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BPO Companies 3 more to know about

Looking for BPO companies? Here's 3 good bpo companies to sign up with. I know there's hundreds of these BPO and REO companies, but only about 50 are worth the time it takes to fill out the application. Good luck.

Pro Teck

Real Trans

Safeguard Properties

Find more BPO companies for FREE bpo4agent.com Click Link Broker Price Opinion

Let us know if you had any good or bad experiences with these bpo companies.

Posted by Alex BpoAgent on 01/05/2008 01:54 AM

Comments (203)

bpo companies, bpo, bpos, broker price opinion, broker price opinions, broker price opinion companies, companies bpo

203 Comments on BPO Companies 3 more to know about

JAN

2008

Thank you Alex! I appreciate that! I have some new agents that could use that info.

Alex, thank you for sharing info with us. I will get more info and will keep you updated.have a productive week.

JAN

2008

Thanks Alex.

MAR

2008

Productive is the Key. Enjoy these bpo companies I've actually picked up REO listing from RealTrans after a while.

MAR

2008

www.bpo4agents.com

MAR

2008

Thats actually BPO4AGENT.COM Richard.

APR

2008

Thank you. I just signed up for Safeguard. I have already signed for REO Trans.

JUN

2008

Thanks for sharing. Glad I came across this post.

JUN

2008

Thank you very much all this is definately helpful in this unsecure industry..

I signed up to a couple already and got approved thru two this is now a waiting game...

JUN

2008

Just curious if anyone else is having any luck getting orders since signing up recently? I know they are overwhelmed by agents signing up and orders to distribute. Im sure its a regional condition.

Im just wondering anyone elses results with this so far.

JUL

2008

Thanks for the post Alex.

Mike, I've been getting more & more orders...but it takes awhile.

JUL

2008

Hey, You've got some great info here. I have a question about Ocwen. I just signed up with them and was wondering if they send you a email,call, etc if they have a order for you?

JUL

2008

JUST STAY AWAY FROM EVALUATION SOLUTIONS TO AVOID NON-PAYMENT OF YOUR BPO's ESPECIALLY NOW THAT GASOLINE IS VERY EXPENSIVE. IT IS NOT WORTH IT TO SPEND ABOUT 3 TO 4 HOURS AND EXPECT A PAYMENT OF $45 WHICH YOU WILL NOT GET.

JUL

2008

I done BPO for Mark to Market, they are pretty good, they call you and send you an e-mail and open for any questions.

Good Luck.

JUL

2008

I signed up with Clear Capital about a month and a half ago and I just did my first BPO for them. They paid $85 for the BPO. I haven't gotten my check yet, but I should in a week or so.

JUL

2008

I am going to sign up with www.MarktoMarket. I just signed up with www.Safeguardassetmanagement.com

Thanks for the tips.

AUG

2008

Thanks for the post Alex...you can never sign up w/ too many

AUG

2008

I agree. My husband started about a year ago. We actually bought a list and how to type manual. It only took one BPO to make the money back, so I think it was worth it. It was hard in the beginning to figure out the formula. We have two really good ones that actually provide plenty of work for us. But we are signed up with about eleven total companies.

AUG

2008

Good info...I started doing BPOs this last year to suppliment my income between closings. Ultimately the goal is to turn your BPO work into REO listings. I can tell you that the one bank that I have received listings from is one I've never done a BPO for. They're two separate businesses. Remember that if you do a BPO, the vendor probably will not use you as the listing agent for that property (if they need one) for at least 6 months. Conflict of interest. You're always building your profile when doing work for these companies. Once you're signed up...try your best to follow up even if it's by email. They want pro-active agents with good organizational and communication skills due to the task driven nature of the transaction. Lots of deadlines and paperwork.

BPOs hit the market right around the 15 of the month. When you do a BPO make sure you try to get feedback from the coordinator on your work. Ask to be put on their Active list of REO agents. Also ask if they will make notes in your file if you have done a satisfactory or excellent job on one of their projects. Follow up with a thank you email.

Also be careful of companies that ask you to do free BPOs with the promise of future listings. I know some agents who have had this work out and others who have done 10 or 20 with nothing to show for their hard work. I suspect that when they send out notices for these free BPOs they send out the order to as many agents as possible...they may be getting 4-5 BPO reports back for free. As long as agents will work for free...why would they EVER want to pay? Some of these companies don't ever have an REO department so you'll never get a listing.

Good Luck!

AUG

2008

thanks for the links. This is a good source of supplemental income in a slow market.

AUG

2008

I would also recommend First American, as I have had 5 BPO's in the past week from them.

SEP

2008

How is Erika going to handle everyone in every state......would seem like I don't hear about anyone in that accounting department! Still waiting on my April check but did talk to Erika once, surprise her voicemail box is full! Emailed her and someone will get back to me in 5-7 days great!
Slow pay is one thing. I never count on a PRTK check before 60 days but the back and forth stuff to see when you'll be paid is ridiculous!

They call me at least once a week and send a desperate email 2-3 times a week. Love the ignore button on my phone for that reason (I have their numbers programmed into my phone with the name, so I know what to do with the call) and the delete email option also, actually need to set them up for auto-trash bin.

EVALUATION Solutions has no solution on how to pay their agents! Stay away!!!

Hey,

The best BPO company that I have found so far is www.emortgagelogic.com

They pay every two weeks and it is always on time. They are awesome!!!!

SEP

2008

I have done work for HomeEq, EMortgagelogic, Clear Capital, FAARV and GooodmanDean...it is a great way to supplement your income and help find your niche!

GREAT INFORMATION!

I agree with those saying that Clear Capitol and eMortgagelogic are great to work for. ALSO www.disposolutions.com is a GREAT one.

Misty~~ what are the website addresses for FAARV and GoodmanDean, PLEASE. You can email me at katlyn57@juno.com if you want. THANKS EVERYONE!

SEP

2008

it is great that you guys share, I asked questions to some of the local agents that I have built a rapport with and they do not want to share. It is grand to find a blog that has good useful information. Thanks to all.

SEP

2008

Good morning

Thank you all for your information, it is great to see collegues helping each other. I have a couple of questions, I am in the Raleigh NC area and I can not get an answer from my BIC. 1) Does any one know if it is legal to do BPOs in North Carolina? It seems that in NC BPO are considered a form of CMA and can only be done for CLIENTS or PROSPECT CLIENTS which BPO companies are not. 2) If it is legal, are the BPO subject to commission splits?

Thank to all and have a great day!!!

SEP

2008

Thank you all for your information that you share. ALSO <a href=http://www.saffron-multimedia.com>www.saffron-multimedia.com</a> is a great one.

Thanks for all your information that you share. Also http://www.saffron-multimedia.com is great.

SEP

2008

This is not free you liar(http://www.bpoagentswanted.com/?signup=1323)

OCT

2008

I just started with working BPO's. They called me directly to do two commercial properties. Any tips is appreciated since this is the first two I will be doing.

OCT

2008

Evalonline has been (for quite some time now) hard to please and very lengthy in paying... The last one I did for them, they were not happy with REALITY so they kept asking for revisions (and had the attitude that they were the only co I had orders with), then had someone else do a desk-top evaluation saying I didn't complete the order. They paid me $15 of the $75 I was to get. I was later reassured I would be compensated the other $60 but I'm still waiting for over 2 months... Now all my emails are returned as undeliverable. I'm going to put a lein on the property if it hasn't already sold. That way they'll end up paying MORE than the $60 they tried to screw me out of!

AND they must think I'm really stupid because they keep calling and emailing orders to me. I merely tell them NO or respond to the email as ORDER REJECTED.

BEWARE of companies who don't pay in a timely manner! Keep all your emails until you're paid in full. Question the company when they tell you one price and their portal has a different price, getting a written verification of the price you agreed on. Follow-up on the slow payers.

I've been doing BPOs for about 10 years. Some companies are way more reliable than others!

I'm glad to see a place where agents can share their experiences with others so we can quit being taken advantage of!! I'm also going to share this site's address with friends in the business.

