Hello, I Am Your Friendly BPO Agent And I Am Here To Help You. -- Maybe!

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Services for Real Estate Pros with Angle Consulting

As I mentioned in the previous post, you should arrive about 15 minutes before the person who is going to do your BPO. There are several reasons for this. First, you don’t want to keep them waiting for you and you don't want them going through the property by themselves, particularly if the seller is at home. Secondly you want to observe them to determine the personality type you will be dealing with.

BPO agents basically come in three flavors. The first and rarest type is the really friendly BPO agent that will ask you where you need the price to come in at and then makes it happen. Don’t hold your breath waiting for this one but the do show up occasionally.

The second type is more common. They are friendly and like the fact that you are around but they just want to get their work done and move on to the next job.

The third type is also quite common. They are the aloof type that barely notices that you are there. They are all about work and don’t want you interfering with them.

The best approach with all of these guys is to give the BPO agent a list of materials, a brief explanation of the sellers current situation and let them do their thing. Don’t follow them like a shadow and point out every crack and problem with the house. If the house does need work and it is obvious, they will see it. You can nonchalantly mention what some of the problems are especially if they are not outwardly obvious.

DO NOT attempt to make any deals with the BPO agent. Keep them at an arms length and do not commit to anything that can be deemed a conflict of interest. Always conduct your business in an ethical and legal manner.

In my next post I will discuss some specifics in managing the BPO but until then go out an do something. Remember without you taking action nothing will happen.

Yours in Success,

Dick Weiss

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Tags:
foreclosures
foreclosure investing
real estate investing
short sales
real estate gurus
bpo
real estate bubble
short sale investing

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Ambassador
788,301
Russ Ravary
Metro Detroit homes - Michigan Real estate & Mortgage info
Keller Williams Commerce
Didn't even think or know they did BPO's when they do short sales.  Another thing I learned on active Rain!
January 24, 2008 05:08 AM
Rainmaker
333,156
Brian Sharkey | Broker | GRI | South Florida's #1 Broker
SharkeyRE - #SouthFloridaBroker
SharkeyRE LLC
Thank you for the blog Richard, and welcome to the rain.  We haven't met yet but since your so close I'm going to add you as an associate.  Feel free to do the same.
January 24, 2008 05:08 AM
Ambassador
248,542
Melissa Grant
The Law of Attraction In Life & Business
A Serendipity World
Hey Richard ! Great post ! How is PSL ? I lived there up until 2004 ( Dec ) when we moved to TN..miss it a lot sometimes 
January 24, 2008 06:03 AM
Rainmaker
80,185
Dennis Swartz
ABR, CRB, CRS, GRI...experience counts!
Rickert Property Management

Dick;

I am one of those BPO agents. I don't know which type I fall into, but I do not want to be influenced by a list of comps as I feel that the agent is trying to influence me. I do all my own comps and am pretty good at coming up with a fair price. Remember, I don't want to kill the deal but I am also the eyes of the out of town lender and I have a duty to them. I do like to know what price you are needing because I don't want to be a deal killer, so that is helpful. You are right, if you follow me around pointing out things you will annoy me. Remember, I have sold more homes than most of the agents who meet me, although most of them don't meet me. Must be too much work. Dick, good info.

January 24, 2008 06:29 AM
Rainer
67,272
Lu Kalaj
Vision Realty Centers
Thanks for sharing your experience and knowledge.  I respect honesty in all communications.  And appreciate people who are willing to share with others.  Thank you for your blog, and may 2008 bring prosperous opportunities for you.  Lu
January 24, 2008 06:47 AM
Rainmaker
59,023
Cathleen OnullHannigan
Cary NC Homes Pro
Keller Williams Realty

Hey, thanks for the good information.  About how many do you do per week?

August 29, 2008 09:50 PM
Rainer
1,315
Terry Tung
Home 2001 Inc

Dick, thank you for sharing your knowledge. I alway enjoy reading your post and learn from it.

Dennis, thank you for your sharing as well. With great respect, I do feel like to meet you somewhere.

Regards,

 

June 04, 2009 10:20 PM
Anonymous #9
Anonymous
Anonymous

Hey do anyone know of any good bpo agents for the michigan erea? P.S. great post Rich.

July 28, 2009 03:41 PM
Rainer
332,937
Paul Gapski
619-504-8999,#1 Resource SD Relo
Berkshire Hathaway / Prudential Ca Realty

yes they look so nice but Foreclosures are such tough on to stomach.

 
January 23, 2012 12:06 AM
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Richard Weiss

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