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8/29-8/31 Old Republic is going nuts with orders on Labor Day Weekend-told you so....Joey Singh
Old Republic is sending orders nationwide like mad nationwide yesterday and today!
Old Republic released at least 5000 unassigned paying BPOs to the their system last night, Chase and Fannie Mae from my bird..see the bigger picture its not $30 dollars per, its $600 dollars to drive to places for 2-3 hours.... This is a tip to make money...our firm is not affiliated with Old Republic in any form or shape.......also don't call and moan/curse out/threaten me about disclosing it your fellow Realtors..rude Chicago guy...and downright obnoxious Los Angeles broker....(lol, I have caller ID)..I'm actually a born and bred New Yorker so I know how to swear as well...
Anyway, our brokers tell us that OR is desperate because most agents have left their offices for the Labor Day holiday, so the ones that are still in town working in your respective markets are making some more money than they normally would...with Order volume dropping like a stone every little bit helps...
Seriously don't call me to complain about revealing this information....
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Hummm lets see if this is correct, 30.00 each. 5.00 for gas each which is only about 1.2 gals. so that leaves 25.00 each
Now lets estimate taxes at only 6.00 each so that leaves 19.00 each . It takes at least 15 minutes to drive to each one. about 2 hours to complete the research, the forum,pass the QC so that is 2.25 hours each and that is all very conservative and we all know that. So now we have 19.00 divided by 2.25 hours and that is 8.40 per hour not counting the cost of paper, ink, car wear and tear, E&O , required licensing education or any other expenses at all. I am really sorry but to me that is just not enough for any self respecting agent to take the Holiday weekend or any other day for that matter to work for. If you took 2 hrs promoting yourself, or working expired listings or FSBOs I can promise you,you would earn more than 8.40 per hour by far. Why get excited over 8.40 per hour?
I agree with your break down, I can't understand why any Realtor would even consider a drive by fee of $30 in year 2013. I'm sure it's been said numerous times but I can remember doing drive'by's for $50 in 1993, etc. No photo's,a hand written 1 page form requiring 3 solds, 2 line paragraph describing property. No scanning, emailing just a fax. 2 weeks later a check would show up in my mail box.
If more agents would just say no to these low fees, they would have to increase their fee. Sometimes I'll accept a low one, wait 3 days for them to start screaming and then respond You can have it in 2 hrs, however my fee is $60. It almost always works. Make sure you get email confirmation.
I just reply to the BPO mills with: "Yes, I will accept your assignment. My fee is $100.00." Because I'm worth the $25-35 per hour doing the job of an appraiser. They really should just hire a Professional Appraiser ... IMHO
Joey, why do you have to end your announcement with "...told you so"? Is that really necessary? And how do you figure $600 for only 2-3 hrs? Seriously? At $30 per BPO that would mean doing 20 BPOs. There is no way anyone can do 20 BPOs in 2-3 hrs. Not even with an autofiller. And if you are just talkiing about driving time, unless all or most of those BPOs are in the same concentrated area, that's not going to happen in 2-3 hrs either.
If Old Republic is so desperate maybe they should start offering higher fees in general and even higher fees for holiday orders.
You are right Anita the fannie mae forms take a longtime very long and very difficult in the beginning the exteriors not as bad but come on 30 dollars i cant see for a while after them lol.......terrible forms then you get that fannie mae.............boy.......kathy s
Anita - Thank you for saying it for all of us. Joey, while I appreciate the announcements of the BPO orders and your analysis, the "told you so" thing is just too smart-alecky for me.
Thank you Joey I am also a Brooklyn-girl and dont take their crap...........I am actually a Middlesex - Monmouth County Broker in New Jersey by the shore and I hide when I see their # coming I will go back to them but if I am not mistaken they have gotten cheaper with the prices and the gas got higher...........kathy s
I actually am Broker of Record for 2 offices we got hurt very badly by the storm last year both counties Middlesex lost many houses and Monmouth and Ocean thousands so we were basiclly doing nothing for 3 months except helping with housing rentals etc they still do not know if they are going to rebuild due to the regulations so I started with the BPO's here and there again better I do these homes on the shore then a stranger who sometimes comes in from the other side of NJ I only did bpo s for Old republic since 2009 and they did pay me more to do these properteries now we may be out of the BPO business.
