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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Rainmaker
107,473
Matt Kofsky
Transaction Realty 500 Reno, Nv. - Reno, NV
Congratulations.  Now you can register with 100 more companies.  Your question is state specific.  Each state has it's own rules.
Dec 15, 2007 03:03 PM #1
Rainer
16,876
Todd Jones
Weichert Realtors - Hibble & Associates - Clarks Summit, PA
Matt -100 more companies...Looks like I have a lot more research to do. Thanks for the imput.
Dec 15, 2007 03:08 PM #2
Rainmaker
225,023
Gene Wunderlich
1st Action Real Estate - Murrieta, CA
Realtor & Legislative Liaison

Not sure if your regs are different there but in SoCal you can do bpo's for banks (REO) or courts (probate) even if it won't lead to listing. Probate might just involve family or a direct sale - or could result in the court or family listing it at some point. A bank may well give the listing to sombody who comes in with an inflated bpo the first time but after it doesn't sell they may come back to you.

Wanna share your process on how to get bpo's with somebody in SoCal who swears he won't compete with you? Good luck.

Dec 15, 2007 03:10 PM #3
Rainer
136,920
Kimberly Grant
Exit Leon Crawford Realty - Huntsville, AL
Real Estate Agent - Huntsville Alabama

Hi Todd,

In my area, there are BPO performed that will not always lead to a listing.  Realtors can take them or turn them down.  I think this would be a good question to ask in the BPO group.  There is always a lot of good feedback from there. 

http://activerain.com/groups/brokerpriceopinions

 

Dec 15, 2007 03:12 PM #4
Anonymous
Anonymous
Anonymous

Great news! Please share with me the companies that you have for BPOs. Also if you could send me a sample of what you had to do.  I am in Northern Cal so I am no competition to you.  Thanks in advance.

Again, right on and work with it!  Happy and Safe Holidays to you and your family from me and mine.

Rosemary Brooks

Dec 15, 2007 03:28 PM #5
Ambassador
1,823,612
Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News
BPO's don't always lead to listings.  In fact it is hard to know when they will. Take as many as you feel comfortable doing and eventually something will pop!
Dec 15, 2007 03:30 PM #6
Anonymous
Anonymous
Anonymous
Todd, congrats on recieving the bpo's.  Finish the bpo's before they're due, complete the forms accurately and more will come in gradually.
Dec 15, 2007 07:00 PM #7
Rainer
16,876
Todd Jones
Weichert Realtors - Hibble & Associates - Clarks Summit, PA

Gene - Thanks for sharing. My process....Google BPO and REO in different variations. Then start sifting through the sites.

Kimberly - I will check the BPO group. Thanks.

Rosemary - check out my comment to Gene.

Cindy - Great last name!! I know BPOs will lead to few listings. I am wondering how many I will need to do till one clicks. Time will tell

Brian - Thanks for the advice. 

Dec 15, 2007 10:12 PM #8
Rainmaker
88,900
Paul Moye
Benchmark Realty - Franklin, TN
Broker, GRI, SRES

Cindy is right BPO's a re like farming the more you do the better chance for a listing.

Just a note...BPO's are done for numerous reasons not just foreclosure...in fact only 1 in 4 are for foreclosure

Dec 16, 2007 09:30 AM #9
Rainmaker
286,791
Melanie Ross
Coldwell Banker Solano Pacific - Benicia, CA
Benicia CA & Vallejo CA Real Estate, 707-319-2828
Congratulations!! That is pretty fast work to get some BPOs.  Always remember it is the pocket change you want and donot count on a listing.  They do BPO for so many different reasos not just foreclosure.  Consider it exta income and you get to be an expert on CMAs!
Dec 18, 2007 08:49 PM #10
Rainer
43,293
John and Lisa Marker
RE/MAX Dream Properties - Northville, MI
Congratulations Todd. If you got an order right away like that, you are doing better than most. If you do enough of these, they will lead to listings if you do them for the REO listing companies! It is important to remember that you can do hundreds of BPO's for the BPO mill companies and they will most likely never lead to a listing. You will become better at CMA's this way and that is and get a little extra pocket change at the same time
Dec 18, 2007 10:44 PM #11
Anonymous
Anonymous
Diana Lopez

Todd:

 Just wanted to say hi. Hope you do well and wish you the best. Let me know if the companies that I sent you work out for you. Also let me know if and when you have new ones. I'll do the same.

Diana

Dec 19, 2007 02:29 PM #12
Rainmaker
247,946
Mike Klijanowicz
Baltimore & Harford County Maryland - RE/MAX AMERICAN DREAM - Perry Hall, MD
#1 Baltimore & Harford County Maryland REMAX Agent
I am pretty new to the whole BPO scene, but am going to look into it!  Do you think it is lucrative right now?
Dec 21, 2007 10:49 AM #13
Rainer
5,512
michele talbot
Hemlock Realty Group - Lords Valley, PA

TODD,YOU ARE RIGHT....ACCORDING TO THE LAST ISSUE OF PAR NEWS REALTORS ARE SUPPOSED TO DO THEM FOR LISTINGS...MY COVERAGE AREA IS CLOSE TO YOURS-PIKE AND WAYNE COUNTIES....GOOD LUCK!

MICHELE

Dec 21, 2007 05:15 PM #14
Rainer
4,178
Dwenda Everson
PalmerHouse Properties - Covington, GA

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.

 

Dec 23, 2007 10:38 PM #15
Rainer
18,951
Universal Funding Partners
Universal Funding Partners - Scranton, PA

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.

Dec 23, 2007 11:44 PM #16
Anonymous
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. 

Jan 04, 2009 01:08 PM #17
Anonymous
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!

Jan 05, 2009 01:38 PM #18
Anonymous
Anonymous
Theresa

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

May 10, 2009 10:00 PM #19
Anonymous
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