BPO Assistance

There are three of us on our team.  Therefore, we can handle upward of 100 BPO's per month.

We are able to handle the rejections, however, each rejection response will be under the direction of the REP.  Many times a BPO is rejected because the lender feels the property is worth more.  All comps will be reviewed if necessary, and an effort to provide additional comps will be done upon the request of the lender/bank/mortgage company.  If all comp resources have been exhausted and the lender continues to reject the BPO, you will be notified and can determine how you would like the situation to be handled.

You will have to obtain the BPO work, however after a month of our successful working relationship, we will assist you in obtaining additional BPO assignments from additional companies.

After you have signed our Agreement for Services, payment for the first 10 BPO's will be due before work can commence.   Once the initial 10 BPO's have been payed, the 11th BPO and those after will be invoiced weekly.

We charge $15 per BPO.  If you are interested in us searching for orders (if the company has a searchable database in place) and not waiting to receive emails or calls from the companies you are already associated with, the fee is $18 per BPO order that you accept. We'll just need you to let us know the areas you are wiling to service and how much of a notice/time-frame you need.

I hope this answered all of your questions.  You may email me off AR Post to further discuss teaming with us.  Thanks for the questions and interest! 

Hi Toya!

Good question.  Commercial BPO's are a different fee......$25.  

We get the comps from your MLS or by other internet research.

If you have any other questions, just fire! 

VICKI - We are considered assistants, therefore, we handle rejections under the direction of the licensed professional as I mentioned in one of the above posts.

For instance, if we recieved a rejection notice from a lender of BPO office, as your assistant, we would notify you, let you know of the rejection and the reason, and ask how you would like to proceed.  We will give you the list of comps that were used, although you would be provided with that information in your copy of the BPO form that was submitted.  Under your direction, we will reply to the rejection notice.

Each, professional, whether real estate or otherwise, dictate or inform their assistants how they would like contracts or other legal forms to be handled.  Yes, you may have to be licensed in a certain state to perform BPO's.  We are not allowed to interpret contracts or negotiate terms or pirces, but an assistant is allowed to do research and assist in compiling a report under the direction of the licensed professional. We are restricted to administrative, secretarial, and clerical duties. 

I hope this answers your question.  The below is a list of allowable duties for unlicensed assistants working for REP's in Illinois (Remember we can work for anyone nationwide and what we can do for each varies by the state that the professional works in):

Section 1450.165  Unlicensed Assistants

a)         Licensees under the Act may employ, or otherwise utilize the services of, unlicensed assistants to assist them with administrative, clerical, or personal activities for which a license under the Act is not required.

b)         An unlicensed assistant, on behalf of and under the direction of a licensee, may engage in the following administrative, clerical, or personal activities without being in violation of the licensing requirements of the Act. The following list is intended to be illustrative and declarative of the Act and is not intended to increase or decrease the scope of activities for which a license is required under the Act. An unlicensed assistant of a licensee may:

1)         answer the telephone, take messages, and forward calls to a licensee;

2)         submit listings and changes to a multiple listing service;

3)         follow up on a transaction after a contract has been signed;

4)         assemble documents for a closing;

5)         secure public information from a courthouse, sewer district, water district, or other repository of public information;

6)         have keys made for a company listing;

7)         draft advertising copy and promotional materials for approval by a licensee;

8)         place advertising;

9)         record and deposit earnest money, security deposits, and rents;

10)         complete contract forms with business and factual information at the direction of and with approval by a licensee;

11)         monitor licenses and personnel files;

12)         compute commission checks and perform bookkeeping activities;

13)         place signs on property;

14)         order items of routine repair as directed by a licensee;

15)         prepare and distribute flyers and promotional information under the direction of and with approval by a licensee;

16)         act as a courier to deliver documents, pick up keys, etc.;

17)         place routine telephone calls on late rent payments;

18)         schedule appointments for the licensee (this does not include making phone calls, telemarketing, or performing other activities to solicit business on behalf of the licensee);

19)         respond to questions by quoting directly from published information;

20)         sit at a property for a broker tour that is not open to the public;

21)         gather feedback on showings;

22)         perform maintenance, engineering, operations or other building trades work and answer questions about such work;

23)         provide security;

24)         provide concierge services and other similar amenities to existing tenants;

25)         manage or supervise maintenance, engineering, operations, building trades and security; and

26)         perform other administrative, clerical, and personal activities for which a license under the Act is not required.