per week I am happy. My average fee has gone up to around $100, thanks to Proteck. I average about $500 per week, as much as $1200 on an excellent week, and $200-$300 on a slow week. I honestly love bpo's, and I no longer print out the orders or keep track of when I keep paid. Sat. I got a check from last summer, they did not have my correct address. Less stress. I live in rural Northwest Wis. and have kind of cornered the market on BPO's and can negotiate a higher fee. When I do my drivebyes, I do my shopping, lunch with friends, and line up ones in the area. Currently its -25 degrees and working from home is priceless. I'm really no longer interested in listing and selling, after 20 years and seeing houses on the market for 3-4 years, if I could do bpo's for ever I would.
actually I have done as many as 30 in one day, although it is not really possible to do that now. As Cece says, it depends on the form. some can be done in 20 minutes. property inspections only take a few minutes. Some companies have harder and longer forms. A good average is about five a day. if you have some help, 10 or 15 a day is not out of the realm of possibility.
I use no automation system. I have become pretty efficient at doing these. I also do not do more than about 10 a day and I also do some property inspections. I also charge more for rural areas to make up time and gas as well as difficulty of comps. I am just saying that you can do these if you really need to but it is a marathon and when I am really busy it is an all day and all night affair. I do not do as many when my sales pick up. It just depends.
Are you using an automation BPO program that is linked to your MLS to get all those BPO's populated/done and if so, can you recommend it to us? That seems like 30 a quite a few in one day when you have to still consider the driving time to the subject for photo's and researching comparables specially in this slow market where inventory can be low?
It depends on the property and the form. If I know the form well and I'm not slowed down by a lot of check boxes, drop downs that don't work properly, and requirements for cut and paste MLS remarks, I can go to town. I get into a rhythm. If I know the area well and several of the properties are in the same area, by the time I get to maybe the 3rd one, I'll have seen the same properties doing the research several times, and already know where my research is leading me.
And I vary how I go about getting them done. I will do the research for several at a time, then do all the data entry which contributes to the speed. I rarely do the research for just one, do the data entry, then do research on another.
It's the one or two orders with forms I don't get very often that slow me down.
I do have a line I draw on fees and degree of difficulty of the form but I object to agents criticizing others who take the lower fees. You don't know what their circumstances are. You don't know if they have 5 other orders in the same area and they decided to squeeze one lower paying BPO or inspection in on the same trip.
It is not like I get this one order and run out to do it, come back and get another order and run out to do that one. I will wait until the last minute to do a distant order to see if I can combine the trip to make it economical. Sometimes, luck will have it that while I'm out, I get an order on my tablet that I can do on the way there or back. And I will take that distant order for a standard fee for a good client or will have already negotiated a higher fee.
It all works out for me in the end although my 'half day' may be a little longer than some definitions. But still not bad. My BPO work contributes enough income that I can make a full time living doing it while "working" less than 40 hours a week if I want to. Akron Ohio is not very expensive to live in.
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