As an agent with 10 years experience with BPO/REO companies I'm finding the fees and commissions getting extremely low. Just last week I had several requests from companies I have worked with for years offering fees as low as $35.00. I did request fee changes for $45. to $50. which I still think is low. I did not get one order. I have a license, continuing education, MLS and board dues not to mention things that go with being self employed. Office, gas, health care, paper computers and the like. So I think we deserve a fair fee. I also understand everything changes and we have to evolve to the ever changing market. With that being said my question is this? What is the next big thing for agents that like to work in this industry, providing services. I need a fee that can feed my family? They like to eat to! Maybe make video home tours, go back to working with clients in the traditional market? Any suggestions before going broke slowly?
Thanks in advance for your feedback.
Comments
There is no next big thing. It's always the same and everything comes back around eventually.
While I don't need to at this point in time, traditional listing and selling always works. I lost a big BPO client last year to the tune of $10,000. It hurt my bottom line big but my REO listings this year are starting to make up for it.
Although, your dilemma is not new, the solution is right under your chin. Automation and systems are the keys as well as what these items can do to help you not only survive but thrive in your BPO/REO business. But even with BPO software, if your turn time is slow and the quality of your finished order produces low scores, [and I'm not saying that this applies to you or how you work, because I don't know you, I'm just generalizing :) ] then technology won't solve your problems. So focus on what you can change instead of the fees that are offered. You might just price yourself out of work by asking for higher fees.
Which companies are you currently getting work from?
Bankruptcy
Hey Craig,
Due to fees being low, distressed inventory being low and the overall need for REO / BPO services dropping in my area, about 4 years ago, I went back to working traditional sales in my market area. My foreclosure experience and training is impressive and the transition was easy. My traditional customers love the fact I was a "former" REO agent and see that as an edge I have over other Realtors in the market. Of course, I say "former" in quotations because, as they say, "Once you go REO.....you might get shot".....LOL
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