Rachel Chu > Ed PortilloFebruary 27, 2015 at 12:03pm
I agreed totally! BPO pay has gotten so low that it has to be volume based. If you want to make at least $30,000, you have to do 1,000 $30 BPOs a year, divided by 52 weeks and 5 days a week, you'll have to do 4 BPOs a day. If it only takes you 1 hour( it takes me 2 and 1/2 hours) That's 4 hours of intense speed typing. In realty, the volume is no longer there. I didn't even factor in the expenses. From my personal experience, all I could think of was meeting the deadline. The flexibility is gone, which is very important in real estate, the flexibility with time and tasks. The only advantage is they keep your informed on the market. Im glad that i tried it and busted the myth. 10 years ago, they were a whole lot different from what ive read. Well,everyone has different financial goals. So, thank you for providing alternatives for people that would like to make a few more bucks. We all know that just doing BPOs is not going to be much!
Good for you, Sean!!! I only complete BPO's for one company....HOWEVER, I am completely appalled at all of the "name calling" and insults being hurled by Realtors. By the way, isn't this a Code of Ethics violation???? But I digress. As independent business owners, we are tasked with the charge of running our individual businesses in a manner in which we see fit. Some people will only do BPO's for BPO mills. Others will only do them for the potential ROI (Yes, it's called a Return On Investment) for future more lucrative business. At any rate, it's THEIR choice and no one has the right to insult someone else because of THEIR very own business decisions. Besides, discussing fees and rates (especially in an online forum) can be construed as a R.I.C.O. violation as well. So, how about everyone pay attention to their own business, make decisions regarding YOUR business based upon YOUR business needs...and be well???
Sean. No one is bragging. The higher fees are for properties that are far away and rural. Some of us spend 12 hours a day on the road. Comps are harder to find. Some forms are harder than others. I think $40 is too low for a report. I do take lower fees for local ones if I have to. Bear in mind that 10 years ago agents got higher fees for reports. With competition it Agents started taking less money. We all need the money. I think these companies bully agents into taking lower fees. I think with amount of effort, time, gas and wear, tear on our vehicles and our professional expertise, it is not too much to get a higher fee to do reports.
OMG I agree, they know what their service is worth. I will not do anything for less that 65.00, why waste my time when I could be selling a 200,000 or more house.
The notary public doing escrow sign off is getting their fees chopped off. Drive 35 miles to someone's house explain all those disclosures and forms now get ~$100.00. I disagree that their value to the market place is low.
The BPO QA who gives one a bad time reviews tons of rpts often receives < $15/hr. Not sure what their quota is sitting there day after day.
A strange thing happen to me today. I received a broadcast email from a longtime company that I've completed BPO's for in the past. I stopped completing assignment for this company because they reduced their fee to $30.00 to complete a exterior BPO. Once I received the broadcast, I emailed back and said, I would be glad to accept the assignment for a fee increase to $65.00 and I'll have it complete and submitted to you before Monday. Later, the same day, I just received a phone call from the regional vendor liaison, asking if I would complete this assignment for $60.00; I accepted it. This is twice the amount they were offering for the same BPO. This doesn't always work. But, here's a lesson for some of you agents accepting BPO's for $30.
Patti Baker > Herman L DawsonFebruary 13, 2015 at 9:45am
they were probably dissatisfied with the $30.00 agent doing poor work. Good for you
I do not want to tell my age. But, do you realize the same companies paying $30 to $40 to complete a BPO use to pay $65.00 to $100 per BPO and if you complained about distance, weather or mountain travel; they would bump it up to $110-$120 to get it complete and submitted in 3 days. What happened? Now, these same companies (I should name a few-but, you know who they are) will tell you, "they have plenty of agents that will accept the assignment for $30. Do these agents realize that after the cost of gas, MLS time, vehicle maintenance, E & O Insurance, etcetera. You can earn more by working at a local McDonalds Resturant- they pay $10.00 an hour in many cities. Maybe you should rethink being in real estate. Accepting assignments for $30-$40 lowers the standard for all agents. I don't understand how you can earn a living completing BPO's for $30 or $40. These agents don't seem to last very long in real estate. Herman
Replies
My pleasure, Ronald!
I take my hat off to you for your candid and honest reply. I doubt it will change the mindset of the name callers and firms that violate the rules.
Thanks for just being honest, kind of a rare quality today!
-ron
Good for you, Sean!!! I only complete BPO's for one company....HOWEVER, I am completely appalled at all of the "name calling" and insults being hurled by Realtors. By the way, isn't this a Code of Ethics violation???? But I digress. As independent business owners, we are tasked with the charge of running our individual businesses in a manner in which we see fit. Some people will only do BPO's for BPO mills. Others will only do them for the potential ROI (Yes, it's called a Return On Investment) for future more lucrative business. At any rate, it's THEIR choice and no one has the right to insult someone else because of THEIR very own business decisions. Besides, discussing fees and rates (especially in an online forum) can be construed as a R.I.C.O. violation as well. So, how about everyone pay attention to their own business, make decisions regarding YOUR business based upon YOUR business needs...and be well???
OMG I agree, they know what their service is worth. I will not do anything for less that 65.00, why waste my time when I could be selling a 200,000 or more house.
The notary public doing escrow sign off is getting their fees chopped off. Drive 35 miles to someone's house explain all those disclosures and forms now get ~$100.00. I disagree that their value to the market place is low.
The BPO QA who gives one a bad time reviews tons of rpts often receives < $15/hr. Not sure what their quota is sitting there day after day.
they were probably dissatisfied with the $30.00 agent doing poor work. Good for you
I do not want to tell my age. But, do you realize the same companies paying $30 to $40 to complete a BPO use to pay $65.00 to $100 per BPO and if you complained about distance, weather or mountain travel; they would bump it up to $110-$120 to get it complete and submitted in 3 days. What happened? Now, these same companies (I should name a few-but, you know who they are) will tell you, "they have plenty of agents that will accept the assignment for $30. Do these agents realize that after the cost of gas, MLS time, vehicle maintenance, E & O Insurance, etcetera. You can earn more by working at a local McDonalds Resturant- they pay $10.00 an hour in many cities. Maybe you should rethink being in real estate. Accepting assignments for $30-$40 lowers the standard for all agents. I don't understand how you can earn a living completing BPO's for $30 or $40. These agents don't seem to last very long in real estate. Herman