I am about to begin taking my real estate classes to get licensed in Alabama.

I have previous experience working for a realtor assisting him with his REO listings and doing BPOs. I have a good amount of knowledge with BPOs and a little with REOs.

When I am interviewing with brokers, is this something I should tell potential brokers that I want to do with my license, doing BPOs?

I plan on marketing myself to potential buyers and sellers also at the same time, however since I have the experience doing BPOs I want to utilize that to supplement my income.

Yes, you should. Here in my part of PA a lot of brokers frown upon doing BPOs.

From the PAR website:



My broker does not want us to do them (bpo's not reo's). I know some agents in my area do them but most do not.

Yes you do. I've interviewed brokers that wanted NO PART in REOs and BPOs. They felt it was to much liability for the Brokerage. Fair enough, they own the brokerage. Better to know it upfront that later.

Then you have to settle on the split for BPOs (I keep all my BPO money). Where the checks go to (In my state I can get paid directly for BPOs with my Brokers permission), Possible increase in the E&O insurance fee do to the liability of BPO's.

When interviewing you tell the Broker what your plans are and then ask how can you help me get there. Perky (I believe) had one broker tell her she could not maintain a blog (Correct me if I am wrong Perky). Better to know its not not going to work out sooner than spend the effort to try and make it work.

You are correct. Well, actually she said I could have a blog because she assumed it would be a MySpace type thing that wouldn't interfere with their website in search engines. When they googled our keywords and found my blog outranking them, that was when I got the ultimatum - quit the blog or get out.

I did know ahead of time that agents in this office were not allowed to have their own websites. I had hoped to get around that with the blog, and eventually maybe change her mind about that rule but it didn't work out.

Be very sure that the broker you choose will be open to what you want to do to build your business, whether it's BPO's, blogging, or anything else that may come up.

WOW, I guess I am shocked that your broker or any broker would not allow you to have your own blog or website.

I have always thought that agents were basically independent contractors and its their business since they have to do the work to bring in the clients and get the deals closed, of course with some help and guidance from your broker.

I really want a broker that I can do BPOs and REOs but I want the freedom to market myself however I want. I know there are several ways to do that, including blogs and a website. I know that I have to put a TON of work into building my business and being limited kinda scares me a little.

Thanks ALOT for sharing that with me, now I know to ask these questions when interviewing.

So find a broker that supports your ideas. Remember when interviewing brokers that the broker is interviewing you but you as an agent is also interviewing the broker. A broker will be successful when his/her agents are successful. An agent will be successful when the Broker is succesful. It's a marriage via contract.

I can market myself anyway I want with my brokerage. I do run it through the broker though. I'm not required to, newer agents are, but I prefer to have his blessing when I send out my material. It's his Company overall. He has given me alot of construtive critisim on flyers and some he gave me a complete HELL NO. I do feel comfortable though to ask for his opinion. I feel comfortable saying my Broker is a friend. My broker feels comfortable calling me to ask my opinion.

There are some brokers out there like my former one - but for the record, she was the only one in the area that did not allow agents their own websites. So when you interview you may find some brokers raising eyebrows and thinking you're crazy to even think they wouldn't allow you to have your own website.

Some brokers require you to have a company website provided by them rather than your own - run from that as well. You should have your own website, your own email address (not company based) and your own blog...even if you don't want them NOW, you may want them in the future.

When I was still sponsored by another broker he furnished the company based e-mail address; as I recall, for an additional fee, you could also have a company based web site.

My first action with regard to the e-mail was to set it to automatically forward to my independent e-mail address. When I replied to the inquiry it would come from my direct e-mail address. Never did their web site at all.

As a SalesPerson, you become a part of your Principal Broker's Business, and have to conform to his/her Policies and Procedures. The word "independent" means you are free to operate as an extension of that Broker; but not with total freedom.

It sounds like you may have to focus on "quickly" fulfilling the requirements to become a Broker yourself in whatever Jurisdiction you land in . . . . and then you'll actually have the independence to operate your own Business with "your own policies" and without the supervision of another Broker.

But even after you get to that point, you'll soon discover that Real Estate remains the most heavily or thoroughly regulated industry in America; and almost every move we make is subject to review/criticism by our real authorities - the overseers at your friendly State Real Estate Commission . . . . representing the General Public . . . . Our Head BOSS !

If you find the brokers of franchise offices balking at your plans, check out smaller, independently owned companies.

Reading on this board, I am appreciating my office more and more all the time because of the free reign our broker gives us.

That makes sense, you are using the brokers name so you have to make sure what you are doing is within his/hers policies. That is not a big deal. I just want to be able to utilize as much marketing techniques as possible, there are alot of things an agent can do to market themself and I know I need to work as hard as possible to put myself out there if I want to be successful.

I am beginning to think the smaller offices might be the way to go. I know there are a few in this area, I will defintely try to interview with them as well as the larger companies.

The broker that told me no websites / blog was a small mom and pop. The broker that welcomed me with open arms and encouraged me big time to blog, website, etc. is a franchise.

you just never know until you sit down and talk with them. you want to work at an office where the broker/owner is NOT competing with the agents. (i.e., the broker is not an active agent working with customers, listings, buyers, etc.) Beware of office managers too who are also active agents.

Good point, I can see how that could get a little ugly having a broker that is an active agent.

BPO's and REO's are a bit different though. My broker Competes but has NO interest in this stuff, and sends the business to me.

The original question is about REO and BPOs.

I still think it's a good idea to work for a broker who is not competing. What if he wants to phase in residential in the future?

It's smart, imho, to ask questions and not to box your self in too tightly.

REODayton,

Are you saying that your broker has no interest in messing with REOs or BPOs so he sends all leads to you?

Does that also mean no one else in your office works with REOs?

Thanks.

Im not sure that I would go that far in your statement.

He wanted an REO division. I work on setting that division up. The broker personally wants Nothing (hands on) to do with what I do. So I bring his division around. I benifit and he does as we sell and list houses.

So if somebody in the office want to list an REO then it would come through me (for the most part). Now if we are able to recruit a bigger agent than I, then the deal changes.

That makes much more sense now, thanks.

I am curious, since it sounds like you have an incredible amount of experience working in the REO business and obviously that is your niche.

Do you work with other buyers and sellers for non REO properties, or do you just refer those over to other agents?

My plan, initially, will be to offer my services to anyone and not focus on one area.

I work with all investors, they are mine.

Non REO buyers- some I keep others I refer out. I never refer out a member or my SOI though.

Non REO Sellers- I refer out generally.

Overall though, I Market to all. I would never stop that.