Home : Blogs : Todd Jones : Todd's Blog

My hard work is paying off! BPO News and Questions.

I am both excited and terrified all at the same time. After weeks of research and searching online for countless hours, I've done it . After filling out forms and tracking down companies, I've done it. I have finally received and completed my first order for a BPO.

Exciting - My hard work is finally paying off

Terrifying - I want to make sure that I am doing them correctly. I want to rank positively among these companies.

Exiting - I received 3 orders in one week!

Frustrating - After registering 7 places, only one has contacted me so far.

Confusing - Active Rainers, can you set me straight? According to the regulations that I believe to comprehend, it is my understanding that Realtors should only perform BPOs on properties if the intent is to possibly receive a listing on that property. Or to say it another way, if the BPO does not have potential to lead to a listing, it should not be performed by a Realtor.

Is my understanding skewed the wrong way? I am just being paranoid that I will do something wrong? Or am I proactively cautious and taking the right steps to perform successful BPOs?

Comments welcomed!

Todd Jones Realtor, Selling Scranton, Clarks Summit Real Estate

Posted by Todd Jones on 12/15/2007 02:59 PM

Comments (19)

bpo, broker price opionion, real estate

19 Comments on My hard work is paying off! BPO News and Questions.

DEC

2007

Congratulations. Now you can register with 100 more companies. Your question is state specific. Each state has it's own rules.

Matt -100 more companies...Looks like I have a lot more research to do. Thanks for the imput.

Not sure if your regs are different there but in SoCal you can do bpo's for banks (REO) or courts (probate) even if it won't lead to listing. Probate might just involve family or a direct sale - or could result in the court or family listing it at some point. A bank may well give the listing to sombody who comes in with an inflated bpo the first time but after it doesn't sell they may come back to you.

Wanna share your process on how to get bpo's with somebody in SoCal who swears he won't compete with you? Good luck.

Hi Todd,

In my area, there are BPO performed that will not always lead to a listing. Realtors can take them or turn them down. I think this would be a good question to ask in the BPO group. There is always a lot of good feedback from there.

http://activerain.com/groups/brokerpriceopinions

Great news! Please share with me the companies that you have for BPOs. Also if you could send me a sample of what you had to do. I am in Northern Cal so I am no competition to you. Thanks in advance.

Again, right on and work with it! Happy and Safe Holidays to you and your family from me and mine.

Rosemary Brooks

BPO's don't always lead to listings. In fact it is hard to know when they will. Take as many as you feel comfortable doing and eventually something will pop!

Todd, congrats on recieving the bpo's. Finish the bpo's before they're due, complete the forms accurately and more will come in gradually.

Gene - Thanks for sharing. My process....Google BPO and REO in different variations. Then start sifting through the sites.

Kimberly - I will check the BPO group. Thanks.

Rosemary - check out my comment to Gene.

Cindy - Great last name!! I know BPOs will lead to few listings. I am wondering how many I will need to do till one clicks. Time will tell

Brian - Thanks for the advice.

DEC

2007

Cindy is right BPO's a re like farming the more you do the better chance for a listing.

Just a note...BPO's are done for numerous reasons not just foreclosure...in fact only 1 in 4 are for foreclosure

DEC

2007

Congratulations!! That is pretty fast work to get some BPOs. Always remember it is the pocket change you want and donot count on a listing. They do BPO for so many different reasos not just foreclosure. Consider it exta income and you get to be an expert on CMAs!

Congratulations Todd. If you got an order right away like that, you are doing better than most. If you do enough of these, they will lead to listings if you do them for the REO listing companies! It is important to remember that you can do hundreds of BPO's for the BPO mill companies and they will most likely never lead to a listing. You will become better at CMA's this way and that is and get a little extra pocket change at the same time

DEC

2007

Todd:

Just wanted to say hi. Hope you do well and wish you the best. Let me know if the companies that I sent you work out for you. Also let me know if and when you have new ones. I'll do the same.

Diana

DEC

2007

I am pretty new to the whole BPO scene, but am going to look into it! Do you think it is lucrative right now?

TODD,YOU ARE RIGHT....ACCORDING TO THE LAST ISSUE OF PAR NEWS REALTORS ARE SUPPOSED TO DO THEM FOR LISTINGS...MY COVERAGE AREA IS CLOSE TO YOURS-PIKE AND WAYNE COUNTIES....GOOD LUCK!

MICHELE

DEC

2007

Continue to do them and who knows, they may turn into listings. Remember you are being graded on your performance, so finish them before time. Once you become very good at doing BPO's you can request more $$$ for doing an order. I have requested $15-$20 more on three occasions and they accepted them each time. I have been doing them for only 3 months and have done a total of about 75. If I don't get a listing soon I am going to call or email the REO department and ask to be a listing agent. It would not hurt to ask. Before you do this, make sure that you do a GREAT job on all your orders.

P.S

I am currently working with only 3 companies:

Ocwen, countrywide and clearcapital.

Congratulations Todd!

It's smart to look into alternate ways to make income during these times. I've been doing the same by looking for alternate products I can offer to reach new clients.

Based on the comments here, it seems like you won't be getting many listings right away. But I think it's best to stay busy, bring in income, and be seen in the community. Hope this works out great for you.

JAN

BPO IS OKAY JUST TO MAKE SOME MONEY FOR GAS BUT IF YOUR INTENTION IS TO GET REO LISTINGS FORGET IT. I HAVE DONE ABOUT 1000 BPO SOME FOR BPO MILLS AND SOME FOR ASSET MANAGERS BUT NADA, NONE, NO REO. WE ARE JUST BPO SLAVES. BPO SLAVES NO REO. WE ARE BEING TAKEN ADVANTAGE OF BY THESE ASSET MANAGERS BUT THE REALITY IS THE % OF YOU GETTING REO IS NIL OR 0%. DO SOME OTHER PRODUCTIVE THINGS LIKE GET MORE BUYERS, FARM YOUR SPHERE, DO MORE INTERNET ADVERTISING. THE AMOUNT OF ENERGY YOU SPEND IN DOING BPO'S ARE NOT WORTH IT. BELIEVE ME.

JAN

I sort of agree with the last comment. BPO is what I call practicing.... they may or may not turn into REOs. Its almost a land of luck to get REOs. Once you start getting REOs they keep coming - slowly at first. Hang in there. Its 2009.... times are going to change for us all!

MAY

Which companies are BPO mills and do not lead to listings?

Leave a response…

Name:

Email:
(optional)

Comment:

What does the graphic say?