Agent2Agent in New Jersey>Question Details

Gabriella,  in New Jersey

Where do I sign up to do BPO's?

Asked by Gabriella, New Jersey Mon Mar 24, 2008

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28
Your attacks on me are obviously an embarrassment and that's understandable. It's a bad reflection on your part and I find myself being drug down to your level continuing to respond, but I'm stubborn and that's my vice which I'll have to deal with.

You've been attacking me ever since I noted the price you posted for a $300 BPO being ridiculous.
The highest I've ever seen is close to the $200 mark and judging by the responses from others I'm not the only one. I'm not saying that nobody is paying $300 for a BPO but questioned it and asked who is paying those amounts. Your resulting responses were patronizing to say the least. (By the way, isn't all this sounding just a bit childish to you yet at this point?)

Sorry if you view my brutal honesty of posting your private antagonistic messages to me for all to see as being "inept" while you make publicly patronizing posts in an attempt to salvage your dignity by disparaging me.

This is a poor reflection of character which you're obviously embarrassed about in hind sight but don't continue attacking me over your own behavior.

Let's just call it a day and end it at that, lets shake on it, be friends and walk away. My opinion is that this childish dialog is making us both look foolish although I wont be so bold to call you a fool as you did to me.
There are more pressing matters to attend to then a battle of wits with someone whom is obviously unarmed.

Once again as I previously said, I wish you the best of luck and much prosperity and success in the future. Okay? Let's shake on it and be Friends and bury the hatchet.

This will be my final post on the matter, the ball is in your court now and I'll consider your silence as being in agreement. No further response on the matter is necessary all is forgiven, there is peace and tranquility in the air now.

God Bless...
7 votes Thank Flag Link Sat Feb 14, 2009
Thanks, I'm sure you are doing a great job as well, I never implied that you were not.

Please don't praise me in the public eye while sending private messages to me like the one below. If you really meant what you wrote here, that should be the end of it. There was no tirade, just a dignified polite reply to comments directed at me from you, plain and simple. I pull no punches with clients or others in the industry, I am known for my honesty, integrity, knowledge and ability to perform. When someone questions me like you did, I will respond.

"Message from: John Sacktig
Victor, I don't know you and I decided not to answer your rambling self exposing tirade on Trulia.
I really do not want to embarrass you.

I hope you re-read what you posted and maybe try to understand what you look like.
But then again, not everyone jumps over the bar."


John, I am true and sincere in my response. I am sure you are a good agent and wish you the best of luck and much prosperity. Perhaps we can do business together in the future, I hold no ill will toward anyone, it is not in my nature but am not a punching bag either.

God Bless...
6 votes Thank Flag Link Sat Feb 14, 2009
I am on at least 10 companies provider lists and my e-mail box is literally flooded with BPO requests, at least 10-20 per day. They pay $35 - $90.

I did about 5 of them and quickly realized they are a total waste of time. The BPO forms are long and involved, and to do them correctly easily takes an hour. They almost NEVER lead to a listing.

It's basically slave labor to do these things.

If you want to advance your career as an agent, you should be out working your farming, FSBO's, Expireds, and all the rest. Doing BPO's will keep you locked in your office working for minimum wage. You will not move forward.

By the way, even if you were to get lucky and parlay BPO's into REO listings, which you won't, YOU DON'T WANT THEM. They are nothing but trouble. Tons of paperwork, tons of cash outlay, kicking people out of houses with the sheriff, LOW commissions based on low prices, endless trips to the house to deal with vandals, squatters, and druggies, dealing with a cavalcade of unreliable contractors, trash-out companies, tradesmen, and many REO companies want a 35-40% referral fee to boot!

Get real listings from real people. Much more gratifying. Plus they lead to future referrals for more nice listings.

And by the way, most BPO's these days have nothing to do with foreclosures or listings at all! They are being used in lieu of real appraisals for refinances and home equity loans. So they are more of a dead end than ever!

