Donald Trump isn't the only one who likes to say, "You're Fired!"  In my Pink Slipearly days in real estate sales, busyness was equated as progress.  As I've gotten older and more experienced in the sales side of real estate I've realized that busyness is often a sign of lack of productivity. 

For instance, I like to do BPOs because they help me stay involved in my market.  I always know what properties are selling for long before I take a listing, and I have a pretty good sense of where the market is going due to the BPO process.  I also know about the volume of REOs coming and the short sales selling.  With that said, all BPO companies are no created equal. 

Over the past few years, companies have started demanding more and more from their BPO agents, and they have reduced their compensation consistently.  What I've done over the past two years is to start firing BPO providers.  I've whittled my list of companies down from the mid-20s to about half a dozen.  They pay fast, all BPO fees are negotiable and I am well compensated for my labor.  I may not do 100 a month anymore, but I don't have the time for that anyway.  I can do 20 - 40 a month, and that's comfortable and it's profitable.

In like manner, I've also started firing REO companies.  I'm getting ready to fire another in the next few weeks.  Why?  Same reason.  Pushy asset managers, reduced compensation and unrealistic demands in their contractual requirements.  If you're not making my company money, "You're Fired!"

FiredThere are other things I did early on in my real estate career that kept me really busy.  What I discovered was that I was busy, but I was not prospering.  I've fired so many companies that now, I can concentrate on the business that is most profitable. If you're spinning your wheels for a $40 BPO, or spending countless hours getting one more set of initials on an REO sale contract - take inventory.  Don't even get me started on pay to play companies selling possible listings and REOs.  Don't waste your money or time. 

Could you do better if you were able to focus on lead generating through other means?  If an REO company doesn't respect your time and commitment, are they worthy of your time and commitment?  If a BPO company or a home retention company is only willing to pay you $8 - $20 for a home condition report, are you really making any money?  Is it worth the time and effort for the compensation?  Or, would it be more beneficial for you to act like Donald Trump and say, "You're Fired!"

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7. This simple electrical test could save your life.

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********************************************************************************

Mike Cooper, Real Estate Broker, Winchester, VAGive me a call for all your real estate needs, and let's make something amazing happen. 

Mike Cooper @ Cornerstone Business Group, Inc., 888-722-6029


Real Estate Sales and Property Management         

 

(Disclaimer:  All grammatical mistakes, punctuation breakdowns and misspellings are purely for your amusement and entertainment.   Feel free to cackle.)                                                                                                

 
Star Posted by Mike Cooper on 05/30/2012 02:49 PM   Comments (48)   Realtor Life in the ActiveRain Channel   youre fired  
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48 Comments on Donald Trump isn't the only one who likes to say, "You're Fired!"

20 Most Recent Comments Displayed Show All

MAY
30
551,821 Points 146 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Robert, when I was younger and hungry, I signed up for every BPO and REO provider.  It didn't take long to find out who actually appreciated your gifts and who didn't.  Whew!  I've whittled it down to a few great companies and I love it.

You bet, Cindy.  I always walked away with a smile on my face.  8-)
7:26pm • #31
864,437 Points 18 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

A interesting post.  I haven't gotten into doing bpo's, but I can imagine it is powerful to say to some company=ies  "you're fired!"
7:41pm • #32
551,821 Points 146 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Joan, I mostly work with those that also provide REOs, so it's a double whammy.  But, I'm quick to dump them too if they don't play well with others.  
7:47pm • #33
221,410 Points Outside Blog

They are dropping like flys.  Not many good companies out there anymore.
8:37pm • #34
374,103 Points 10 Featured Posts Outside Blog Hit Router Called Shot Master

LOL - I call this the BS meter reader.

Whenever ANYTHING (except family lol) that the BS meter exceeds the revenue/common sense/decency meter its time for change. You put it well (as always) my friend...

Peace
8:45pm • #35
847,783 Points 71 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Mike, I do not hesitate to fire.  If I do not respect myself how can I expect others to respect me. What has happened in the real estate market has turned many agents into prostitutes for lenders.  No thanks ... I am not interested.
10:10pm • #36
MAY
31
1,021,127 Points 65 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Mike * great reminder that we are ultimately in business for ourselves and we need to be TRUE to ourselves on what gets us income
2:54am • #37
646,560 Points 68 Featured Posts Outside Blog Attended Rain Camp

Good for you Mike.  I takes a really confident agent to fire clients.
3:16am • #38
201,994 Points

How you invest your time is important. Back in college the business courses I took talked about opportunity costs. Doing an activity that is not productive will cost you the opportunity to do one that is. Keep firing the unproductive "sources of business."
4:30am • #39
551,821 Points 146 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

They are, Justin.  I've swatted a bunch.

I think I need to re-calibrate my BS meter, David.  8-)

Kathleen, that's a perfect way to put it.  

Absolutely, Wallace.  You can only push a person's good nature so far.  

Thanks, Conrad.  Sometimes it just has to be done.

Opportunity costs are a perfect way to look at it, Alan.  I can't be doing something profitable if I'm doing some unprofitable. 
4:56am • #40
275,890 Points 17 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

And firing clients like these frees you for clients who are much more enjoyable.  Plus, it feels so good!
5:15am • #41
551,821 Points 146 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Yes it does, Kathryn.  Puts a smile on my face every time.
5:17am • #42
649,012 Points 70 Featured Posts Outside Blog Called Shot Master

Very good post.  We are the same way here.  As soon as these companies started asking for our first born and paying us in peanuts, we stopped doing them.  It's just not worth it.  :)
5:25am • #43
729,231 Points 15 Featured Posts Outside Blog Called Shot Master

Mike, I quit doing BPO's a long time ago. The ROI just wasn't there with their demanding requests and time frames.
6:19am • #44
1,419,334 Points 41 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

My favorite thing to do  . with high maintenance clients.. .it sooooo  satisfying!
10:29am • #45
476,356 Points 11 Featured Posts Outside Blog Called Shot Master

I have done 2 BPO's recently in order to get the listing - I got one of them.  But it was painful. 
5:09pm • #46
1,348,414 Points 41 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Mike - I think too many people do equate busyness with business.  We need to look at the ROI on what we're doing.
9:55pm • #47
JUN
01
551,821 Points 146 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Good plan, CT.  If it's not profitable, it's not worth it.  

Michael, I eliminated the companies like that also.  The ones I work with today are pretty good.

Once in a while I'll get one of those painful ones, Joy, but for the most part they are simple.  

That is so true, Christine.  I had to tell a company yesterday that they just aren't profitable enough for me to work with.  They asked for a recommendation in my office.  No way.
4:49am • #48
JUN
04
555,452 Points 31 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Hi Mike,

Bpo and Reo companies used the desperation most realtors faced these last few years to make us work for almost free.

Now that the market has rebounded in so many areas, prices paid for bpos will start to go up. Many agents (including myself) are much more selective about the price, how far away, and how nasty the company is to work with.

Phil
4:13am • #49
551,821 Points 146 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Absolutely, Phil.  I'm real picky these days.  It has to make sense and a profit.  If not, bye bye.  8-)
4:17am • #50

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