For those of you who do $30 - $40.00 BPO's consider this ...
"your income is your value to the marketplace"
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For those of you who do $30 - $40.00 BPO's consider this ...
"your income is your value to the marketplace"
You need to be a member of REO Pro Network to add comments!
Replies
Vanessa, this is not about dictating price. FYI, many of us are refusing listings that are paying less and fair market sellers are now paying lower commissions to both sides. The $30 BPO has become the norm and each agent has an opinion on it, every time someone offers an opinion you come in with "hypocrisy", etc and suggesting we are price fixing. Not it at all. No one is forcing anyone to change what they charge, however, reducing a BPO to an easy 20 minute deal that can be done in someone's sleep is not exactly great and this mindset is not helping either. We are talking about BPOs, not listings. For that matter I and many REO agents in my area are now refusing listings with certain companies or telling them that we will not go under a certain price. Many fair market or retail sellers are paying a lower commission. We are not saying anything illegal. Stating that we are taking low commissions and calling us hypocrites isn't right either is it? Don't assume that all of us are taking lower commissions. Also, isn't this a an open forum? If we cannot state our opinion why bother to have this site? If everyone has to be so politically correct than what is the point? If the content of the $30 bpo is inappropriate, then have the administrator remove the discussion.
Never take them for $30, I wait until they call me, $50. fee within 5 mile, $60.for 5-10miles, beyond that it could reach $95. for a drive by, interior add $15 to $25. depending on area. I do pretty darn good with it and don't runny my behind off for a measly $30.
Are the auto accept BPO companies still around because all the BPO companies I speak with say if you use them they will fire you.
Donald I agree, these are not property inspections that take only a few minutes to do. If the agent wants to accept for so little that is his prerogative, however, it hurts other agents because now everyone is expected to do them for so little. I have done thousands of these and I am not slow to getting them done, however, I wonder about the quality of a report where it gets done in just a few minutes. None of my BPO companies have forms that can be done in that little time, maybe 40 minutes pushing it and that does not include pulling comps.
Hi I have a web site on www.godaddy.com if anyone wants to look at it the web page is www.stewardenterprises.us and you can look at the work that I do ..and if for some buddy that has or need work done in my area of fostoria oh send it . Thanks or email me at steward_enterprises@yahoo.com ,ps i don,t work cheep .
Maybe it's the fact that I can do a complete BPO in 20 minutes. If I'm near the property anyway, why not pick it up?!?
20 minutes to type and 10 minutes to grab 3 exterior pictures for $30 comes out to $60 an hour. So... yes... I'd say on a SLOW day, my value to my community is worth at least $60 an hour.
Of course, I won't drive an hour for $30. That's just stupid. ;-)
I'll take $30 BPOs all day long... providing the property is on/near a route I'm already driving and the assigning company also assigns REO listings.
See... I've been an appraiser for 6 years... but I've only carried my sales license for 10 months. I have my appraisal clients and I'm on the road 3-5 days a week. Most Asset Management companies see me as a rookie though, as I'm new to the sales side. Does it hurt to put my name in front of an asset management company and make $30 in the process? Nope.
Doesn't hurt to do free BPOs either... in hopes of being noticed (USRES, I'm looking at you!).
When someone says my value is worth what I'm willing to work for... It's offensive. I'm not working for $30. I'm building something and making $30 along the way. We all have to start somewhere.
Fortunately, I keep rolling in that appraisal money... so I'm a happy little piggy.
Seth, these are not easy to do and it is like asking an appraiser to do an appraisal for $30. Many appraisers won't do these because they require almost as much time as doing a bpo. You can really ask for more. really, $30 is way to low..... a lot of work for very little money. It is your business, yet, but just advising that you don't need to be so low on these.
I heartily disagree. Maybe it's because I've done over 3,500 valuations... but these are cake. Aside from the drive time (and I only pick these up if I'm heading that way), I can bang out 2 or 3 of these an hour. An appraisal takes much longer than that (and comes out to about 30 pages rather than 2). There's no shame in $60 - $90 an hour in supplemental income.
I do appreciate the advice. When they call asking me to do a BPO somewhere I'm not already planning to go, I get $50-$60 out of them. It's really no big deal either way.
The end result is an extra $500 - $1,000 per month for 1-2 hours a week worth of work. Of course, I can do valuations in my sleep... so that helps.
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