OCT

2008

Any recommendation on BPO companies in the Los Angeles county area ? greatly appreciated !

OCT

2008

I am with Protk and they are very good and pay on time and well

OCT

2008

Proteck is a fairly good company in that they do pay. However, they pay 60 days out so don't be expecting a check by the end of the month. My criteria for a good company is of course one that pays ( there are some that you will have to chase for your paycheck, is that worth your time when they have probably requested a rush order?) and secondly one that will pay in a timely fashion. When you begin you might know which ones pay in a timely fashion so keep accurate records.....write down the order # and the date completed.

I probably I'm too new to enjoy doing the forms on Safeguard.....they pay well but you will certainly earn your money!

Anyone has experience with Goodman Dean? I just signed up with them and should receive some BPO's soon. Thank you for you input, it is greatly appreciated. Have a great and prosperous week!

OCT

2008

This is funny. Evil Solutions (Evaluation Solutions) pays like crap and yet so many of you still work for them. I did ONE BPO for these idiots and didn't get paid for five months after I turned down a bunch of orders on the phone, blanket emails to agents in my area that do work for them and a few other tactics. It's not worth my time to chase $50 with these morons. There are plenty of other companies that pay without follow up at all. I choose to work for companies that pay me without badgering and threatening.

Keep working for them. While you're busy chasing money with these jerks I'll be at the bank cashing checks for other companies BPOs.

OCT

2008

Has anyone ever worked for NVMS? They aren't exactly a bpo company. I did a property condition report on a repo mobile at a sales lot, which was strange, and then I did an online sign placement on a REO that was being auctioned online. So far no actual BPO's. Anyway, I was told that the work I did in the beginning of September would have a check cut in the last two weeks of October, and October is almost over, and I haven't seen a check... I'm starting to get nervous, so I thought maybe someone might be familiar with them and tell me whether I should worry or not... Thanks

I'm still waiting on Eval to pay the $45 I was shorted for a BPO done in July!

Keep ALL your emails w the companies you do these order for -- including and copies of all reports, dates submitted, agreed upon fee, and a good balance sheet for recording names, submission dates, payment amounts, and dates of payments. If they don't pay or pay properly, you have proof that they breached a contract. Then do whatever you can legally to get your pay. If you have to file a court case or property lein, they'll end up spending much more than they would have by paying properly and in a timely fashion. Some state's attorney generals will accept & follow-up on complaints.

WARNING: A friend is challanging LANDAM because they are not paying him or the 2nd person to do the same property's bpo, now a 3rd person is doing one -- all on the same property! (Don't they know we all communicate about these orders and companies????) They don't accept reality!!! I used to work with them but have not for a very long time. They don't pay much for their orders either. My theory is that they aren't worth working with if they try to get away with chinsy fees. After all, we do all the work and spend all the money doing them. We should not allow them to pay cheapy fees -- ever. Do it ONCE and they expect it for all orders. You're not only hurting your own finances but everyone elses at the same time. Our expenses just to stay in the business are too high to allow someone to "slave wage" us.

10/30/2008 02:29 PM

by Jessica

Yes I've done work for them 1 time. It took 6 weeks to get paid!!

NOV

2008

There's a lot of BPO companies but I think only a few are really active in my area. You also have to watch out who you work for. Better do a research first.

NOV

2008

Does anyone know where I can sign up for Fidelity? I heard they are pretty good to work for, but can't seem to find their website to sign up.

NOV

I think the author also should put BPOVIA on his lists.

I used to get the favor from their virtual assistant and they are really nice.

When the first time I visited their website, I think their design is much better than other BPO companies.

The quotes are clearer and resonable. With the help of the virtual assistants and the expertised IT team, I saved much time and money.

Hence, I think you should add www.bpovia.com to your list.

NOV

Thanks for the help. Can seem to sign up with Real Trans

Keep trying, it took me a while. There is other companies out there. Dont give up.

Make sure you're using this link.

https://www.ora-rmsi.com/webtop/default.asp

Does anyone have the website for Fidelity? I heard thats another good one, but can't find thier Vendor application.

NOV

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. BELEIVE ME.

BY BPO VICTIM

I agree with this bpo victim. i've done a lot of bpos. i'm telling you that donot expect reo listing only bpo for 4 hour work for $50. agents doing bpos 2 or 3 years ago are getting the reo now. if you want reo doing bpo now ..good luck! agents are being drawn to doing bpo for reo. forget it.. it will not happen now. i know what i'm saying because i've done a lot but no reos

I average 20-30 min per bpo online. When I drive I usually hit 10-15 bpos at the same time.

Its not for everyone. But I am on my 6th REO listing this year. Plus it keeps my market insight sharp. I know where and what deals exist on the short sales, and other reo listing for my buyers. Its a slow market and Im doing better then ever.

NOV

thanks for the info! another 2 companies that are great are:

pcv murcor

integrated asset services

they pay well and are fair on the fee they pay. good luck!

NOV

bpoagentswanted.com is a money making scam, they want you to give them your information. The person who posted above was advised they would earn a commision to get other people to become platinum members. Do not waste your money.

DEC

So Cal is correct - bpoagentswanted.com is a money making scam that doesn't work. Eric - have you gotten a check yet? It's supposed to work like this - you click on Eric's link, and it sends you to the bpoagents website, and if you buy the kit, Eric gets a check. I bought the package (sucker), thinking I could learn bpos and also make money. I have tried for weeks to get support on the package and get no response from Anthony Aires, the owner. None of their email addresses work either, they all get bounced back to me.

In my opion, join NAPBOB, the education material is great, and the certification you get is a great reference.

Cheryl

Great comments everyone keep them going!!! I have just one suggestion. If you recommend a certain BPO company or resources reguarding BPO/REO material please include a link. I'm interested in looking into (above) NAPBOB, but can't find them when googling. Again, please include a link or correct web address. Thanks Everyone!!

DEC

stay away from doing bpos it's not worth it. You will not get any reo. Door is already closed. Don't be taken for a ride by these bpo mills or asset management companies asking you to do bpos . let their reo agents do their bpos.

to alex,

how do you do 20-30 min bpo. thatis incredible. donot pull my leg i've been doing bpos for 3 years and i have not done one for 20-30 min. you're full of it.

YES ALEX,

HOW DO YOU DO BPO FOR 30 MINUTES. I ALSO HAVE BEEN DOING BPO FOR TWO YEARS AND HAVE NEVER DONE A SINGLE BPO FOR 30 MINUTES. ARE YOU SELLING SOMETHING?

Not selling anything (other then my bpo4agent.com site) I cant imagine taking longer then 30 min. There is the multi family and bigger fixer bpos that could take longer. I hope less agents do bpos more work for me.

Without the code.

DEC

There you go alex, the other guy was right. You are selling something. This is how i do my bpo and pls let me know if i'm taking too much time. print subject for 2 minutes. print comps for this subject in 2 minutes check comps for at least 5-10 minute. print active comps for 3 minutes another 3 minutes for sold comps. analyze adjustments for 5 minutes.type for 20 minutes. upload all photos for 10 minutes. Remember these are minimum minutes depending on how hard to find comps.

If you can teach me your system , i'm willing to help you sell it. Pls agents are already having a hard time right pls. don' t make them believe in something that is not possible. Be nice .

I never print anything for bpos. I work with the mls and bpo screen at the same time. If you need your pictures to load faster make sure your camera isn't making images bigger then 300kb. Setting up criteria in mls correctly will give you good comps within a mile from subject.

Get out of the industrial age already. Why are you printing comps? Use half the screen for bpo and the other half for mls. Use elementary schools to find comps within proximity. Don't just sit there. Push yourself. If It was taking me longer then 30min per BPO, I would shoot my self. Practice makes perfect - but them again maybe I'm just special.

How do you use half the screen ......how do you set this up? I've heard of agents who use 2 screens but not half the screen. I finally graduated to printing listings on one side and sales on the other and I thought that was a real move forward! Mind sharing??