The Appraisor's want them and took this issue to Court 2 x so far to fight us so therefore all the BPO companies will be paying appraisor's soon our Governor vetoed our appeal last week...................I have short sales and last week they sent an Appraisor and this week BPO Agent I wonder who got the most lol.kathy s
The forms have definitely changed since you used to do them in less than an hour. We all have done BPOs that took as little as 15 minutes but that was then and this is now. BPOS are now as detailed as appraisals. In fact many are more detailed than appraisals. LL SQ FT and percentage of finish, original list price and current list price, Previous sales price. MC report data. Percentage adjustment for current actives.Condition reports and more. It doesn't take 2 to 3 hours to do the research but due to all the additional data required now it takes much longer than 10 minutes. Now you need data off of the MLS, the auditors card and other sources for each comparable and the subject. You also need all the neighborhood data for the report. It does take about 2 to 2 1/2 hours for research and completing the report, There is a lot of required commentary on most BPOS now. 30 minutes for inspections if they are close by. Up loading photos may be another 15 minutes depending on the platform. So you can easily have 2.5 to 3.5 hours in each one if they are close by. I think what we who are speaking of this are saying is 8.50 per hour as conservatively figured above for 2.25 hours is just not enough to be excited about. If the reports take 3 or 3.5 hours as many do, well than it is 5.42 to 6.33 per hour which is below minimum wadge. What happened to people just putting their heads to the ground and working? Well labor laws for one thing, minimum wadge for another and in my case a dose of self respect. I do not pay all the fees I pay, get all the required education, I did not take all the required courses and exams for my license and do all I do to be paid less than all unskilled jobs that have no education requirements in the US today. Sorry I value this industry far more than that. Don't you? What ever happened to fair pay for fair work? in this case that seems to be a better question, but that is just my opinion.
I find your choice of words interesting. You seem to think that we are "complaining and playing the victim". I read the posts and saw people who were questioning logistics of the statement made by the original poster as well as backing up their position with their personal experiences on the subject matter. We are fortunate to live in a country where we can freely express our opinions, positive or negative. And we are fortunate to have a forum where we can do so amongst our peers and "co-workers". You end your last post with a statement about it being "all about choice". Well that is exactly what we are doing. We are choosing not do BPOs for low prices and choosing to say why we won't do them (which clearly is not "playing victim"). Just as you have chosen to waste your time "complaining" (or in my terms expressing your opinion) about how we are "wasting our time". It is our time to spend as we choose. If we want to spend it by sharing our opinions with others, well that was our choice. Thank you for choosing to waste your time complaining with/about us.
I replay back to all my bpo companies with a fee of $150.00. 90% of the time I don't hear back. But those few times they can't find an agent, they accept my fee. I always do an excellent job, and turn it around fast. So they know I will do a good job. I might only get 1 or 2 a month but it beats the hell out having to do 3 to 8 a month for the same money.
I have no problem with the 'told you so', as I tell people that all the time. For 7 years Ive been predicted where mortgages were heading and everyone called me chicken little, lol
Anyway, the market has picked up like crazy. AFter a very dry 3 months, Ive been receiving orders from places that had not given me work for two years. Thank you Jesus. (I guess those poor folks who are losing the homes cant thank anyone)
It bothers me that we are making moola off other peoples problems but what can ya do? $30 is WAYYY too cheap. Ive never done one that low. I think $44 is the lowest Ive done. On the other hand, I keep reading that people in here tell the BPO portals that they will only accept certain figures and that they get those---Ive never experienced that. I get calls on properties up to 45 miles away and THEN Ill double the fee (Usually to about 100 to 125). Out of maybe 25 times Ive only gotten ONE approval. They always gladly agree then I dont see the order. This urinates me off.