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I am Interested in doing BPO's. I wanted to see if you can possibly answer a couple questions

My name is Heather and I am Interested in doing BPO's. I wanted to see if you can possibly answer a couple questions for me as it appears you are very knowledgeable in the field. 
a little background...I am a real estate agent (originally licenced in 2007) I had let my license laps (total mistake) due to lack of use and not renewing :( because I was a PhD student and was more focused on schooling and getting some great experience flipping a few properties. I am quite familiar with BPO's and not "completely in he dark with things in that field due to a former friend having a VERY successful business doing only BPO's. 
During our friendship I was able to gain some insight on how she does things and how the pure Volume, speed and consistancy is what really gets her the money (obvious I know) lol. told me she had to purchase certain software to help her along and has even given me some great references on companies to sign up with. She said some companies are tough to deal with and others are better. She said that many run their offices out of the country and it is very difficult (if not impossible) to contact anyone via phone if you ever need to for any reason. She also mentioned that some of the companies she signed up with requires for her broker t sign off on her ability to work for them doing BPO's. Any thoughts on this?
Anyway, I live in NY (Long Island) and after calling the state I found out that I had to take the real estate exam over again but did not have to do any class time hours Thank goodness!... because I will be "grandfathered in" due to me holding my license originally in 2007. Anyway, I once again passed the test YAY!...and I am now in the stage of deciding what to do with choosing a broker because my sole purpose for me getting my license at this stage in my life is to build a successful BPO side business. 
I am hoping you guys can give me some insight with your experience if you can be so gracious to do so. I wanted to know if you are you familiar with the procedure behind having to deal with these BPO companies wanting to pay the broker in which you "work for"? I ask this because I am not quite sure how brokers take it when doing strictly BPO's is your focus and your focus is to not really "work for them". 
I want to approach things the right way while choosing a broker and be able to be honest from the beginning but I am afraid of being turned down or them wanting to take a slice of every BPO grab. My former friend lucked out because her father is her broker */:) raised eyebrows I have my license app sitting right here on my desk just itching to be sent out so I can get things started once again but I already know I need a broker to sign off on it and their license number as well.
While previously licensed a coldwell banker broker office by me held my license. Although they are wanting to take me on again I just don't know if that is an option for me. Any insight? 
I found this site and was happy to do so. I have been on blogs, websites, chat rooms, real estate forums...etc and have been racking my brain on what to do.
Anything you can advise me on I would GREATLY appreciate it!! 
Thank you!
Heather 

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Heather,


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. 

Yes. And thank you for the reply but I'm not sure you read Cleary what I was trying to convery. As I fully explained...I am currently looking for a broker. I was licensed originally in 2007 and let my license expire in past years. I gave just recently passed the exam and as I stated clearly am waiting to find the correct broker to hold my license. I was just looking for a bit of guidance.
Thanks!
Sorry phone spell "midscorrected" me on some words lol
Did it again ugh

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.

Thank you so very much everyone! I really appreciate all your advice and input :) I have sooo many questions. Is it possible I can give you a call? :/

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.

Hello Heather. I have done thousands of Bpo's over the last few years. I even started a website called www.reoeducation.com. In my website I answer all of those questions and I have various PowerPoint videos that explain various aspects of Bpo's and REO listings. I also provide a list of companies that provide REO Listings and Bpo's. Those companies include the companies that I am currently using. When you sign up, I also provide coaching as needed. Feel free to call me at 773-459-7652.

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