BPO's Anyone?

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Real Estate Agent with Keller Williams Realty NE

I'm looking to actively pursue BPO's and the possible REO listings from doing the BPO's. Who can give recommendations on the BEST BPO companies to work for? Which ones are the BEST to sign up with and work for? Who has advice or comments on doing BPO's?

I've read some of the blog rolls here on Activerain and some google searches. Just looking for some more information to get started.

 

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Rainer
17,216
Jim Scheller
Bridge Realty - Mankato - Mankato, MN
ABR, SRS, e-Pro, GRI

Hello James!

You've tackled a big business here with REO properties, that's for sure!  But with any big businesses, it will take money to make money.

I gave this a go a couple of years ago, and found that the banks that do work with you will want you to put utilities in your (or your company's) name, pay the bills, and then get reimbursed.  This also happens with clean-outs and perhaps to repairs as well.  You will need to front quite a bit of cash if you get busy.  You need to be aware of this, and plan accordingly. 

BPOs.  I always found them to be a chore, and seldom got any business from doing them.  Others have different results, though, so don't be soured by my experience alone.  (Oh, and you can often negotiate a better price than they're initially offering to pay.)

Just be aware that the BPO/REO business is a very different beast from normal residential sales, and you'll have to have goo systems in place to make it work.

I didn't stick with it, needless to say, so take what I say with a grain of salt.  I'm sure others in the business will weigh in with other advice, and more in the way of particular sources of info that will be of interest.  I hope my input will be of some value to you, though.

Good luck!

Apr 29, 2009 11:38 AM #1
Rainer
27,505
Gary Urich
Elliott Costal Living / Better Homes & Garden Real Estate - North Myrtle Beach, SC
North Myrtle Beach Real Estate

BPO's can consume a lot of your time when you get busy.I've done a great deal of them and its helped fund a lot of my marketing expenses. On the down side it can take you away from the things that are most important in your business.Be sure to plan accordingly

Good Luck

Apr 29, 2009 12:00 PM #2
Rainmaker
76,224
Bridget Cella
Re/Max Connection - Sewell, NJ
e-Pro, Realtor

I just signed up with Haris Real Estate University for training on BPo's.  Visit their site at www.harrisrealestateuniversity.com for some free info.

Jul 01, 2009 10:56 PM #3
Rainer
59,175
Tim Ventura
Tim & Julie HarrisĀ® Real Estate Coaching - Blaine, WA

We've launched a rating-system for BPO Providers online at http://companies.bpo-automation.com

 

Dec 02, 2009 04:50 PM #4
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James L. Hargrove II

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