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In the past I've completed many BPO's for a company called "Main Street" back in 2002 up until maybe 2012. I never had a problem with payment or fee's to complete BPO's. The average fee for an exterior or interior BPO was $55-65. Last year I received notice that the name "Main Street" was being changed to "BPO Fulfillment". This appears not to be the same company. You talk about slow pay, I haven't been paid for assignments completed in January and when I contact them regarding pymt, I'm told to send a email and they will get back to me because they don't have an accounting department on site. I've stopped completing assignments for "BPO Fulfillment", but, I see numerous assignments coming to my email everyday. Many of these assignments pay $30. Why are agents accepting BPO's and completing them for $30. I'm insulted when I get a email requesting to complete a assignment for $30. I always decline them and/or request a higher fee. When I complained to "BPO Fulfillnment", it was made clear to me that agents accept them and complete them for $30; there is no need to pay more. Do agents realize that they can earn more working at a McDonalds and get paid every other week. Has anyone been paid by "BPO Fulfillment"? Some of their exterior assignments pay $60-65. These are the only assignments I accepted. But, too date, I haven't been paid for any assignments completed this year. I will not complete another assignment until I get paid. BPO's have gotten more complicated and require more research and time to professionally complete these days. I'm going to open a BPO company -accept a BPO exterior for $65 and send out an email blast and see how many agents I get to complete it for $30. It seems, I can make $35 off each one. What an idea????? Herman
You think $30.00 is low, there were companies that wanted you to complete a FREE BPO with the chance you might get the listing. ( oh did they play on agents psych or what? Pavloffs foaming at the mouth experiment.) They always seemed to find agents to do a FREE BPO.
Let me reinstate the important part "with the chance" you might get the listing if you complete the FREE BPO. They were around a long time.
So $30.00 aint so bad when you compare it to FREE.
DITTO!!!!! Agree 100%
Agents doing BPO's for $30.00 , know what their work is worth. Henab, this sounds like a fly by night company, threaten them with contacting your state attorney general....works every time. I no longer do BPO's for poor pay companies, I research everyone prior to accepting work
Do what every other agent does out there. Accept them for $50...pay a retired person $15 per BPO they complete. This nets you $35 per BPO.
The retired person is happy because they can get these done in 1 hour so they feel they are making $15.00 an hour. All the agent does is pull the MLS comps and email them to assistant.
I have about $880 in outstanding BPOs from BPO Fulfillment. I got in touch with a "Wendy" via email. I will send you her email address if you like.
Before I report them to the attorney general (election year here in MD), I will give BPO Fulfillment a week to see if they can get it straight. I have gotten paid partially, but I have the aforementioned $880 outstanding.
I never had any problems getting paid under MainStreet Valuation, but once they changed to BPOFulfillment their payments started getting longer and longer. Even under MSV it started out that I recieved payment in 30 days, but once they were taken over by Red Bell it went to 60 days. I haven't done many BPOs under BPOFulfillment, since they changed the way they distibute their BPOs and even when I am lucky enough to try to accept a BPO I get a notice that another agent has 5 mintues to accept the BPO, but the handful I had done took 3 months to get paid. They currently owe me for 4 outstanding BPOs. And I'm still waiting to be paid.
I agree Hernab. If agents sit down and do the numbers of their expenses and what they get for a BPO, they will see that they would be better off with a minimum wage job.
I'm in SoCal in the High Desert area where it is not unusual to have to drive anywhere from 20 to 60 miles one way for a BPO. And with gas prices at $4.15 a gallon, there is no way I will do a BPO for anything less than $45. There are also so many companies out there that are slow to pay and some even don't bother to pay. I've already had to sue 2 companies in small claims court and gotten the judgements to be able to put liens on the properties.
I now spend more time working on getting listings. I have a far better chance selling something and knowing I'm going to get paid through escrow than wasting time with these BPO companies.
I completely agree with you. I've stopped doing BPO's for BPO Fulfillment and am concentrating on building my real estate business as well. I don't understand why BPO companies treat realtors like second class citizens.These Vultures are living off us and getting paid well for our efforts. The sick thing is, there’s always a agent out there willing to work for nothing. Over the years, I've been burned by Land America, IAS and UTLS. We are actually giving these companies credit as well, because, we invest money in travel (gas) cost, MLS fees and research time in hope of getting paid at some future date or when they get ready to pay us. It's not fair, but, these companies are getting away with slow and no pay. Herman
Talking about BPO Fulfillment, I got an email this morning that 3 of the BPOs I did for them and submitted back on 3/8 were just accepted. ??????
So, I guess that $20 Property Inspection I did 3 months ago is what I'll be getting a check for in May (I hope). And I guess I'll be waiting another 60 to 90 days for the ones they just accepted.
This is totally unacceptable !!!
I always got paid like clock work from these guys BUT they were 2 months behind. So if completed a BPO(s) lets say May 1- May 15 I would get the checks for those July 15th. At first it was hard but if you had steady work you got a check every 2 weeks.
Just use an excel spreadsheet to track all your orders and when/if you got paid so you dont miss out on any.
I have attached what i use if it helps anyone out.
Yes they pay .I got paid after about 60 days.as Ryan says.
Thanks for the sheet... Looks great