My hard work is paying off! BPO News and Questions.

By
Real Estate Agent with Weichert Realtors - Hibble & Associates

I am both excited and terrified all at the same time. After weeks of research and searching online for countless hours, I've done it . After filling out forms and tracking down companies, I've done it. I have finally received and completed my first order for a BPO.

Exciting - My hard work is finally paying off

Terrifying - I want to make sure that I am doing them correctly. I want to rank positively among these companies.

Exiting - I received 3 orders in one week!

Frustrating - After registering 7 places, only one has contacted me so far.

Confusing - Active Rainers, can you set me straight? According to the regulations that I believe to comprehend, it is my understanding that Realtors should only perform BPOs on properties if the intent is to possibly receive a listing on that property. Or to say it another way, if the BPO does not have potential to lead to a listing, it should not be performed by a Realtor.

Is my understanding skewed the wrong way? I am just being paranoid that I will do something wrong? Or am I proactively cautious and taking the right steps to perform successful BPOs?

Comments welcomed! 

Todd Jones Realtor, Selling Scranton, Clarks Summit Real Estate 

Posted by

Todd Jones - Associate Broker/Office Manager

Semian Real Estate Group

570-878-4739 - Cell

570-344-6880 Ext 237 - Office

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Rainer
4,038
Dwenda Everson
PalmerHouse Properties

Continue to do them and who knows, they may turn into listings.  Remember you are being graded on your performance, so finish them before time.  Once you become very good at doing BPO's you can request more $$$ for doing an order. I have requested $15-$20 more on three occasions and they accepted them each time.  I have been doing them for only 3 months and have done a total of about 75.  If I don't get a listing soon I am going to call or email the REO department and ask to be a listing agent.  It would not hurt to ask. Before you do this, make sure that you do a GREAT job on all your orders. 

P.S

I am currently working with only 3 companies:

Ocwen, countrywide and clearcapital.

 

December 23, 2007 11:40 PM
Rainer
18,951
Universal Funding Partners
Universal Funding Partners

Congratulations Todd!

It's smart to look into alternate ways to make income during these times.  I've been doing the same by looking for alternate products I can offer to reach new clients.

Based on the comments here, it seems like you won't be getting many listings right away.  But I think it's best to stay busy, bring in income, and be seen in the community.  Hope this works out great for you.

December 23, 2007 11:44 PM
Anonymous #17
Anonymous
Anonymous

BPO IS OKAY JUST TO MAKE SOME MONEY FOR GAS BUT IF YOUR INTENTION IS TO GET REO LISTINGS FORGET IT. I HAVE DONE ABOUT 1000 BPO SOME FOR BPO MILLS AND SOME FOR ASSET MANAGERS BUT NADA, NONE, NO REO. WE ARE JUST BPO SLAVES. BPO SLAVES NO REO. WE ARE BEING TAKEN ADVANTAGE OF BY THESE ASSET MANAGERS BUT THE REALITY IS THE % OF YOU GETTING REO IS NIL OR 0%. DO SOME OTHER PRODUCTIVE THINGS LIKE GET MORE BUYERS, FARM YOUR SPHERE, DO MORE INTERNET ADVERTISING. THE AMOUNT OF ENERGY YOU SPEND IN DOING BPO'S ARE NOT WORTH IT. BELIEVE ME. 

January 04, 2009 01:08 PM
Anonymous #18
Anonymous
Anonymous

I sort of agree with the last comment.  BPO is what I call practicing.... they may or may not turn into REOs.  Its almost a land of luck to get REOs.  Once you start getting REOs they keep coming - slowly at first.  Hang in there.  Its 2009.... times are going to change for us all!

January 05, 2009 01:38 PM
Anonymous #19
Anonymous
Theresa

Which companies are BPO mills and do not lead to listings?

May 10, 2009 10:00 PM
Anonymous
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Rainer
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Todd Jones

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