I want more BPO's!!

By
Real Estate Agent with Realty Executives

About a year ago I got a list of bpo companies for which I proceeded to sign up.  It took about a month to get rolling, but after that, I was getting a lot of orders.  Mainly I was working with FARVV(super cheap payment, last minute requests for changes), Lighthouse (not real excited to wait 90 days to get paid for these), eValulation Solutions (yes, I got paid for them all), Single Source, Mark to Market (somehow I got a couple real early in the morning a couple of times), and several on Clear Capital too. 

Also, I continue to sign up with new companies as I find them.  All in all, I've probably signed up with close to 200 companies.

Now I occasionally get orders from FARVV that are way out of my area, Clear Capital and Mark to Market are gone before I log on.  And that's about it. 

I have gotten some obscure companies send me orders every once in a while and I'm happy to take them.  And I continue to sign up with other companies or recheck my profiles on existing ones I'm already with, but I Want More Orders!! 

I'm going to start calling my contacts and see if they can send me more orders.  I'd really like to keep getting them!!!  And I know its a good way to keep getting in with the REO listings.  Any words of advice?

Posted by

Susan Manning

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Show All Comments
Rainer
48,106
Janice Norvell
Long & Foster-south - Roanoke, VA

I like PCV Murcor, although the input process has taken some getting used to.  I can now complete a BPO in about the same time as from other companies.  All BPOs are getting more detailed. The Fannie Mae and Freddie Mac forms are being used more and more and require +- adjustments for each characteristic. Some forms want original list prices and dates and some require price per sq. ft. All want mileage from comp to subject .  Sometimes the last items are computed by the system and sometimes the agent has to do it. Sending comps photos are the norm, and some companies want the ML numbers for the comps. Many require front, side and address photos of the subject as well as damage photos, street shots and even across the street photos.  This business has evolved so far since I first began doing BPOs! I remember mailing film generated photos and faxing hand written report forms.  The major BPO companies have upgraded the requirements because the lenders have  new rules.  They want information which is as accurate as possible.  May as well get used to it if you are in the business. This makes it more difficult for new agents to start doing BPOs because they may need assistance in order  to do many of the recently required report upgrades.

January 04, 2009 11:06 AM #18
Anonymous
Anonymous
Nicole Ocean

I just wanted to quickly mention to those of you who are wanting more BPO and REO work, to help speed up the data entry side of your BPO and REO orders you can use an automation software that will cut down the total time it takes you to do a complete order in more than half!

I use this software and it not only helps me with the side of the business that frustrates me...the redundant side that comes with filling in the same information and questions on each new order I get and then doing this over and over again. It gets really old for me to say the least...well it used to be really old. Now I use the automation software to do this side of my orders and it not only cuts down on my turn around time, it helps me be able to do more orders and thus make more money.

I've put together a tutorial based eBook and a 54 minute video on the topic. I'd like to invite you to come get educated about how the software can help you get more BPO's and REO's, save you time to pursue more work or enjoy more free time and learn how you can use the software to help save you from burning out on the data entry side of your orders.

If you haven't heard about this yet feel free to check out my website by clicking here.

Kindly,

Nicole Ocean

BPO Trainer/Realtor

www.nicoleocean.com

360-223-2482

January 04, 2009 01:25 PM #19
Anonymous
Anonymous
Nicole Ocean

p.s. I forgot to mention that many of the TOP Producing BPO and REO Agents use a feature within the automation software and a built in program that many of you already have available within your control panel of each of your computers to automate logging into the various websites where you can snag more work before other people.

In the past I always wondered how other BPO and REO Agents were doing this! I now know, and you now know!

Plus, many of you may not know if but there are lots of companies where you can simply log in throughout the day and snatch up more work that is just sitting in the queue. A lot of companies are notorious for someone going into their website this way and accepting all of the orders and then they still send out email notifications that there are orders that need to be picked up. How frustrating huh! I used to have that happen, but not any longer!

Learn more by going here!

January 04, 2009 01:30 PM #20
Rainmaker
328,566
Carolyn Nelson
Online REPA - Durham, NC
REO, Short Sales & Closing Coordinator/Client Serv

Keep in mind that the number of BPOs differs from area to area. Signup with as many companies as possible, recheck and update your profile, update your website by showing your BPO, REO and Traditional Sales statistics. Lastly, put together a REO portfolio and send it via priority mail to your contacts at the companies that have provided positive results and establish a positive relationship with your contacts.

Best of Luck!

Carolyn Nelson

January 14, 2009 03:07 AM #21
Rainer
17,764
Chris Oliver
Century 21, Preferred Properties - Reynolds Plantation, GA

Software is great but to speed up my process I went low tech and simply  designed a general bpo grid that covers all the fields across the vendor spectrum. You know - some want listing date, some want DOM and some want both. This speeds up the data entry process when dealing with different vendors and different properties. It also reduces the amount of physical paper you juggle and the wasted printer cartridge. I get twice the number of BPOs completed in half the time by  filling out this grid. I also maintain a log in sheet for companies, due dates, completion/upload and payment data. Saves a lot of wear and tear and is really easy to keep up with the queue when dealing with multiple companies and properties.

January 18, 2009 03:32 PM #22
Rainmaker
225,042
Debbie Sagorin
First Team Real Estate - Irvine, CA
Marketing Woodbridge to the Highest Level

Excellent posting, Susan, and some great comments as well.

