Seems like last 3-4 weeks nearly all companies have slowed tremendously in our area.

A couple of reasons I think this may be happening---

1) Subprime fallout--less ability for borrowers's to refi on existing loans
2) Industry consolidation

or on the plus side of us BPO folks--
3) A current backlog of short sale paperwork, pending foreclosures starting to fill up the desks of the AM's means a burst of activity just ahead

What's everyone's thoughts on this??

My guess is that 4000 people signed up to do BPOs in your area last month and now they are getting all your orders.


Not really, but that thought does scare me a little where i'm at. Too many starving agents.

My fear is........currently the backlog of short sales and pending foreclosures are the calm before the storm. The desperate, starving agents are driving the bpo prices down. Which means when things do pick up, someone is going to be really really busy doing 30-40$ bpo's. <sigh>

I got up this morning, and CC had sent out 3 PIs at $15 per PI at around midnight. Yes, they were gone!

The last time I was sitting here when a CC came in, a $15 PI went in under a minute. My feeling is that I can either work hard and make no money, or I can sit here and relax and make no money. I vote for the relaxation aspect.

I thought about going to one of the properties and sitting there to see who the starving agent is who is sniping all of these low budget PIs from CC.

I don't have time to do it, though - I am as busy as a one legged man in a butt-kicking contest with my sales business around here! It is almost a blessing when we get a lull in BPO the action this time of year!

I calculated the other day that my first 6 bpos every month pay for gas used. So that first day every month, I feel like I work for nothing, or for Exxon. I agree with you about the importance in diversifying in business. My other real estate transactions make up for about 1/2 of my yearly income, and these days, Im mighty grateful for it.

I saw them come over around 930 thursday night... first 5 came.. 4 were gone.. then another 8 came over. I did them all. $120 pays for some gas for the month and maybe a mailing to pending foreclosures.. Now if it was a driveby with comps theres no way in hell Id accept $15!

I suppose that I can see the $15 if you got a cluster of them and had nothing else going on. I am not going to go all over hell and Georgia for $15.00. I might be a BPO oriented kind of guy, and I have done PIs, but I do NOT go below $25.00. Of course, I accidentally accepted a $30 verbal BPO from EML the other day, so maybe I am a BPO ho by accident occasionally...

Right now, I am trying to find a decent buyer's agent for my regular sales business so that I can progress beyond the 14 hour days that I have been keeping!

I cannot say I have seen a slow down here. My area never has TOO much going on, and I average about 20 orders per month. Here we are at the beginning of May and I have already done4 and am working on 5 more due by Monday. I haven't seen a Clear Capital order in about 3 months. I may need to call them....
BPOs pay my gas and (most months) all my real estate expenses. If this month keeps up at the same pace, it will be a VERY good month.

I talked to my REO Am the other day and she said that the pile on her desk just keeps growing and growing. I also spoke with her and found out that she didnt know I cover an area that she has a lot coming up in. I told her yes thats an area I like working and to keep me in mind. It would be so nice to have some in areas I am actually in on a regular basis instead of spread out.

If I don't get my fee then I don't do the job. Not the least bit interested helping the companies further reduce what they are willing to pay. I have plenty else to do with my foreclosure listing portfolio that I won't be sitting around bored!

Yeah, CC told me to watch out today when I emailed them about not getting a single job in 2 monthes. Nothing at all came through today.

thats funny...same here as far as cc goes. they keep saying they have a big order coming, but nothing ever seems to come through.

CC told me that no matter what day the 5th falls on, they have a big order that comes in and it's always posted. I checked first thing and there was nothing.

However....I did get a PI request for $15 the night before...maybe they entered everything the night before??? whatever..

I am glad to know it wasn't just me. I was told the same thing from CC. I waited around the computer all day....at least it wasn't nice out. I know they were there as some BPO's of mine were approved yesterday. Oh well. Maybe next month
Christie

BPO work....there are soooo many companies to work for all of you should be able to get more work than you can handle. I have 2 girls and a runner doing all my BPOs. I get 15-20 orders a day and reject 5-7 depending on the restrictions or the company. My girls dont accept CC order because they are always rushes and almost never lead to REO. If you want more BPOs than you can handle. RRReview/LSI/Premiere/Countrywide is all you need. RRR just put your fee at like $30 and then when orders come in call them and tell them you need more time and money. I looked at my charts last week we are getting $65 and 4 day TAT with RRR and they never send orders back. We will do them for $25 (to cover my cost and not lose money) because of their new owner and we NEED to get that REO business. Look thru these postings and you should be getting orders from 15-50 companies with in a month if you sign up for all 300 companies tomorrow

You will do a full fledged BPO for $25? And how do you use a "runner" for BPO's? (Usually that term means someone who makes deliveries, drops off checks, etc - just wondering how that applies to BPO's).