Home > Blogs > Vincent McKamy > Vincent McKamy Selling Homes in Fredericksburg, Stafford Virginia & Surrounding Areas

How much time is needed for that BPO - Do the banks know?

By Vincent McKamy

Real Estate Agent with Samson Properties VA Lic # 0225101380

December 04, 2007 01:51 PM

I got an email the other day from the bank that I work with requesting four different BPO's. Now this wouldn't be a problem normally but, I received the email at 7:45 p.m and they wanted the BPO's back by 5 p.m the following day. Generally I call it a day by 8 p.m but not last night. I started working them right away and I got my team working on them first thing in the morning. I spent the morning driving around getting all my pictures and the rest of the day writing them all up. I would have love to have written this saying that I got them all in on time, but I didn't - The last one went in at 6:15 p.m, An hour and 15 minutes late. Made me start to wonder if the banks realize how long it take for these to be done? Was I got home and started to relax - I started to second guess my self about what I had put down on the sheets. Now don't get me wrong I love working with this organization, they have defiantly helped my business through a hard market, and I just want to make sure that I provide them the best information and in a timely fashion. So I write this asking - What is a good turn around time for these BPO's

Thanks in Advance

Vincent McKamy

Coldwell Banker Elite

www.TheGPSRealtyTeam.com

Serving Fredericksburg, Stafford, and Spotyslvania area

Comments(27)

Comment

Show All Comments

Sort:

Melanie Ross

Coldwell Banker Solano Pacific - Benicia, CA

Benicia CA & Vallejo CA Real Estate, 707-319-2828

My first BPO took way too long, but that is because I am anal for details. I told my husband I made about $5 an hour on that one.!! I know it is all about the learning. There is company in Calif that is offering training on becoming a BPO Specialist and offer lists of companies. If you are new this is great. My associate attended and so did I. She probably could have taught part of the class since she has been doing them for quite a while. I learned alot and felt it was helpful. Some companies are more generous with their payment than others. Most of the companies can be found via search engines.

Dec 07, 2007 01:59 AM

Andrew Monaghan

The Monaghan Group - Glendale, AZ

CRS, GRI, EPro Associate Broker

I just had a interesting experience this week, i received two bpo's from a company, PVCMcor (or some thing like that) the site was very professional but the guidelines they gave made sure that the BPO came out to their predetermined value, there was no room for explaining what was going on in the market and they did not want to listen , i finally spent 30 minutes on the phone to a lady somewhere in Texas trying to explain that the value i gave is what the home would sell for based on my experience, she did not want to hear it so i politely requested her to find someone else to do it as i may not be qualified to assist her.

Dec 09, 2007 04:11 AM

Robert McArtor

RE/MAX Components - Fallston Maryland - Bel Air, MD

Top Listing Agent for Baltimore and Harford County

Each company is different. Make sure if it is a Rush Order.....your getting paid a Rush Fee! Agents need to stick to their guns with the fees. I had a company email a Rush Order for $40.00 - "Yeah...ok.....NEXT!"

Dec 09, 2007 05:50 AM

Brian Corwell

RE/MAX Sauk Valley - Sterling, IL

Sterling, Illinois Real Estate

A quick turn time is easily explained. It was assigned to another agent who was not able to get it done for some reason or another. I get them all the time. It appears that everyone is trying to do these and many are not doing them right or not getting the time done right and the bank needs them done. I usually ask for more money for that short of notice, but I can usually do one from the time I leave my office to take photos and get the property card to completion in about 90 minutes or less. Especially if it has sold or was listed in the last 5 years.

Brian Corwell

RE/MAX Sauk Valley

Sterling, IL.

Dec 09, 2007 07:18 AM

Anonymous

Dale C. Hittle of Golden Rule Properties, Glover, Vermont

As a little sideline to our Brokerage, I do a few BPOs per week. I guess it has developed slowly over 5 or 6 years, and is accelerating now that the market has fallen apart. I did my first BPO in 1995 (the only one that I never received payment for!). We get requests daily, but state that the minimum fee is $100 and 3 days. If they give us a bad address, then the fee automatically goes to $150. 25% of the addresses they give us in upstate Vermont are screwed up, so this has lessoned the amount of time we waste. They have started going back and checking with their "CLIENT" to guarantee the address. Still, someone is doing the bulk of these BPOs for the lousy fees of $35 to $50 which hardly puts gas in the car. This, for us is significant because these properties typically involve travel of 25 to 75 miles. I ask for more time so that I can arrange to accomplish multiple errands in the same trip. I also find it amusing that everything is such a RUSH and then you'll see the same request for service dangling around out there for 10 days to 2 weeks before someone agrees to take it and go driving off into the boonies . . . . some RUSH!
Also, I have had to threaten to call in my attorney in order to obtain payment in some of these cases. This enterprise is a form of interstate commerce which, though loosely monitored now, could have a Federal supervisory Agency stepping in if they can't fulfill their side of the bargain and pay us our dinky little fees in a timely manner! This distruction of the Real Estate Marketplace has thrown everything into a state of anarchy so I'm now watching everything more closely.

Mar 29, 2008 06:55 AM

#12

Mary Strang

Viroqua, WI

It may not be proper to be discussing fees strategies on BPO work, could be another anti trust thing. My advise here is to please avoid the details.

Mar 29, 2008 09:44 AM

Stacy Magid

Century 21 New Millennium - Woodbridge, VA

If I can't get the BPO done in the time that is asked I don't accept them. That way I'm not rushing around like a crazy woman. There are many companies that assign BPO's that have no respect for time and they want them rushed all the time. I tend not to work for them.

Mar 29, 2008 12:38 PM

John and Lisa Marker

RE/MAX Dream Properties - Northville, MI

If you have a team...you can do a ton of BPO's in a relatively short period of time...it also depends on how familiar you are with your market and if there are a lot of good comps.