-Marc
6 votes Thank Flag Link Thu Feb 12, 2009
Sorry if I wasn't clear John but I wasn't directing my appraiser comment to you rather to Realtors wanting to get started doing bpo's, this is an advice blog you know.

I am very well "received" in the BPO market and have completed thousands, yes thousands over the years. I pride myself on my ability to properly price homes and have an excellent record doing so, clients won't always listen to pricing recommendations but my skills are sought by many who have paid to attend my classes to learn these skills. I do know my business well and your childish implications are inconsequential.

To research and fill out all the forms usually 4-8 pages of data including market condition calculations, pricing valuations on high & low end and suggested improvements needed for a home to sell within specified time frames, suggested marketing and incentives to offer, current local and regional factors and you need to input the data manually. I'd have to question the accuracy of the data you are submitting if you are "flying" through this process. Banks and service providers never question the data submitted unless the numbers & percentages don't add up but that's no excuse to "wing it" either.

"I am also sorry that you have trouble filling out the ERC forms. They really are not that hard and if you understand how to value a home and comp them out.. it is a breeze. I guess it is just easy for me.

RE: Oh brother! Why are you so full of yourself? BPO's aren't difficult just time consuming if you are not pulling number off the top of your head. New Realtors may experience some difficulty without the experience and knowledge to figure out all the calculations or how to get the data for market condition statistics.

"Maybe because these are so "hard" and "detailed" for some Realtors to understand, banks have been frustrated with the results and when they get someone like me, they pay for my valued service.""

RE: I don't know of any banks that "research Realtors" performance before asking them to do a BPO.
Actually most banks use 3rd party vendor services which in turn hire agents to perform these services.
The premise of a BPO is for a bank to save money vs. getting an appraisal so the idea they have researched your performance and reputation as an superior Realtor to pay you more for a BPO is kinda ridiculous.

"I know I do a better job then most so called "appraisers"."
RE: Walking that slippery slope advising your pricing is more accurate then a trained & licensed appraiser whether it is true or not.

"And Victor, from the sound of it I am sure you would "love" for me to post the companies that I do BPO's for."

RE: Get a Grip, my business doesn't revolve around BPO's, I was giving advice here based on my experience and knowledge. In case you don't know this is a forum for sharing and teaching others and disseminating information, not for bragging and making empty claims or attacking others who question your posts or ask for more info. I highly doubt anyone is hiring you to do $300 BPO's if it's true good for you.

BTW.
Announcing you know it all and make more money then others for the same tasks but say you won't share your knowledge or sources with anyone here because you are better then everyone else is just low class.

But, think about it... I am hired to do BPO's correctly with confidence that the results are accurate.
Why would I invite people that could not do as I do, at my level? Like all of my business, I refer people of quality that I am assured can deliver the a level of service that I require."

RE: SURE!!!! LOL... You're obviously worried about the competition, if your precious sources were so diligent in only using experienced expert agents that can deliver the level of results only you can provide , why are so worried about posting them here. lol...

Thanks for laugh...

This blog is for being helpful to others, if you wish to talk junk and not back up your comments with facts, data or sources why are you even commenting here? Face it Nobody likes a braggart... Especially a rude, cocky one that thinks he's better then everyone else. This is not the forum for putting down others to make yourself look good, it's transparent and doesn't work.

FYI. John, I am a Broker / Owner and do not do BPO's anymore, I don't have time for them, I have better things to spend my time doing. Besides BPO's are only good for gas and lunch money ;-D

Anybody interested in doing BPO's, unless your hurting for cash I'd suggest reading Marc's post below and listening to some of the good advice he offers unless John thinks he doesn't know any better as well.

