I asked a simliar question a couple of months ago on AR. (Disclaimer) I have limited experience in this area of BPO's, and since that time I have done roughly 15 BPOs. I have seen some BPO certification training but I am not too familar with them. I have list of BPO companies I can send such as http://www.mainstreetval.com . You can sign up for free. Most sites will provided a online training prior to assigning you BPOs to do. Personally, I do not like Equator for BPOs, because it is sent out to the masses, and they assign it to however signs up first in the particular area of the BPO I am talking one or two minutes upon notification it is assigned.
The first couple you do will take a little longer then you probably hope to spend on them but once you get the hang of it they can be done quickly. There are computer programs out there that you can use to make it faster but it is a financial investment.
Every day there are thousands of requests from financial institutions, investors, asset managers & BPO/REO companies for Broker Priced Opinions across the USA. They need Realtors who are dependable and accurate to complete these BPO's requests. In many areas of the country these companies lack coverage, so orders go unfilled.
Our relationships with these companies, places us in a distinctive position to aid Realtors in becoming successful in the BPO market niche.
We save you, the Realtor, precious time with the tedious process of numerous registrations, help to facilitate a consistent flow of orders to augment your income, working side by side with the you through the BPO order process, & troubleshooting any issues connected with an order.
Our coordinators help you reach Preferred status so you can benefit from being on a "first-right-of-refusal" rather than "first come/first serve" basis with orders. Additional opportunities become available for the Realtor that achieves this Preferred status, such as, it can place you in the position to receive REO listings.
CrossCountryBPOS will go all out to bring success in this aspect of your business.
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Jason, my suggestion is to go to reopro.com and sign up with every BPO company you can from that site. It is free, and so are the BPO companies listed. If they charge money you can look up comments from other agents to see if it's worth it.
Joan Wilson (Realtor, SRES, Ecobroker, Certified REO, HAFA, and Short Sale Specialist)
Prudential California Realty
Direct Phone: 760-757-3468
800-975-7481 x 111
License # 01341483
Another idea is focus on what you want to be, listing agent, buyers agent? And start aggressively marketing yourself. There are a lot of ideas out there, many do not cost much and think in the end, you will be more successful than putting all your eggs in the BPO basket.
Best of luck.
These two do not charge and one agent on Activerain that does many bpo's says this one is good: http://www.clearcapital.com/products/bpo.cfm
The other one is: http://crosscountrybpos.com/default.aspx
Let me know how this works out for you.
There are many avenues for practicing real estate and but the area of Real Estate Rentals, is not for everyone either! :)
This is probably not the advice you are looking for, but why do you want to do BPOs? The compensation is lousy and it's a lot of work. REO Listings are also often more trouble than they are worth with the Realtor expected to be not just listing agent but property manager, to put money out of their own pocket up front and then wait to be reimbursed. Same with some BPO companies. I've waited months to get my measly $50 from some of them for what turned out to be three or four or even five hours of work. Look, I am worth more than the average fast food restaurant worker, and so are you. When they say the banks hire "Burger King Kids" to do their loss mitigation business, well, that's an insult to Burger King, 'cause I think Burger King pays better! I just don't understand the frenzy to get into bed with the banks. You know what they say, when you lie down with dogs, you wake up with fleas. Well...
Have you considered other avenues of quick real estate revenue? I don't know how the rental market is in California but here in New Jersey it's booming. Of course all commissions are negotiable, but I can tell you that here, it's not unusual for the commission on a single family home rental to be equal to one month's rent (split between landlord's and tenant's agent) or 10% of the lease. And high end renters are paying $3000 per month or more. $1500, while small compared to a purchase or sale, is still way more than the $50 I would get from a bank for doing a BPO and takes about the same amount of time. And guess what, I don't have to lie down with dogs to get paid!
Food for thought. You may want to try Ocwan.