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REMEMBER WHEN BPO'S CAME OUT?

By
Real Estate Broker/Owner with people first...then business Ran Right Realty 636943 licensed to thrill

I couldn't believe it. Banks were willing to PAY an agent for his opinion? Made perfect sense too. WE KNOW STUFF! I thought that a great way to supplement my income in a crashing market. So, what do you have to do? Contact a bank and get on their radar. Easier said and done. If & when you did sign up, you would always be looking for notifications

THE HARE WINS THIS RACE

Here's the rub. Every-time I got an email from the diffrent banks saying a BPO opportunity is available please respond, I was always too late. Someone got there before me. Okay, I thought, fair enough, you got to move with a purpose is what I was learning...I can do that. I waited for the next contact

THE TURTLE WINS TOO

It came in and I moved within 20 seconds clicking on all things and responding and made a mistake and lost the whole quick to respond edge. TOO LATE again. Alright, I am learning to do it but the right way calmly first time around...Okay, got it..slow but sure. Don't waste a step while taking one

WARP SPEED

Next one comes in, I move with lighting no nonsense response break all records for efficiency and effectiveness SPEED and...SOMEONE BEAT ME TO IT! How the heck can this be? I cannot work any faster than I did..No human can work any faster is what I was thinking. I was right too

MMMM..THIS MAY DO IT

Some guy came out with software that not only monitors INCOMING email but also responds for you in record computer response time. When I tread that, unless I had an in at the bank or some privileged contact, this software would win out every time...The catch here was this guys wanted $40-$70 dollars for this program

TIME-OUT TO REFLECT

I slept on it and it was a wise thing to do. WHY? It dawned on me that if everyone had this so-called edge of a software, who would then determine who gets it? I mean all responses by this program would travel at light-speed. It would be a battle of the computers. WHAT THEN?

COULDN'T GET IT TOGETHER

I decided to pass on BPO-ing. I knew of many agents who got into it and were doing very well. Some had custom forms made up, a check-off system and were churning BPO'S out in a production way. These well trained and top of their game agents were making more money doing this than transacting. They knew exactly what the banks wanted to hear and see. RESULT? $$$

LISTING DUCKS WERE QUACKING

One of the big side draws of BPO-ing was that if a bank used your BPO, there was a good chance they would also consider hiring you. I ran into many agents who managed to make that connection. For a good 2-3 years, agents who positioned themselves well...DID WELL. Many others just took time out and pondered their next move.

Did you catch the BPO-FLOW?

Jeff Stevens
Berkshire Hathaway HomeServices New Mexico Properties - Las Cruces, NM
Jeff Stevens, Associate Broker/REALTOR

Richie - Funny you should write about this...I missed one the other day because I was on the other line. Of course when I called back it was passed on to another agent. Oh well. I do have one local bank that uses me from time to time. A little extra spending cash...maybe enough to purchase one of those incoming e-mail monitors!

Dec 13, 2013 11:50 PM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Hello Jeffrey...too much. The ones that did well had connections, contacts and want to. Me, My get up and go got up and left....

Dec 14, 2013 12:27 AM
Roy Kelley
Retired - Gaithersburg, MD

Some agents have experienced outstanding results from their BPO efforts. Others have just been BPO machines. The magic formula can be elusive and some of those companies stonewall the agents on the fees.

Dec 14, 2013 03:24 AM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Hello Roy...yes to your commenting and good point raised too. The banks played with the players

Dec 14, 2013 04:22 AM
Jeanne Dufort
Coldwell Banker Lake Country - Madison, GA
Madison and Lake Oconee GA

in my rural market, I have struggled to make sense of the BPO game.  With just 50,000 people living in about 1200 square miles - the $45-$75 pay offered about paid gas money and travel time.

Dec 14, 2013 10:48 AM
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in Southern RI and beyond

Yes Richie, who knew then what the outcome would be but here too some of those agents now have chauffeurs who drive them around!

Dec 14, 2013 09:58 PM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Jeanne...it is or was income where none existed. Unless it was turned into a production, it doesnt pay is what I heard...

Hello Ginny...You never know about life and its surprises...I agree with you

Dec 14, 2013 10:24 PM
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

I know a couple of agents that do BPO's all the time, literally everyday. For what they get paid, I think they are crazy, but I suppose it is a source of revenues.

Make it a great week!

Dec 16, 2013 02:33 AM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Hello Joe...thanks for sharing...Minimum wage rules for Real Estate don't apply...Yes?

Dec 16, 2013 02:38 AM