After 6 months I have finally been paid in full. Thanks to all of the AR people and there help I have finally been paid what I was owed from my BPO's.
12276 San Jose Blvd. Ste. 521
Jacksonville, FL 32223
P: 904-288-2004 ext. 144
CEO bryan guckavan email@example.com 904-288-2004x 101
jamien derrence VP firstname.lastname@example.org 904 288-2004x 011
jamie jones OPS MANAGER email@example.com 904-288-2004x 167
Melissa Rivers ACCOUNTS PAYABLE firstname.lastname@example.org 904-288-2004x 144
I sent an email to all of the following emails and this is how I was reimbursed. I opted to follow instructions from a number of agents who have not been paid as I was also in the majority. If we allow companys to have us do BPO's and not reimburse us, we are in all rights to file Mechanical Leins on the properties. I emailed the company, all of the above emails and told them I was placing Mechanical Leins on the properties and would not release leins until reimbursement was satisfied. They took this very serious as I had recieved phone calls as well as emails of there concern. They said they would next day air a check and not to put the lein on. I expressed my concern and gave them 4 business days to recieve the check in my hand and it was next day aired and delivered and I was paid in full. I have 2 companies I am awaiting checks as well and if I do not recieve a payment from them, I will also follow the standards of practice of Mechanical Leins as well. The BPO companies work for the Banks and if the banks get leins on there properties, the BPO companies will not recieve orders and loose there accounts, so we do have rights as agents.
The BPO industry is huge and booming. I have read up on so many ways they make money, and they do make money! Instead of an appraisal, they are hiring agents at $50-$100 per BPO. The Appraisers will charge a lot more, and that cuts into the BPO companies profit margin, as the Bank hires them and pays them a large fee for the BPO. So when they have thousands of agents taking a BPO for $50 and given a lot more money for the BPO, they are very profitable. So an operation of not paying is major money for the companies and if you don't follow up or loose track of how many you did, when you did them or completely forgot about them, or even thought you were paid for them, they won't pay you out. So just a quick note, start a folder with all of your BPO"s and keep a record of when/where and also Accounts Recievable. As agents we remain very busy with other fires to put out and a 3K check is certainly something we overlook the little ones with and its easy to get lost in the shuffle. Keep your Accounts Payable and Recievable folder if you do BPO's. Another agent in our office never kept track and he doesn't even know who still owes him. Some companies will give us a link on there site of when the checks were accepted for authorization to be sent out, but if you have to look at all the BPO companies you work for and keep track, its a lot of time, so keep your new BPO Book, as well as reimbursements from other companies you may be owed, such as REO listings and the bills you paid for the utilities and make sure you stay on top of them also. A sick world we live in by people not wanting to pay us or trying to deny us payments by thinking we will forget because I probably say 20% of us Do!
So Just some advice from what I have learned and can pass along to everyone out there! All comments are welcome!