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Time to Blog this morning ! What about BPO?
I have done a bunch and happy to complete them even the reward is questionable.
I have done my due diligence and forwarded as much information relevant to the subject property enough to determine a value, listing price and what is necessary to help the decision maker.
I have completed over 800 of them as residential and commercial.
It takes some time by going on site, download the photos,
pull the comparable and finally complete the order.
BPO in 20 minutes ? Probably but don’t expect too much comments and research.
It takes definitely more time. Some websites are easy to complete,
other take a long time to even upload the photos.
Easy task to complete when it is a condo with same properties around recently sold
and listed with similar amenities. Same criteria apply with SFR as tracking home
from large development. I known many BPO agent are using software to ease
and accelerate the process
but I believe that I don’t have a sufficient volume in my area,
and we don’t have too much large development with tracking home anyway.
Each property is often unique and requires more twisting
to pull appropriate comparable and definitely more adjustments
and comments therefore more time.
I have seen a few changes since I have completed my first BPO.
In a few words increase of task as more time to be completed
and fee reduction translate by less Dollars.
I am wondering if I am the only one to feel that way.
More time is required for less money to be paid!
I am trying to think about other industry such as my dentist charges me
for annual exam which is not the same cost if he has to fill up some cavities,
or I pay some money to my mechanic for oil/filter change, and the bill is increasing
if he has to do the brakes! That makes sense to me.
Apparently, that does not apply to BPO: the more you do and the less you will make ! (Recent Old Republic order at $ 30!)
The last BPO I have completed was very unique as large lot for the area,
multiple structures onsite, illegal units, unpermitted and not completed excavation…
and a lot of photos…. I have searched with planning dept, uploaded tax record,
Tax Assessor map, permit summary from planning dept. in addition of all the
other required task…. This is not anymore $ 50 worth!
This is getting more spicy when I did pull the comparable as
I have found a couple of them as Bank Owned for which I did struggle
to get little money for BPO and realize it is listed by an agent located
in another county within more than 2 hours drive round trip.
Back to office, I drove in front of a multi units which I knew to be listed
by one of these agents. This one too I have done a $40 exterior BPO.
Listed at $ 465,000 it is easy to understand a better reward
than to complete a glamorous BPO.
I am totally devastated to have seen this property:
no sign for sale, no lock box while it is mentioned on MLS,
old tire and car parts in the yard, weeds at glance, debris and trashes,
windows covered by old fabric/plastic…
all to mean “Please don’t come, don’t buy!”…
Few searches back to the office to realize 33 DOM… no open house.
ASSET MANAGER: Do you known about that ???
I still believe strongly that everything regarding the default industry is around BPO.
Nothing is done without a BPO in other words.
This is a necessary and valuable tool to maximize the recovery of asset.
I am perfectly OK to provide the best service and
I am also OK to complete a reasonable amount for free
if I have the assurance to have some listing.
Clients, asset managers, valuation companies and lenders are expecting
a professionalism, ethical and honest service.
Does it mean I have to do that for the glory?
Does it mean I have to starve with $40 fees?
Does it mean I have to be insulted to see these asset listed by other who don’t care?
Does it mean I am the only one to feel that way ?