Whatever you do in your career, even if it should be BPO's drive by's or otherwise to make ends meet I wish everyone even you John the best of luck. If you learn anything from this post it should be that having knowledge, character and treating others with respect make you a professional, not just saying you are over and over.
5 votes Thank Flag Link Fri Feb 13, 2009
I've been watching the postings the last couple of days, so I have something to say... as a professional I'm a firm believer in sharing information with others, that's why we're here, to learn; what goes around comes around, and if I share with you today, you will share with me tomorrow. Learning from other individual's experience, success and failure, is the best way to improve one's own performance. Last year was the best year I've ever had, and this year is already far ahead of last year, year-to-date. And of course the market is tanking in California. All of this succes comes because others across the country shared with me, both the good and the bad. So, I am more than willing to share resources/ideas on BPO's and REO's if anyone has the interest and takes the time to contact me.
4 votes Thank Flag Link Sun Feb 15, 2009
I totally agree with marc and couldn't have said it better at least when it comes to the detailed ones, there are all kinds from drive by's to interior inspections which tend to require the most details and comps with market condition percentages and many other factors you need to determine which is commonly found in corporate relocation ERC forms plus internal, external and street view pictures and you must also observe area factors such as if the property is in a flight path zone for planes, within 300' of high tension power lines, waste city or recycling yards, within 300' of commercial or mixed use properties, a highway and on and on...

I would suggest doing the drive by's usually $25-$35 with a one page form and one picture of the front of the house. BUT... don't get involved unless you can get at least 20 of them assigned to you, if you got a GPS, plot the route out and spend a day doing bpo's you can get up to 40 or 50 done per day provided they are not too far from each other and you hustle and eat a very quick lunch.

This is for extra cash now only, not a career direction move or way to get short term prospects. Maybe long term short sale prospects, I'm revisiting my old lists which I kept copies of and many of those folks doing cash out refinancing and purchases back then are in trouble now.

Oh by the way, John... If you got banks paying out $300 instead of ordering appraisals, they are just stupid, crazy, blowing the extra bailout funds on a bpo vs. getting an actual appraisal or you may be just a bit off with those numbers when ya typed them. I'd love you to post the info about what banks or bpo services are paying out that much for bpo's that you can "fly through" doing so quickly.

One major issue is not only that appraisers and banks were fudging values but also when Realtors were called in to do cheap appraisal alternative bpo's where the Realtors didn't do accurate pricing and helped inflate the projected values in the eyes of the banks when giving out mortgages contributed to the mess we're in now.

Agents opting to do bpo's should use caution and not represent themselves as appraisers but still be as accurate as possible and do your research when performing bpo's and not get the data for them from sites like Trula in lieu of doing your own research to accurately find comps.
4 votes Thank Flag Link Thu Feb 12, 2009
Too many realtors out there just as qualified or more that know how to conduct themselves like real professionals at all times.

Saying your the best and a professional doesn't make it so, it worked for Obama but you my friend are no Obama. It's also not reason to be a pompous jurk.

You can be sure you will never get my business. John Sactig or Orange Key Realty if this is the kind of people they hire. I will make it a point to warn my friends and family to stay away from this smug clown. I am from your area to so it is your loss.

John is definitely no Nordstroms, more like a Army Navy store with that attitude.
3 votes Thank Flag Link Sun Feb 15, 2009
john victor is right just stick to the topic. you do seem rude and full of yourself. unfortunately i am subscribed to every posting on this topic and read every one of your replies back to victor.

he is correct in his assessment of your condescending comments being similar to school yard bully.

fight nice and just post information and answer questions dont bicker and brag like victor said

this reminds me of guys in school putting down each other in attempt to impress girls you should grow up.
3 votes Thank Flag Link Sun Feb 15, 2009
Your re-post isn't exactly how you originally worded it but I can see why you would want to remove your previous posts, rewrite & replace with only one. Even in replacing and rewording, your condescending and patronizing nature shines through displaying a common character trait found in grade school bullies.

