I have had clients such as Clear Capital send me thank you cards for taking on hard to do BPO's and for the quality of them. Yet only a couple REO assignments have come to me with the 100's of BPO companies I am signed up with and I am signed up with all that I could find that have an REO side about half that number. The training courses out there all say do BPO's to break into the REO business and it will get you listings. My question to everyone on ActiveRain is this how many REO's have you received as a direct result from doing BPO's?
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None. I don't do them anymore. Good luck and have fun this year. I rather cold call expireds.
But you get paid for BPO's......
Have to say "No" on this one. And while you do get paid, I think there are better things you could do with your time.
Hey Brandon,
You have hit one of my pet peeves. My experience is that you have to decide if you want to do BPOs and get paid for the BPOs OR do BPOs and not get paid in hopes for listings.
Performing BPOs and not getting paid for the BPOs has lead to listings for me. I had a conversation with an AMC Vendor Rep and she pretty much told me that if I start doing their BPOs for a fee, I wouldn't get listings or requests for BPOs. And she was right.
The big REO brokerages in my area (consistently carrying 100 plus listings) do about 45% of their BPOs free of charge. Also I have talked to brokers/agents who say attending Five Star and/or REOMAC conference have led to relationships that resulted in listing assignments.
Continued success to you!
It depends on the BPO companies you work with. Some assign listings, but most don't. I have made a second job out of doing BPOs and I do quite well at it. I can also value a property in my area without any problem. I'm in the MLS more than most agents, and I know what is going on in my market. So there are some local benefits to doing this type of work. It also gives me a heads up on what REOs are getting ready to hit the market. I usually get the assignment to do an interior BPO on them just before the bank gets ready to list them.
None, not even one!
Big misconception for the most part. Most of the BPO's come from "mills" rather than the lender and there is no chance for the listings.
Zero listings from my BPO work. Of course I only do them for Clear Capital and then only if within a few miles from the office. Those 60 dollar orders forty miles away? No thanks!
Interesting feedback about what I expected that listings dont come in often when doing BPO's. It is one of the REO industry secretes it seems. Thank you to everyone for the feedback.