Alex, please let us know what the code is for. If you are selling something let us know that too and we will check it out and think about it. But first, let us know what that code is. I hope it is help that we can use to do bpo quicker without having to pay something for it. If it is, please give details on how to use it and what it does. Thanks

Yes Alex,

You know we are all doing BPO's . I know an appraiser friend who used 2 screens when doing work, you are the first one I heard about splitting the screen in half. What are the tricks Alex. If you know something we don't know then maybe you can share it with us and make our life easier.

DEC

WOW, it seems like these people on here are from the caveman era!

Printing comps to complete a BPO??

BPO's taking longer than 30-40 mins to complete?

Taking 7 mins to find out comp proximity?

I bet alex has got to be falling over in his chair from laughter =) I have a bit more sympathy for you guys since I to was once a rookie. So here is my contribution:

Step one: open up internet explorer window and log on to BPO website

Step two: open up another internet explorer window and log on to your local MLS website

Step three: minimize both windows (that box icon next to the little x in the upper right hand corner of your web browser) to half the size of the screen and complete your order

step four: STOP WASTING PAPER PRINTING COMPS FOR BPO ORDERS AND START RECYCLING

Provided courtesy of: www.BPOaccess.com

good luck to all

I'm sure "rookie" behavior is hilarious! I'm going to try the minimized windows but I'll bet it will be hard for me to break my old habits. HOWEVER, the point is for all of us rookies to remember is that agents who are making money in this business, have systems in place and know how to work fast, smart, and with great consistency in order to produce terrific results. Doing 10 orders a month might bea help to our financial misery in this market, but it's not the way to suppliment your income! I'll be curious to know how much this cuts down my time, if any. Thanks for you contrbution = )

DEC

I usually take about an hour max to do a BPO. If you're taking longer, then you need to hone your skiills.

I have a question. Has anybody done any work for Benjamin management? They contacted me the other day, and since having a bad experience with EVALONLINE, Im a little concerned about doing work for new companies. Anybody?

The time to finish BPO does not apply to every company. Some are laid back and some are so strict with their QC. Have you tried doing it with IAS? Their QC is tough. I know some agents are changing some datas to fit the companies guidelines. IAS have caught a lot of agents doing that and they were fired.

I simply refuse to do work for those companies who expect a lot for the relatively low pay they offer. Emortgage is one of those companies I chose not to help out any more.

DEC

I know everyone is frustrated with finding BPO companies. I have bought into the lies and scams on ebay and bpoagentswanted.com and more. They are true scams. Trust me, there is enough business to go around especially in my hometown for people to be given free information about BPO companies. I do agree with some people on this blog that they can be called "BPO MILLS".

For those of you who are knew, here a few BPO companies you might want to try getting signed up with. I would be happy to answer questions.

If you are not using LANDAM.com then you need to get signed up. I just joined the company back in November and have already completed over 30 BPOS for them. Now, please note, i cover a 5 county area so i do drive a distance but i do get paid $60-80.00 a BPO for them. Most of them in town i get for $45.00 a peice.

And they have great communication. I do get paid about 2-3 weeks out. I recieved 2 checks from them promptly. My first check was over $300.00!

My other companies are:
www.emortgagelogic.com (lots of my agents in my area get these and i swear one lady sits and waits for them LOL :) )

www.brokerpriceopinon.com ( i get about one or to a month from them- $40.00-50.00 a peice)

www.clearcapital.com (again many agents in my area get these and i get about 1 or 2 a month when i used to get about 10 a month!!!!!. They do pay promptly at the end of the month and range from $50.00- $115.00 a BPO depending on driveby or interior)

www.nastionsvs.com ( i get a few from them...$40.00-50.00 a peice Pay promptly)

www.marktomarket.com ( i have gotten several in the last week. They do not pay promptly...about 30-45 days out. But i do get paid and they do alot with Fannie Mae and i dont get the REO listings)

I work for more companies but i dont get alot. All in all, i do alot of BPOS. I range from about 15-30 BPOS a week and this is no joke. I enjoy doing them, and once you do quite a few for a certain company you get the routine down and complete them quicker. My average time is about 30-45 minutes and i do the "SPLIT SCREEN FORMAT!" All of this and i am still a multi million dollar seller. But i havent had a sale in all of December and the amount of BPOs i have done have helped compensate the bad December. December totals came to $2525.00 in BPOS. November was $1155.00 for BPOS.

Bpos are not for everyone. It is true that you will not get any REO listings. Most of them are being done for asset managers or true REPO agents in your town. But i would rather do the BPO then mess with the REPO listing and evictions themselves. And have you seen how much the REPO agents really make? I make more a year in BPO work than the FANNIE MAE repo agent in my office. Once he closes a deal and his average price is $40,000, he has to pay a referral fee to the asset manager, he has to split with the company and then he has to deduct his gas and time and then he gets a "check" for his commission. His average commission is about $1000.00. So split off and he makes about $400.00-500.00 a sale. And he sold 52 this year. Thats $32,000!

I hope this helps. I have been the new agent looking for business from REPO companies. I dont mind sharing my information and if you have questions, you may email me

m.wicklund@hotmail.com

ENJOY!

Michael Wicklund

Pro 100 Inc., Realtors

Joplin, Missouri

DEC

Michael and everyone else, thanks for all the info. I have applied with several companies today. I hope to do more tomorrow. I will look at other companies not on this list, but I will ask them for realtor referrals to verify they pay.

JAN

Interesting how there are differences of opinions on the different companies. Who's really good and who doesn't pay. As to the amount of time it takes to do a BPO, I think each one is different. If it's in a tract subdivision or condo/townhome complex and you live in a larger city, then it should only take about 1/2 to an hour to do the BPO - perhaps you don't know how to use your MLS website as effectively as you can and could take a class? Our MLS and many title companies offer free classes on how to use the website. Or, perhaps you're doing far too much thinking and analyzing of the figures? I mean, one 1800 sq ft tract home is about the same as the next 1800 sq ft tract home. Simple formula: locate your subject property, then do a map search with a radius of a mile with approximate square footage input. If you don't have enough homes, increase your radius in 1/2 mil increments. Then, kick out the high and low priced homes and you're almost done. This should narrow your initial search down to a manageable # to start reviewing.

If you have high end custom home areas like I do, these usually take double that time - but certainly no longer than 2 hours. You really need to read the entire listing because of differences in upgrades, subdivisions, etc. But, the longest one I've ever done was still only 2 hours.

Good luck to you and have a great 2009.

JAN

Thanks to everyone for sharing their information and their experiences -- I want to warn of one

company I did Three (3) BPO's for and never got paid --- chased them for a year without

success --- BEWARE -- http://www.iprops.com/ INTEGRATED PROPERTIES

Jeannette

OMG...I wish I had read this before doing BPO's for Evaluation Solutions! They've never paid me, but keep asking for new BPO's. No answer on their phone- no responses on emails. When they call asking for the next one, I'm gonna give 'em hell.

However- I LOVE Goodman Dean, also do LandAm and ProTek. I might try some of the others you've recommended.

Susan Bovey

ERA, Woodland, Ca.

JAN

Thanks for the info, between the list here and at www.BPOaccess.com I think I signed up with just about every company out there.

JAN

I just want add www.vss20.com. They used to send back all my bpo but, now I understand what they want...explain...explain...why I have to use a comps that is one mile away from the subject property? I have done some also for www.farvv.com . www.marktomarket sent me many request but, when I try to accept those bpo are already cancel. My favorite company is clearcapital, I average about 40-50 bpo's per months.

Suggestions, when you take the photo, please use a digital camera, at least 5 megapixels and do not use your PDA.

JAN

Thank you for that information. This is my first repsone to a post on Active Rain. I think this idea is exception and I look forward to gaining more infomation, knowledge and insight into the world of BPO's.

