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Fellow REOPros. If you complete BPOs, I offer a way to calculate what your minimum fee should be instead of just taking low ball offers for your hardwork. Here is the spreadsheet I use below. This is for residential properties only. I have attached the spreadsheet to this post. Download it if you like. And if the spreadsheet comes out less than $50. I use $50 as my rate for exterior drive by. For interiors my minimum is $75. Thanks.
1) Open a spreadsheet.
2) In cell A1, type in Minimum hourly rate, in cell C1, place your minimum hourly rate, say $25 or $30 or whatever rate use so choose.
3) Now take the address of the offered BPO location and go to Google Maps and look up the distance and time from your base location(Office, Home). Write them down.
4) In cell A2, type in Travel time, enter the travel time from Google Maps cell B2.
5) In cell A3, type in Round trip, enter the number 2 in cell B3.
6) In cell A4, type in Total travel time, enter the following formula in B4. Formula =B2*B3
7) In cell A5, type in Desk time, in B5 enter (with 2 decimal places, x.xx), Say for this example this is 1.25.
8) In cell A6, type in Total BPO time, in C6, put the following formula, Formula =B4+B5
9) In cell A7, Dollars for travel time and desk time, In cell C7 put the following formula,
Formula =C1+C6
10) In cell A8, type Mileage from Google Maps, enter travel distance from Google Maps in cell B8.
11) In cell A9, type in Round trip, enter the number 2 in B9
12) In cell A10, type in Total mileage roundtrip, enter the following formula in B10, Formula =B8*B9.
13) In cell A11, type in IRS current mileage rate, in B11 enter the current rate, 2017 rate is 0.535
14) In cell A12, type in Total mileage dollars, in cell B11 enter the following formula, Formula =B10*B11
15) In cell A13, type in BPO compensation, in cell C13 enter the following formula, Formula =C7+C12
Comment
Thank you. Excellent formula, I have been charged very similar for my BPOs in far away places and wonder how anyone can spend 3-5 hours or even more driving then do the work for less than $300 or $350. Yes, negotiate the fee.
Thank you Richard! I had been listing and selling REOs for the last 8 or nine years and not paying attention to the pay rates of EML/Assurant, CoreLogic. I received an email form Assurant to update my very old and expired license with them. They sent me an order which I did not accept for a rush/24 hr drive by for $40. I was kind of shocked since EML used to pay $50 for a 3 day exterior BPO and I believe $75 for a rush.
Are agents able to negotiate?
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I just got a BPO order from Corelogic (Inspectionport) and they were low before but now the automatically pay you $45 per drive by BPO and each month they charge you $6 per order at the beginning of each month so if you have done 10 orders in the month they bill you $60. So your $45 BPO is really $39. You can put in for a higher base pay but as you can guess they higher you ask the less work you get. Three is no guarantee of any volume so you know there are agents who will do these orders at this price. This is really sad that companies like Corelogic are just beating us to death on the payments for doing BPO's
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