Ron, I did not mean to answer your question with a story but I would like to know if you are using the auto valuation software out there that is available? It makes doing Bpo's much faster and accurate. I commend you on your recent success and wish you the best of luck in the future.
Why work for the banks at slave wages when I can get paid what I am actually worth? Check out the rental market in your area.
With 2.3 million homes slated as shadow inventory for 2011, BPOs could very well be the wave of the future for agents wanting to survive.
If this happens, and BPOs are needed in masses, order fees will drop and rules will tighten. What is actually earned will be hard to make a living on, but it will be possible. This will require more of an hourly job routine rather than a business owner routine.
There will always be more money to be made in selling homes, but over the next few years BPOs will be a big part of the industry unless rules change to favor appraisers.
I was doing 50 BPOs a week in 08 & 09 but has seen it slow down significantly this year as the banks have slowed the release of inventory. I think it can be a supplement to help your income but ultimately doing that many BPOs caused me to loose touch with my clients. I don't think it is the wave of the future perhaps just a small part of it.
Thanks for the question!