I'll leave my previous posts here, I'm not embarrassed like you of anything I've previously written, just that I allowed myself to be brought down to your level. Your original wordings can be viewed through earlier copy & pastes in my reply posts below anyway.

ERC forms are not used for BPOs, the ones by ERC are actually called BMA's (Brokers Market Analysis) ERC is the name of the company that created them, I simply brought them up using it as a comparison to bank ordered BPO forms so people who have seen them before can get a visual comparison of the amount of work required to fill out a BPO, they are not exact but can be similar (I probably should have used a more common reference). Obviously your not a member of the ERC, you need to be a member of the Employee Relocation Council in order to gain access to these forms.

ERC forms are are used by the Employee Relocation Council for Market Analysis and Strategy, many relocation companies are members and use them. http://www.erc.org

GMAC Global Relocation which is #1 in Global Relocation satisfaction and confirmed #1 by Relocating Employees through JD Power & Associates. So it's amazing you have not heard of GMAC Real Estate and its funny how you talk us down so childishly in comparison to you. We are affiliated with them by means of franchise parent company GMAC Home Services which own GMAC GRS (Global Relocation Services) and GMAC Real Estate.

ERC Forms are not difficult at all, at least after completing a few so your condescending statements that they are for me and most other Realtors to fill out versus you are further evidence of your childish behavior. That being said I question that you even knew what ERC is in the first place!

Once again I will re-state so anyone viewing these posts wont get the idea they are difficult to do, they ARE NOT DIFFICULT just TIME CONSUMING, no matter how much of a whiz kid you THINK you are at gathering the data, or how FAST you can fill out the paperwork and visit the properties, take the pictures and so on. By the way you may find this post an interesting read seeing it's SO EASY to fill out ERC forms, I recommend you have a look see: http://activerain.com/blogsview/353196/ERC-Employee-Relocati… (NOT POSTED BY ME, lol...)

As John posts, AGAIN... "not everyone jumps over the bar. It is not my fault that you are not invited to try."

O...Kay....! ! ! !

So condescending... Then why refuse sharing info with others in this blog? it's not for Braggarts but a place for helpful agents willing to share information which may include resources others may not be privy to in order to help them out while getting started or just to learn something new.

Flaunting & Bloating & keeping closely guarded secrets is too common in this industry by agents looking to discourage newbies from the business thinking that by sharing information or resources will devalue their services and worth and take business away from them in some way. If you are such a good agent like you claim, this should not be an issue.

To attack me for questioning and asking you to share information with others in these forums or keep your egotistical comments to yourself should not be too much to ask, yet fared too be thus far....

Take a look at the running theme on Trula, agents post here to share information with each other, not attack, disparage or brag, in return they seem to know their stuff in the eye of the general public and "may" generate some business in the end by giving and sharing.

"banks are lookking for quaified, educated Realtors that understand the Short Sale / Foreclosure. "
Reply - Agent perform the BPO's are NOT the same agents selling the properties, that would be a conflict of interest and in any BPO there is ALWAYS a line asking you to state if you have an interest in the sale of the property being evaluated to ensure there is no such conflicts.

"You do not know of any banks that research good Realtors?
There is probably a reason for that. I cannot account for your not being able to do ERC forms accurately and efficiently, practice more."
Reply - Condescending John again! Banks don't research Realtors to perform "simple" BPO's, REO management is another story

Hope you learned something today... and good luck John jumping over the bar to get BPO's from the few banks in your inner circle which value your opinion with such high regard.

Am I the only one thinking this dialog is humorous but in a sad pathetic childish sort of way?

I really, really mean it this time I do I do, this will be my last post in response to John Sacktig's condescending antagonism. lol...
3 votes Thank Flag Link Sun Feb 15, 2009
Did that help Gabriella?.........................................
2 votes Thank Flag Link Sun Feb 15, 2009
Ugh, another guy that has to lay on a couch and re-live his bullied days of childhood.

