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I've been following Cindy Billman's Discussion "REO/BPO COMPANIES THAT DON'T PAY" for a couple of years now and I've come to the conclusion that it can't be about the money because it seems that a lot of us are either chasing our money or not getting paid at all. Is it because we think by doing BPOs we'll get REO listings? Is it because we just love doing them or perhaps because we find it easier than actually listing and selling real estate?
I'm just curious as to what compels and drives the agents that do BPOs to continue doing them and I thought that this may make for an interesting discussion.
I quit doing them because all it did was wear out my car and waste my time.
I use BPO to train my new agents how to valuate real estate. I take them on the road, and we do the BPO's together. I've found that it's a great tool to use, as they become more familiar with the industry as a whole. I even pay them the $50 for the report,while they're ramping up their marketing.
I know a few agents that do the bpo's to have a steady income during the slow market. Also, they do believe that this will help them get and edge with the banks for Reo's. I don't believe that it actually works, I have yet to see anyone get an Reo from doing bpo's. Some people do enjoy the work, and don't mind traveling. I however think it's alot of work for little money. Jean Marino
First you must only work for established companies, google everyone that wants you to do a BPO , ask on this discussion site, we all know the good ones and the bad ones AND YES, it is easier than dealing with buyers and sellers and attorneys with egos.. I work on volume and get paid very nicely.
I do BPO's to keep in touch with the market. The trends are shifting and I can keep abreast. . I list and sell as the foundation for my business. I have REO' listings and Standard, but the BPO's allow me to be paid while giving me that edge of knowing the most current trends.
It took me a long time to realize the best parts of BPO's....have seen the companies come and go, favorite was Secured Lending, 15 -20 a week just for them back then, but it took all that to make me realize the good points. I actually looked forward to being able to get away from them some, I only do 3-5 now by choice. I really needed to get back in too Real Estate listings and sales, I can feel comfortable pricing a listing now. I didn't want to totally give them up because of keeping up with the market and the extra income never hurts, but I can be selective now and usually the companies contact me direct,, I like that, I have proven myself over the years to be reliable. I have been contacted by two banks that have stated "I have seen your name come across my desk many times ", so if you think they don't notice ,that's not so, Some of my comments are very descriptive ...like "there is a lot of foot traffic, both mobile and stationary".....: ))) so I am hard to forget. : )))