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What is a reasonable fee to charge for BPO's? Should I request $100 minimum to cover what it actually cost?

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Wendell,

We assign some BPO work for specific clients for valuations other than listing files.  We pay the agent for these BPOs and then charge our client.  I can tell you the we do not get paid $100 from most of our clients for an interior BPO and don't get paid $100 from any client for exterior/drive by.  Maybe we are just cheaper than everyone else but I know that we can't pay more for the product than we can sell it for. From some of the comments I have seen on this site there are a lot of agents that seem to think that the asset management company or BPO company is selling this product to their client for amounts in excess of $200.  Just not so. 

 

good luck getting that $100.00, I work for them all and the $100.00 is in the pass, unless their would be a weather issue or a rush issue

I respect that David. In terms of measuring my actual cost, I am at a loss when completing them for less. Perhaps I need to find a way to speed up my processes. Thanks again for your response.

Hi there Wendell,

I wanted to mention something here that you may have heard of already, but I would recommend looking into BPO software, in specific AutoFill software to help you automate the data entry side of your BPO reports.

Warmly,

Randy Fontenot

Good morning Randy, I missed this. The software would help I am certain, but are there any in particular you or anyone else are familiar with that are cost effective? Thanks again for the help with this.

Wendell

Its a moot point. If you dont take the BPO---someone else will, even at 25 bucks. No one dictates to the BPO companies what their fee will be. I see many here say that they wont work for blah blah amount and that they tell their BPO sources to pay more. Hogwash. Ive done 4,000 BPOs for almost all the companies and it just doesnt happen except for special circumstances. Mostly it will be ordrs from an area in which they dont have a broker rep--in my areas thats usually about 25 to 35 miles away! Ill get a call asking how much I want for a trip like that and I avewrage about 75 tom 100 for that long a trip. Its really not worth it but they appreciate it and I get more orders.

I regularly negotiate my fee with a few companies, which happen to make up the bulk of my income.  I guess the ability to negotiate the fee is down to the luck of the draw of what area you work in.  I guess I must live in an area where not many agents do BPOs. 

Thanks John. I get emails daily from different companies to complete BPO's. What I have trouble with is the speed in which I can deliver the information and still be profitable. The $30-$40 is not adding up.

Thanks again,

Wendell

Know the companies you are working for, not all are GOOD you need to find out the ones that do not pay or you are working for 0

 

Marvin, understood.

Thanks,

Wendell

Hogwash, if you do a good job - you can negotiate - they would rather pay for competent agents

I think a minimum of $100 for exteriors and $125 for interiors. I'd say that's pretty cheap compared to the $450 they'd pay for an appraisal. ;)

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