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I don't think it's really a matter of respect. I'm a capitalist. I believe in making as much money as possible. For this, I don't blame the companies. If agents are willing to do BPOs at these prices, than why would a company pay more?
Respect is earned. I just took an order today for $290. Yes its rural and about 50 miles away. But they know it will be done well and timely. They could have gotten people closer to the property but they offered it to me direct and paid my quote without the usual broadcast. Won't say who but I will say do a good job, be reliable, and you will get the respect from whoever you are working with. FYI I better be getting asset assignments if I am doing $40.00 BPOs. Don't be afraid to say no.
Couldn't agree more!
Agreed-No thanks at $30-40 rate.
And they always :
Please review the following comps found during a secondary search:
Yes, and most of the time their suggested comps are crap. I recently had one kicked back and asked to consider their suggested comps. Two closed over a year ago, were a different style and in a different development and for actives one was a 7 month old expired and the other a 4 month old cancelled listing.
I have a hard time understanding this too, especially because I know some of the agents in my area doing them for these lower fees are driving much further than I would even at higher fees. The only thing that makes sense to me is they think they'll get REO listings. It seems over the last several years there are so many how to get into listing REO courses and I think most tell everyone to do BPOs to get into the systems to list REO. My experience is one rarely has anything to do with the other. Every company I ever listed for I got into the listing agent database without doing BPOs (I did BPOs for them but after I started listing) and I've never been offered listings just because I was doing BPOs.
BPOs=REO listings is one of the biggest lies in the industry.
Me thinks: REO associates are the best evaluaters! HANDS DOWN! (Sorry, I got excited there)
BPOs are seen as an in-road to the REO arena - so, probably, agents are willing to do these on the cheap for the potential opportunity. There are starving or unmotivated or whatever associates out there willing to do these - like me - say, recently divorced (after 16 years of the Roller Coaster Ride)... and are beaten down, and starting to pop their heads back up to get back in the game after licking clean the wounds to bind.
The REAL Rub is that Cheapo BPO (you get what you pay for AMs)... and appraisers who over-price REOs, and mis-lead the AMs. Most seasoned REO associates are more knowledgeable in the local markets than appraisers, and understand the REO evaluation; whereas, appraisers are not front-line people.
Soooooo... BPOs on the cheap are a BAD MOVE yet maybe a desperate move, or a greed move ... and paying for an appraisal is an AMs security and maybe a CYA piece.
I am new as an assistance to a 5 Star Rated listing associate. I am learning and seeing a lot... especially the over- pricing mistakes by AMs