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Myesha. You Need An REO agent introduced you to asset managers . Or Broker whom get REO LISTING. i KNOW FEW REO AGENT WHOM NEVER DONE BPO BUT THEY HAVE REO LISTING. It is Amazing how the system works. Good Luck. Keep Me Posted.
I am with you...I will not do a free BPO...It costs to be in this business and these companies should be ashamed of themselves asking Professionals to work for free! Not only that...Agents...get out there and pound the pavement! You can get your OWN listings! There are enough people out there near foreclosure that would love for someone to help them. Start by getting an approved short sale.
Forgive me for being blunt but I can't believe what I'm reading. You pay $250.00 and on top of that do free BPO's. That means at a minimum you are doing at least $1000.00 worth of work for free on just a chance that you MIGHT get something in return from them? That is down right demeaning, we are professionals who offer professional services.
Doing free BPOs may sound crazy. However, if you do them well, listings may come steadily and in waves. I have used the BPO as a sort of resume to get in the door with some companies.
Unfortunately, doing free BPOs is part of REO. Similarly, agents are accustomed to working with traditional buyers and sellers, many times without compensation. We complete free CMAs, spend hours doing listing presentations, show properties to buyers who in the end, decide not to buy.
REO is not for everyone and I respect that. To be a succesful agent, you have to convert the freebie into an opportunity, and that opportunity into income. Just my opinion.
Very well stated. I agree 100%.
Attitude means everything. I just got another listing and have one in "limbo" ,should be coming on in the next week or so. All from doing the free and the paid BPO's,took a couple years though.
Yes I admit that there is a lot of work we all do for free but that is when dealing with the public. Most of the public don't know any better. Doing free work for banks and REO companies which are inside the loop and know how it all works is a whole different ball game. I stand by what I said, it is demeaning, but they are getting away with it so you can't really blame them, if they can get agents to pay them to get into their data base and then convince them to jump through hoops why wouldn't they take advantage of that? It is a matter of pride I guess, I am not jumping through their hoops so they'll throw me a bone once in awhile. I won't be getting any of those listings and I can live with that just fine.
The fee is for the Res.net platform which is utilized by many different asset companies. USRES is an asset company which assigns BPOs and listings. Chances are that you do not get the listing you do the BPO for but sometimes you do. Especially if the property has been listed for a long time, is overpriced, and you make a compelling case for your value and repairs needed. I got 2 USRES listings in a row that way. First one, I had no idea it would come to me as a listing. Second one, I was pretty sure that it would.
I also got 2 new clients by being on Res.net. My initial membership was free a long time ago when I got a new listing for a client who needed me on that platform.
that is 2 new clients in the last 3 months. small companies, private lenders
I just accepted my first Free BPO from USRes. From reading the posts, I have many to do before getting a listing. Here's my question: Should I pay the $250 now or wait? If it may be a couple years, I'm thinking wait as long as I can or does it matter?
This is a great group. Thanks for all the helpful posts!!