Michael

JAN

Thanks everyone for your insight on who to ask fopr BPO's and who to steer clear from! I appreciate your help. I am a veteran agent that had health issues last year which took me really out of the real etsate game for the better part of the year. Now I am looking to make a little extra money doing BPO's to get back into the game. But let me ask....did you email these companies asking to help, or did you call them on the phone?

After a couple emails and phone calls, I finally received a check from eValuation Solutions. However, I've taken my name off their list: I don't need to fight like that for every paycheck.

I've been doing BPO's for Goodman Dean for years before the market turned and they started giving me REO listings. And Goodman Dean pays quickly and reliably. They called ME years ago to start doing BPO's. I'd recommend going to the better company websites and signing up online, uploading your license and E&O info. Once you're in and receiving orders, make sure you complete them on time and respond to them when they need it, to stay in good standing.

JAN

Probably some of the advice you could give Susan. I suppose most of us who are relatively new at this, and are working hard to establish ourselves with several companies, occasionally forget good advice, by applying to every company we can and then accept an order without thinking! It's a tough market and unfortunately like our regular real estate business, because of the competition in some areas, we may not all get to work for some of the better companies. ( several great companies are not and have not been taking applications in my area for months!)

Persistence in applying, patience in waiting for orders, and consistency in your work are the best things you can do to get started. Once you've gotten the orders and info, remember what that you don't have to take everything from every company!

Both whatever it takes! Our area is saturated with agents I email, I call, talk to whoever I can.....the assigners have no idea who you are, reiterate your experience, desire for work and assure them that they will be glad they gave you a chance!

I have decided that BPOs are a waste of time for me. I can not see myself spending anytime on them when I could be working with a buyer or looking for a buyer during that time frame. Nothing against those of you that do work with them, but its just not for me.

Working with BPO's and getting REO listings is what kept me afloat in 2008! I sold most of my REO listings in 30-45 days because they were priced right (must have been my good BPO's!). The market is a bit quiet in my area right now, so I don't mind the business!!! Even if I just do BPO's, it pays the payments on my SUV!

As a brand new agent, will the companies still talk with you and send BPOs or are they looking for the experience?

JAN

Same with Brien Berard, I think BPO'S are a waste of time for me too. I feel that after doing BPO's for a year and not getting a single listing I guess that is enough for me. I have done BPO's for Goodman Dean, IAS, Ocwen but no REO listings. BPO's are good if you get REO's. But in my area, I feel that these banks and asset management companies have their own favorite REO agents already and won't change or add anymore new agents unless they screwed up. With all the loan modifications, loan mitigations being done by those attorneys without too much case on hand, I feel REO's are harder to come by for agents like me and especially to the NEW AGENTS! If I feel I was late joining the REO bandwagon, I guess those new agents are way, way too late. I don't know how many agents are on line before me. I feel working with Ready, Willing and able buyers are more productive for me money wise and time wise. I have nothing against those agents who are doing BPO's and getting REO's, or agents doing BPO's because they have no other business. Last year all I did was BPO's and those agents in my office who did not do BPO's and concentrated on working with buyers make a lot more, more, more money than I did. This year it is my turn to make more money by declining those BPO's.

this guy is right. i am declining bpos and going into traditional real estate since i cannot get reo listing which i have been chasing for 2-3 years now. If you are talking about effective and efficient income producing management . BPOs are out. donot belive those guys doing 20-30 minute bpo. you probably can do it but i can bet my house that it is a lousy bpo . I would like to challenge this guy who does 20-30 min bpo. Here are the rules:

1. We gather 25 bpo agents to witness this challenge

2, give alex 3 properties and alex doing each one for 20-30 minutes.

If alex is reading this , i would like to know if he will accept this challenge and start doing it. this will finally resolve this 20 -30 minutes bpo.

i forgot some other additional rules. we will use eval sol forms, disp sol forms or ias ( agent know these co). loser will pay for the plane fares and accomodations of the 25 agents

HAHAHAHAHA really cute! Hope you get some takers! BPOS take me an hour at a minimum!

JAN

Yes, Alex use eValuation Solutions form, IAS form, FNMA forms, IREP forms with adjustments, attached subject with attached comps, detached subject with detached comps, homes built after 1945 within 10 years of YC within 1 mile for suburban area and show us how you do the 30 minutes BPO. And by the way if you get an IAS order and it is listed you are supposed to do an automatic Interior BPO for the same price as an exterior BPO, MLS Printout if listed within the last 2 years attached to the order. Let me see you do a 30 minute BPO. Some agents are trying to impress and confused the minds of new agents wanting to do BPO's that it only takes 30 minutes to do one. It is not easy and it takes a lot of time to do an accurate BPO's because you are accountable to QC's. And please those agents who are CHANGING DATAS TO FIT THE GUIDELINES required by the BPO & Asset Management Companies, stop doing them because sooner or later you will get caught and you will get fired.

I just did a couple today. 30 min a each. Not sure why its such a big deal? Forget about it already and go make some money.

30 minute BPOs? How accurate are those? In this market we need to be ethical and diligent to help the people we serve. I don't understand how a 30 minute BPO can be either. Not saying that you are not doing your job, but I could not do a decent job in 30 minutes.

I also got three contracts ratified last week and wrote two more offers this week.

Alex is right! The more you do, the better you get! Pros have systems in place, I'm not a pro yet so I ring a bell when I do one in less than 45 minutes!

Some people have no problem making 10 calls to FSBO's in 30 minutes to me it seems like 30 hours!

Forms and comps are everything...if you have a subject on a main drag in a rural area on 1 acre of land, gla of 1100 square feet you may have a task in front of you, a bungalow in a suburban area of high inventory,,,,,you're out the door

Some companies have terrible forms.......we've talked alot about slow pays but the companies with horrible forms and long time uploading for pictures are close seconds.

The person with the previous comment about the contest for Alex might consider stand up real estate comedy! They seem to have a niche!! hysterical!!! lol

I think I have said this before in this blog, but I'll say it again.

I've been doing BPO's and REO's for over seven years and I have NEVER had a "30 minute" finish time. MAYBE, if I lived in the city where there are sudbivisions and comps are a dime a dozen it may be different. HOWEVER, I live and work in a very rural area where I'm lucky if I can find a copm in under 10 miles AND then MAYBE, it has closed in the last 6 to 9 (even 12) months! I have to justify out the kazoo but they get passed, I don't lie about values, I have hard facts to support my opinion AND I have worked for four of the companies for over six years and YES, I do get listings from them as well...not many but I do get them.

Good for you guys that think they are a relay race, but I would rather have a report that I have no doubts about the value I have placed on the subject property in question.

Have a great one and HAPPY SELL'ng!

OH, I just noticed! This post had a birthday and we ALL missed it! (LOL)

Happy Birthday Balloons

I hear you!! I live in a suburban area but I have friends who do them in rural areas ( that and the few rural ones I have done) would probably make me reconsider what I'm doing...( I have since closed in on my zips and territories and don't take the chance of getting a rural subject) I feel your pain. You must be doing a terrific job ie your continues work and listings. Unfortunately our markets dictate our inventories and work......

BPOs are not for everyone!

to alex and to agents doing 30 minutes bpo WHY DONT YOU ACCEPT THE CHALLENGE TO SETTLE THIS ONCE AND FOR ALL..THERE WILL BE NO END TO THIS 30 MINUTE BPO DISCUSSION.

IF YOU ARE REALLY HONEST IN SAYING THIS ,,ACCEPT IT..WE NEED ACTIONS .. NOT DISCUSSIONS

I just might make a little video and sell it. Sounds like there is a market for this. Look out for it in the next six months or so. I'm a little busy at the time.

I'll call it "30 minute BPO" - Video format - $10 a download. Maybe even free with my 200+ bpo companies list ebook I sell on bpo4agent.com

Why not? It just might be my technique. If someone stills this idea you know where it came from.

