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The Speed of BPO Agents!

There are a variety of types of Broker Price Opinions, I find it interesting that the process in which a bank requires, requests real estate agents to complete a BPO within 72 hours. Their time line not ours..agents don't question it or give any excuses...they get it done.

Thank goodness for the speed of BPO agents!

So many agents are completing these tasks and doing them well and very efficiently. Making an honest wage..sometimes big wages...and they still manage to complete them prior to the time allotted!

Banks could learn a thing or two from the speed of BPO Agents!

Why not have their employees have similar criteria when it comes to dealing with short sales and loan modifications meaning within a time frame or better yet...why not hire some quality temps to get the job done!

People who understand the process...who understand the importance of time lines and the fact every minute of every day affects many people's lives.

For many of us its not just a job and yes similiar to the military although I admit a bit safer.. without a doubt its an adventure!

It seems to me banks want us to jump through hoops not only for BPO's but also for foreclosures..with their contracts and addendum's and their time-lines...short sales and loan modifications..but often times fail to meet their own time lines.

While it seems like REALTORS are more apt or maybe I should rephrase..(stereotyped) to expect the bank to jump through hoops...as our reputations precede us..one thing is certain...most of us do not bother calling the banks just to chit chat...in most cases we follow up over and over again..on questionable conversations we have had with a few customer service people to make agents question the entire process. So we waste more time following up even more...is that efficiency?

Just imagine a world where the banks moved at the speed of BPO agents...where things moved swiftly and efficiently and everyone wins.....OK..darn it ...my daydream is over...back to reality.

About the Author: Midori Miller is licensed in the State of Florida, BK645709 and currently hangs her real estate license with CENTURY 21 Sundance Realty. Midori is also a real estate trainer and an ActiveRain Ambassador and specializes in short sales for Daytona Beach real estate sellers. If you are in the market to buy or sell real estate in Daytona Beach, Florida..please contact us!

Posted by Florida Real Estate Trainer | Daytona Beach After School Training | Midori on 09/03/2009 04:36 PM

Comments (13)

Banks in the Real Estate Business in the Training Channel

bpo agents short sales foreclosures loan modifications midori miller daytona beach florida real estate trainer selling homes century 21

Originally posted at: Daytona Real Estate Training: The Speed of BPO Agents!

Post is included in group: Short Sales Specialists
Post is included in group: Short Sale REALTORS®
Post is included in group: Realtors®
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13 Comments on The Speed of BPO Agents!

SEP

BPO Agents = Speed and accuracy for very, very little pay or gradatude.

Midori - the irony of this does NOT escape me, or anyone else. I have yet to see a bank adhere to their own stated deadlines, but perhaps that's just. When they are ready to go, you had better move fast, but somehow it just doesn't work that way when you need to move fast.

Jeff

I perform BPOs and I do them well and quickly. I am grateful my performance is much better than the banks!

Midori - It looks like we at their mercy. It is simply hurry up and wait -a loooooonnnng time.

I am workng on a short sale name ith Bank of America. Having a hard time..

Any suggestions?

Ginger

I wish I could be like a bank... get giant money in a bailout becuase I failed to do my job... and still not be able to do it right. Oh, wait, no, I don't want to be that way...

A hardy "AMEN"! Although, today I was talking with one of our agents about the difference in sale prices between REOs, and regular sales. I think we all know the number of sales have been increasing. But the banks are pricing so many listings below the actual BPO (to get more of our tax dollars from the gov't) that the property values are going to take another steep drop =(

SEP

Midori- I thought your post highlighted and commended the importance of having a good work ethic. Salaried employees do their 40 hours regardless of what they actually produce. So there is no pressure to perform. And even less to perform well. Brokers doing BPO's can generate additional income so doing them quickly and efficiently can be of mutual benefit. GOOD JOB to all those who are doing their part to speed the process along.

Midori --- very true --- your post is right on --- would be nice if banks would move at the pace requested of BPO's.

Mama Liz

SEP

Hello Midori .!.

Greetings from your southern friend in Bal Harbour, Florida

What were you saying... I lost my concentration, sorry. Oh, POB, I remember that from Real Estate Appraisal 101

Midori

SEP

The trouble I see with some BPO agents is that they're called into do one in an area they really aren't familiar....I've had to debate a BPO in a neighborhood I've farmed for years....I got it overturned in my clients favor...that's the biggest problem ..maybe its because some do sloppy work since they get paid small amounts of money...IE about $50.

SEP

Midori, ther are so many times that I've "wasted time" dealing with some banks. I sometimes get the impression that they really don't care. Am I alone in this?

SEP

When it comes to getting started in the BPO/REO business there is a lot of good resources online and lots of not so good too. What I can share with you is that when all hell broke loose in 06 and when I couldn't seem to sell a home (I am in Las Vegas and we got hit real hard!) I made a lot of money doing BPO's. In my biggest month I made as much as $5,000 and regularly earned at least $2,000 per month. I knew nothing about BPO but came across this excellent resource: Reokit.com It saved my career!

Much success to you!

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