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,
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