That was Alex

I WILL NOT WASTE YOUR TIME FOR THIS CHALLENGE/TEST... I'M WILLING TO PAY 3 TIMES THE AMOUNT OF MONEY YOU MADE LAST MONTH FOR DOING 30 MINUTES BPO. PAY YOUR PLANE FARE AND ACCOMODAITONS AS LONG AS YOU CAN DO 30 MIN BPO.. IF THAT IS NOT ENOUGH /PLS PLS LET ME KNOW WHAT ELSE YOU WANT TO ACCCEPT THIS .I'M OPEN AND FLEXIBLE BUT REASONABLE AND REALISTIC.. I HOPE TO HEAR FROM YOU SO WE CAN HELP EVERYBODY DOING MORE THAN 30 MINUTES BPO.. THIS IS A WIN WIN SITUATION

Whaaa?

I'll try to put the video together sooner to shut some people up. In a nice way.

If you got 5k x 3 I'm in.

opps

I love this you guys are hilarious!! I would even bet you are in this together!! lol

nope

GOOD. THIS WILL BE FUN AND VERY ENTERTAINING. WE'LL INVITE GUEST FROM BPO COMPANIES TO BE JUDGES ,BPO AGENTS. WE'LL PUT MONEY IN ESCROW WITH INSTRUCTIONS TO PAY ALL EXPENSES AND THE REWARDS.. 15 K NO PROBLEM..

LET'S DO IT.. ANY AGENTS INTERESTED IN JOINING TO BE JUDGES OR GUESTS?

When will it be? I'll have to do a couple more bpos a month to save up How about July it's was my slowest bpo month this year.

Easiest money I'll ever make. Set it up son.

To Alex;

some rules on the 30 minute bpo . timer will start upon receipt of the order.

1. photos of subject front, address, street (strictly no mls photo)

2. 3 recent active listings, 3 recent sales mls photos acceptable

3. make adjustments

4. if reo short sales listing are used. ratios of reo, short sales and regular sales in the last six months Are these acceptable?

char and jim will be one of the judges..

I forgot .. this will be a one man bpo no other person involved

this is typical of agents doing bbpo only one man bpo

I'm telling you this is the most fun I have had doing a bpo and it's taken me almost an hour but there have been a lot of laughs; I still thing mr or mrs anonymous is wasting their time in real estate and should get on a comedy show or branch out to You tube...I'm sure you saw the Christmas song for realtors, there's got to be something you can do for bpo agents!

As for being a judge, are we limiting Alex to one monitor or will he be able to use as many as he uses at his home office??? Because.........if I decide to take side bets on this, I want to know what the odds are.

ps where is slo broker when you need him??

Call me Frankie: i am slowly revealing my identity.

Just want people not to be guilty of misrepresentation, we have a general duty to be truthful. not hide material facts

yes char and jim he can use all the monitors he wants to use but it is only a one man bpo for 30 minutes

odds that he cannot do this is :8/1 right now

i am not wasting my time in real estate. i just want to put things in their proper perspective. it is not right for people telling other people something that is not possible. we need to put his (theory ? or actual experience?) so other agents can benefit.

by the way the reason i want to know if 30 minutes bpo is possible, i will be benefiting on this coz i do bpos for more than one hour maybe more than 2 hours . i can save a lot of time and money if i can see with my own eyes how a 30 minute bpo can be done by only one and only one agent.

frankie

OMG - you all are too funny!!!!!!

As a couple of people have said before, if the house is in a typical, tract subdivision with tons of comps, then 30 minutes (without driving to take the photos) is very do-able. However, when it's a large custom home on a large lot or rural or "unique" to the area, they do take longer to read the MLS information -current and present listings. And, then there's the totally trashed ones - at least I haven't found any dead people, yet!!!!! Just about every other dead critter.........

I do have a suggestion to everyone actually doing BPO's. I used to label my MLS photos with the address when I uploaded them to My Pictures. Then, every other day, I would go through and delete them - very time consuming and frustrating. Now, I label them list comp 1, 2, 3 & sold comp 1, 2, 3. The system states this file already exists, are you sure you want to replace. I click yes. No more having to go through and delete!!! I'm only sorry it took me a year and a half to figure out this time saving step. And, it sure saves on the hard drive memory.

Hope this helps some of you.

Juli Vosmik, Dominion Real Estate, Scottsdale, AZ

The more discussions you have about this 30 minutes junk BPO, the better rating and points Alex received. Which companies do you do this 30 minutes BPO for Alex? Are you not changing any of the datas to fit the guidelines. What about adjustments, pulling out comparables, checking the market trend, checking how many REO/SHORT SALES are in the subjects's area, comments (Do you use canned comments), valuation, photos download, and making sure you did not miss anything. Can you do a 30 minute BPO for Integrated Asset Services, Clear Capital, emortgage Logic, eValuation Solutions without being QC'd? Are you in a rural, urban, suburban areas? If you are that good why don't you do a DVD/Manual of How to Do a 30 Minute BPO and sell it on ebay or even in Activerain. I am sure a lot of agents will buy it.

I will buy the DVD if it's under $10 and takes less than 30 minutes to review

I will buy it as long as it will help us agents do an accurate, 30 minute BPO without being QC'd.

LMAO, Char & Jim.

As to the anonymous posting just prior, I would strongly suggest you take a class from your MLS - some of that information can be quickly generated after you put in your address, then map your area. At least mine can here in AZ. Perhaps you're not putting in enough information into your search engine to get true comps? I don't know your area - I'm fortunate enough to have a HUGE supply of your basic, vanilla tract subdivisions. But, I also have very high end, custom homes in guard gated communities and rural horse properties - those are the time consuming ones. Of the 19 BPO's I had to do for this weekend, only 3 of them took longer than 30 minutes - not including the driveby and/or interior inspections. That took 2 hours of driving on Friday and 3 hours today. So, my total time was 15.25 hours and I made $1460 for two days work - a rate of $95/hr. As we discussed, some unique properties will take longer, but it all averages out. I'd rather do BPO's sitting here at home in my pajamas (except when I go out to take photos) than deal with some of the unrealistic sellers and buyers out there - not to mention all their "wonderful" personalities.

Oh, another tip to anonymous: to get your marketing trends, in your MLS search, put change of status time ending 6 months to a year ago. Pull up a quick CMA and you'll have your general values. I write that down on the back of one of my old listing flyers (thus, recycling - I NEVER print anything any more, but did when I first started). Then, I put in status change time of 6 months to current, and pull up the quick CMA. I simply compare the values from 6 mos ago to present. Jot that down on the back of my listing flyer. Then, I do the current 3 months - again the #'s for the trend. Thus, you'll know if your market has continued to decline by 10-15-30% (like sections of Phoenix.) Let your MLS site do the work for you.

I'm sure other people have a few quick tips to provide which will speed up your times. Not that it's a race - accuracy is what the companie are looking for. And, don't EVER change any dates - if they're outside the 3 month perameter most want, simply explain why you had to exceed "normal" guidelines. But, be truthful. I explain that I started my search within 1 mile and 3 months and had to expand to 2 miles and 6 months due to a lack of comparable sales - or for whatever reason you expanded past their normal expectations. If you explain, explain, explain, and did I mention EXPLAIN, it will help the QC people understand that you truly searched and that you understand your market.

Hope this helps.

Maybe Julie you can do the DVD/Manual rather than Alex. You are giving more tips than Alex. He just says he do it but donh't explain how. Julie you talk the talk and you walk the walk. Way to go.

Thank you. I can honestly say, when I did my first BPO, just the input part took over 3 hours and I hadn't driven to take any photos. I said that was totally ridiculous and I needed to find another line of work - I could work at Starbucks for more money per hour!!!! However, it truly does get easier and faster with time. Your best tool is your MLS site - see if your title companies or MLS is offering any courses - they're worth the time!!!! Equity Title here in Scottsdale does a WONDERFUL 1 and 1/2 hr presentation - not a lot of time out of my day to learn how to save time on all the BPO's that I do. Well worth it!!!

Good luck.