Mar 29, 2008 01:20 PM

Anonymous

FOR ALL REALTORS STILL DOING BPO FOR EVALUATION SOLUTIONS! PLEASE BE WARY, DON'T DO ANY BPO FOR THIS FLY BY NIGHT COMPANY IN FLORIDA. I HAVE SEEN A LOT OF BLOGS ABOUT THEM NOT PAYING FOR THEIR BPO WHICH THEY ALWAYS WANT A 24 HOUR TURN AROUND AFTER YOU ACCEPTED THE ORDER. THE PROBLEM THEY ALWAYS GIVE YOU A RUSH ORDER, AT A VERY CHEAP PRICE, THEN YOU WAIT 60 DAYS TO GET PAID OR NOT EVEN GET PAID. YOU CAN MAKE A BETTER USE OF YOUR TIME ESPECIALLY NOW THAT GAS IS VERY EXPENSIVE. I ATTACHED HEREWITH A LINK TO http://www.ripoffreport.com/ ABOUT THIS VERY BAD COMPANY.

http://ripoffreport.com/searchresults.asp?q1=ALL&q4=&q6=&q3=&q2=&q7=&searchtype=0&submit2=Search%21&q5=evaluation+solutions&Search=Search

Apr 29, 2008 12:24 PM

#16

Tina Merritt

Nest Realty - Blacksburg, VA

Virginia Real Estate

I recently got a call for a RUSH BPO - seemed easy enough - just a few blocks from my office and the rep said "just a short 1 page form". I accepted without research because it was so convenient to me and I know most of the properties around me so well. What he didn't tell me was the property was stripped to studs and there weren't ANY comps in a 10 mile radius! Ended up beng the toughest BPO I have ever done. I learned my lesson!

Tina in Virginia

Apr 30, 2008 12:29 AM

Dahl Real Estate Group

Platinum Living Realty - Scottsdale, AZ

Scottsdale Luxury Homes

Typically banks five 3 to 5 days to perform BPO's. They will from time to time ask for rush orders as you have obviously learned. And as you know a BPO can be completed in two to three hours.

Apr 30, 2008 03:09 PM

Stacey OHara

Realty One Advantage - Carmel, IN

Is a BPO basically the same as a CMA? Are there any differences that I would need to know about before agreeing to perform a BPO? I've been a RE Broker for 5 years but have never done a BPO. Thanks!

Oct 13, 2008 07:53 AM

AJ Heidmann ~ CRS

McEnearney Associates, Inc. - Alexandria, VA

YOUR Alexandria & Arlington, VA Real Estate Expert

That sounds like a reasonable turn around time to me, less than 24 hours for 4 BPO's is great. Some other comments suggested a 2-3 time frame per BPO, but there are always exceptions. I have had challenges finding the comps for several infill McMansion BPO's that have come our way. The automatic QC screen often kicks out a low score when going outside the 1 mile distance, so we have to spend extra time searching for something just a tad closer or trying to explain that the homes used were really the best comps.

On several occasions, I have second guessed myself after hitting the send button, but whenever I go back to see what Quality Assurance said, I've been on target.

Oct 13, 2008 08:04 AM

Eric Egeland

RE/MAX SUBURBAN - Libertyville, IL

SFR, e-PRO, CDPE

Thanks for the post Vincent.

I agree with others that you have to be careful of taking on too much, but I've done it myself. If they are happy with your work you usually get to extend 1 or 2 off them when you accept a number of them at one time.

Oct 13, 2008 01:16 PM

Freddy A. Saavedra

Essential Properties - Goodyear, AZ

Wow so many different methods for BPos around the country, Here in Phoenix I am able to do a 24 hour turnaround time with the help of assistants, I am centrally located and have been very lucky to have BPO's cvery close to my office, one of the closest in fact was only around the corner.

Oct 13, 2008 06:12 PM

Daniel Takata

Clark Properties - Sacramento, CA

What I have found is sometimes the agent assigned the BPO for some reason could not complete the assignment and needed it to be re-assigned, thus with the companies I deal with they offered an extra rush fee to complete the assignment. I have seen this more on the sites where it is first come first serve to get the assignment. Hope this helps. Aloha, Daniel

Oct 18, 2008 08:01 PM

David Saks

Memphis, TN

Broker / Industry Analyst

Drive-bys and CSA's, that ought to nab it when time is a condition in a case like this and the unreasonable expectaion of four BPO's by one agent is expected. Doggone nerve of those durn banks. :-) 72 hours might have been a little better.

Oct 18, 2008 08:35 PM

Rosemary Brooks

BMC Real Estate - 209-910-3706 - Stockton, CA

The Mother & Daughter Realty Team

It is starting to feel like the BPO companies are pushing more and more and cutting back on the fee offered for these bpo's. They keep you hanging on for a hope of getting listings. They get paid more than you do for doing the bpo!

Oct 21, 2008 10:58 PM

Anonymous

Jeanne Barad- JeanneBarad@gmail.com

I wuld appreciate it if anyone can send me BPO information, list, tips or how you got into that sector I live n Miami-Dade Florida. Thanks!

Oct 25, 2008 05:32 PM

#27

Dion Rainey

Real Broker LLC - Washington, DC

DC Real Estate

I do BPO's in Southern Maryland and Northen Virginina and I think it that it all depends on how difficult it is to find comps for the subject. If you have a townhome or suburban subdivision w/ tons of active listings and recent solds, it's a piece of cake. You should be able to knock out that BPO within two hours. It's a little different when you have one of those crazy subjects that for whatever reason, it's difficult to find comps for. In which case, a BPO can take 3-4 hours.

Oct 27, 2008 03:01 AM