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Interesting about the shirts. I've owned a small business since 1991 besides doing my real estate. It's called Incense and Peppermints/Anderson, Missouri (on facebook) and we do sell Tie Dye shirts and they do pretty good. Lots of competition out there, but one can do something besides spending all our time running after companies that don't pay us for our work. That downright sucks and it's getting worse, so beware, read this site and keep up with the slacker companies.
It made sense during the "Hey Days" but now??? My business partner want to buy a hot dog cart and sell hot dogs down by the beach. Not bad thinking for now since NY is the longest holding state for Foreclosing!
No offense to Jesse and the "Gurus" but I think it will come back when the Hedge Funds get tired of holding!
Question, has anybody gotten any business through a CIAS certification and with who? The seem to send a lot of emails about how great they are.
Does anyone have a list of what the full names are on all these abreviations like SLS,ISGN,IREP,NREIS,HSBC etc...etc.. in order to search them on the web?
nreis is closed
sls is secured lending which is also closed
please IM Joey on LinkedIn if you want top providers
Ameritax BPO Inc.
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Here my summary for all of the posts I read so far in this topic and feel free to add or give comments. Great start of the post by Cindy Billman. Good luck and best to all hard working agents out there!
My opinion is we need to form a Trade Organization of BPO agents to have the following demands to BPO companies and request ALL of Realtors out there to boycott or not doing any BPOs below the set prices. I have completed over 2,500 - 3,000 BPOs from 2006 - 2010 timeframe and then I stopped doing that because the fee was dropped and the forms more picky like appraisal reports. One year, I remembered I made close to $50K seriously just doing BPOs and of course I had to pay tax a lot in that year :-), but I feel I deserved my hard works.
1) Exterior BPOs - at least $50
2) Interior BPOs - at least $90
1) BAD BPO Companies which DON'T Pay or Pay LOW
IAS (Integrated Asset Services)
Main Street Valuations (BPO Fulfilment) pay only $20 - $30/BPO and the forms is picky/insane...
Green River Capital payss only $17.50 for their Inspection
Consolidated Analytics (formerly Carrington Morgage Default) pays a whole $35 for an exterior BPO.
Sand Castle Field Services (suspicious company?)
Titanium Solutions (Bankcruptcy or BK)
Evaluation Solutions (BK)
Secured Lending Services (BK) <-- formerly vendor of HSBC Bank
National Real Estate Information Services (NREIS) (BK) <-- formerly vendor of Nationstar
Titanium Solutions (BK)
UTLS (UTLS Default Services LLC)
Network Mortgage Servicing
2) GOOD BPO Companies which PAY and some companies take longer times to pay
Equi-trax (sister of eMortgageLogic ?)
FAS (First American Services)?
Asset Valuation (can pay up to $160/BPO should negotiate with them)
First American Residential Value View (purchased by CoreLogic)
Old Republi (picky and only $30/BPO, but can negotiate)
ISGN (but has website issue only works with IE8 browswer)
Specialized Asset Management (SAM)
Marktomarket.us (Mark To Market)
3) New BPO Companies and not sure how they pay and reputation?
DataQuick (formerly Transunion)
First American Asset Valuation Solutions (FAAVS)
DataQuick Lenders Solutions is fine but not new (was just hibernating until recently, I think). Being bought out by CoreLogic. Pay $20 for exterior condition report. Will negotiate if they can't find someone else. They pay about every 2 weeks or at least once a month.
First American has so many names, I'm not sure who or what they are anymore. I did a lot of listing with them for 2-3 years - 2003-2006 - when all of their systems were manual, not online. They were tough to deal with.
I agree with having some sort of organization so we can band together and eliminate the unfair labor practices of some of these companies which seem to have become the norm instead of the unusual occasion.
I looked over the bad list and I've been the victim of several but not any more. I demand a higher fee and if they don't want to, fine. Most of the ones they send me are rural, hard to find comps and having to explain over and over why I had to go outside their guidelines to find any, but that's the facts.
I'd be willing to join such a group of hardworking agents.
I think the fees you suggest are too low. I have done about 80 BPO's for 6 or 7 companies in 2013 and I don't except anything less than 75.00 for exteriors in my county and I get 100.00 to go to the surrounding counties and I have received 150.00 for interiors. And I still not feel like I get paid enough for some of the forms. I am in a rural area, so it may be different than urban areas. I just can't get over people still doing BPO's for 40.00.
Nice going Vicki, that is good to know, I have been asking for more money but I now see I need to raise my fees even higher. Thanks for posting this, hopefully other agents will start raising their fees as well.
In No Cal also RURAL, LPS pays $40 for exterior, $70 for interior. QC is hard on the 1 mil since few are now under $1 mil. Have to picky QC on earth to deal with esp with the new smart form.
Proteck-$40 a mini dissertation also.
Old Republic pays a mere $30. Haggled for more they assigned to another agent.
Mainstreet(BPO fullfillment) promises to pay $10 bucks for inspection. That is quickly snatched.
Great post John, thanks for that. For what its worth, why I don't and wont do bpos for less than $75
Keep in mind most agents are responsible for own taxes, mls fees, and expenses.
55 cents per mile ( cost of gas, tires, wear and tear on vehicle.)
average round trip 45 miles, lets use 30 miles round trip as a conservative number.
30 miles round trip x .55 = 16.50 vehicle expense.
how much is your time worth. I like to think my time is worth at least 25 to 30 bucks an hour, I try to average 50 - 80 per hour. And shouldn't we expect that. So an hour to do the report and 45 min drive time. = 1.45 hours
lets use 25 per hour x 1.45 = 36.25 + vehicle expense = 52.75
52.75 per report is cost.
So 30 miles round trip, 1 hour report time, = 52.75 no profit, no room for error, not counting time to email the coordinator, make any corrections etc. My 2 cents
David, that is a nice break down of cost to complete a BPO. I am with you I think $25 dollars and hour should be a minimum. My 13 years of experience and knowledge are worth closer to your $50 to $80 range.
If all agents would realize that they are hurting themselves by taking $20 - $40 bpo's and started requesting fee increases, we would see prices start to increase.
Of course as long as these companies can get people to complete them for the low fees they will keep paying peanuts.