I just got an email from a vendor relations person at Secured Lending Services asking BPO agents to reduce their service fees.  They are asking for volume agents to reduce their fees by $5 - $10 dollars per BPO. 

I feel this is a little insulting for those of us who work hard to service companies like this. We are putting wear and tear on our vehicles, spending a few hours per order taking pictures and filling out their cumbersome forms making sure to cross every t and dot every i. And then they want to pay us less. 

They should be sending an email out to all of us stating that they will pay $5 - $10 dollars more per order not less.

Soon these companies are going to ask us to pay them to complete BPO assignments.

As agents we have to band together and stop doing BPO's for these ridicules prices.

I would love to hear what you all think about doing BPO's for less than what you are currently completing them for. 

Please let me know if I am out of line with the way I am thinking.

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  • Sad to say, this isn't anything new. I had mentioned BPO rates were going to fall over a year ago. The reality is I have had multiple conversations with industry leaders who say they have such a huge demand from Realtor for their business, they can reduce their fees paid out.

    I had mentioned this was the year we were going to see the $15.00 BPO and people laughed at me.....people thought I was crazy but, I will say it again because it's true. $15.00 BPOs are on the way because this industry has agents out there that will do it for $15.00...............and less!

    As I have said before, this industry hasn't done anything creative to change the way we do business so, for companies to make money while nationwide inventories shrink they have go to reduce expenses. This include how much they pay out to Realtors.

    Now, here is what is going to happen. This industry is going to turn very hard toward technological solutions that can futher reduce expenses. This industry will innovate however, I don't know exactly where the tipping point is. It may simply take a leader to come out of no where whith a technological platform that does everything....very well, better than what's currently out there, ties all together all the different technologies from across all the platforms from, MLS, Smart Phones, Email, Web Presence, Property Preservation, Dispositions, Short Sales...etc........and, do it all for little to nothing.

    Once the technology catches up, we will then see our industry swing back towards quality vs. quantity but, that may be a way off.
    • It is interesting to see where the industry headed. The reality is that if most people could purchase the same product at one store for $15 over a different store for $45 they would take the lower priced product.

      It will be interesting to see how things pan out.

      Thanks for your input.
  • I agree that agents need to take a stance but we have said that before many times and it just isn't going to happen because agents don't seem to get the big picture. In my opinion if your doing bpo's for the money then that's your first mistake. Maybe hire another agent to do the bpo's for you and you'll get the credit and start building your reputation but make sure you look the report over before it gets submitted. That's part of what I did and when other agents were busy doing all their bpo's I was out there getting the REO accoounts. That enabled me to get my foot in the door, before it was too late, and get some experience to show on paper to these AM companies. None of those companies have ever asked who I do bpo's for and how many I have done. Good luck.

    Secured Lending is a great company to do bpo's for and they pay fast even though they try to sway your values all the time.
    • Thanks for the reply George, you bring up some very good points. I also agree Secured Lending is a great company to do BPO's for because they do pay quickly. I do get a little frustrated with their CQ department at times.
  • The problem is there are a lot of agents who want to get into the REO business & have been told that doing BPOs is the way. So they are willing to "pay their dues" for the chance to open the door for future REOs. I think this industry has changed so drastically that this is not the case anymore. The companies I do BPOs for send them directly to me & will wait till I accept them. I have not had anyone asking me to reduce my fees. But then again I am not a high volume BPO agent. And if they did, I would pass. There are so many companies looking for a good BPO agent. If you are at the top of their list because of your score, they will keep calling. At least that has been my experience. My fees run from $45 to $75 most of the time & I only do the ones with in 30 minutes of home or office.
    • Thanks for the reply, It sounds as if you created an ideal situation for your business, not travelling to far to complete the work assigned and you are getting the work assigned to you exclusively. Nice but not as easy as it seems to the new BPO agents who are "paying thier dues."
  • I agree and to add insult to injury they don't even give us REO's. Isn''t that why most us do bpo's in the first place?
    • The problem is that a lot of these BPO companies don't assign the REO listings.
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