Donald Trump isn't the only one who likes to say, "You're Fired!"

Donald Trump isn't the only one who likes to say, "You're Fired!"  In my early days in real estate sales, busyness was equated as progress.  As I've gotten older and more experienced in the sales side of real estate I've realized that busyness is often a sign of lack of productivity. 

For instance, I like to do BPOs because they help me stay involved in my market.  I always know what properties are selling for long before I take a listing, and I have a pretty good sense of where the market is going due to the BPO process.  I also know about the volume of REOs coming and the short sales selling.  With that said, all BPO companies are no created equal. 

Over the past few years, companies have started demanding more and more from their BPO agents, and they have reduced their compensation consistently.  What I've done over the past two years is to start firing BPO providers.  I've whittled my list of companies down from the mid-20s to about half a dozen.  They pay fast, all BPO fees are negotiable and I am well compensated for my labor.  I may not do 100 a month anymore, but I don't have the time for that anyway.  I can do 20 - 40 a month, and that's comfortable and it's profitable.

In like manner, I've also started firing REO companies.  I'm getting ready to fire another in the next few weeks.  Why?  Same reason.  Pushy asset managers, reduced compensation and unrealistic demands in their contractual requirements.  If you're not making my company money, "You're Fired!"

There are other things I did early on in my real estate career that kept me really busy.  What I discovered was that I was busy, but I was not prospering.  I've fired so many companies that now, I can concentrate on the business that is most profitable. If you're spinning your wheels for a $40 BPO, or spending countless hours getting one more set of initials on an REO sale contract - take inventory.  Don't even get me started on pay to play companies selling possible listings and REOs.  Don't waste your money or time. 

Could you do better if you were able to focus on lead generating through other means?  If an REO company doesn't respect your time and commitment, are they worthy of your time and commitment?  If a BPO company or a home retention company is only willing to pay you $8 - $20 for a home condition report, are you really making any money?  Is it worth the time and effort for the compensation?  Or, would it be more beneficial for you to act like Donald Trump and say, "You're Fired!"