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Pay rates and counter offers to Asset Management Companies

Posted by Richard F. McAllister on October 19, 2017 at 6:30am

Fellow REOPros.  If you complete BPOs, I offer a way to calculate what your minimum fee should be instead of just taking low ball offers for your hardwork.  Here is the spreadsheet I use below.  This is for residential properties only.  I have attached the spreadsheet to this post.  Download it if you like.  And if the spreadsheet comes out less than $50.  I use $50 as my rate for exterior drive by.  For interiors my minimum is $75.  Thanks.

1)  Open a spreadsheet.

2)  In cell A1, type in Minimum hourly rate, in cell C1, place your minimum hourly rate, say $25 or $30 or whatever rate use so choose.

3)  Now take the address of the offered BPO location and go to Google Maps and look up the distance and time from your base location(Office, Home).  Write them down.

4)  In cell A2, type in Travel time, enter the travel time from Google Maps cell B2.

5)  In cell A3, type in Round trip, enter the number 2 in cell B3.

6)  In cell A4, type in Total travel time, enter the following formula in B4.  Formula  =B2*B3

7)  In cell A5, type in Desk time, in B5 enter (with 2 decimal places, x.xx), Say for this example this is 1.25.

8)  In cell A6, type in Total BPO time, in C6, put the following formula, Formula =B4+B5

9)  In cell A7, Dollars for travel time and desk time, In cell C7 put the following formula,     

Formula =C1+C6

10) In cell A8, type Mileage from Google Maps, enter travel distance from Google Maps in cell B8.

11)  In cell A9, type in Round trip, enter the number 2 in B9

12)  In cell A10, type in Total mileage roundtrip, enter the following formula in B10, Formula =B8*B9.

13)  In cell A11, type in IRS current mileage rate, in B11 enter the current rate, 2017 rate is 0.535

14) In cell A12, type in Total mileage dollars, in cell B11 enter the following formula, Formula =B10*B11

15) In cell A13, type in BPO compensation, in cell C13 enter the following formula, Formula =C7+C12

BPO%20Compensation%20Calculator.xlsx

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Broker Price Opinion company

Posted by OLGA SHURLOW on March 9, 2014 at 8:20am

I did some work for this company and they have never paid. First excuse was that somehow they had missed me on the pay period for that month. Next month the excuse was that they had not been paid for the BPO so I had to wait for them to be paid. It takes them 3 months to pay for work done - that is when they do pay and they have not paid me yet so its more like 9 months. So know i have started calling them whenever and all I get is there voice mail promising to call me back within 48 hours that never happens. If you have outstanding unpaid BPO from them you can call 303-991-9919 ext 1042 or 1029 and you will get the same results. It used to be a guy that was at that line but know is an old lady and the other line is answered by some very young voice that probably doesnt know what she got herself into.

If any one knows of any other way to get ahold of some one in the company that will pay me please let me know.

Any new agents that have never done business with them DON"T. .

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Clear Capital Rocks

Posted by C J Johnson, Broker/SFR/CRS/ABR on September 6, 2011 at 5:07pm
With all that is said negatively about BPO Mills I wanted to send a shout out to Clear Capital.  Not only do they pay a fair fee for their service they pay quickly.  I did three BPO's for them recently and got a check for all three within about 10-14 days.  If they can do it why can't the others?  I often wait for 60 days.  Personally I think many of these companies are living on the float like a famous one last year that went under owing hundreds of thousands of dollars to agents all over the US.  They sent out a "we are so sorry" blast email stating they were "just behind" and promised to get us all caught up only to never be seen or heard from again.  Be careful out there you guys if a BPO company owes you too much money you may never see a dime of it so make sure you check with all here to make sure they are legit.  The list provided on REOPRO is the most reliable one I use. Also be sure to Google them to see if any other agents complained about non payment, and please for goodness sakes NEVER pay to get on their prefered platinum certified list it is always a scam.
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REO/BPO Companies that don't pay....

