Agent2Agent in Chicago>Question Details

Joseph Marti…, Real Estate Pro in Chicago, IL

How much experience is required to be considered for BPO work?

Asked by Joseph Martinez III, Chicago, IL Wed Mar 14, 2012

How much experience or time in the real estate business does one have to have (or provide) to banks for consideration of BPO work?

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I think they want a few years. I stopped wasting my time. All payments rec'd, doing agent work, must go through your managing broker. After my split, on a drive by bpo, I'd make $35 for at least three hours or more of work and wait a month to receive. There's a 99.999% chance your work will not result in a listing. Drive to the property, take pictures, process the pictures on your laptop, find comps, comments, comments and more comments on the comps and the subject. Analysis of market times, percentages of regular sales, foreclosures, short sales, determine land value, rent value, comment on market conditions. If you don't write a book for each section they call you back 50% of the time asking for clarification or to ask you to revisit your value because it was done a few months back and there's a discrepancy on price, etc, etc. I'd rather pick up cans for extra income. Do I sound bitter??
1 vote Thank Flag Link Tue Mar 27, 2012
They usually like to see three years and history of selling homes. NAR offers a BPO certification. Do you need it? no, but it couldn't hurt.
0 votes Thank Flag Link Tue Mar 27, 2012
Usually banks want to see a minimum of 3 years in the business.
0 votes Thank Flag Link Sat Mar 17, 2012
There are many online classes on how to prepare an accurate BPO. Upon completion of the class you will receive a certification which may help you get some BPO work. I have a taken a few myself and they can be pretty helpful.

Best of luck!

Barbara Grandolfo
0 votes Thank Flag Link Thu Mar 15, 2012
Also depending on where you are located some states are cracking down on agents doing BPO's for fees without receiving the listing.
0 votes Thank Flag Link Thu Mar 15, 2012
You need enough experience to know what you are doing and to do it right the first time. Banks are contracting meaning they are shedding teh agents who are not performing up their standards. Most banks have styopped accepting new BPO or REO agents as the amount of foreclosures declines. there still is opportunities for BPO mills that only do BPO's and do not assign listings.
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0 votes Thank Flag Link Wed Mar 14, 2012
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