Did you ever want to lead a glamorous life of a BPO and REO Agent? There are certain words that go together like Peanut butter and Jelly. Than there are words that do not quite fit like Easy Money and BPO. Many markets are seeing an increase in BPO orders and therefore an increase in REO Listings. Agents both new and old are now rushing to join in on the trend. The problem is...... Many agents do not know what a BPO or REO even is never mind how the process works. There are no shortage of people ready to take their money to teach them how or sell them a "top secret" list of bpo companies.
First what is a BPO, simply short for a Broker Price Opinion. Much like an appraisal, however completed by a Licensed Real Estate Broker. It is meant to tell what the property is worth today.
You MUST know there are "GOOD" BPO companies and "BAD" BPO companies. Some companies are Asset Management firms while others are BPO Mills. The main difference is a BPO Mill just does BPO's and does not manage or assign REO Listings.
The process needs to start with agents choosing whether to work or not work for any of these companies. Some companies pay weekly, some every other week, some monthly and some you have a better chance or money falling out of the sky and hitting you in the head, than getting paid for your work. One of the worst could be Evaluation Solutions which ripped off some agents for thousands of dollars. There is a .com company that simply closed leaving agent high and dry. There are others out there too that just dont pay, so be careful and Google the name plus the word "dispute" to see what other agents are saying.
The trend in the market as REO homes and foreclosures start to reduce in numbers, is for companies to offer to pay less for the BPO. The result is the "BETTER" agents are refusing to work for these low fees and you are getting bad results and therefore values that are way off in some cases by this "cost cutting". After speaking with many asset managers, the banks are not paying less, it is the companies offering to pay less, keeping More for themselves and charging the banks the same amount. The banks end up on the short end when values are wrong.
I have had companies twist my arm by threatening to reassign or not pay me to change values or even change my correct information to match the incorrect information on an OA "Original Appraisal" such as type of home, size or room count. One of those companies that advertises themselves as "Clear" was the biggest vendor for Fannie and Freddie and was the worst when it came to QC changes that were not what i was seeing on tax cards, MLS and by viewing the homes with my own eyes.
The worst problem and biggest complainer is the Short Sale agent who lists the home too low for a quick sale and either wont let me in to do an interior BPO or doesn't bother to show up at the interior BPO and then wonders why the value comes in correct, but their sales price is rejected for being to low. The home owner is told the blame is on the BPO agent however the blame should be on the owner who hired an agent that did not do their job correctly by being there for EACH step of the short sale selling process. I have been the victim of bad BPO's after being there so it can happen, but there are ways to appeal and get them corrected. Love them or hate them, we will be dealing with them for a couple of more years anyway.
Before you sign up to be a BPO or REO agent, ask those who are. Ask about being chased for taking a picture of a home. Weapons? Dogs? Fleas and oh the smell........
NEVER EVER PAY FOR A LIST OF BPO COMPANIES WHEN YOU CAN GET IT FOR FREE WITH A SIMPLE SEARCH!!!! Many companies are already full but will be happy to take your $50 to $200 to sign up. Dont expect any orders though.... I love doing BPO's and working REO, but it has to be done right. It is not always easy but can be rewarding.
I leave you with now infamous philosophy, which is simple, provide more personal and professional service to guide my clients through each step of the buying or selling process. All Agents are not created equal and every buyer or seller should take the time to hire the BEST not just the biggest.
Our TOP TIPS IF YOU WANT YOUR HOME SOLD IN TODAY'S MARKET
1. CHOOSE THE RIGHT LISTING AGENT: As a home owner in this market you need every advantage you can to get your home sold. It starts with choosing the right agent.
a. Ask for a Full time agent whose sole job is to sell homes.
b. Ask for a Full service agent who will guide you through each step of the selling process. Discount brokers often equal discount services.
c. Ask for a Local agent who knows your neighborhood and is readily available when you need them is a must. Out of town agents can leave you high and dry in your time of need.
d. Ask for a well experienced Listing Agent can give you the advantages you need when selling your home. Not all agents are created equal. Choose only the best.
2. Ask to PRICE THE HOME CORRECTLY: One of the most important things that can help you sell your home is pricing it right. . List prices need to be priced at or near market value. The simple truth is over priced listings are one of the only segments of the market that are not selling. A great agent will study the recent sales, study what is on the market and use trends and comparable homes to place a value on your property.
3. Ask for an agent with a great marketing program - GETTING A BUYER TO SEE YOUR LISTING: Before anyone can view your home, they have to know it is for sale. Using an agent with an extensive marketing and advertising program is the best start to get your home the exposure it needs and deserves. Some agents whose sole marketing plan is placing a sign in your yard and placing the home in MLS is not a sound marketing plan.
4. Ask for help to GET YOUR HOME READY FOR A BUYER TO SEE IT: A listing agent can guide a buyer to your front door, but the can not make them go inside. You need to prepare your house for sale.
a. THE EXTERIOR: Your lawn should be mowed, bushes trimmed, debris, toys or belongings picked up and removed from the yard. In the winter shovel your walk and driveway, sand and or salt and knock those icicles off your roof. Make sure your screen/storm door is in working order, it is the first thing they will touch and a storm door with a missing handle or off it's hinges will drive buyers away.
b. THE INTERIOR: Remove anything from your house you are not using, often called "decluttering". Clear off the counters, bureaus and floors. Make sure walls are free of marks or holes. Freshly painted walls in a neutral color are always a plus. Make sure all faucets and toilets run properly, no drips, no leaks and the toilets should not always run. Clean your carpets, remove pet items and during showings your pets should be taken out of the House
IN CONCLUSION: There is a lot of behind the scenes work going on to get a house on the market, marketed, get an offer, go through the buyers mortgage process, appraisal, inspections and get to the closing of the home. If you did not notice most of these steps, I did a great job.With the decrease in Listings, there is pressure on Listing Agents to provide more service. For agents who have been providing a great service to their clients throughout the last 4-5 years they are being rewarded as home sellers and buyers talk, they let each other know who did the great job or who dropped the ball. As you see it is no accident a home sells. It is through the hard work of the agent.
If you are looking to SELL a property in NH, you can choose ME. I strive to offer the best in personal and professional service through EACH step of the SELLING process..
It does not take magic to turn your "For Sale" sign into a "Sold" sign. it takes a full time Local Agent who specializes in Listing homes like yours.
If you are thinking of buying a Home please contact us. Get a free pre-qualification along with some of the BEST CUSTOMER SERVICE through each step of the Buying Prices.
Please call for a FREE MARKET ANALYSIS to know what the value of your home is.
WE STRIVE TO PROVIDE THE BEST POSSIBLE SERVICE THROUGHOUT EACH STEP OF THE LISTING AND SELLING PROCESS!!!
If you need to sell your home and you owe more than your house is worth, i may be able to help. I specialize in working with home owners to get your home sold. There are many options such as a short sale which may be able to help you.
Please try and avoid out of state or out of town agents and companies that make "out of this world promises". We are local agents with experience who never charge any up front fees.
We are local agents with experience who GET RESULTS!!!
We stand by you through every step in selling your home..
About the Author: Scott Godzyk is the Owner/Broker of the Godzyk Real Estate Services in Manchester NH. With 29 years of experience, Scott is a leading Agent for Listing and Selling Homes in this area. To CONTACT Scott Godzyk please call 603.661.2121 or EMAIL: Sctprop@aol.com . We are Full Time Agents ready to serve all of your Real Estate needs through each step of the buying and Selling process. We are proud to be locally owned and operated.
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