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To enlighten others, to vent your anger, or both. :-)
So last week I got an interior lock box with no key. I contacted the company multiple times with no reply. Then I called the company direct and they explain they are closed on Sat./Sun. Ok well its noon on Monday and the first message was sent on Friday. Now the POC has conveniently placed a key in the lock box and they ask how fast I can get it done. I respond with 24 hours but I'll try to get it in by the end of the day. 5 minutes later I get an email that the order is due in 2 hours and to call the company if I can't make this time. And its sent by the same rep I just got off the phone with! I call back and then what do you know, no answer repeatedly. Screening my calls. Priceless.
Right now, they are paying anywhere from $10 to $30 for exterior. Don't know about the interior yet. The distance to those properties are about 4 hours drive on each of those properties. Those amounts are not enough for the income tax, gasoline trip, wear and tear on the car, car insurance and the amount of time spent on each of those orders. You are actually getting below $0 dollar on your work.
They seem to have a lot of orders too like BrokerPriceOpinion.com. They are probably using BPO Automation.
Yea, I know. I stopped doing ANY BPO's that do not pay at least $40. And, if they are a slow pay, those are the last ones I accept, and only if I'm not busy.
With the Market picking up, we can be choseie who we do these for and for how much.
And if they are using an automation, good luck to them. That model is all screwed up. It can only apply to developments that are identical in size, year, but that doesn't count for upgrades or condition, how would THEY ever know???
Ladies, Ladies, Ladies you are working too cheap, know what your time is worth, I will not start my car engine for less than $60.00 , the more orders you take at $40.00 the less you make, TIME IS MONEY
Agreed. $40 is an insult, unless you are in a big city and are literally walking distance from the subject property. My starting fee is also $60 and goes up from there depending on the distance and the form work required. If you factor in at least $20/hour, $40 just doesn't cut it.
First of all, we BPO agents need to make it clear to these vendors that they must make it MANDATORY that the listing agent be available at all times especially when it is a short sale and the homeowner is not available and out of town. I recently had a interior BPO I called the POC they told me I could not get in tell after the weekend when the homeowner got back. They apparently were in the middle of moving to another place. Ok, so the weekend came and gone on top of that, Monday I had to go pick up the key at the POC office because they did not have it in the lock box. So I drove to the house and wouldn't you know, the keys did not work? I called the office and they swore up and down they were the right keys...Really, then why won't they work? I told them I would give them 10 minutes to come and bring me the right ones or I would leave and report them. Then, all of a sudden I get a call from the homeowner who said they would come by with the same keys. Anyway, the keys they brought were different and opened the security gate but not the entry door. So, I had to keys to the entrydoor which I could not get to and the owner had the keys to the security gate I could not open? Is that not fishy or what??? Then after I did my pictures and left, the POC calls and asks how fast can this get done. I told her it's done when I'm done with it! I finished it and gave it a higher value than what she listed it for (it actually was worth more) and now they won't be able to close, that will teach her to play games with me. The moral of this story, is that most listings today are already secretly in contract during the pre-marketing and by the time the agent puts it on the mls its ready to open escrow and close soon and the BPO was for the purpose of giving the final ok to close on the loan. These unethical agents are keeping other agents from making offers and have their own buyers lined up. BANKS ARE STUPID AND CONTINUOUSLY GET FOOLED, when they don't request the listing agent to also provide them with outside broker offers during the first 30/45 days of marketing which is when the propertry is HOT ON THE MARKET and the action really happens before they accept an offer. Otherwise, it is always the listing agents clients that when the bids. When I do BPO's I always put a comment in it saying that the property will sale in a reasonable time frame as long as the listing agent is willing to work with other agents, or the listing will linger and become stale hoping that this will shed light to the banks to be more pro-active on their listings and how the listing agent performs.
I don't do interiors at all anymore exactly for this reason. The last one, about 2-3 years ago, was a second opinion for an REO. I call the broker that's going to be listing it and ask if it's rekeyed yet. She says "I don't know. It's all the way across town and I'm too bsy to check. Why don't you go by and check and call me when it's rekeyed."
Now I just do exteriors but there's still issues there. Got one Wednesday, due today. No MLS history and I'm in a non disclosure state so no help from tax records. They do not allow us to estimate so even though I know the floor plan I request property details. They send me a screen capture from a prior BPO. I see it's the wrong property. There's a Road, Place, Court and Way for this street name. Order is for Place but data matches MLS for same number on Court. I know it's wrong because data shows a garage and subject has none. I notify client by email and through portal. No answer. Three notes and three emails over six hours and I finally get a reply "I already sent you the info.
I finally get them to understand they have wrong property data and get them to send the right data and in email with correct property details they remind me the BPO is due 2:00PM today and if it's late I don't get paid. I told them due to their delay I would either need an additional 24 hours or the fee increased to a rush order fee. No reply so I emailed again and said if they are not willing to extend due date or increase fee to cancel and reassign. I could have easily completed it by the original due date but it's a mater of principle.
I'm at the point I only do the easy ones that are real close to my office for the better paying clients on really slow days. It's barely worth doing BPOs anymore.
I quit doing interior BPOs back in October of last year thanks to Green River Capital and being jerked around by them.
BPOFulfillment still owes my for 4 exterior BPOs and 1 property inspection. It's been over 90 days on the exteriors and 5 months for the property inspection. What's funny (or not so funny) is that of the 4 that they still owe me on was a batch of 10 BPOs. They already paid for 6 of them. So I'm wondering why they didn't pay all of them at the same time.
BPOFulfillment (Mainstreet) was bad with their information. Since I work in a primarily rural and mountainous area, a lot of their orders had wrong addresses. So I was always going back to them requesting the parcel number to the property. Once they even emailed me back the wrong parcel number. What a fiasco that ended up to be.
I have one other BPO company that still owes me for 5 BPOs. I had sent them an invoice and some lady from accounting called and left a message saying they pay after 90 days. Well it is after 90 days.
Once any BPO account becomes 120 days delinquent, it is court time for the them. I quit playing the run around game with these BPO companies months ago.
Needless to say, I have quit doing BPOs. The real estate market has turned around enough that I no longer need to do BPOs to supplement my income.
I wouldn't stress about it. My attitude with access issues for interiors is they get done when the listing agent or asset owner can be bothered to take my call and give me access. The key is to keep contacting the BPO company and update them on what is going on. Most BPO companies will happily extend the deadline when there are access delays. Sounds like these clowns are trying to exploit an access issue to perhaps claim that you didn't meet the "deadline" and use it as an excuse to cut your fee for being late.
Definitely I agree with you. I'm more hesitant to accept a $75 Interior from a company such as Mainstreet than a $65 from other companies that advertise the Interior as lockbox prior to acceptance. Lockboxes let you maintain your own schedule, the extra $10 turns negative once you start working around other people's schedules.
Do not work with companies that are so irresponsible....too many good ones out there