Today I found out from my broker that I cannot do Broker Price Opinions. She stated that I could lose my license for that. She says I am not a Broker and I cannot receive payment from anyone but my broker. I mentioned that the company hiring me will be paying directly to the broker to turn over to me. She reiterated that it is illegal in New Jersey!

time to change brokers, imho.

lol. I hear that all the time. I really have no intention of doing so. I have a prime location!

Try this, you do the work - they pay your broker - she pays you. Approach it from the angle that it's good CMA practice.

Tell her to show you the exact statute that makes it illegal. Sounds like she may be in need of some education.

Yes I have asked where this statute is. She said I don't need to be spending time on the computer. I need to be getting listings. I reminded her that I was not being paid directly from the company. I get the feeling that when and if they send my check she will not be releasing it to me, since she says this is illegal. She says I am in danger of losing my license.

I would be looking into other offices.

Sheri,
This should be no more illegal than you selling a house. That technically goes through the broker even though you're doing the work - just like a BPO.

But if you have concerns about not getting paid....

My broker encourages us to do BPO's in fact, I just signed up with a few more BPO companies - under the broker's name. The payment goes through the broker first.

I was kind of hoping to do enough that I get paid and get practice for CMAs.

Agent Bauer

Check out Briker Agent news

There's an article called "My 8% listing presentation"

If you do the CMA the way this guy does it, you'll have a better handle on an area than 99% of the agents in the area.

Check it out.

PS : stay focused...I know your new and finding your way, but I notice your bouncing around from idea to idea. Pick one idea and implement until its second nature.Pick a new idea...then implement etc.etc.

Mark

Thanks all for the great advice!

She is a stark raving IDIOT!

If she is this stupid on simple things you are gonna get little help from her on the important things.

Hope staying with her is worth it!

While I am reasonably certain that it is not illegal to perform BPO's you do need to do them under the brokerages name or you could be considered operating as a broker and could loose your license in most states.

While you may be legally able to perform them by law... you are also obligated to work under the supervision of your broker. If your broker tells you that you can not perform BPO's... Then YOU CAN NOT perform BPO's... end of subject.

To perform them you will need to move to a different brokerage or show her that it would be beneficial to the brokerage if you performed them. To start off with you should anticipate a split due in part to the administrative paper work it will cause the brokerage and her feelings it is a waste of time. If your doing the typical BPO which has nothing to do with foreclosures (huge percent don't) then you may be spending time chasing small money and letting listings get away due to lack of marketing on your part.... for which the broker should disassociate you. Your association with the brokerage is to bring in money to them... not just to yourself.

you might have a "prime location" but how much commision has that brought you in the last year? i was stating my opinion that if a broker has that much of a problem with me doing bpo or whatever, i would find a broker that doesen't. money is money, as long as you are earning it ethically and honestly, it is no concern of the broker.
in my humble opinion.

This really just comes down to it's not going to make much money for the brokers,liability and low return tha's what it's about.

Think about it you do 20 bpo's in a month for 50 apiece bringing in 1,000,even if the broker gets 20 percent of that they make 200.00 minus there adminstrative and processesing fees(not worth most brokers time)

Yes some brokers will let you do them for the chance at listings,in particualr my broker let's us do them but they want no part of the reo listings and the reason is they do nto want to setup and carry expense costs for the banks reo listings and then get reimbursed,they siad if i want to pay thos costs then fine and i totally understand that.

Before i would take any bpo's and now i just take the ones i know will pull easy comps for that i can do quick and won't take time away from buying and selling re.

There are some really horrible bpo's to do out there.

Try going out in a rural area with 8 mailboxes on the side of the road half with no numbers and then you have to go down a gravel road with all trailers and get a copy of the tax assesors parcel number just to figure out which one is which.

good luck

If you really feel the need to clear this issue up in your broker mind, try calling a real estate attorney in your state.

You can call the association of realtors in your state, they usually have a "Legal Hotline" kind of thing.

Your broker really sounds kind of... well... difficult.

I got paid for all kinds of stuff through my broker - not just the conventional commission scenario. I almost never got a "no" from my broker, just a "I'll look into it" which he would in a fairly timely way and let me know if it was doable or not.

R

Are you doing the BPO's at the office or at home? If you're using office printer, ink, paper, etc. (and not paying a portion) maybe that's whats ticking her off. I know since I started doing them, I've been using a ton of ink and paper. Sounds petty, I know, but maybe that's a factor.

No I did them at home. I have since removed my name from the company that was requesting my services. My Broker paid for nothing regarding the BPO's. It obviously tremendously upset my broker for whatever reason, so it is not worth the problems it would cause.

If leaving is not an option, then DON'T COMPLAIN! You are either in or you are out!
If you are staying in, then you have to fully embrace the rules and go along with the program! You can try to influence change by making positive suggestions and setting an example by doing things better, but NEVER COMPLAIN to them, to us or to yourself!
It's like a BAD MARRIAGE. You either leave, or shut up and get with the program!!

There are several brokers in my area that don't want their agents to do BPO's, even though it does in many times lead to listings. Some brokers think they are "above" such things; and that REO work is beneath them. I work with them because I like to, it is good money; and our office does a lot of REO work. If you want to do this type of work, you may want to go to a broker who is receptive to this type of business.

It is not the BPO part that is the problem it is acceptance of $$$ outside your brokerage. It is standard practice that any and all monies are collected by the broker then paid to the agent. You can make arrangements to have them apply your BPO income to company fees or possibly they can pay you quarterly as some brokers see it as a problem to cut you a $40.00 Check 3 times a week.

Thanks Mickie.....I already addressed that earlier in this Post. I NEVER NEVER NEVER take money from anyone other than Broker. The money I made (not paid yet) will be sent to my Broker should she choose to forward some or all of it to me.

That is tough!! My broker is so supportive when it comes to stuff like that. When I read stories like these, I realize how lucky I am!!

It seems like something negative is always happening at your office. This reminds me of a bad marriage, you can't seem to have the courage to get out of.

Good Luck