Before you Jump on the BPO Train in Nevada

By
Real Estate Agent with Francis Group Real Estate

So, I'm opening up my junk e-mail account to review and delete the 60+ spamming advertisements a day. It's a the e-mail account that my wife and I have listed with our Association and somehow for whatever reason this particular e-mail account has fallen into the hands of every e-mail spammer imaginable trying to sell you the next great thing in real estate. (So... when we get two e-mail spams for the same advertisement, it's very obvious where they got the e-mail list.)

We don't use this account anymore for everyday business but we do have to keep it active since it's a very old account and occasionally something important does come across.

One particular e-mail (double e-mail so I'm sure several other REALTORS received it also) that stood out had a domain name that appears to be a violation of the REALTOR trademark so I had to open this one up to read. Here is a quote from the e-mail:

"Some BPOs result in a listing, some do not, but at least you are making money for performing them."

Basically, it's an advertisement to pay for a directory listing on their website to be listed as a real estate agent that will perform BPO's for REO Asset Managers. First of all, I would not pay for a directory listing on a domain name that is in violation of the REALTOR trademark and second, if you are a Nevada real estate agent then you might want to read the following bulletin from the Nevada Real Estate Division before considering doing BPO's for a fee to supplement your income.

Performing Broper Price Opinions in Nevada

(I'm certainly not an Attorney so you can form your own opinion of what all of that means.)

Paul Francis, ABR,CRS | Coldwell Banker Premier | Las Vegas Real Estate | 702.592.3058 

 

 

Comments (2)

Joe Pruett
Investment Real Estate, LLC - Pembroke Pines, FL

Hello Paul,

So, are you saying that banking and lending institutions in Nevada are engaging licensed real estate agents to perform BPO's in knowing violation of state law there?  Or are you discussing third party companies who want to assist real estate agents in working with REO lenders? It doesn't seem logical that a lender as large as, say, Wells Fargo would not make sure they are in compliance with the law there first.  So I would assume it's those separate companies who are in violation of REALTOR rules.  I wonder why Nevada would say agents cannot perform BPO's for a fee to lenders? 

Feb 04, 2008 06:46 AM
Paul Francis
Francis Group Real Estate - Las Vegas, NV
Las Vegas Real Estate Agent - Summerlin Homes

Hello Joe,

"So, are you saying that banking and lending institutions in Nevada are engaging licensed real estate agents to perform BPO's in knowing violation of state law there?" -- NO I AM NOT.

Just warning about the advertising by some third party companies that want to charge a fee on their website.  

This is a quote from their e-mail advertising: "Some BPOs result in a listing, some do not, but at least you are making money for performing them." They then want agents to pay a yearly listing fee on a website directory with a domain name in violation of the REALTOR trademark.

The link to the publication is just a heads up which the Nevada Real Estate Division put out there and generally when they do this, there is a good reason/concern.

Feb 04, 2008 08:07 AM