BPO's to get REO listings?

By
Real Estate Sales Representative with Keller Williams Realty

For the last couple of months I've been doing alot of BPO's for several different Co's, and have gotten one REO listing. Being a relatively new agent, just two year old "kid" in real estate, I'm looking for some advice on how to build relationships with the banks to get at least a few listings ???  Any advice from experienced agents is greatly appretiated.  PLease leave any comments or thoughts y ou might have.

Thanks,

DAN 

 

Comments (6)

Mike Wong
Keller Williams Realty Southwest - Sugar Land, TX
Realtor: Commercial, Residential, Leasing, Invest

Im just trying to get started in the BPO business myself. I think we have to pay our dues, there is plenty of business to go around for everyone. I think the asset managers just want to see who knows what they are doing first before giving them some listings.

Jun 12, 2008 05:46 PM
Abacus Properties, Inc. DBA Apple Dream Homes
Abacus Properties Inc. - San Diego, CA

Dan, that's good to know. I have just started doing BPOs as well. I am just not sure if the companies I am working for are BPO mills or they will lead to REO listings. I am in San Diego and competition is huge here. Would you mind sharing which company gave you the reo listing?

Also, it seems like sometimes I get a whole bunch of BPO orders, and sometimes they just stop. Is this normal in your experience?

Thank you.

Jun 13, 2008 11:38 AM
Denise Allen
Resh Realty Group - Chesapeake, VA
Realtor@ Chesapeake, Hampton Roads

I did BPO's for a while and the listings always go to a few agents.  Most of them have track records.  Often the bank has to get several BPO's so the chance of you breaking in will be difficult.  You just have to get to right people and that can be hard.

Jun 13, 2008 12:05 PM
Jeff Payne
The Payne Group at Keller Williams Success Realty - Panama City, FL
Panama City Real Estate

I just asked why I was not getting listings and they started sending them to me.

Jun 14, 2008 07:56 AM
Steve Mangus
not active - Oklahoma City, OK

I am also a new agent--how do you get the BPO's and I understand you get paid a little bit just for doing them, what is the going rate?

Jun 14, 2008 09:25 AM
Anonymous
Anonymous

BPO IS OKAY JUST TO MAKE SOME MONEY FOR GAS BUT IF YOUR INTENTION IS TO GET REO LISTINGS FORGET IT. I HAVE DONE ABOUT 1000 BPO SOME FOR BPO MILLS AND SOME FOR ASSET MANAGERS BUT NADA, NONE, NO REO. WE ARE JUST BPO SLAVES. BPO SLAVES NO REO. WE ARE BEING TAKEN ADVANTAGE OF BY THESE ASSET MANAGERS BUT THE REALITY IS THE % OF YOU GETTING REO IS NIL OR 0%. DO SOME OTHER PRODUCTIVE THINGS LIKE GET MORE BUYERS, FARM YOUR SPHERE, DO MORE INTERNET ADVERTISING. THE AMOUNT OF ENERGY YOU SPEND IN DOING BPO'S ARE NOT WORTH IT. BELIEVE ME. 

Jan 04, 2009 05:16 AM
#6