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For $30 I don't even start my car. I have been seeing GRC posting what they call "Inspections" for get this $17.50..Anyone who takes those is working for $0.00. After you look at the cost to drive there, time to do the visit and time to drive back and the time to do the report (long form) and even less if they are using a auto-accept robo it's costing them money. I learned a long time ago Time = Money.. Give away everything that cost you nothing but if has a cost you have got to get paid.
I got a good laugh out of the fact that you don't start your car for $30. Ditto.
You got it right.
So I have been on this website almost since the beginning, I found it way back, when I got stiffed by some un-ethical and unscrupulous BPO companies. I have followed this thread since then and have made comments from time to time. It has been quite awhile since I have commented, but now feel compelled after reading the last few comments about the volume slowing and fees for completion dropping.
I have made several comments here about not taking BPO's for unbelievable low fees. I refuse, pretty much any order that I receive, I decline and state it is due to the low fee and state the fee that I am willing to complete the order for. Sometimes I get a reply back approving my requested fee, most of the time I don't. The ones that I do receive I am ok with because they are for the negotiated price I set.
The last few years I have noticed that most of the BPO companies I was working for required us to complete background checks. An additional cost for us to do business. One company last year required BPO agents to have General Liability to work their BPO's. I already had a policy for my REO work so it wasn't a big deal at the time. It has been several months since I received an REO and I decided to not renew the Gen. Liabilty policy. It isn't required to sell real estate in Tennessee. I didn't think it was worth the cost to maybe go the whole year and not get another REO assignment. And it certainly wasn't worth the cost for the few BPO's I was receiving from this company that required it.
My point for bring up the background check and General Liability is this, these companies are requiring more and more from us while continually dropping the fees paid to do the work. I personally made a business decision to not comply and not complete orders for such low fees. Unfortunately, there are agents out there who are taking these orders for low fees providing incentive for these companies to continue lowering the fees.
Interesting side note, despite not complying with the background check, I am still getting offers and have refused them for the fee and explain that I don't have the required background check and have still received the order to complete. One last item, most of the orders I do receive for my quoted price are very rural that no one else is willing to accept. Or they don't know they can request a higher fee.
I agree with you completely. I've been a licensed real estate agent in the state of Missouri for over 35 years. They can check case.net on me if they want to do a background check. I did pay for one a long time ago and I think it was Clear Capital, but I'm not spending any more money to do these stupid, low fee BPOs. When I get them, under my breath I say "go find another jackass to do this." If you know where Springfield is, I got one yesterday for Sedalia. That's not anywhere near me or in our MLS. I've filled in their zipcode deals, but they keep reaching out because I'll bet they can't find anyone to do them. The wear and tear on my car has taken it's toll and I can't afford another, so they'll have to be close by and for a fee I'll accept.
Hope things improve for all of us. Thanks for your input. I did years ago have many complaints against those companies that are now out of business, but not before they stiffed a lot of us hard working agents.
I have been getting higher fees to go to outlying areas but the gas and wear and tear on my car is getting to be too much. They reject these more rural ones due to limited comps, etc, but at least it keeps things steady. REO listings are getting more scarce and I am thinking of kicking some of my reo clients to the curb.
Yep!! I am tired of being the "jackass." That is to funny...
I'm not sure how it is in other States, but I think California is pretty strict on licensees. If you get a DUI, drunk in public or are arrested for anything, the BRE can suspend your license. So you better have a good story to tell them.
We have to renew our licenses every 4 years and on the renewal application they ask those questions. And I'm sure they do check to see if there are any indiscretions. I heard from another agent that you also have to disclose any personal or business related bankruptcies. Just waiting for the day when they start requiring credit checks next.
