How to Find BPO & REO Listings and Leads

By
Mortgage and Lending with All California Lending BRE# 01458390

BPO Jobs & REO listings are becoming a larger niche market today.  With the downturn in the housing market, and influx of bank owned properties, many real estate agents are tapping these niche market income streams.  Here is a quick overview of what a BPO and REO are, and where to go to find that business.

The BPO market is a way to make some money between closings.  A BPO is a broker price opinion, and are used by banks and hard money lenders to value properties either without having to order a full appraisal, or in addition to a full appraisal.  There are a number of BPO companies out there, and you can make $50-100 per BPO done typically.

Another niche market that many agents are taking advantage of is the REO market.  Listing REO property, or bank owned property, often times gives you the leverage to price a property at a price point that will allow it to sell.  Additionally, you can also get repeat business from the bank.  Both are a benefit of listing REO and bank owned property. 

Knowing where to find these listings is key, Click Here to check out a pretty informative guide that can help you get started with REO listings, BPO assignments, or to build your resource list. 

 

Visit my real estate blog, learn about California hard money or search Contra Costa Real Estate.

Comments (12)

Anonymous
Anonymous
Does anybody have a list of companies you can register with to do BPO's that is free. If I were to register with all the companies that want money to do it, it would cost me a lot of money and I have checked out some of them and they do not produce any results.  I am also looking to get REO business. I have been a licensed broker/associate in Illinois for over 30 years. Thanks for any help you can give.
Feb 28, 2008 09:50 AM
#2
Dawn Workman
Veracity Real Estate Group, LLC - Camas, WA
Camas Real Estate Expert, MBA, 480-540-8100
Great post!  Thanks for the info!!
Apr 10, 2008 01:21 PM
Freddie Gonzales
WEM PACIFIC Investments, Inc. - Daly City, CA
CRS, GRI, RDCPro

IAS is a very professional company. They don't eblast their orders. They take care of you and orders and payment are regular like clockwork. I like working with them.

Nov 25, 2008 04:26 PM
Tina Johnson
RE/MAX United - Grand Rapids, MI
Your Goals, My Passion, Our Success!

IAS is currently not taking new agents.....

Dec 02, 2008 08:31 AM
Anonymous
Anonymous

Hello Tina,

Try signing up with Mark to Market. However, you have to be constantly waching for their orders. I have about 35 orders and none of which I have grabbed to accept. Sometimes they send multiple orders and immediately followed by cancellation to let you know somebody just snatched the order. I don't know their method of payment and how their forms are.

 

Dec 02, 2008 09:44 AM
#14
Tina Johnson
RE/MAX United - Grand Rapids, MI
Your Goals, My Passion, Our Success!

Thanks for the information Freddie.

Dec 02, 2008 10:29 AM
Anonymous
Blake

Thank you!

Feb 26, 2009 09:03 AM
#18
Anonymous
Dick Atkinson

Mark to market has a problem with their eblast. When they generate an order their system generates a cancellation at the same time. Check the time and date on your emails. I have called them twice and it seems that they are not willing to admit they have a problem. The reason they are giving is that there are people sitting at their computers waiting to accept orders. The problem I have with that is the order and cancellation are generalte at the exact same time. I keep getting orders and cancellations at the same time. Oh and by the way I have all emails sent to my Blackberry which means that I"m getting them the same time as somebody sitting at their computer. I'm about ready to ask them to remove me from their system. It's just downright annoying.

When you can get an order from them they are  fairly easy to do and they pay pretty quick. It's a shame they wont admit they have a problem, they are a pretty reliable company otherwise.

May 08, 2009 07:00 AM
#19
Anonymous
Anonymous

You are not alone. I guess they only have one agent per city. I am experiencing the same thing as you do. I have 70 orders and 70 cancellations at the same time. I don't know what the heck I am still in their agents list. I cannot sit the whole day waiting for their orders. I don't care because I have several other good companies I do BPO for.

May 08, 2009 08:22 AM
#20
Cynthia Nemelka
Diamond Realty / Diamond Property Management - Menifee, CA

I have heard that some of the BPO mills have actually created a Macro that automatically captures BPOs that are posted on some of the BPO boards.  That could be what's happening with this company.

Sep 09, 2009 06:08 PM
Eric Auger
prudential Americana Group, Realtors - Las Vegas, NV

When it comes to getting started in the BPO/REO business there is a lot of good resources online and lots of not so good too. What I can share with you is that when all hell broke loose in 06 and when I couldn't seem to sell a home (I am in Las Vegas and we got hit real hard!) I made a lot of money doing BPO's. In my biggest month I made as much as $5,000 and regularly earned at least $2,000 per month. I knew nothing about BPO but came across this excellent resource:  Reokit.com  It saved my career!

Much success to you!

Sep 26, 2009 02:14 AM
Anonymous
A & R Technologies

Hello,
If any one looking for help in prepearing their BPO/CMA reports,
We have trained and dedicated professional team for BPO/REO assistance.
Looking forword to get some clients to do more and more BPO's...

For more information : http://www.anrtech.com/

Jan 29, 2012 04:19 PM
#23