Posted by June T Valora on October 15, 2010 at 5:00am

I have worked for a ton of these companies over the years, and sometimes get companies that are hard to pay or won't pay.

I have one right now, Service (blank), that didn't pay for BPOs since the first of the year. They stated that I wasn't a provider and that I wasn't assigned these properties. I scanned every order page, submitted my BPO pay log and now....Since getting Richard with myreotogo.com involved, they are finally paying!

I got Richard involved yesterday and I received a phone call from the company in question this morning! Suddenly I have gone from not being a service provider to "the information is going to accounting and a check will be in the mail this eveing with a tracking number."

It may sound like an ad, but it is true! Call or message me, and I will get you Richard's contact information!

Finally an REO/BPO success story!

THANK YOU, RICHARD!!!

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I Pay for Listings--but it is not what you think!

Posted by Pam Eikleberry on October 2, 2009 at 5:45am
There has always been a cost to become a preferred REO broker on a network--there should be.If it was free to train and become a preferred broker with an REO network, then every Tom, Dick and can't save a buck to save their life agent would be on there. REO is EXPENSIVE! In any given month, I write checks for $20,000+ for utilities, sewer, garbage, repairs, contractors, rehab, signage, marketing and staff. There were months last year, in the winter, when with snow removal and winter power bills I was spending $50,000. If you have a month with no closings and reimbursements are running 45 days, you need to be prepared as a business person for the costs of doing business. If coming up with $600.00 for training is a hardship, you are probably not the agent for the job.There are a lot of new players in the game--good, strong players--people who are branching out from REO as usual and trying to make a go of asset management in an organized way. Companies that are working to earn accounts from large REO wharehouses in the hopes that they can reduce the file to asset manager ratio and improve the quality of listings and reduce days on market in REO deserve a chance--unfortunately, the best asset managers are just that, asset managers, not corporate financiers. They are looking for a little start up capital.If you buy into a new company thinking that your investment entitles you to assets, you might be mistaken. If you buy into a new company knowing that you are making a capital investment in a group of asset managers that you believe in, make sure that they also believe in you and that you will do whatever it takes (in addition to paying a fee) to make their business succeed. That means staying on top of the assets, maintaining them, pricing them well and getting the transaction done with no drama.There is always the alternative--be such an amazing agent that the asset managers will seek you out and waive the fee. As in all other business ventures, your performance speaks for itself--you can put an ad in every website in the world but if your stats don't back up the ad, you're wasting your money.Get 'em the highest price, the best terms and the lowest liability. Works every time. That's just my two cents--and you don't have to buy it. :).
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Do you pay to get listings?

Posted by Jesus (Jesse) Gonzalez on October 2, 2009 at 2:30am
For many Agents, paying to get listings seems the only way to get their foot in the door. I understand why they do it and, admit…..I was one of those agents to. As you read this blog, understand that I am jaded, burned and completely angry about this business model, as described above and, for those of you doing this to agents…..well….just wait and see. (Insert evil, diabolical, angry, bone chilling laugh here) I really can’t remember who said this to me or where I read it but, it has completely stuck and I am more than happy to pass this wisdom on to my fellow REOPro members. “If the company charging you upfront fees for listings isn’t confident in their leads enough to take a payment out of closing, how can you as the agent ever be confident the leads will ever close?”……unknown. In that one statement, you can find a lot of wisdom. Well, I can tell you that many of these firms, “see a leaf fall and believe they now which way the wind blows but, I tell you that a hurricane is coming that will sweep away their pride.” Elizabeth, The Golden Age The death of these firms is that they are all doing the same thing. Everyone is charging Realtors, everyone believe us to be the cash cow, everyone wants an up front fee and the moment someone enters this industry with a new, innovative, completely crazy idea, many of these companies will wash away with the tide. The really sad part, a lot of Agents will be out hard earned cash and will bear direct witness to the folly of this business model. Sorry for all the cryptic writing and vivid imagery but, a Hurricane is coming, I can see it on the horizon, can you?
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National REO Brokers Association of America, what are you thoughts?

