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As a broker owner, at least in Virginia the Real Estate Board requires all payments to real estate practitioners pass through the brokerage with any real estate related activity. This includes bpos. You might want to check with your states regulations before you allow your associates to accept payment directly you could be putting your license in danger.
THE OAR says we can let agents get payment directly. It is also up to the broker. I checked carefully and so did my previous brokers before I became a broker. Also, many companies pay to the agent. In our state the broker's written policy dictates whether or not payments can be made directly. It is really up to the broker. Also, property inspections are often done by non licensed agents and it is legal. It really depends on the state. In West Virginia BPOS cannot be done for any compensation.
I am in that situation as well. I can get higher prices for rural ones, as much as $150 depending on how desperate these companies, are, however, you kill yourself being on the road all day like I was today, there are no comps and often they keep rejecting the report because they want better comps. I would rather get $50 bpos in more urban areas, but everyone is competing in the more populated areas so it is harder to get those.
Like you, after working with them for several years, they requested the certification. I decided I have enough companies I work with that there is no reason to pay $50 for another certification. They can find another agent that wants to work harder than I do.
Amen, at my age, free time and stress free days are more important.
It seems that as the bpo business slows down and as some of the BPO companies consolidate or just go away, the ones that are still around start asking that you pay for certification and for other reasons. These BPO and REO companies will lie straight to your face with claims that if you take their certification courses, pay for background checks and pay for memberships that you will continue to get work orders. Yet at the same time they are paying less for BPOs that take longer to do because of the additional information they request, taking longer to pay you (if you are lucky enough to get paid) and having to compete with more agents in getting work.
Has anyone heard of iFieldServices?
Had an email this morning to sign up with them to get bpos.
I found a web site for them. Didn't see any agent complaints on the internet or on ScamAlert. ScamAlert shows them to be a fairly new company. That worries me as they could have been one of the failed bpo mills who has re-packaged themselves and come back.
Never heard of them. I think we agents need to get more back ground information on these vendors. They should be providing a list of banks they really work with so we can confirm. Some banks like BOFA will show a list on their site who they deal with. If these BPO companies can't give us at least the basics and gaurantee in writing they have never been under another name, then we shouldn't do business with them. The problem is, its too easy to create your own LLC company and I don't think they have too many guidlines to follow and the reason so many of these opportunists come up and then disappear after their done with their unethical business and recreate themselves to start all over again. I think that just going to be additional homework for me to do research on how that works.
Also stay away from Broker Price Opinion, they may have changed they name by now????? needless to say they still owe me $850. from a year ago - sure checks in the mail - nothing but lies.
How do company's like this get dummies to work for them.
The new agents don't realize there are issues with some companies not paying. They need to read this blog. Thanks to this blog, when Broker Price Opinion called me, I told them that I wasn't interested in working for them as I have plenty of business with companies that pay well, so remove me from their list.
like Lavina says, they are slick, they solicit new agents who are not aware of their tactics. I am really surprised the banks are not on to them.