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If you have your REO Systems in place and you are experiencing growth, have you considered an REO Team?

If so, what would you consider looking for as you build your team? I have just chosen three tips for this post. There are many more, but I find that these three are important to building a successful REO business.

1. Experience

2. Education

3. Integrity

Experience

How much experience does the potential member have in doing BPO’s? What asset companies have they dealt with and for how long? What about tasks such as Utility set up and ordering services from your vendors? When it comes to the closing transaction tasks, how much experience do they have in dealing with escrow/title companies, lenders and co-agents? These are just a few of the question you should consider when building your REO team.

This is important because the REO market is different for every REO agent. And it is crucial to have a good amount of experience in dealing with asset companies, asset managers, banks, title companies, lenders and other REO agents. I have found that there is a basic flow to an REO transaction, but sometimes there are exceptions. And I have found that learning from that exception, adds to my REO experience. And I can add this to my REO process to reach a successful transaction.

Education

Training is so vitally important. Would you consider adding a team member to your business who already has been trained on various REO portals or someone who you have to train? Time is critical, especially when it comes to tasks such as BPOs or determining occupation status. Do they know the criteria for searching for comps for the BPO?

And when it comes to the contract to close tasks, how much training does the team member have in using various online transaction management systems? Such as EbrokerHouse, SettlementRoom, RELAY, TransactionDesk, TAZAREO, and others? Again, your time is important and having a member who is proficient in using these systems will save you time and money.

Integrity

Enough can’t be said about this topic. Simply put, everyone needs to be honest in their business dealings with one another. I feel that this is a foundation in a truly successful business. If a member is cutting corners to try to get the job done, it will come out in the end. Just a quick example. If a bid (quote) is submitted by a vendor for a repair on the REO property, don’t change the amount when submitting it to the asset company. I have known of this to happen and the person did think they were getting away with it. And since it was just a small amount in the beginning, it was not discovered. So the person felt safe and increased their bid amounts. But when the asset company discovered this, all monies had to be refunded for all of the bids. And of course that agent lost their business with that asset company. A hard but powerful lesson.

I hope these few tips: Experience, Education and Integrity can help you in your search for a successful REO Team.

To your business success!

Roxanne

Set your DVRs! My son Dan and 3 other members of his theatre company www.shelbycompany.org are going to be on Cash Cab NY.  It was filmed last fall but finally will air tomorrow.  This is a not to missed show. I promise you all a great time.

It comes on at 6:30 on the east coast. Direct TV will show it at 3:30 and 6:30 on the west coast.

It is on the Discovery Channel for those of you living under a rock and have never heard of the show.

Marcy

Hi there everybody,

As a certified real estate instructor that specializes strictly in broker price opinion education, I try to stay on top of industry trends. As such, I have been following a company for the last few months called, StreetLinks. They are a major AMC provider and soon to be provider of BPO orders nationwide.

I have had the great fortune of connecting with a fantastic representative from their company and have gain a lot of valuable information to help you guys save time and to assist you in being able to make an informed about if you should sign up with this company.

I would HIGHLY recommend taking the 15-20 minutes it takes to register to be a BPO agent or broker for them right away! And no I am not affiliated with them or getting paid by them to endorse their organization! It isn't every day that a new company pops up that is not only credible, but I think will quickly be a force to be reckoned with when compared to the top major BPO mills. From my research, Streetlinks should be able to offer decent volume across the U.S. right out of the gate, and if everything goes well I foresee that they will see huge growth in order volume because of having an already solid client base.

So, as BPO order volume is down across the nation, smart BPO agents and brokers branch out and sign up with more quality companies to increase their likelihood of receiving more work. Do yourself a favor and click on the link below to sign up with them, I strongly believe that you will thank me in a few months!

Today I spent about 15 minutes signing myself up at their website, here's a link for you to do the same: https://www.streetlinks.com/solutions/agents_brokers

Also, feel free to pass along this info to others in the business that you think will benefit from it!

Lastly, to wrap up this blog post I want to point out some important points of how this company operates, what you can expect from them and what requirements they have of their new BPO agents and brokers. Please take a few minutes to read through the short list below:

StreetLinks Price Opinion Panel members benefit from:

• Rapid Payment - Payment direct deposited to your account with 72 hours of report completion
• No Cost to You- No fees for signup, membership or marketing!
• Fast Order Submission - Get a free and easy to use online account to complete and submit orders
• Fair Order Assignment - Assignment based on proximity and your historical performance
• Exemplary Support- Full support services and training from our BPO support team
• NABPOP Membership Discount- Join NABPOP at a special discounted rate! StreetLinks offers preferred assignment status to NABPOP certified members.

(The above paragraph was taken from StreetLinks website. All Rights Reserved © 2011 StreetLinks LLC.)

Let me know if you have any questions too! Email me at: nicole@bpo-university.com

Warmly,

Nicole Ocean

Certified R.E. Instructor (WA State)

www.bpo-university.com

360-224-6988

Earlier this year I had a scare when my 3yr old daughter started sneezing and later coughing up blood. I did my best to keep my cool, but I inside I was freaked out. What I needed as I drove to Kaiser was an accurate diagnosis of what was wrong so we could make the best decisions possible.

Later this got me thinking about blast BPO companies (don’t ask me why). These blast BPO companies are paid by their client to compile the most accurate information possible, but instead send the order to the first person that raises their hand. What if instead of going to a qualified pediatrician for my daughter, I sent out a blast message to anyone who had taken a science class? What if I didn’t choose the person with the most experience, or the person that had performed well in this area in the past, but rather I chose the first person to respond??

That would be STUPID!! I’d probably end up with some college dropout who took a semester of biology instead of a trained physician. Isn’t it just as STUPID though when we’re talking about a family’s home? This BPO can decide whether that family gets a needed loan mod or gets rejected; whether they successfully short sale their home or go to foreclosure? Whether the underling investor loses 150k or 225k?

Just a thought, who do you think is more likely to be sitting in front of their computer all day fondling the refresh button hoping to capture an order? The successful broker who has sold tons in the area, or rather the lame-brain agent who last sold a home when Reagan was in office?

Anyone else have a different take on this? Which BPO companies have you had the worst experiences with?

http://agentacceleration.com/blast-bpo-companies-%E2%80%93-are-you-really-surprised-your-bpos-are-crap/