I happen to work in a business that is competitive. I am very good at what I do. It is not my mission to work hard at the level that I do to become a socialist and share my hard work with Trulia members.
If you know, you know.

People seek the best. In sports, on Wall St, in searching for a home and having BPO's done for them.
People pay for the best. That is the why we have Nordstroms and Wal mart.

Time to get over your issues and grow up, it is a competitive world. Get in the game or write 40,000 word whining responses on Trulia.

Now I am done, I have no more time to read this nonsense.
2 votes Thank Flag Link Sun Feb 15, 2009
Victor,

I realized that I spent an inordinate amount posting here with you. I understand your desire to be in contact with me. When you need help, you can email me privately for advice.

I was removing my posts and deleted the second response that I wanted to leave posted.
I'll repost it from memory.

I do BPO's that pay:

$125.00 per BPO $125.00 for a 7-8 day turnaround. (drive by)
$300.00 for 24 -36 hour rush BPO's

I do this as a Realtor / Broker. There is no misrepresentation of what I do. I am paid by the banks that I work for because I am very good at it. The people that I contact are my clients..and they know that they are going to get accurate information in a very timely manner.

The ERC forms, for me.. are simple. Once you know what they require and you have the comps, they are a breeze.

There is whole world outside of your circle. You do not know of any banks that research good realtors?
There is probably a reason for that. I cannot account for your not being able to do ERC forms accurately and efficiently, practice more. I'll say it again.. not everyone jumps over the bar. It is not my fault that you are not invited to try.
2 votes Thank Flag Link Sun Feb 15, 2009
Gabriella,

There are many banks and mortgage companies that hire good agents top do BPO's.

Once you read and fill out one form, they are pretty simple and a good educated realtor should be able to fly through the process in no time with accurate results. I am in contcat with a few banks that pay from $125.00 per BPO on a 7 -8 day turnaround to $300.00 for a 24-36 hour turnaround. Not too bad. I have my agents signing with some of these banks.

As far as REO's and such.. These banks are lookking for quaified, educated Realtors that understand the Short Sale / Foreclosure. Yes, there is paperwork, but once through the process and you understand the system.. these are not hard once you get into the system.

Keep asking and looking!
2 votes Thank Flag Link Thu Feb 12, 2009
Bernard, this is just another one of your phony spam websites that seeks to give information about the obvious to suckers who are too stupid to know better.

These websites are put up by "Dream Street Investments", whatever that is. Everyone should stay away, as they are just another of what is seemingly a thousands new hustles a day springing up like weeds in this economy.

Stay away.

Bernard, I am reporting your posts as spam. Please find another website to pollute. You will be removed from Trulia if you keep it up.
1 vote Thank Flag Link Fri Sep 17, 2010
It's nice to see this message board is starting to wake up. A couple comments... I have signed up with more than 230 companies for BPO/REO business, and can say that this has certainly added to my bottom line. I realize there are no guarantees in life, but will say doing BPO's has added considerably to my business. I reviewed my post from February 2009, and what I said then held true. 2009 was an unbelievable year, and I am hoping 2010 comes close, and I think it will. I still look for companies to register with, because you never know. I do BPO's on a consistent basis for six companies, REO's for two, and have been approved for REO assignments from another two in the past three months. For anyone looking to get in to this business, start registering with companies tomorrow, and realize there will be no payback for four to six months. Persistence is important! As before, we're here to share information to help each other out, so... register with RES.NET, Equator, Titanium Solutions, TAZA, etc, etc, etc, but watch for other companies that charge upfront/monthly/annual fees. Most are not worth the cost. I would also recommend taking courses through realestateeducate.com and attend seminars like Five Star conventions. I love regular transactions, but short sales and BPO/REO business is here to stay for at least a few more years, so why not try to take advantage of it?
1 vote Thank Flag Link Wed Sep 15, 2010
I have dont literally thousands of BPO's and never had a problem with payment, actually I had to turn some away due to being too busy. I would only advise doing them in your spare time or if you're hurtin for cash, some BPO's can be very time consuming and pay dirt!

