Just got a BPO interior request, when I called because the email said payment is $0, I was told that agents agree to do BPO's for them for free in order to get listings.
Does anyone have any experience with this?
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They're asking me again 18 mos after I stopped doing free BPOs for them. Did 15-16 and never received a listing from them, as far as I'm aware.
I wouldn't.
"A fool and her money is soon parted." Juli - Your momma told you that a long time ago. Don't work for free.
LOL!!!! My decision to be paid for doing BPO's was already made, I emailed them the next day and told them please put me on the "pay" only list.....I can get my listings from other sources
If working for free ( unless its a charity which actually helps real people) is your thing- without any hope to get any business your thing- then go for it
Yes I did them for several years while they were giving me REO listings. Now that the listings have dried up I requested pay. They send me very little even though I still maintain the AMP designation with them.
Did one or two a few years back and never got a listing, so quite doing them for free. Since they can't find any other dummies in my area, they are now paying me for doing their BPO's.
Hi Juli,
When I first signed up for Res.net. I got calls from USRES and did a few "promise of a potential listing". I did only 5 and USRES must be the pickiest bunch around. I do BPO work for several firms and all have been happy with my work. These other firms pay a fee. No promise for a listing.
With USRES, you have to know how many other Real Estate professionals are working for them in your area. Best appoach was be direct. Back when I did them in Charlotte. I was going head to head with 70 other folks. I asked how many listing that USRES typically had in the Charlotte area. I was told 19 roughly per month. So here is why I found it was a waste of my time to work with them for free. If there are 70 people and let say the listings were dished out to 19 folks that did the first or second bpo. Let say the Asset manager has a good working relationship with lets say 20 agents. What are my chances of getting a listing? I say it is slim to none. If lucky maybe 1 per year. Let say the house is a $30,000 minimum comission shack. So $1,250 is the gross commission. If you work for a broker than they take there cut. Say 30%, $1,250 - $375 = $875. Let say it was an interior, fee somewhere $75 to $100 typical. Say you do 6 and luck up with this choice listing you have invested $450 of your time already. So you just made a whopping $425. Never mind the work you need to do list and sell the property. USRES is a huge waste of time . No pay upfront, poor pay on the back end. Always charge a fee or let them pound sand.
Yes, USRES. continues to ask me for free BPOs and no listings in over 1 year. I have did 40 BPOs for them and got a couple of listings direct from them in 6 years. You have to be a professional level agent at about $700 a year to get them. $2000 worth of BPOs and $4000+ for the professional level agent package. Also the listings are 2% or less. Some are a flat fee of $1000 minus the expenses that they don't pay on sometimes. It is a way sometimes to get your foot in the door for REO market though.
I have good luck with them. I made enough in a sale last year to pay my AMP fee for some time to come. I just last week received another assignment from them. Nice smaller block home that will move quickly.
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