Now this is what this forum should be about.....helping each other. No matter what our markets are, we all have tips to share. One point you might consider if you have a new order, is that all though you may want to get a jump on the order you receive at 8 at night, unless you have a pretty recent a previous mls of the subject you can feel pretty confident using, you just might want to wait until the next morning when you get to your photo shoot. I have found in MANY cases when I first started, I really needed to SEE the subject to pull the comps. It's surprising how many times I was fooled by the county records, which didn't have the garage conversion to an addition, a rebuilt structure or acknowledgement of deck or new siding which totally gave the subject great curb appeal and may have changed my opinion of value. Sometimes what was listed as a ranch, was a split level, etc.

I know many times the subject is just what you expect it to be, but I remember one of my first orders where the subject was listed one unit and it turned out to be a double........I had to start all over after I tood the pictures!

Char or Jim,

Does your MLS site take you directly to your public records? Ours does and it's so helpful. But, I agree 100% - I don't normally give my final valuation until I've driven to the property and made sure what records I used were accurate. If it doesn't, I would go to your MLS board and ask them to review newer/different MLS sites. When we first switched over just last year, there was a lot of screaming and moaning. Isn't change always painful? But, the link to public records is a such a time saver.

Hi again this is frankie,

there is no discussion about mls tips or how to work the mls in the 30 minute bpo challenge . somebody must be missing the point. i want to see a 30 minute one man bpo done and i'm willing to pay the price if i can see one.

still waiting for the acceptance from alex or anybody who can do a bpo in 30 minutes. ...i totally agree with char and jim about agents helping each other. however, i totally disagree with agents misleading other agents. that is the main point of this challenge.

to juli will you be accepting this 30 minute bpo challenge since you can do also a 30 minute bpo?

Pls. remember the rules earlier

To Juli,

since you are good at giving mls tips, how do you pull out market share of REOs, short sales and regular sales with high level of accuracy?

doing a filter in the agent remarks section or property description/features does not give me a good ratio?

pls. let me know how you get their market share the easier way?

frankie

JAN

Frankie,

To get market share, I use two methods. The first is the statistics given to us by our local title companies. I am on the email list of three different reputable title companies who give out statistics weekly. Thus, I know that in my market, 72% of all transactions are either short sales or REO's. So, for most of my generic tract home subdivisions, which I estimate is 90% of my work, I can simply apply that # to the # of comparable comps I've pulled. The second is to simply review the line in our MLS which tells us the type of sale - short sale, REO/bank owned, RELO, etc. It's only 1 line and is very prominent. Our MLS is very adament about that one line being filled out - so it's a 1 second check on the comps I've pulled. Of course, it's only as accurate as the agents, but then, all the information in MLS is like that. I'm guessing there's one or two out there that I miss, but the overall accuracy is a good picture for the BPO.

I suggest you check with your title companies to ask them if they have any statistics for you and ask them to put you on their mailing list.

As to the challenge, I say again, it's not a race. However, the searching and data input of most homes can be done in 30 minutes - this does NOT include the driving to take the photos. But, when I go out to take the photos, I'm usually armed with 3-8 on my list to take. I preprogram my GPS (cannot live with out this.) Then, I drive from north to south and east to west with a propgrammed route. It takes probably a minute to program each into GPS. And, I map out all my homes in MLS before going to confirm my route if I'm not sure. A little more time in preparation, but less time on the road. Thus, I'm not backtracking and going north when I should be going east.

And, a drive by is a drive by - I don't get out of the car to take photos, unless it's just too hard to get a photo. All that stopping and getting out and walking adds up time. Just roll down the window and shoot.

Oh, and I type 110 words a minute!!!!!! My mom insisted I take a typing class in high school - thank you mom!!!!! So, I'm guessing if you hunt and peck on your keyboard, that would take a little more time.

I would like to ask you a question - where is all your time spent? Searching for the information in MLS? Are you in a rural/outlying area or do you have mostly tract home subdivisions? I know that when I have to do my odd, unique, high-end custom, horse properties, doublewides or anything strange, the time can sure increase because an accurate BPO does require really reading all the comments and reviewing the pictures. And, on the homes which need repair, I have to guesstimate the repairs or call Home Depot to ask what a replacement door or whatever will costs, if I don't know. But, I've done enough home repairs on my own to know some of the basics. And, I've asked my trashout company and handyman for some figures so I have a general idea. But, yes, that does add time. So, I prefill everything I possibly can, go out and do the photos, then amend anything I need to change and give a final value.

I enjoy doing BPO's because I like working with numbers and because I like to keep in touch with my market. When someone asks me what's happening in such and such subdivision, I can give them accurate information and sound like a much more professional agent than others.

Anyway, if you want some more tips, let me know where you're struggling. I'll be more than willing to help you.

We must also keep in mind that were doing a $50 drive by broker price opinion. Not a $500 appraisal.

blah blah blah blah ..issue here is 30 minutes one man bpo from end to finish.I can't understand how you can do 30 minutes bpo and you cannot understand the issue. .. yak yak ayak yak

thanks and goodbye

frankie

so does this mean we will never learn how to do the 30 minute prize winning, qc passing, ethical and reliable bpo?? OMG! are we doomed to taking 1 hour or more to complete a bpo?

I think the answer is clear, most of us are taking a lot longer than 30 minutes to complete bpos. It's not for everyone. Some agents might be shuffling off 30 minute bpos for the mills but I really don't think if they are out to get listings that they are doing them in 30 minutes. I might be able to do a LA order in a high inventory suburb that I work regularly, but I know that if I have to do a form with adjustments for IREP it might take me 2 hours! Big difference. This subject is too difficult to generalize on what is being done, for which company, one which form, and which system.

I just did 3. Land America H Forms - typical homes for my city(had an old box, ranch, dayranch). They will pass qa - I know cause i've done many many many. I dont change any facts, years, miles, all real facts.

I think I should be asking why some of you guys take up to 2 hours to do a bpo. That would an interesting video to see, on how not to do a bpo.

Juli you give more detailed explanation better than Alex. If you have tips and tricks to do a 30 minute BPO can you do your own blog on how to do it so you get the points and credit and not Alex. He is just using us to raise his rating. Juli please do your own blog so you get the credits. Thanks and best regards.

I have taken your suggestion and started my own Blog about BPO tips - please search by key word. I welcome all of you to join me with suggestions and tips on how to streamline, but strive for accuracy, on BPO's. I know it was very frustrating for me when I first started and no one would help me - they just said, "You'll get used to it." The first posting is just stuff I've already said, but I will be adding as we go along and hope you all will put in your tips, as well.

Well, I'm used to it and learned it the old fashioned way - trial and error. However, I hope that I can help with tips and look forward to learning from others, as well. Maybe my way doesn't work for you. But, perhaps a few tips from me and others will help steamline the process. And, I'm sure, you'll learn what way works best for you as you continue to work BPO's.

They're not for everyone, but if you learn how to do them effeciently, they can certainly supplement your income and you get to work in your jammies from home.

"they can certainly supplement your income and you get to work in your jammies from home."

And that my friends is the best thing about Monday morning bpos! = )

FEB

This was alot of info, and I plan to get involved with BPOs. It can't hurt your exposure, and extra cash is always good.

FEB

The biggest thing I have noticed in the BPO market is that there really is no need to pay for expensive lists of companies to sign up with. Spend a few minutes with good old google and you should find what you are looking for.

FEB

Alex I am with you - the 20 - 30 minute BPO is standard in my book. I know my area very well. I have an amazing MLS with Tax records attached. I have a custom template on my MLS just for BPO's. And I try to never spend more than 30 minutes on each. I do about 150 BPO's a month and have about 9yrs experience. If you work with the right companies you will get the reo and it always pays. -oh yeah don't get me wrong for about every 10 I do I get hung up on 1 for about and hour. I also average 3-5 reo listings a month they typically close in less than 90 days.

Also some advice

I do pictures on Mondays Wednesdays and Fridays (I take lots notes)

On Tuesday Thursday and sometimes on Saturdays I sit in front of the computer and hash out the BPOs.

