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Still Swimming the BPO Sea After a Decade Afloat!
It feels like I have truly come full circle within this niche business in the real estate field, called doing Broker Price Opinion work.
As I reminisce on my thoughts of what has transpired these last ten years, I know that I could write a very hefty novel. I will save you some precious time and instead will share with you some highlights and a 'cliff notes' version so that you can ace your next big test!
It was this time of year, almost ten years ago, I did my first BPO report for a then small BPO outsourcing company called, Clear Capital.
They were and still are, one of my very most favorite companies in this industry to this day and it has been an honor to see have they have evolved and truly come a long way, just as this indsutry has done as a whole.
Although, it took me almost all day to do my very first BPO report, I was instantly hooked and because of deciding to get into the BPO business, it has taken me on many adventures and memorable trips.
Let me just mention this on a side note, that since getting into the BPO business in September 2006, that time has flown by in what to me feels like a short, slow, deliberate blink of the eye.
Today, I am pleasantly surprised to see some companies still floating around in the big, open sea that's called BPO mills or BPO companies.
Smaller BPO companies like EML, VSS, AVM can still be found sending out BPO orders like small, persistent waves that travel many miles through the open ocean but somehow keep finding their way to the shoreline.
Sometimes there may be a strong wind behind these companies and a big school of fish swimming frantically in every direction just waiting to be caught and processed.
While at other times, there may be just a few small handfuls of fish that get caught up in nets.
It can be hit or miss sometimes, just like a day of fishing at sea. Strategy and a good plan are needed in knowing exactly where to fish, so some may choose to use a fish finder. Those that cast wide nets seem to have the best chance of catching the biggest amount of fish. Knowing just how wide you need to cast your net is a personal preference as well as being well-versed in studying the weather and the tides. Lastly, people that invest in the best tools and systems to help them process their catch, it may make the difference between success and failure.
Through it all, there is still a steady stream of work that finds their way to the perpetual seashore where motivated real estate professionals wait wide-eyed on the sandy beach, eagerly awaiting word of more work to be done.
While some of the big BPO companies either have evolved, been bought out, gone bad, filed bankruptcy or had to dissolve and close up shop; some of these most prized 'Big Fishes' in the open sea, still swim strongly against the rapidly moving current.
Some of the trophy fish out there are: Clear Capital, Proteck, Servicelink, Altisource, RRR, BPO Fulfillment to name but a few.
I will be the first to tell you that, to me, it's been highly entertaining to see how these top companies have competed against each other for clients. Each company trying to outdo their competition with shiny things, cutting-edge technology, lower fees and lofty promises.
On the other hand, it's been a difficult, jagged pill to have to swallow to see just how with the movement of clients form one company to another, that will this shift from and the trickle-down effect of the changes in the industry, expectations and requirements, that it has made it even more difficult for those brave fisherman that are doing the actual dirty work.
For years, the fees paid out to agents, brokers and even appraisers that do BPO orders has dropped drastically. This has been a common complaint that I not only witnessed within my own BPO business, but one that echoes in the ears of my BPO Automation software customers.
Thankfully, I am in a unique position to be able to make an impact and help the ones at the lowest end of the 'totem pole,' being the ones doing the work.
I like to equate being in the BPO business as being similar to signing up for a fishing competition. In fact, we have a fishing rodeo this time of year near where I live in Destin, Florida each year.
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