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REO survey

How many of you actually got your start at REOs doing BPOs? Please post yes or no, explain if you like. I have read posts with different opinions on BPOs. Both sides seem to be passionate about their experiences. Maybe this would be a more scientific way to prove or disprove the benefit of doing BPOs as getting your feet into the REO world. Thank you all in advance.

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Posted by Kathy Low on 12/27/2008 03:21 PM

Comments (24)

REO Sales in the ActiveRain Channel

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Post is included in group: REO
Post is included in group: REO EXCHANGE
Post is included in group: REO REALTORS
Post is included in group: SAN DIEGO Real Estate Agents & Loan Officers
Post is included in group: BPO agents

24 Comments on REO survey

DEC

2008

Yes, but I've NEVER done a free BPO for anyone and would not. 11 years at listing REO's now.

DEC

2008

I actually put the horse before the cart and got in with a bank first. Then I started doing BPO's. There is one company that I will do some free ones for and I have gotten listings from them, but I am particular about what I take from them. Easy is the operative term. No distance and the type of property that will produce easy comps.

Happy closings

Chris

JAN

2009

Speaking from my own personal experience, I have done my far share of broker price opinions before getting a chance to list an REO.

I've heard from many of my customers that they too started with doing BPO's and then got REO's down the road, some got them quicker than others and some haven't got an opportunity yet.

I think that if as a BPO Agent you strive to do your best, be consistent and offer a high level of professionalism and reliability then your opportunity to get REO listings will come....hopefully sooner rather than later!!!

Warmly,

Nicole Ocean

nicolesdreams eBooks

BPO Trainer/Realtor

Very true, it amazes me what a poor job some agents do on bpo. Bad comps, no pictures and don't make the turn around time and then expect them to give you the listing. Ain't gonna happen. All asset managers want to go with the ones that will get the job done for them. If you can't even bother to take a picture, why should they expect that their winterization will be done on time.

Happy Closings :)

Never done a BPO for pay. I do BPOs once the property is listed with our company.

Phil

All the REOs I have received had nothing to do with any BPOs I did until recently. I signed up for DispoSolutions and did a BPO for them. They emailed last week with my first REO with them. So I guess it depends what company it is.

interesting...Thank you all for posting. I was thinking more people will have started with BPOs first.

JAN

2009

If an agent is not willing to do BPOs they should not even consider trying to get into REOs. The two go hand in hand. I started with BPOs and now rarely do them except when the listing is sent to me.

I haveworked REO's outside of my BPo's and vice versa, I have had very few REO's as a direct result of my BPO work, and I sincerely hope that changes soon.

I started my business with BPO's, I did them for years and the listings came from that

It also depends on which companies you are doing BPO's for, some are just BPO mills.

JAN

2009

I started out doing bpos and now list REOs regularly. I rarely do the free ones. I had one agent that was doing free ones for a company in exchange for a listing. After about 15 I called and they started paying, finally they did send a listing - and it was bayfront and we sold it in house. It did work out!

JAN

2009

I started out doing BPOs and continue to do them. They are a lot of work & really not worth my time by the end of it, but it keeps your name out there.

Kathy,

If you have a list of 70+ REO companies, you are 1/3 of the way there. You actually only need three or less. You are going to get a mixed bag on this survey. The thing to concentrate on is the on-going contact with these asset managers and develop a relationship with each of them. You should operate with these contacts as thought they were top priority contacts in your SOI.

JAN

2009

Thanks Exit Realty.

From all your comments, I think BPO will get you REO and definitely will put your name in front of asset managers.

My first BPO ,which I did for free..ended up with the listing which was sold in less than 1 day.I will do free BPOs all day long!

wow! Congrats! I think that's like winning the lottery!

JAN

2009

I have completed thousands of bpos and have yet to have a REO listing. Correct me if I am wrong or if anyone else knows, but I know that the areas I cover are saturated with agents and so there is less demand for agents in my area. I welcome the opportunity and any points of view from those who have had success. I do know through the grapevine that knowing an asset manager and having lending connections can also help.

FEB

2009

In Nevada, we can't be paid for a BPO unless we have a reasonable expectation of getting the listing, so typically a BPO and an REO listing go hand in hand.

APR

2009

Yep! Christianne is correct! We are only doing BPO's with the expectation of obtaining the listing! It's interesting sometimes becaue the circumstances that we are presented with! Great Post!

NOV

2009

At least half my income is from BPOs, mostly from FARVV, by far the best BPO company I've dealt with. I started in September 2003, now do at least 30 a month. I worked my way up to the point where orders near me are auto-assigned. I like that; I wish more companies would get away from the first-come, first-serve method as that only gives orders to those with the best auto-response software, not those who do the best BPOs.

Yes, the pay isn't the greatest (not nearly as advertised by the e-mailers with the "get-rich-doing-BPOs" handbooks and systems), but as a licensed associate appraiser in Illinois as well as a broker, it keeps my appraisal skills honed, and I can honestly say I'm up on the markets I service.

FARVV offer REO assignments, but IAS and Ocwen do, and I've sold REOs for them as well as Financial Asset Services. The only freebie BPOs I've done are pre-listing -- I'd do that for a traditional seller.

JAN

2010

Depends on the company. I've had some companies give me REO business without doing any BPOs for them. Have some companies require you to do BPOs before they will consider and REO listing. And some BPO companies are just that - they don't offer REO listings.

AUG

2010

Yeah, BPO's were my lead in...

JAN

2011

Yes, I did bpo's before I got reo's. I didn't get to list the homes that I did bpo's on....Do I think that any of the bpos led to the reo's? Hard to tell...

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Kathy Low

San Diego, CA

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