To make life easier you should take an MLS class (even if you think you are experienced) and set up templates and custom searches.

Also at a minimum I recommend 2 -3 computer monitors with the extended desktop. This is key.

And remember try to never change comps after you type them into the form - in my beginning years I would spend hours refilling out forms - now I always pick the right comps the first time.

Not a computer geek but would like to know if anyone can hook up two monitors to their computer and work two different screens I have also heard of some bpoers who have a very large"split" screen.

Who would be able to help me get two screens set up? any suggestions. Thanks

bestbuy -- you most likely need a video card with two outputs and 1 more monitor. about $200 total (this will be life changing trust me)

Also for the record I do occasionally do BPO's from my laptop (only 1 monitor) and it takes me about 30 additional minutes per BPO. (YOU SHOULD HAVE AT LEAST 2 MONITORS ATTACHED to your computer if you do volume bpo's) and learn key commands - I almost never use my mouse from start to finish on a BPO. Also I also use Google Chrome for the browser (spell check built in).

I use a large flat screen, and reduce the windows by pulling in the top/bottom & sides with the mouse to fit 2 windows on 1 screen, and bounce back & forth as I fill. However, our tax assessor has our records hostage: it takes at least a day plus $4/record to get characteristics. If I can find the listing in MLS archives, I'm home free. I live in a town of about 55,000 - it takes a few minutes to hop in the car & go take photos. I only usse MLS photos for comps.

For additional computer tips, check out my blog on BPO completion tips. #2 deals specifically with computer usage and data entry. Hopefully, it will bring down your times.

Juli

FEB

Okay, I'm new, I'll admit it.

I just finished my 4th BPO for Eval. Took me 5 hours, and I'm fairly smart and everything. I can't believe I just found this forum, found out I'll never get paid, and spent 5 hours researching comps on a run down shack that was never worth the $150,000 they paid for it 2 years ago.

Alex, can you help me?

Hello Marie,

Alex cannot help you. I was in the same position like you when I was starting. What I did was I send emails to the persons who ordered the BPO's, the accounting department and never stop bugging them until I got my check. I got my check after 5 months of doing the BPO's.

If you can find out the emails of the Pres. & the Veep then send them emails also.

Well, I guess it's live and learn. I will give the email blast a whirl. Thanks for the support!

Make sure eval has your w2

Yeah right. W2 is always the excuse eval give to not pay agents. Do you believe them Alex. I am sure they always have the agent's W2.

Alex ist W2 or W9?

ALEX IS IT W2 OR W9?

Not sure - contact accounting. But I dont work with them.

FEB

I did the W-9, but Alex doesn't work with them, so it sounds suspect to me. As I said, live and learn.

Yes, make sure you have your W-9 on file with them, as well as a copy of your RE license and E&O insurance carrier and effective dates of policy.

It took a little bugging, calls and emails, but they finally paid me for all of the BPO's (over $1000 worth!) However, I took my name off Evaluation Solutions list, and now only do LandAm & Goodman Dean (my favorite).

Yes, my paperwork is in order. I double checked. Now today I get one from www.Hometrustnation.com. Are they trouble, too?

FEB

Thanks for the info, Alex

FEB

Another good agent referral and bpo company is www.realnova.com . They're more of a referral company but I've received some good BPOs from them.

Jeri

I'm not sure paying for business is the best avenue for receiving orders. What do they pay per order?

FEB

Thanks for the list. I will check it out and see if there are some I have missed.

MAR

If you are still struggling w/ BPO's & spending a lot of time on the reports, then I CAN HELP YOU!!!!!!!
My BPO Team & I have been doing BPO's for a long time now. We work with almost all BPO companies & are very familiar with their forms, online systems & requirements.

Send over your california BPO's or Acc. Login's along w/ photos & we will do your BPO's for $25/piece.

This way you can focus on picking more volume of BPO's....& free up your time for family....

Forgot to give. You can email me your BPOs, Questions & concerns to CaliforniaBPO@yahoo.com

MAR

to all agents doing bpos;

this is my advice go back to basic listing and selling real estate.. you will make more money than doing bpos.. bpos are for agents who are having a tought time in today's market. there is no big bucks in doing bpos. you will not get any reos from the bpos especially if you are just starting now.

Thank you mystery person. But no one said you cant have listings and do bpos. I actually have plenty of buyers and sellers through my website - actually trying to give my buyers away now.

But still do bpos and have reo listings. I stated doing bpos pretty often in 2008 and thats when I started getting my REOs.

If you didnt have success. Then please keep your opinion to yourself. Plus if got something important to say and want people to take you seriously dont hide your profile.

Come on Alex. You just want to sell these new agents your bpo4agent.com for $29 and that's where you make money not on BPO/REO's. Don't pull our legs because you are busted.

Alex you are just a snake oil salesman trying to squeeze penny from these gullible agents. bpo4agent is a junk

I was never hiding. Not sure whats busted here. So I have the most visited BPO resource site - big deal. Im actually proud of it.

But that doesn't mean my main stream of income isnt from real estate. If I really needed your comment gone it would be; after all this is my thread. I'll go ahead and let you speak. Just dont think you know all the facts - for people that want to work hard and really go after this - I'd say $400-600 a day is very possible. 10-12 hour days sometimes 7 days a week is hard. But taking advantage of a down market - when unemployment is at an all time high and making up to $500 a day is not small scratch for most. Actually I dont know many traditional agents that make that much these days. I guarantee you there lots of agents that will agree with me. But wont say anything cause they want to keep the pie pieces bigger. Thanks for your time.

Just wanted to remark on the "Alex you are just a snake oil salesman trying to squeeze penny" quote. Aren't we all snake oiled salesman - you do sell Real Estate dont you.

“And why do you look at the speck in your brother’s eye, but do not consider the plank in your own eye? Or how can you say to your brother, ‘Let me remove the speck from your eye’; and look, a plank is in your own eye? Hypocrite! First remove the plank from your own eye, and then you will see clearly to remove the speck from your brother’s eye.”

Matthew 7

Bpoing isn't for everyone. Yes you don't make a ton of money and no you probably won't get listings in this market if you just started as I did. The biggest dilemma a real estate rookie can fall into is avoiding doing regular real estate lead generating because he is doing bpos. It's a system. 1 system to make money. You need to do bpos in the evening or early morning hours when you might not be working other systems you need to keep yourself a float in this tough market.

Everytime I have a good month bpoing, I can usually say, it would have been easier to sell a house! Heck I'm running renters just to keep on the boards!

I don't think it's easy for alot of agents right now, it may not mean we aren't good agents, I hear all the time even seasoned, experienced top agents who have always worked their systems say, I'm working harder than I ever have!

As a Realtor who is primarily a stay at home mom, I would like to say that even though I didn't have a single listing or sale with a buyer last year, I still made 12,000 from home working part time, kept my boys out of daycare, supplemented my husband's income, and frankly, I had several compliments from contacts at these companies... So bpo's are awesome, and if you think they suck then please, don't do them and leave them to the rest of us who will do anything we can to support our families.

MAR

Hi,

Great blog and responses. We rarely get REO from the BPO. I want to improve those odds.

Do those paid services work? They promise that lenders get to see your company info.

Joe

MAR

Thank you for sharing your research. I appreciate it.

MAR

Check out BusinessWiseBPO.com They are fantastic. Not only do they pay a bonus for on work time, but they even allow you to sign up as a preferred broker to get orders early!

www.businesswisebpo.com

It's a cool concept I have not seen in the bpo industry before!

John

APR

Thank you for the BPO information.

I have noticed some comments about legal liability in doing a BPO. Can anyone go over some of the risks involved in completing a BPO?

Thanks for your input!

APR

Wow, that was hillarious! Thank you Alex for the post, the caddiness in our industry never ceases to amaze me. As for me, I'll keep on BPOing, listing, and selling. I'm making more money than I ever made in the "good market" doing all three, the more streams of income you can generate the better! Also, to the new BPOers out there, it gets much easier with practice and the split screen or multiple monitors is a must!

