I joined REOTrans a little over a year ago--- originally, I had about 50 zipcodes and was running a monthly bill of about $70.
After about 8 months of getting nothing except page views-- I cut my zipcodes to about 10. Then I decided to let my credit card expire-- and just not inform them of the new number.
About a month after I did the credit card thing-- I got an email telling me that I was being offered a listing. Needless to say that I fell out of my skin and accepted. I completed the Occupancy check within 4 hours-- and the BPO in 1 day.
I got 10 more listings from them (in the past two months).
What I learned thus far:
-When they say "NO EXTERNAL ONLY BPOs" they mean it. The problem that I was running into-- was the contractors that were assigned -- were not completing the rekey in enough time for me to do the internal BPO (and they were failing to notify me that the work was done). So what to do? You can either push the company to do the Rekey company harder-- or you can ask the asset manager for an extention-- or you can be late on your assignment Or you can do an external BPO-- and disregard the initial instructions (We can't be late, now can we?). --- What I did for the first several BPOs was do an external BPO-- until the AM shot me an email and informed me that if I do exterior BPOS then I am doing my client (the bank) a huge dis-service.
So what after that constructive critisism -- I decided to do interior BPOS-- even if it meant that I did not get the one day turn around time that I wanted to.
-Be Confident in your BPOs. Do not inflate the price to "get the listing" -- you already have the listing-- a good asset manager wants the truth-- not some fabrication that you can not ever attain. On the flip side-- if your values are low-- be able to defend them. Do not lowball your BPO -- Just to sell the property quick. Asset managers want to see fair value --- And they will check behind you (they order verification BPOs)
-Ask for feedback from the asset manager or the assistant-- You will learn a lot
-Ask why you were selected -- This will help you market to others in their profession
-When they give you feedback-- be GRATEFUL-- They could easily take that work somewhere else.
-Be BRIEF on the phone -- they have workloads of sometimes 500+ properties -- And you REALLY ARE NOT THAT IMPORTANT (especially when they are trying to get home to their families).
-DO NOT SEND GIFTS --- I made this mistake-- Most REO companies have STRICT rules against gifts from agents. If you do so-- it might hurt you in the future. (I will post the content of this letter in another blog without the contact information).
-Asset Managers DO APPRECIATE AND ARE ALLOWED TO RECEIVE CARDS (Thank You, Holiday, Etc.)
-Remember: If you are not willing to do it -- someone else will!!! And they might give all the deals to the "GOTO Person"
-- See my upcoming Blogs on BPOs and what I have learned about proper completion ... (It will also relate to what I have learned working with listing properties for this one bank).
This is what I've learned so far-- love to hear tips from others as well!
-Jason
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