Chuck, thanks for sharing the book...it sounds amazing and I love to read. I read all I can about the industry I work within and this one sounds worth it...Thanks! - Tue Nov 11 2008, 09:51
Dave, thank you for sharing where you got your contact information. I understand how the process works I was just looking for more contacts and any good advice. Thanks for sharing yours and I'm glad you have listed some REO properties! Keep up your hard work! I will check out that website. - Tue Nov 4 2008, 10:37
Lynn, I agree with you...that is a shame. We have a few REO listers in this area that work the same way. Good luck to you and this market will turn around with the help of good, hard working agents like you and I! - Fri Oct 31 2008, 09:34
Chuck, thanks for keeping me informed. I will check that book out. Things have picked for me in listing REO's. I have listed two since the original posting date and both have accepted offers on them waiting to close! I continue to do as many BPO's as I can a week and some of my best clients are those that I heard of on this thread...thanks to all! - Wed Oct 29 2008, 11:23
Patrick - thanks for sharing that thread. Very interesting. I did sign up for REO Trans but one zip code is free and that is all that I did for now. Looks like I should keep it that way. I signed up about 3 weeks ago and they already ordered from me. - Thu Apr 17 2008, 13:56
Luke - don't get discouraged. BPO orders seem to come in batches for me. Sometimes I don't get one in a week and then I'll get 10-15 another week. There is really no consistency for me. Now that I am working with a handful of companies on a regular basis they contact me first (I think). There are a few companies (Clear Capital, Landmark) that offer them competitively and you have to be the first to respond. I have signed up with all the Leanne mentioned as well and all of them listed in the book I purchased. I did get a $100 BPO the following day from one of the companies (Landmark). Hang in there! I am a Broker so I am not sure if your agent status makes a difference or not but try to make your bio read as professional as possible and offer the companies the services they want to see, like efficiency, reliability, etc. Oh, by the way I did not sign up for the paid services either....wasn't sure how I felt about that. - Tue Apr 15 2008, 08:12
Luke - to answer your question about how much I get paid for BPO's: I get paid anywhere from $50 - $150 for the BPO's I complete. The greatest volume comes from the company (Clear Capital) paying $50. They do occasionally pay $85 if it is an interior. The other companies I currently provide BPO's for are Evaluation Solutions
http://(www.evalonline.com), Single Source Property Solutions
http://(www.singlesource.com), Integrated Real Estate and First National Bank. Like Leanne I incoporte the BPO into my driving schedule...I am all over the place with listing and selling anyway I may as well pick up some extra money while I am out there. I also think the research that you do while completing a BPO is invaluable. It keeps you in touch with the current home values and pricing trends. You will see that it can help you to more competitively price your listings because you are better in touch with all segments of your market.
- Fri Apr 4 2008, 06:18
Luke, great job on all the research you've done. I will be checking all of that out. And Leanne you are awesome and your advice and insight is invaluable!!! Thank you for taking the time out of your day to share the information. - Thu Apr 3 2008, 10:34
Christopher, thank you so much for the good information. I will probably read it over several times. I did read the March issue of Realtor magazine and it was very helpful. Thanks again for your insight...it was so nice to hear from someone actually working in REO's. I may have a few more questions for you after I digest your comments. Thank you! - Tue Apr 1 2008, 13:04
Well sure I forgive you...I appreciate your response! - Mon Mar 31 2008, 06:17
Luke, it looks like you have done as much checking as I have. It is so hard to find good information on REO listing isn't it? That is why I thought I would try this platform, surely there would be someone who had the knowledge and wanted to share it with someone not in their "territory". I did order a book on how to become an REO lister, send me your email and when it arrives, I'll let you know if it had good information. Thanks!! - Sat Mar 29 2008, 19:04
JD, thank you for the response but to clarify I am not a "rookie" and I do plenty of productive dollar producting activities (expired listings, etc.). I have my GRI and ABR and I hold an Associate Brokers license. My broker does not take any of my BPO fees and I generally make at least $1000/month doing BPO's. Doing BPO's actually helps me to better price my listing as I have my finger on the pulse of the market at all times. - Sat Mar 29 2008, 15:05
Luke, in my area the listing agent before foreclosure never gets the listing...and while there are a few offices working with REO's (1 big one) they will not share their secrets either. Just hoping there are some nice agents who aren't in my area that want to share! - Fri Mar 28 2008, 10:21