APR

GREAT ADVICE, THANKS

APR

Brandy,

How many BPOs can a pro complete in a six hour day?

Have you been able to see BPO turn into REOs?

Thanks,
Joe

APR

I have been doing BPOs for 15 years. I never expected it to lead to REOs, and I have not been disapointed. However, I do have a few tips to share. I am not selling anything, except homes.

Tip 1. Check out Robo-Form. It is a cheap software that will AUTO fill bpo forms that you repeatedly use. That means you don't have to fill in the same items repeatedly. Also, it will retain all of your log-ins and passwords. That is how to snatch BPOs from a blast e-mail.

Tip 2. I have signed up on nearly 100 sites. They are like our clients, some stink, others are fine. Be selective, and if you clash with them, move on. Delete your info from their site and forget them.

Tip 3. Stop printing out your comps. Either get 2 monitors or resize the windows. Try Alt-Tab to hop back and forth quickly from site to site.

Tip 4. Think about the BPO you are doing as your platform to advertise your services. An asset manager is looking at it. Will he remember you? I watermark EVERY photo. Do your homework. The BPOs I do often have the AM's name right there. Google the lender, call them and ask to speak to that AM. They have gatekeepers, but act dumb. Hey, we are all realtors. Dumb comes easy.

Tip 5. I do a ton of interior BPOs that are pre-listed with REO agents. Get friendly with them. They will never share their contacts, but they offer valuable insight into how AM's think.

Tip 6. When you are doing a BPO, think about if you have a buyer for that property. If so, don't be shy about asking for the listing(you won't get it) or which agent will be getting it. Refer to tip 5 above. I can call several REO agents inside #s and get my offer in before they ever put it on the market.

Also, my BPO assistant can input a full report in 30-40 minutes. That does not include photos, and is not true in all areas. We churn out 75-100 monthly. It takes practice, but you can do it and sell homes.

Thank you

APR

that was the best string - funny and informative

MAY

Great thread, I rarely see a subject that I want to read through EVERY blog. I believe I will start signing up for these BPOs. Why not? If it seems unworthy of our time, than just say "no", right? I think it would be great practice and I appreciate Tim's pointers and thoughts. That's a good attitude and a realistic point of view. Thank you, Tim. I'm off to sell!

MAY

Thread by Tim on 4/27th was one of the best and most informative I have read. Thank you for the information.

MAY

Check out www.businesswisebpo.com They are a company the I just learned of and it was easy to sign up with. They ask you to upload three docs.

1. License

2. E and O

3. W-9

The thing I liked is that they donate a portion of their proceeds to charity. How cool is that!?

The site is www.businesswisebpo.com

Nick

MAY

Plenty of paying companies that pay on time! Don't get caught up in paying to receive them.

JUN

Pro Teck absolutely sucks!!!! Their requirements and entry form are impossible. I accepted 6 BPO's from them and everyone was rejected because the reviewer insisted I use similar properties for comps (which did not exist in this particular area) I chose properties that made sense and explained all choices and differences in my evaluation. They still rejected them because the comps did not fit there precise requirements. They also have a system whereby certain numbers and stats must be within a certain percentage or the form itsef automatically rejects your entry. I emailed and called them and got nowhere. They are a bunch of idiots as far as I'm concerned. Plus... everytime I check there BPO offerings in my area, the only ones available are the problem ones like I mentioned above. These guys have favorite brokers they use on a regular basis (I know one personally)... they receive dozens of BPO's by email (directly) the ones on the site are the crap no one else can or will do. I gave up on them... I quit and emailed them a very nasty leter stating my thoughts and observations... I'm certain they have not changed!!! Also... my friend with the inside track says the new vice-pres of marketing is a real A-Hole and that's the problem with Pro-Teck. I say stay away unless you're looking for tons of misery!

Peter,

I hate to hear how much trouble you have had with Proteck. Maybe's it's the part of the country you are in, but I have NEVER had problems with them or getting paid for the BPO's I do for them. Been working with ProTeck for about three years now.

I DO AGREE with Chris, however. NEVER, NEVER pay for a BPO list or pay to work for a BPO company. There are just TOO MANY out there that are looking for good, reputable agents to do their orders for them. I DO NOT pay for BPO's. AND you can negoitate on the price that most offer up first.

Good luck , God Bless and HAPPY SELL'ng out there.

JUN

Question: I am new to the BPO business. I sent my first BPO but got 5 errors for which they required comments or explanation. One error was that the price for the comp was not Arm Lenght transaction. This comp was very accurate to the subject property with similar features, size and less than one mile. What do they mean by not Arm Lenght transaction price?

It means it was sold amongst relatives.

JUN

Will a BPO company send you orders if u fail to give E&O insurance information?

Great blog! I do love learning about these bpo companies. thanks for all the valuable info. I agree, don't pay for a list. too much info out here for that.

thanks again!

JUL

Is this all it takes to get to blog with the bpo'rs. How can I sign up to blog with you.

the 30 min bpo is funny as to how the drama unfolds. I guess it just takes practice and polish

your technique. Good info, though.

JUL

What a long thread...just went through all of it and, will contact all these bpo companies I've never heard of even though I've been doin bpos for 5 years! Work mostly with Clear Capital, MGIC (www.bpos.mgic.com) and Asset Valuation and Marketing (www.assetval.com). It's always a pleasant surprise when a bpo check comes in the mail.

Thanks,

Carolyn

JUL

Question: When you do BPO's are they ran through your broker office with a pay split? or are they something that you can do on your own accord?

Thanks.

AUG

Ana,

About the arms lenght transaction. I get that everytime I use a comp that is a short sale or REO.

I use a standard line like "This market is driven by REO's & short sales" and I never get a revision request.

AUG

Craig. It all depends on the state you live and how your broker wants to handle the BPO. Some states require that BPOs are paid to the brokerage and some don't. Also some Brokers will take a split, which is a crock, and most don't.

AUG

Hi, im reading some your messages and i do find them interesting. I just received my broker license 3 months ago (was working as an agent for 12 years) iam trying to sign up to work as a bpo, i was told protk is good but getting conflictin answers. Any one has any advise for a new comer?

AUG

Attention: Real Estate Agents and Brokers
Earn an additional 35-50k a year doing BPOs
If you have experience doing CMA's why can't you do BPO's.

Vendors pay between $40 and $100 for every BPO that you do.

Just do 60 per month(2 per day) and earn income of $3500 a month.

Get free list of the biggest Companies giving BPO business to real estate agents.

BPO is starting point to get REO listingts from bank. Banks wants you to do BPO and if they like your BPO work, you will have solid chance of getting consistent bank listings.

Just sign up with each Company and watch the orders come in.
You will be surprised how busy you can be.

Start making extra income by joining biggest Companies giving BPO business at http://www.garypedia.com/realest/rebpoinf.php to real estate agents.

AUG

Once again you ask and Active Rain delivers. I did a search on APO companies and your post popped. I have read through the post and the many comments and now have a long list of BPO companies to apply to. Thanks for starting this thread.

AUG

Thanks! I knew about Pro-Teck and Safeguard but Real Trans has been great!

SEP

This is a great list to get started on. Thank you for the information! I have signed up for one so far and in the process of signing up for others. My husband and I have found that BPOs are a great supplement to our residential sales.

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!

OCT

If solicited by W-M Realty Services would recommend passing on, completed two orders for this company, they do not pay, and will not return calls or emails.

OCT

Thanks Alex for the info. I really appreciate you sharing

Joe Garcia

OCT

All of your information was very helpful to me in getting started. Does anyone know who does B of A's BPO's now that they have taken over Countrywide (which was a great source)? Thanks, Rita

I failed to tell you that I am a Southern California broker so I am looking for the Bank of America BPO contact in that area. Thanks, again --Rita

OCT

Wow really good info I have signed up with 5 or 6 of the recomended companies and will check back in a few weeks to let you all know how it is going.ca

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