Warning: Taking this BPO might be hazardous to your rating.

By
Real Estate Agent with Transaction Realty 500 Reno, Nv.

I finished a BPO today.  It is for a rural area near here.  It is within the city limits but is 50 miles away from where I live.  In the area, there are 20 properties currently listed for sale.  There has been 1 sale in 2009.  There was 1 sale in 2008.  There were 5 sales in 2007.  My comps were 15 miles away and more than 6 months old.  I explained everything in the comments and expect it to pass quality control.

The problem is the computer rates you.  The computer cannot read the comments, it reads numbers.  I exceeded the limits.  I will get a low rating on this BPO.  In my area, there are 9-10 agents working for this company.  We all do good jobs and have good ratings.  By accepting this BPO, I lowered my rating.  I will get fewer BPOs in the future from this company.  Should I have accepted this BPO?

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Rainmaker
814,461
Lyn Sims
RE/MAX Suburban - Schaumburg IL Real Estate - Northwest Suburbs of Chicago - Schaumburg, IL
Schaumburg Homes

No, but you did the honorable thing. I just had the same thing happen and told them the facts, like you, in the comments section. I don't know why we fill it in because it's like we never get them read. I had one where the home was in a most peculiar neighborhood. Surrounded by a cemetery, working gravel pit, busy road with industrial. Across the street were homes, so I went into that area for comps. Silly me - I was wrong! Said the comps were too old, too new, too far away.  That was the last one I did and I don't think I am doing any more. I'm tired of their nonsense for not enough pay.

Oct 08, 2009 11:16 AM #1
Anonymous
Anonymous
Anonymous

Don't worry about the BPO's, it's taking time away from you generating solid relations with homeowners and prospective buyers.  Unless your focus is on REO's; hire a Rookie to perform the task.  Develop a strong relation with the Bank REO Rep. and at least then you'll know you are getting the listing, if you really want it?

Oct 08, 2009 11:28 AM #2
Rainer
134,328
Mike Michaud
North Texas Help-U-Build - McKinney, TX

Depends.  Did you know all that before you accepted the job? 

 

BTW, who did you do the BPO for?  I work with the provider for Freddie and Fannie, and I run into these scenarios all the time where I live.  I've had to pull comps from as far away at 35 miles on what would normally have been a $1.2MM job.  I gave a current market of $500,000 and told them to firesale it at $350K.  I checked back 4 months later when it finally did sale and it went for $340K on a short.  It had started life as a normal listing 3 years before at $999K, and the agent that had it listed had only shown it 2 times in 3 years.  It was a gorgeous property and I would have loved to picked it up, especially at that price, but once you touch it as a BPO, its hands-off.

 

Oct 08, 2009 11:29 AM #3
Rainer
182,077
Paul Durry
RE/MAX Professionals - Lawton, OK
Broker Associate, CDPE, CIAS, CHMS

On several occasions I run into this program, the company is constantly asking for clarification or see if you can find some more comps (better in their opinion). I tell no matter how hard you search or wish me to find some different comps, there are none. Obvious they think i just threw in some comps to fill out the forms, no caring if they are accurate. I just do the initial BPO's so they can just call me to find more comps...Obviously they think I have a I want your attention disorder!!! So call me.

 

Oct 08, 2009 05:33 PM #4
Rainmaker
478,013
Robert L. Brown
www.mrbrownsellsgr.com - Grand Rapids, MI
Grand Rapids Real Estate Bellabay Realty, West Michigan

I just dont do them. I'm hearing there is too much stress relating to them.  

Oct 10, 2009 11:36 AM #5
Rainmaker
77,521
Nicole Ocean
BPO Automation Group & BPO University - Miramar Beach, FL

Hindsight sure is 20/20, but it's tough to know the outcome without digging deeper. I feel for your Matt and have been there myself. What a frustrating feeling! I call it being given a 'garbage BPO' that is expected that you clean it up and turn it into a picture 'perfect BPO.'

I watched out for these types of situations and tracked what companies were giving me. If they consistently gave me difficult BPO's and I knew that they didn't give REO's then I would eventually 'fire' them.

There are too many good companies out there that will consistently give you good quality BPO's to do and ones that will help you feel good about what you do to keep taking junk. I used this approach to legitimize the income I'd generate from my BPO work in hopes that my high standards would help me stand out in the crowd and help me feel prideful for being selective and attentive to what I took on. I hope that more BPO and REO agents catch on to this fact instead of feel that they have to accept everything that is solicited to them.

Warmly,

Nicole Ocean

Oct 30, 2009 07:51 AM #6
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Rainmaker
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Matt Kofsky

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