I do a fair amount of BPOs in my area and have about 20 companies I deal with most frequently. Lately, I noticed that some providers are reducing their offered payments for these. Some have gone as low as $45 which scarcely makes it worth the time and effort. Lake oconee where I am is in a very rural area and the drive isn't worth it. I have always wondered what these folks are charging the end user and from the variations in payment that I get on the same properties, I have to feel that it's a bundle. I told one the other week that I wouldn't do it for what they offered and she said 'ok thanks'. I got called back 3 days later evidently because the lowball agent she selected based strictly on price didn't bother to do the job. I got my asking price on the call back, uploaded a good BPO on time and basically saved their bacon since they could provide it to the client on time. Unfortunately, most banks and lenders that order these agree to the price with the asset manager and have no clue how much of that amount is offered to the actual agent doing the work. BPO's have become big business with more and more agents doing them - all with varying degrees of success. For those of you that have been involved for some time in this business, stick to your guns. Don't drop your asking price just because some new agents don't know any better. If you have to drop an asset manager do it. When they provide an inferior product 2 days late their feedback from the end user client won't be pretty and sooner or later they'll do what works. Saving $20-30 on an initial order won't be much consolation when it costs them an extra $40 for the rush job they had to get me to do. Has anyone else seen much of this declining revenue trend?
Happy closings :)
Chris
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