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I'm new to BPOs and would like to do them to supplement my income, as I do real estate full time and most of my efforts are focused on working with buyers and sellers. Though I would like to make a dent in it and also get to know the world of REOs. Any recommendations for BPO companies to register with that you've had good experience with? I'm looking for someone reliable and who will actually pay, preferably in a timely manner. I live in Louisiana if that helps.
So far I've registered with Residential Real Estate Review, which all they need is a copy of my real estate license but I'm waiting on that because I just switched brokerages last month and my broker hasn't received it yet. I'm in the process of applying with PCV Murcor, Clear Capital, and
Any other recommendations? In in Louisiana if that helps. Thanks in advance.
Great, thanks! The only real issue I'm having is that my computer browser isn't compatible and for whatever reason my computer doesn't seem to want to seem to download Internet Explorer 11. I'll just try that on another computer, should be just a small hurdle.
Blair ... During the past 18 years I've listed and sold over a 1,000 homes owned by HUD, VA, and numerous banks and mortgage companies. During that time I completed thousands of BPO reports. Many for fee income. Now I hardly get requests for BPO reports, partly by design. Unfortunately, a couple of things of happened over the last few years. The fee companies pay for a BPO has decreased to where it isn't worth the time to do them. Also, many BPO requests ask for some much detail that they become very time consuming. Lastly, most of the BPO reports don't lead to an REO assigment. Many of these BPO reports are used for other purposes (e.g., home owner applying for home equity line, etc). I suggest you spend your time pursuing prospective buyers and sellers instead of doing administrative work for low wages. Good luck!
Thanks Jonathan. I'm just mainly interested to make some extra cash in my downtime, so I really wouldn't mind if some pay as low as $40 since it's better than nothing, though it depends on how much work they're asking. Thanks for the link, I'll have to check it out!
Thanks Marce. I'm more or less wanting to do BPOs to make some extra cash in my downtime. Though I see what you mean about how sometimes it just isn't worth it for the pay plus the amount of required to do them. I'd still like to try though.
you are better off getting a part time job or increase your real estate business
EXCELLENT ADVICE !!!!!
Hi Blair, BPO's with the good companies have gone by the way side at least in my area of Fl. The fees were dropped so badly due to newer agents wanting to get in and agreeing to do them for a reduced fee. 1 response you received from a fellow agent said emortgagelogic was good, based on my experience in 11 years of doing Real Estate, would NOT be 1 I would work for AGAIN! They owed me over $2000. in fees when the market was good and I cannot sue for that, only my Broker could and he opted not to. Be Careful, Do Not Pay fees to do BPO's or REO's you will be broke in no time. Sorry to be a "downer" but lessons are learned the hard way, which I did, I now focus on 1 or 2 companies that pay well and focus on my business at hand ! Real Estate :) Good Luck, if I can help in any way, please let me know.....