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Getting started doing BPOs

By Marcia Hadeler

Real Estate Agent with Coldwell Banker - Brokers of the Valley BRE# 01312086

November 09, 2007 07:57 AM

I used a list from one of the websites I mentioned and started applying immediately. I rec'd my first BPO order about 2-3 weeks later and have had the opportunity to do 1-2 every week. Sometimes the order requests come at very odd hours (one came at 4am PST - from a NY co.) and I was not at my computer to accept it ASAP. It is often a race horse procedure to see who receives the email and responds first. That's a drag. I guess I need a Blackberry. :) However, some companies can text you the new order and you can call in your response. It only takes a few hours to apply to say, 10 companies if you buy a list (make sure the list has active links, way longer if you want to do your own research) and then if you get the jobs... great. Listings? Think of them as gravy.

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Amber Bourland

Ozarks' Independent Realty - West Plains, MO

Marcia,

I primarily sell REO, so I do LOTS of BPOs in the course of my job. It often takes awhile to get established as a BPO agent, but when you do, many companies will auto assign orders to you and you don't have to try to be faster than the other 20 agents waiting for orders. With rising gas prices, rising costs of technology, etc, and often dropping fees from the assigning companies, doing BPOs is getting less profitable for many agents in the country. Too much competition from new agents trying to find a way to make ends meet. For newer agents, i would caution to PLEASE don't think BPO/REO work is an easy way to make money. you can read many articles and blogs telling you what it's really like. You really need to be experienced in valuations and in your market to do a good job at this, and you are open to a lot of liability, hence the requirements for big E&O policies.

I did all the research for myself and registered with over 100 companies. Doing that research, I found other forums and info, much of which told me there are certain companies you DON'T want to sign up with. This side of the business CAN be lucrative, but don't count on making a living on it alone. Don't give up your regular marketing and prospecting to do BPos, and don't do them if you don't have experience!

Nov 09, 2007 08:12 AM

Marcia Hadeler

Coldwell Banker - Brokers of the Valley - Napa, CA

Move with Total Confidence!

Thank you, Amber. Great insight. I appreciate your input. I have gone to many sites and noticed agents posting their areas of expertise with a 100 mile radius and I think to myself, WOW! they must be really good to have a pulse on that size market. I feel you truly need to state the area you know best and not try to stretch it and then learn that area after you are given an assignment. I would appreciate your thoughts. How big a blanket do you throw out there for doing BPOs?

Nov 09, 2007 08:25 AM

Kim Hamblin

Bella Casa Real Estate Group - McMinnville, OR

Thanks for the insights. I've heard of these and know a couple of aents in my area who get the lion's share of the business. It seems like an intersting option for some agents, but I don't see myself in it.

On the other hand, the properties that are selling right now are the bank owned ones because they are under valued and usually a steal. Hmmm.

Jan 11, 2009 02:22 AM

Getting started doing BPOs

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Marcia Hadeler

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