BPO's - How Are They Graded By Banks?

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Real Estate Agent with Long & Foster Real Estate Companies- Fredericksburg/Spotsylvania

In a sales meeting today I heard a comment that I am still trying to get my mind around. I heard that banks will grade agents on BPO's. Basically - if you do a BPO and get the listing, you are graded on the percentage that it sells for in reference to your BPO price.

But if the market is in a free fall, and the banks are dumping (see Stacy Magids very interesting blog from earlier this evening) then how can they grade the agent?

Does anybody have any experience with this?

Thanks

 

The Wallace & McGrath Team

Kevin McGrath

Coldwell Banker Elite

"Selling Homes In The Fredericksburg Virginia Area"

www.fredva.com

 

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Just like Chevy Chase did in Caddyshack.  By height.
Nov 14, 2007 07:03 PM #1
Rainmaker
77,196
Stacy Magid
Century 21 New Millennium - Woodbridge, VA

I'm not sure I believe it.  Plus I'm not sure how they can "grade" based on the BPO.  My BPO was done in August for this property and it had been on the market with numerous agents almost a year.  So when I did another BPO for it I actually gave the price recommendation of where we are now.  Just took talking to the right people in the Asset Management co. to get things moving. 

I do know however that they look at the BPO quality for giving agents additional business.  The listing that I do have was the 1st BPO that I did for this Asset Management co. and my 1st listing with them.  I have only done 2 other BPO's for them and that was afterward.

 

Nov 14, 2007 07:49 PM #2
Rainmaker
825,821
Nicholas Goglucci
South Florida Real Estate & Development, Inc. - Pompano Beach, FL
The Listing Whisperer

I just was givebn a BPO work order. They want interior and exterior pictures.,etc. To be completed like tomorrow. All for $150.00. Appraisers get $350.00, what's wrong with that picture?

 

 

Nov 25, 2007 04:18 PM #3
Rainmaker
430,548
Adam Brett
The Adam and Eric Team - Fullerton, CA
The Adam and Eric Team, Setting the New Standard
I find banks do not follow the BPO very closely.  They have their own appraisal. 
Nov 25, 2007 09:38 PM #4
Rainmaker
58,962
Anthony Saunchez
Century 21 Town & Country - San Bernardino, CA
Century 21 Agents. Smarter. Bolder. Faster

Gee Nick I wish i was given $150 everytime I expressed my opinion  (:

Stacy you will be graded regardless of who listed the property before.

 

Nov 29, 2007 08:11 PM #5
Rainer
36,439
Donna Oehler
HomeBased Realty - Palmdale, CA
A.V. Foreclosure Specialist
Wow- $150 a BPO - that is better then what they have offered me-  They only offered me between $40 - $85.  I will not do them for $40 anymore - but it did help me get my foot in the door for REO's.  I currently have 3 assignments. Not as many as some of the agents in my office - but it is a start!
Nov 30, 2007 03:39 AM #6
Rainmaker
88,900
Paul Moye
Benchmark Realty - Franklin, TN
Broker, GRI, SRES
Most BPO companies use turn around times and accuracy based on their requirements. From there the look at the amount of work you perform over time
Dec 03, 2007 12:01 PM #7
Rainer
8,648
Michele Latham
Allen Tate Realtors - Charlotte, NC
Broker,ABR,GRI,CRS, Only the sun covers charlotte better!

Okay, first of all....YOU'RE GETTING $150 PER BPO???? All I'm getting is a lousy $45- Sixty if I stand on one foot and *BEG* "GAS IS $3.25 a GALLON, LADY!!*

Second-I have YET to get a REO from a BPO- but I'm thinking THOSE DAYS ARE GONE,BABY! *see my blog earlier Re: BPO into listings*

3rd: Different companies grade your form, some won't let you submit until 100%

Dec 06, 2007 03:35 PM #8
Rainmaker
98,124
Joey Remondino
StoneHouse Realty Inc - Vienna, VA
Broker, GRI, E-Pro
Ocwen does grade BPO's when they are turned in to them.  I have access to the numeric grade I receive but they do not make it easy to find.  They grade on things like completeness, time turned in, accuracy (not sure how?), and other things.  The processor who is over the file does the grading I believe.  They also grade on how many you turn down or accept and what they pay for the BPO.
Dec 06, 2007 03:43 PM #9
Rainmaker
331,472
Andrew Monaghan
Your Phoenix Home Source - Glendale, AZ
CRS, GRI, EPro Associate Broker

i have had some crazy experiences where the BPO reviewers look at the BPO's with a set criteria in mind and dont look at the whole picture ~  sold price per square foot is this there fore your suggested list price should be that times the sold per sf.

i wish i could get homes sold at what they sold 3-6 months ago, the market has declined but the reviewers just look at their predetermined outcome and want you to fit into that.

 

 

Dec 16, 2007 11:22 AM #10
Anonymous
Anonymous
Anonymous
I'd love to get started and of course getting the highest grade.  I am just starting and I just want to get my foot in the door.  The rest is up to me to meet their expectations.  Thanks for the tips.
Dec 25, 2007 04:44 PM #11
Rainmaker
157,985
Rita Gibbons
MacDoc Realty LLC - Fredericksburg, VA
The Gibbons Group

I know they "grade" you on your BPO for timeliness, accuracy, etc., but I can't imagine how they can "grade" you on your opinion verses what the property sells for???

I think the REO listings should be graded on accuracy in MLS - the majority of the REO listings I see in our MLS are missing even the most basic information such as rooms (dining room, living room, etc.) much less any remarks pointing out the house's attributes, etc.!

Dec 26, 2007 06:43 PM #12
Rainmaker
170,460
Heather Fitzgerald
REALTY WORLD-Harbert Company, Inc. - Greenwood, IN
REALTOR Greenwood Indiana Real Estate
The process is so messed up, that this wouldn't surprise me.  If so, that is too bad.
Jan 10, 2008 07:57 PM #13
Rainer
39,087
Serena Brown
Taylor-Brown Real Estate - Hammond, IN
That is a very interesting question.  I am not sure how the agent is graded because in my area no matter how close to the present market I list that property I always get an offer below that value.  It is the Murphy's law or something that you never offer what it is on the market for if you can get it cheaper.
Jan 18, 2008 11:20 PM #14
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Kevin McGrath

Long & Foster Real Estate Companies
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