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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?
This myth was also helped along by a husband/wife team from Arizona who teach people (for a fee of course) how get rich doing BPOS. I ordered the course than fought them for my money back--as it was worthless. I then taught myself.
Actually getting listings from asset managers dies years ago. Paying BPO company wannabe type sites a monthly fee because they tell you managers will be looking at your name to give listings is JUST PLAIN STUPID.
I've never been lucky enough to of been asked to do a BPO so I could get a listing....years ago I use to do BPO's for my broker ,he did it to break me in, and the deal was if he got the listing it would be my listing (he's a great guy,he would give me the listing commission by myself)...now mind you he oversaw my work and gave suggestions before it went in,if we got the listing I was able to deal with the asset mgr too...really great experience....I can't remember the names of the companies, but I do know he still gets them once in a while like that (BPO and then the listing), my companies now give me the "shadow inventory" and then ask for the listing BPO when they're ready to list,that's VRM,Quicken Loans and some private investors.......how did this all start? I have no EXACT clue,.....I do know that years ago I remember someone....and I do believe it was on this blog....said,that when you do a BPO,always remember it is going across a lot of co ordinators, bankers and etc. desks and you just never know when it will catch their eye......and with all these people in the industry moving around, I would hope they would remember their favorites? I work for several companys that only give BPO's....and I know it is strictly for the money,supplemental funds: )))
I think it usually the same guy with the same company that says there is a good chance of getting the listing. It is not luck, its BS because the next sentence was if you will do it for free or $25. I was quick enough not to fall for it and stuck with and still stick with a fee that makes it worthwhile. I can lose money and sleep several other ways that are a lot more fun.
Thanks for the reply.
IAS used to assign listings only to agents who completed BPOs, you had to complete 30 BPOs to get 1 listing. BPOs were very lengthy and paid a little, the only reason agents kept on completing them was to get listings. Then IAS stopped paying for BPOs, now they went bankrupt. PAS used to do the same before Aspen, different ratio, maybe 20 BPOs to 1 listing, there used to be many companies who did this, not any more. You did not get the same property you did the BPO for, but you get assignments based on the activity with the company. No longer true, now days this is bait and switch only done by unrepeatable companies.
Agree. SLS. where great paid fast and on Time!!! I was at 20-30 a week also miss that income.
Neil - You don't really have to fill in comp OR subject history. Realtrans Altisource BPO form is the easiest and quickest to do because there are MANY MANY fields that are not really required in order to submit. Watch the bottom error messages disappear as you tab past all of those fields. And they very rarely challenge you. They already know what value they want anyway and many times just ignore your BPO.
Thanks Cece I get tons of bpos sent to me but were not doing them due to complexity/time needed. I will give them another go. Other company bpos that are time consuming in mainstreet valuations.
I as well am findng that some of the companies forms are pretty time consuming. As also being an EX SLS BPO agent I believe we got spoiled with the pay and the amount of orders recieved, (70 to over 100 per month), and the ease of completeing the orders. Upon the closing of SLS I searched out a few other companies, as my old coordinator went to work for Single Source, I now do BPOs for them and yes for $40.00, but am getting orders at least. Some other companies seem to pay a little more on certain orders, but the quantity is not there. Still searching out some other companies that are good to work with without being too time consuming to complete. Also hoping to get some REO business from some of them as well, but nothing yet.
SOme of them do not use common sense when designing their forms. No logical progression for following info that comes off the MLS forms. One has to jump back and forth---I solved a lot of that several years ago by using two computers and each has double screens. I have four open at one time and kleep MLS on one, the working form on another, comps on another, etc.
Also agree. SLS paid 60 for exterior and now 40 that's what? almost 30 something % loss???
Altisource/Ocwen used to give listings but now they have in-house agencies manage their listings, at least in CA. They still order tons of BPO's but as far as I know you will never get the listing. They call me sometimes when they're desperate to get a BPO done and have offered me as much as $75 after negotiating, but I still turned them down. Not worth it for no chance at a listing, especially with the long form.
Ditched Ocwen / Altisource a couple years ago when they started lowering fees and charging website usage fees. Freakin' nuts. Did probably 200 BPOs for them over the course of 3 or so years never once even got a hint of a listing. Yes, their forms are insanely long, but so are LPS', FiServ's, and NVAM's. The easiest? Goodman Dean and previously, Countrywide's. I can whip those out in about 5 minutes.