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I was contacted by Altisource/Ocwen some time ago as they needed more REO brokers for an increase in listings (I see they are now getting the properties I used to get from power REO) however the only requests I get are for bpos for $40.00 minus $1 for using the website! I did 1 but found it took far too long as they want previous history on ALL comps. Obviously some brokers are doing these. Just wondering how long it takes to do a report as it seems a lot of work for the fee to me. Also no listings todate. Valuation vision lite orders are also too time consuming for the fee, and main street property inspections for $20 are not worth doing either as they are more involved than just uploading photos and making comments on condition etc. LPS are also adding extra requirements for uploading mls sheets which is time consuming but no increase in fee. Thoughts?
I stopped doing BPO's 2 years ago just for this reason. Not worth my time, especially after I had to give my broker 30%.
30% to your broker for bpos?
Yep, it was a 70/30 split on everything we did.
I allow by agent to keep all their BPO money.....Sounds like time for a ne Broker....
You do realize that if you are the Broker you are still liable for any BPO work that your agents do? Why would you not split with your Broker? By being a broker and not getting a split you are taking a risk of getting sued over a bad BPO for nothing, not very wise if you ask me.
I put a disclaimer on all BPO's, the broker can go fly a kite if he thinks I am giving up 30%. I am a broker I really do not need him to do BPO's.....
That would be a great way to handle it if you have the capability of having a Broker's License. But if I have liability as a Broker than it gets split in my opinion. You can always have your own company just to do BPO's then you are the only one with any liability. Great answer.
what about broker splitting on the platforms cost (res net) and the certifications required by some companies.
Well, *I* wouldn't split with my Broker coz I split ENOUGH with my Broker already! lol
I do not split consulting fees, property management fees, bonuses or BPOs with them.
Sounds like Keller Williams. I used to hang my license there; they got too expensive to stay.
S T U P I D ------- find another broker.....