"REO's Have Slowed Down, I Neglected the BPO Side & Now It Feels Like I Am Starting Over!"
I decided to write a blog about this topic after talking with yet another Top Producing REO Listing agent today. In a nutshell, the above quote is what he told me and as such I wanted to share some insight into this phenomenon. I hope there is a gold nugget of wisdom buried within this blog!
I firmly believe that when people stumble upon a good thing, many times they tend to focus on just one specific item, instead of see the big picture. This is when it's common to see the little details that you overlooked come back and 'Bite You!' It's human nature, what can I say, I've been guilty of it too!
Because of the fact that almost everything in life is based on cycles, it's critical to understand how important the BPO and REO industry cycle works. I have seen it unfold firsthand these last 6 years in the business.
In the last 2-3 years specifically the industry has weeded through the masses of people doing BPO and REO work to find some truly exemplery real estate professionals that have worked their way up the ranks to stand tall above the rest. In essence, these folks have paid their dues!
Many BPO and REO professionals decided early which direction they wanted to take their businesses.
Some of the choices people had were to:
Focus strictly on gaining and servicing REO Listings and neglect going after BPO's
Try to do both BPO's and REO's
Only do BPO orders and turn down REO's
The real estate professionals that chose to focus their time and efforts only on the REO side at some point down the road realized that they should have also been doing paid BPO orders while servicing their REO listings. For some, they learned this INVALUABLE lesson too late and had to get out of the business.
You don't have to be in that same boat, it's not too late for many. With REO listing being down through the U.S. nationally, looking to paid BPO's as a profit center is still a viable option and one that many are still thriving in.
I would love to hear any comments, feedback or suggestions also everyone, feel free to share!
Sending my best,
Founder | BPO Automation Group and BPO University
360-223-2482 ext. 5 | firstname.lastname@example.org
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