February 14, 2009 02:50 PM #23
Anonymous
Anonymous
Kay

 Valuationpartners.com - Placing BPO orders daily.   Pay is monthly.  Time is 1.5 to 2 days so only sign up where that makes sense to your buisness planning.

August 29, 2009 04:41 PM #25
Anonymous
Anonymous
Anonymous

Awesome, thanks Kay!!

August 30, 2009 01:07 PM #26
Rainer
48,106
Janice Norvell
Long & Foster-south - Roanoke, VA

I have done 3 orders for Valuation Partners in Aug. my first orders since registering with them 7/2008.  Have had 2 recent orders from LSI catagorized as "MLS data only". They send me a previously completed appraisal on the property and it is up to me to send them the MLS listings and tax cards for the subj. and comps plus do a search of comps 12 months back from the date the appraisal was done. They have a cover letter grid which has to be filled out in Word. Everything has to be converted to pdf format and emailed, not submitted on the BPO site. This is a new one and I have no idea how the info. is being used.  No driving, original photos or valuation on my part.  Anyone else getting this type of assignment?

August 30, 2009 02:33 PM #27
Rainer
125
Vincent Mansolillo

This is a great post .. I own executive marketing systems and work for REMAX in Estero Florida.  I have a full list of Asset Managment company's if anyone is intrested (It is free) just email me. The list has been very useful to my brokers here.

I also have some other tools the Foreclosure Brokers may find usefull

www.executivemarketingsystems.net

Vincent Mansolillo

dommonzo1@yahoo.com

September 28, 2009 11:33 AM #28
Anonymous
Anonymous
Carlos Escamilla

BPOS LIST 

Real Estate Business Kit provides step by step process on how to get and list REO properties directly from Banks and Asset Management Companies. Our system would also teach you how to generate Extra Stream of Revenue by completing BPO's (Brokers Price Opinion) for the Banks and BPO Companies.

this is how i get in touch with banks and BPO companies. i have made over 500 BPOS in a year part-time. range price 40-80 dollars.

prior you get a lot of BPOS or your first BPO, try to negotiate your split commission at your office. I personally have 80/20 means a lot BPOS free. talk to your broker to get something better or 100%

Program pay within 2 days.

October 04, 2009 04:56 PM #29
Anonymous
Anonymous
Atul Rastogi

Thanks all the experienced people who have contributed to this blog.  Lot of informative suggestions and advertisements.  I am researching myself to get into the BPO/REO business.  So far I have done lot of properties for myself and my friends.  Now is the time for business.  I have been a RE for 3 years and Mortgage LO for about the same.  Very vast knowledge with pricing and marketing and construction. 

Any one looking for making a team in NJ contact .

atulrastogi@recnj.com or alrasbank@gmail.com

November 24, 2009 11:56 AM #30
Anonymous
Anonymous
BPO Work

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rajendra

http://www.puffingroups.com

February 04, 2011 11:37 PM #31
Rainmaker
263,495
Kim Daugherty
www.RealFamilyRealEstate.com - McKinney, TX
d + b real estate, McKinney, TX REALTOR Broker/Owner

Lots of valuable information here in your post and the comments...thanks!

June 17, 2011 11:56 AM #32
Anonymous
Anonymous
purnima Talwar

I just accepted my first BPO fro evaluation partners, I have never done one for them before.

Any help would be appreciated.

I dont see any feilds where I can upload comps. should I just write a report and submit?

 

October 11, 2011 06:35 PM #33
Rainer
48,106
Janice Norvell
Long & Foster-south - Roanoke, VA

If you have questions about the process, just email or call the company.  They are used to helping agents who are new at the process.  Meanwhile, look at the form carefully. Very often you have to go back to the start and click on a different link to submit photos.   If photos are required and not submitted, the form will not submit.  Do not be afraid to ask questions...you will learn.  Every BPO company has unique requirements and forms.

October 11, 2011 07:40 PM #34
Rainer
51,144
Susan Manning
Realty Executives - Temecula, CA

Janice, great answer!! 

Very true!  I would also recommend SAVING every once in a while as well! Nothing worse than to finish a report and it is gone because you didn't save! 

October 11, 2011 07:45 PM #35
Rainer
48,106
Janice Norvell
Long & Foster-south - Roanoke, VA

I save constantly. It takes some extra time with some companies with slow systems, but it will stop your blood pressure from spiking and clean up your  vocabulary!  All you have to do is lose data once and you will never do it again!  This advice is good for ALL BPOs.

October 11, 2011 07:52 PM #36
Rainer
51,144
Susan Manning
Realty Executives - Temecula, CA

Janice, you gave me a chuckle!  Very well said!! :)

October 11, 2011 07:58 PM #37
Rainer
48,106
Janice Norvell
Long & Foster-south - Roanoke, VA

Maybe we can reactivate this  posting group.  Until today, we have had YEARS between posts.  BPOs have really taken off lately and offer a great source of extra $ for agents.  My workload has increased greatly in the past month. I am taking a few days off and have spent quite a bit of time contacting companies to tell them not to send anything for a few days.  Some have vacation calendars on their sites, but not all.  I don't worry about those who broadcast the BPOs to the first responder, but 3 companies I do work for send them directly to me and expect me to do the orders on time.  By the way, agents, watch your spelling and sentence structure. Some companies have noticed this and put in a spellchecker which must have the exceptions ignored or fixed before the order can be submitted. Check for typos and your score will go up for quality. LSI has started sending monthly score ratings so agents know their strong points and deficiencies.

October 11, 2011 08:13 PM #38
Show All Comments
Rainer
51,144

Susan Manning

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