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BPOS that are too complex/take too long to do for the fee.

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?                                                                                                                                          

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Hey,

We are a team of people having experience in manually accepting new BPO orders for most of BPO companies. We are very prompt in accepting orders when they are posted and can accept orders on your behalf for companies like RRReview, Atisource (Ocwen), Clear capital, OLD Republic, Equi-trax, SAM, Proteck, Corelogic, Emortgagelogic, BPO Fulfillment (Mainstreet Val.), Inside Valuations, GoodmanDean, Woodfinn etc.. and other companies.

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Frank Stallworth
BPO Order Accept
bpoorderaccept@gmail.com

Neil, I am in complete agreement.  The time it takes to do these 'appraisals' for $40 - $1.00 = $39.00 is nuts. Previously, I did a ton of work for Ocwen so the BPO fee was meaningless.  Now, they have gone to this crazy system where one broker for the entire state lists and sells all properties.  I've shown those properties recently, filled with excessive personal property, smelling beyond description due to dead animals in the crawl spaces, and completely unsecured!  If agents would start saying no to low paying jobs we would all be better off. Unfortunately, there is always somebody willing to give away the farm. 

I don't see how a BPO for $40 is worth any agents time.  I always request a fee negotiation and sometimes get it.  If they decline my fee I just move on.  My very minimum fee is $90. 

Maggie Arnold

I stopped doing for some of the Bpo companies because they require so much and don't pay any higher. My broker gets 20%.

if you give your broker 20% you are crazy....

 

I agree you do have to be  crazy.

I worked for Ocwen/Altisource for several years and was paid  $60-75 for BPO's and if they were a long distance from my office more,  they decided they were paying too much went to $40 with the $1.00 deduction. I said, GOO BYE AND GOODLUCK.  There are agents who do not do much business, that will grab the $40.00 because they need some income. My time is too valuable, I now charge 100-150 and I get business..

 

I completed BPO's for Altisource for 6years and never received the first REO assignment. I can promise you that you can send emails and make phone calls until your blue in the face and will never speak to an American NOR find anyone who cares about becoming a listing agent for them. Working for them only suppressed my real estate career!!

you are so right, they refuse to clean out or fix up , most of all they speak no English that anyone dan understand.  When their offices were in Florid they were a pleasure to work with.  They fired everyone and closed up shop and went to India.  I dropped them like a hot potato....

 

Quit while you are ahead....if you work for them either you do not value your time or you are just plain crazy.  I dropped them years ago....

With one of the keys to being successful in this niche market being needing to do volume, this company is one of my Top 5 BPO Mills to do business with. They have historically had large volumes of orders, scattered across this fine nation we get to call home.

When a company drops their fee that they offer to have a BPO report completed, it means that this decrease started from the top and it trickles on down. Clients pay BPO Mills less because they have a few handfuls of choices of companies that they can give their work to, thus the BPO mills tries to stay competitive. This has been happening since the creation of a BPO report.

One other main key to success and being able to thrive in this side of real estate is having systems and tools in place, like BPO automation software so that you can easily accept a lower fee because it takes you less time to complete the order. With quicker turnaround times, your score should increase, thus you get more orders and because the volume increases, you will be in a position to see your business soar!

What a crock I wonder which BPO company you work for. Just because you accept a BPO automatically it still take as much time to visit the property, take photos, do the research and fill out the form. Anyone is welcome to work for nothing but it makes it difficult for all the other agents trying to sale property for a living and doing BPOs for a little extra income.

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