I checked out the links posted by agents below and went to http://www.kimclass.com and watched their video of some girl who had trouble reading in one take disturbing and hard to watch, looks like a scam to take you hard earned money. A class how to do BPO's? If you know how to do CMA's and other basic real estate calculations you can figure out how to perform a BPO, you'll spend the most time on the first couple you do.

http://www.FreeBPOSource.com
I never heard of a lot of these companies but found a few reputable ones here too so can't knock it.

I won't review all the sites below but can tell you if the site looks like someones kid made it, don't bother...

Below are a two very reputable companies which I have done most of my work with, pay fast and can be reached by phone, no charge to work for them as there should not be and don't try to rip you off by selling how to kits. You should know what you are doing before getting involved with BPO's.
https://www.valuationsupportservices.com
http://www.evalueit.com/

Good Luck...

Victor Kaminski

http://www.realrep.com
1 vote Thank Flag Link Fri May 23, 2008
Google BPO and REO companies, then sign up for as many as you can handle. You may not see any results for a month or two, but be patient... they will come.
1 vote Thank Flag Link Mon Mar 24, 2008
Below is a link to a trulia blog with a full list and contact information for each. There are also other Blogs answering many questions on BPOs if you have more questions.

http://www.trulia.com/blog/kevinolson/2010/09/bpo_company_li…
0 votes Thank Flag Link Sat Sep 25, 2010
If people wanted the best, they would get an actual appraisal and not a BPO from an agent needing extra cash.
Doing BPO's is good for a little extra cash but better for the learning experience that may help you learn to better price homes. I'd recommend spending more time concentrating on listing and sales even when performing BPO's because ya never know, sometimes you may run into a property disposition manager although unlikely. Assigning BPO's is usually done through outsourcing no matter what any other agent would like you to believe and often you just get the company name and not the client at that company making the request for the BPO.
0 votes Thank Flag Link Wed Sep 15, 2010
Try http://www.equator.com as well, many of the big banks are online with this system now.
0 votes Thank Flag Link Wed Sep 15, 2010
Googling will give you plenty of lists to sign up on. Signing up is fairly simple, but getting intot the system can be tricky. There are a lot of companies that let you in right away, but these are typically the companies agents don't like working with because they want the BPO done the same day for $45 or they do not pay not matter how many times you ask them to.

We provide help in getting agents into these systems, and we ourselves can get agents into a system if we inform a company they have learned from us and we feel the agent will do a good job.
Web Reference: http://www.bpoteaching.com
0 votes Thank Flag Link Wed Sep 15, 2010
There are some good resources on activerain, too! Check it out: http://www.activerain.com
0 votes Thank Flag Link Wed Feb 11, 2009
Heres a pretty good resource for you.
http://bpo4agent.com/
Web Reference: http://bpo4agent.com/
0 votes Thank Flag Link Mon Nov 10, 2008
A site I find useful for freeReal Estate Broker Price Opinon lists is http://www.FreeBPOSource.com
0 votes Thank Flag Link Fri May 9, 2008
This is a great site http://www.kimclass.com Good luck!
0 votes Thank Flag Link Sun Apr 20, 2008
Here's a good site. Good luck.
Web Reference: http://bpo4agent.com/
0 votes Thank Flag Link Sun Apr 13, 2008
Here's one more helpful thought sign up with a company called http://www.reotrans.com and get certified by them. You pay a small monthly directly from your bank account and then lenders can find you! the certification helps! Best of luck -with the Link from Tim and this you should find that BPO's are a nice little passive income stream.
Web Reference: http://www.dorisbarnett.com
0 votes Thank Flag Link Tue Apr 8, 2008
first you need to review your real estate ethics handbook, that came with your license. the google it
0 votes Thank Flag Link Mon Mar 24, 2008
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