Some times I see orders for $30.00 in my area. That's not even gas $, but I guess someone is doing them. Fiserv's orders (ext) went from $65.00 to $60.00 in my area (CA Central Valley). ORT pays $45 for an int (5 days, but in reality it's due on the 3rd day after you accept) I'd prefer to get paid more and do the BPO faster (which I do anyway) to get it out of the way.
It’s just basic economics, when there are more people looking for the work – the bidding starts. The next step is to see how low you can go before quality begins to drop. There are agents doing BPOs that a few years ago didn’t have the time for such little pay. The sad thing is BPOs paid more than – when the retail market returns, and it will, fewer agents will want to do them or REO. As a result we could see the BPO pay go up for quality work and fewer “once in a while I do a REO if I have to agents” that ask a billion questions when they get a REO listing, while complaining about the referral fee to the AM. The questions are no problem, but whining about the pay – none stop – maddening! I only complain about times of no pay! LOL
Have a good day!
FYI, I can tell you from inside sources that many....many will be going to $30.00 as the basic fee this year. The reality is just as Bardell stated. I wouldn't be surprised to see it go less than $30.00 before end of year. In fact, I was on a conference call with a AMC (Asset Management Company) executive who was flirting with the idea of $15.00 BPOs.
His biggest consideration factor was his site get's hundreds of vendor applications a day and for the "promise" of the chance to be considered or put in their "approved vendor list" he speculated these agents would do them and not think twice, I think he is right.
As Jose mentioned, some agents will do them for free, for that chance to get a listing and I won't name any company in particular but, I know at least 2 that require you do so many free ones before they will start to pay out or even give you the chance to get a listing.
As long as we have agents out there willing to do it, it will get done and, that is the fact the banks and servicers know all too well.
No, and for the amount of BPOs I do I should have more listings. I have had three listings since I started doing BPOs two years ago. I have received good ratings on my performance and yet no more listings. One company I called and they said they are not assigning listings any longer. I am looking for a company you can receive listings. I will stop doing the BPOs if it goes down to $15 it is not worth my time and gas.