Our RE licenses renew every 2 years. I did file a chapter 13 in 2010 for medical bills and paid for 3 years on time every month even when it was difficult. I was discharged in 2013 and carry no credit cards or loans, but can't get one if I tried. I have no DUIs or even a traffic ticket, but if a person is denied a good background check because of their difficulties with income, seems like they'd need to do more BPOs anyway to earn some money. I won't do anymore background checks. They can just go take a long walk off a short pier. I'll do whatever else I can do to pay my bills. Can you believe me if I tell you I have a candle business, a cafe and sell personal items on ebay or amazon.com to earn money. I don't take any government aid nor will I. I do what I can to stay afloat and I guess the BPO route is not very lucrative these days and I appreciate all the sharing on this site. It has saved me many times from making a bad decision on certain companies. I was part of two bankrupt Asset Companies, but luckily before they went, they paid me. Others were not so lucky.
John and Sharon,
More and more of these companies are requiring background checks with companies that I presume they are in bed with. I did one back in 2013 for Clear Capital and have been successful in having some companies accept that, with others still insisting that I use their recommended company. I have dropped a majority of the companies that I use to do a lot of BPO orders for. Even many that were great companies to do work for have dropped their rates on how much they will pay. I had one just a couple of days ago, that use to pay $50 for a drive by, have an available exterior order that they were only paying $48 for. Valuation Vision only pays $15 for a desktop order. Then you need to wait 3 months to get paid. If you are lucky! Twice I have had to threaten legal action to get paid.
I haven't done a BPO in several months because 1. the amount that companies are paying is way too low that unless the property is within walking distance that when I take my dogs on a walk that I could do the exterior photos I wouldn't even consider the order & 2. I feel that my time would be better spent working on getting listings, which would pay off way better than the very limited number of available BPO's I am currently being emailed.
Other than the low fees it is the rejection of BPO orders that is getting me. Obvioulsy you know your market and you would use the best compst available but yet some reviewer sitting in their kitchen is reviewing your order send out comps the find that they want you to look at. Most of the time these are not good comps at all due to distance, different room counts, different styles, closing dates over a year ago etc. but yet you have to look these up and waste more time. These reviewers who are states away from you know more about your market than you do ! The because your order was rejected you drop down the list and now you don't get reports as often cause you have dropped down in stnadings. I have spoken with some of these reviewers on the phone trying to explain why I used the comps I did and there just is not a perfect BPO that adjustments have to be made for items sometimes. Do they care ? No they have it in their head you did not do a good report. It is like talking into a phone with no one on the other end. I have done the background checks and all I did was spend the money. The companies that require them I hardly get any information. I use to get alot of Clear Capital orders but I have not had one this year and I am told by Clear Capital there are alot of agents in my area available to get orders. I tell them I have been with you all for ten years so why is someone who just got a license a year ago getting orders while I am not and they have no answer but yet they want that background check. I don't get nearly as many of the BPO business I use to get, I have been doing this for thirty years, auto accept has really taken alot of BPO's away and I just won't pay for a person to "capture" BPO's for me. I mention this to some companies about auto accept, they say they don't approve it and cut off agents who use it but we all know that is not true. The BPO companies don't care who accepts an offer they just want the BPO done. They do not care about us and in reality it is just business but it use to be more personal and professional but that was then and this is now. There is no faithfulness for REO and BPO's anymore. Anyone work with Xome on REO's or BPO's ? I would like to hear your thoughts on them
So I'm struggling after 35 years in the business and I'm asking if there is a place on this site where I can promote a building with two businesses included plus living quarters that I own. I have it listed in our MLS and on Loopnet,but nothing so far. I need help in selling this because at nearly 70 years old, I'm getting to wonder when I can really retire, lol. With barely any good paying BPOs coming my way and now that I have hooked up with another agency, I have to pay 20% and rightly so to my broker so that a $50 BPO gives me $40. Not worth the time.
Thanks for any help and suggestions. I have a neat video from circlepix.com that I can share and inform any potential buyers of the big benefits of owning this property. Just looking at them may not give lookers the great benefits of this property. It's an awesome place for any type of buffet especially that locals love Chinese food and there isn't any buffets of any kind in Anderson, close to Joplin and Bentonville, AR, headquarters of WalMart. Good referral fee to those agents not licensed in MO or shared commission with MO agents.
Sharon, I would not worry about the bankruptcy as much. Many people in general who would normally have good credit have had to file chapter 13 or chapter 7. Medical bills and the IRS have hounded a lot of people, especially realtors. That will not affect a background check.