America's Largest Social Network for Default Real Estate Professionals
Not to be rude but you're not listed as an Agent in the state of NY - https://appext20.dos.ny.gov/nydos/selSearchType.do. If you were an Agent and passed the test as you had mentioned then I think you would already know your local state laws as it pertains to receiving money for BPO's. If you are an Agent and the site is not updated then by all means just go talk to a broker.
Suggest you skip Cadillac fleet brokerage like Coldwell and go to other brokerages. They are not interested in your BPO fees but will take returned realtors selling homes. Keller Williams is an excellent brokerage to get retrained and $ split is reasonable for inexperienced.
Most experienced agents tried it and concluded there is no money in BPO as the pay is very low. Just lunch or gas money these days. Most agents just use their home address as business address when applying. If checks goes to the brokerage with 100 other agents they will not even know where Heather's $30 check by Old Republic comes from. You need an E&O insurance that is why you need a broker to hang your license. The software is used to replicate data from MLS and most systems will not allow software to grab jobs for you on 85% of order so you do not need it.
It used to be if you are exceptional the asset manager will assign bank owned properties to you. That was the motivation. Sally F did over 6000 bpos and got 3 listings in 15 years. She likes to be occupied and is great with values. If you focus on commercial BPO and doing perhaps appraisal you can make a modest living as pay is several times higher than a lousy residential bpo.
There is a realtor network website called ActiveRain which has 216,000 members. My understanding is many active members all have done BPO before. Most own brokerages. You get a lot help from them. So sign up ask.
Heather, I am no where near NY but I am known as the go to person for BPO's within 5 counties here in Rural Arkansas where I work. I have been a licensed agent for almost 14 years. I got into doing BPO's in 2010 and built my business since then. Your friend is 100% correct that the only way you can get anywhere in this business is my volume, speed, and accuracy. I have several companies now that I am their exclusive go to first agent in our area. Of course my area is much more rural but the concept is still the same. In Arkansas all payments including BPO payments must go to the brokerage and then I receive my pay from them just like commissions. I was with a Coldwell Banker here locally and could not make the money that I do now as they held their franchise fees as well as their part of the money. I moved to another company just a small agency. Much better fee split and I have a unique situation where I do office work for the office 32 hours a week and do BPO's as a sideline (just do a few hundreds a year).
If BPO companies find you are using capture programs you will lose their business. These are very strictly prohibited in the BPO world. There are good companies and bad companies. The payment terms vary as well from a few days to 90 days. Once you build the business though it does create a stead flow of income. It works well for me as I am not able to get out and show houses due to some injuries a few years ago.
The dark side is this is a lot of work for the money you receive. You have to meet tough deadlines and the quality has to be there. I only make the money I do because I can do multiple BPO's in the same area at one time or in these rural areas the mileage will be your downfall. I like doing these because once I am out of the office I can do these from home but it is a juggling act with working the office and keeping up with these as well.
Well, Ive done close to 8,000 BPOs. Ive done them for almost every BPO portal in the USA. The key is SPEED. Most of them care more about speed than accuracy. Most of them have simple forms that dont even give space for adjustments. Proteck, ServiceLink, just to name two, and others have very well thought out and complete systems that almost require regular appraisal knowledge to complete without errors and having to re do things. You need to sign up with some, then go through their own company training manuals and guidelines. Again, they key is SHORTCUTTING to get the orders in as fast as you can. Most will give you only a few while they check your work, and increase as they see you can handle more with no degradation of speed. I use two computers each running two screens , one left and one right. What take time id driving for photos. In the Portland area, we are so congested that a 7 mile order can sometimes be 2 hours driving time during peak traffic. The portlals want YOU to take the pictures so you have first hand knowledge of the subject---MANY brokers cheat on this and have others do the running around. I refuse to do that but easily could and double my orders.
In fact I know of one broker in Gresham Oregon who makes over ten thousand a month by contracting out all his orders to keypunch people foro a small piece of the fee. He never even sees the work. There is software to capture orders but almost all portals do not want it used. Its fraud if you do. I dont care what anyone else who sells that stufff says---you will be kicked off if found out. I could write a novel here abut how to organize yourself, what things can be done to personally communicate with the companies staff to get more orders, etc. But, its Friday and I have already taken 13 orders ranging from $30 to $150. Oh---one way to get orders is to expand your coverage area and sometimes take orders even if they make no profit, such as a 30 mile round trip for $30. That lets them see your work. Good luck, and yes most want E&O so you need it or to work under a broker. Though some here have obvioulsy pushed their own company agenda, usually a smaller firm is more willing to let you without taking a cut as long as you also do regular work.
Heather you could give me a call. I am not available today but could call me anytime Tuesday after 6PM Central time or Wed or Thursday after 2PM Central time.