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it is up to the broker and most brokers like myself will allow agents to be paid directly. Some do not and it is really an accounting nightmare. I have a few companies that are adamant that checks be made payable to the brokerage, but most don't.
Vicki, you need to open your own BPO company
start up your own BPO company
the same holds true in Florida. All monies go to the Broker.....
some brokers require it, I personally think it is nothing but a pain. Before I became a broker I had one or two brokers require me to have checks made payable to them and all they would do was to float my money. Others did not. I have a few companies that will insist on having checks made payable to the brokerage. it is annoying.
In Wyoming agents cannot accept any compensation directly from anyone without the Brokerage approval. I do allow my agents who want to do BPO's to be paid direct as those small checks are a hassle, especially in a Franchise office. I am about the only one in our office that does them, and since I am the Broker, in most cases I can do what I want. There are some companies though, that will not pay the agent direct and will only go through the Brokerage. From a Broker standpoint-let the agent collect and report-less work for my bookkeeper.
U R a broker and do BPO's???? why are you not passing that work on to agents. I would never sign with a broker who sold or did BPO's they get all the gravey and the agent gets ----you know what...
My agents have every opportunity to do BPO's anytime they wish. I give them plenty of opportunity.I have even given them contact information so they could develop a business of their own. They do not wish to do them as it takes times away from their real job of listing and selling. In our City of approx. 60000 population, there are probably no more than a dozen agents that will do BPO's. I get calls to go all over the state because they cannot find agents. I don't go their either. Although I am a working broker, I do not compete with my agents. I hand them buyers and sellers both. I do not take floor calls and when I do take a listing or work with a buyer, it is strictly by personal referral, which also includes REO's. The agents are free to work them, but don't like it so I do them too. I have established a personal relationship with these people and they ask for me by name. I often work my personal business with the agents, but find myself doing most of the work, ---and they are work. All relocation is given to the agents and all incoming leads are distributed to agents. I would much prefer to let my agents support the office and me, but in a market our size everyone has to work some.
You are right. It sounds as if I am not the only Broker that participates in this forum. And probably most of them do BPO's because the agents don't have time if they are working at making a living. If people are really doing the volume of BPO's that it sounds as if some do, I would think they would not have time to work with buyers and sellers. I know in our area, anyone needing to make a living better do something besides BPO's. Not defending, just commenting.
Just commenting too, actually an observance on my part....when Secured lending was in business I would do at least 15-25 a week for just them alone.I just didn't see a way I could break away..ok, so we know what happened to them.....now I'm only working for 3-4 companies that I trust, maybe 3-8 a week and 1 or 2 commercial a month at MY price and due when is convenient for me......BUT the biggest thing is I have sold and listed MORE real estate since SL is out then ever before......sooooooo, it's hard to make a COMPLETE break from BPO's but worth it when you do!! I like having the BPO cks for in between, but I definetly like the settlement cks better! : ))) I am sorry that SL is gone for the peoples sakes, but for me I love it, best thing that could have happened for me. I don't think I'll ever give BPO's up all together because it helps you know what's going on in the market better and get paid for it : )))
if your state allows it and your broker allows it, could you have it deposited into your account? It is not commissionable. I allow my agents to keep their own bpo money and they are allowed to have it sent directly to them. It just depends on your state and your broker or the BPO company's policies. Also, LPS will send you a deposit advice to your email and you can notify your broker if you cannot have it sent directly to you. It is actually pretty easy either way. They deposit in two to three days.