Any advice on BPO's? Thanks!

Asked by Jeanna Martinez, San Antonio, TX Tue Oct 7, 2008

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8
Kevin Olson,…, Agent, Colorado Springs, CO
Wed Sep 15, 2010
Paying for lists is a bad idea, because any large company can be found on the internet, but paying for a class on how to get into the systems and how to do high quality BPOs is a great idea. It only takes one bad BPO to get kicked out of a system, so why risk it?

Some companies do not pay, but most do. Pay attention to how easy it is to get your first BPO, and that is usually an indication of how hard it will be to get paid. Agents spread word fast when they aren't paid, and so these companies are always looking for new agents.

IMPORTANT: Make sure you are aware of laws regarding BPOs in Texas. These laws vary from state to state and you want to stay out of trouble. Even if BPOs aren't okay a bank/bpo company will still ask you to do them.

BPOs are similar to CMAs, but there are some big differences agents need to be aware of. Our website is listed below if you are interested in help.
Web Reference:  http://www.bpoteaching.com
1 vote
Good advice!
Flag Tue May 22, 2012
Felix Hung, Agent, Huntington Beach, CA
Fri Sep 17, 2010
Hi Jeanna,

I hope you didn't pay for a list! I did back in 2007...but today, you can find free lists! Here are two:

http://www.bpoaccess.com/

Nicole Ocean also has a FREE BPO list on her site. Some of the companies are no longer in business, but still a good list.

Most agents do them to supplement income between deals. I say do them! I've learned so much by doing and training on BPOs.
0 votes
Are you having any luck with getting listings from your BPO's? I always felt like it was rush rush and then no reward.
Flag Tue May 22, 2012
Rob Henry, , Ohio
Sun Jun 27, 2010
They're great, in my opinion, for gaining a local market knowledge and they are also a good way to get involved with REO listings. I have a blog that has some free tips & tricks if you're looking for a resource.

Rob Henry
BPO/REO Blog
http://www.bporeo.org
Web Reference:  http://www.bporeo.org
0 votes
Pacita Dimac…, Agent, Oakland, CA
Mon May 10, 2010
Your question can refer to a lot of things.

Advice on how to do one? The best way to learn is attend a class on how to prepare a BPO

Advice on whehter or not to do them? Why not? It's extra income.

Advice on whether to accept the order? It depends. I totally dislike it when a BPO is done by an agent who has no clue about the local market. His estimate is what guides the banks on what the market value is, and it can be totally out of whack. I've had requests for BPOS that I turned down because I didn't think I was qualified enough to comment on the area. Sometimes, one street can separate the "good" side from the "bad".

I have a short sale listing wherein they hired a BPO agent from another county. He was too lazy to come, so he asked me for help with interior and exterior photos. I went several steps further and gave him history of the area, market conditions, recent comps, and rationale why some comps will work and others won't. He came back with BPO showing the property value as higher than what the market dictates!

Advice on how much to charge? Some BPO companies charge by the number of comps, the number of photos,. And of course, ther'es a big difference between an exterior BPO and one with interior. I'd say $75 for an exterior BPO with 3 comps is a good average.

Advice on where and how to get on a list? Geez...where do we start?
0 votes
Juliaa123, , Sacramento, CA
Sun May 9, 2010
First get a list and don't pay for one, here's a good one http://www.bpocompanieslist.com
signup with as many companies as possible and you will soon get work.
0 votes
Portland_Rea…, , 97236
Fri Mar 13, 2009
GPS is a big plus, Having a good size screen help - I usually have bpo form on one side and mls on the other. Much easier to work that way. Other then that practice makes perfect.
Oh yeah sign up with lots of companies if you want more.

Heres a source
Web Reference:  http://bpo4agent.com/
0 votes
Bruce Lynn, Agent, Coppell, TX
Tue Oct 7, 2008
Learn how to do them quickly. They typically pay now $50-$75 and $100 if you are lucky. Sometimes you don't get paid at all. You can probably make more money prospecting hard for 2-3 hours, versus spending time working on BPOs so that's something to think about.
0 votes
Scott Godzyk, Agent, Manchester, NH
Tue Oct 7, 2008
Your first step should be to ask banks or mortgage companies you already to business with. Ask teh loan officers to refer you to the REO departments from the companies you give mortgages to or refer your clients to. At this point the bugger companies have closed their application lists to taking on new agents, you r best way is is through a contact. without contacts you are kind of out of on the tough road. I can suggest saving yoru money though from buying the high paid lists, they dont really work. start with who you know. good luck
Web Reference:  http://www.ScottSellsNH.com
0 votes
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