Posted by Jesus (Jesse) Gonzalez on June 2, 2008 at 2:30am
www.NRBA.com or National REO Brokers’ Association of America is a new site to me. I just came across it from a fellow REO Broker who gave NRBA some high marks. I have to be honest, when first viewing the website, it didn’t instill any confidence at all. It appeared to me as if they were some awkward knock off of Shop at Home.com. All those little boxes, solid white background, red writing, I swear I thought I was about to buy a gold electro plated magnetized wrist joint amplifier for 3 easy payments of only 19.99. Either way, I am glad to see they are “renovating” the site, hopefully it helps. Once I got passed the strange exterior, I decided to dig a bit deeper and see what this site is all about so, I did what any red or blue (depending on what part of the country your from) blooded REO Broker would do and that was click on “Real Estate Professionals Start Here”. Ok, I may have been a bit hard on NRBA in paragraph 1 of this commentary however, now I am truly being as serious as I can be. After clicking the link, I am taken to a black background with red and white writing power point flash presentation of how I can make 6 figures by becoming a member of NRBA! By this time, I am now truly turned off, to me, this whole thing has come off as a rainy day garage sale on the wrong side of town. Truly, I tell you, this whole website has just come off as if they went into Goodwill and asked the marketing person to design a website. So, 2nd class…… (by the way, I like Goodwill, when I was kid, it was the only place we shopped, we didn’t have much back then. In fact, sometimes I still go, now it’s a bit different obviously but, I do like the store and donate maybe once or twice a year.) As I suspected, it was fairly predictable where this screen shot presentation was leading, I was asked the 20,000.00 question, “Join Now!” My first thought was, are they serious? Then I quickly realized, oh hell yeah they are serious…….lol. So I pressed the button, not because I was impressed by the presentation or marketing ploy but, because my REOPro Agent colleague gave this group of people a huge thumbs up and said I should join. Once you hit the button, you’re taken to a 2nd screen where you can read some of the FAQ’s, it’s small so you have to be determined to look for them but, you can find them and read them over. The first question is, “Can anyone be a REO Broker?” ultimately the answer was No! but, not for the obvious reasons like, commitment, dedication, work load, long hours, etc….., they said it was because they all wanted to protect their 6+ figure income. ROFLMAO! Are you serious, by now I really felt this was an exercise in the absurd but, I went along with it. After reading over all the FAQ’s I felt as if I had just finished reading a bad version of the Top 10 List with David Letterman. Granted, I found some useful information like cost, which my REOPro Agent Colleague forgot to mention but, overall the FAQ’s almost seemed a waste of web space and band width. Speaking of cost, it isn’t cheap, it’s 1999.00 a year paid monthly or annually. That wasn’t cheap for me, I am a bit of a tight ass hence, I still visit Goodwill occasionally however, I didn’t think 1999.00 wasn’t going to be a cost that many Realtors would be interested in paying in the first place, I am sure it’s going to protect some bodies 6+ figure income. I read a little further because I still had this overwhelming almost nagging voice of my REOPro colleague saying, “you should try it, I did and it is working for me” screatch across my forehead like a Mack truck applying the brakes on a downhill 9% grade highway. So, I got ready to hit the Join Now button and, then BANG! A flash of lightning hits my neighbors tree and we loose power. Ok, I will be honest, no flash of lightning however, I did loose my power because my dog’s tail wagged and somehow turned off the power strip. So, here I am now, not sure if I should join or not, I don’t really know much about this organization other than what my REOPro colleague said about it. I figure I should get some more insight so, if you are a NRBA member or a holder of the CREO Designation they offer please, leave a comment and convince me either way, should I join, or should I steer clear! Thanks in advance for the help!
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