New junior members please read and follow the rules before posting anywhere in the forums.

If you have searched and feel no proper thread exists to ask your question, then ask it here. Questions, or information about REO, BPO, Foreclosures and Short Sales.

If you have the required number of posts then you can start a new thread if that is called for.

Is anyone having problems with Evalution Solutions paying invoices? If so, any suggestions as to whom to contact to get paid.

There are numerous threads about Evaluation Solutions and payment issues. Please explore some of these conversations.

Thanks for the suggestion. I will..

There are a few too many scammer BPO companies out there. Even after you accept an assignment, do a search. Be creative whou search since many of the posters think is cool to use homemade abreviations.

I searched through the site and couldn't find anything on Regency Property Appraisers. Does anyone know anything about these people. They want photos only (no report) and pay 40 bones. Let me know if anyone has any details

Thanks

Well if they're good soup bones it might be worth it - did they say what king the would be?

Throw some Navy or Northern beans in the pot with a one ot two and whhooooeeeee momma - you got some gooood food

What do you have to lose?

There really is nothing to lose, but it sure would be nice to have something to gain. They sent 4 orders that are all within 1 mile radius.
Just wanted to see if they are legit.

If you are not too busy to do it, IMHO, cast your bread upon the water.

Also, report back what the result is for the other BPOers out there.

Every company on this forum was an unknown entity originally.

I am sure that the others here would be most appreciative of what you find.

Since I do not do paid BPO as a part of our business plan "You are a better man than I am Gunga Din".

I hope it works out well for you.

Regency Property Appraisers: Google them.

I did that. Doesn't really tell me if they are are going to pay or not. I was looking for prior experience.
I did submit photos so I will update if I get anything from them

Question: 3 of the last 4 interior bpos were cancelled or reassigned because the agents complained to the companies. Agents dont like me to do the bpo because I do not fudge. I tried to complain the companies dont seem to understand that they are getting cheated.....any comments or advise??

Hi,

Anyone know anything about FNC or Inspectionport? I have been doing BPOs for SMT for about a year now. Now SMT wants me to submit all my orders to Inspection Port. Then I have to pay a company named FNC (somehow linked with Inspectionport)$10 per order. In my eyes, Inspectionport/FNC offer nothing. There are no other companies for me to sign up with, there are no forms to use, there is no photo upload applications, etc.
SMT pays well and usually gives 5-6 days for an exterior. Just wondering if anyone else has experience with these companies.
I searched for all these companies on this site, with no match.
Thanks

Can't find anything for equity pointe asset services, or quandis. Anybody heard of them?

Try searching this forum, I saw a lot of results.

Use the advanced search - put in your search terms - not too many - set your dates - I go 2 years at a time, put your results - I use 250 - and I ask for the preview.

Don't forget to limit the search to this forum from the list on the left.

It's there - try again and see.

Your right, Pine. Thanx.

Forgot to post this last week. Regency Appraiser who I had inquired about a few weeks back paid and paid quickly. If anyone does get work from them they are easy to work with and as stated are quick to pay. I believe they only assign work as needed and do not have a registration. Anyways that is my report

We're glad you reported back - this way they will turn up within a search.

What companies besides EML and equi-t have a find work button?? Thanks so much to anyone who can help!

How much is the average fee for a property condition report? and Interior Property condition report?

Hi,

I have searched but did not find an answer. Is there a formula to determine the listing price, quick sale (30-60) and market value? Just getting my feet wet on BPOs.

Let your Comps be your Guide. You must put Trust in your Comps.

Properly selected Comps will always guide you to your Valuation.

I used to feel I had my thumb on the pulse of my market (and I once did), but I have since been enlightened by the Comps. In what has become such a dynamic marketplace, there's some truth in what I just said.

Recent Transactions sometimes surprise me . . . . alarm me . . . . shock and frighten me. They have a way of telling us what is churning in the Market despite what the pundents say about a recovery in Real Estate . . . . the Comps still say otherwise.

For those Mills that have such an algorithm for their calculations . . . . their platforms will educate you when your numbers venture very far beyond what the formulae allow.

If you're just getting your feet wet, the water will get more murky as you get deeply immersed!

Good Luck!

Have you ever performed a BPO before?

Now let's see - how would I find out how much homes sell for in my market area - I'm thinking - still thinking - how in the heck can I find out - where can I look - still thinking - I'll get back to you

Yes, I stumbled through 2 however I am not feeling very secure in taking the sales prices and determining the listing price for the subject property, the quick sale price and is the listing price the same as the market value, since the market value is the amount a buyer is willing to pay.

I bet you can't say that twice they same way with your eyes closed.

Sorry, I am so excited to be getting simple answers. I got carried away.

Okay I am doing a BPO for M2M and I need to know what
above Grade SF means?

Thanks!

OMG! You are kidding right???
Will give you a hint...It's living space, but does not include the basement.
Wish you luck :-)

I was waiting to see if there was a sarcastic ***hole on this board and you get the prize PEACE!!!!!

Do everyone a favor:

DO not answer anymore questions on this thread for junior members

So, I guess you were not kidding...

7222 - no need to be so sensitive.

If you can't take the help Peace gave you, freely, which helped 'you' get your job done, try calling M2M next time on a question like that and see what happens, I would love to hear that response. Boiled down, you probably would not have to worry about their QC, deadlines, orders, ever again.

Peace ☼ - please continue to help the newbies out, but since it wasn't handed to us on a silver platter - make them earn it a little more.

Now as far as the last statement where you say you were; 'waiting to see', well you certainly are making a memorable impression on the members, and I doubt anyone believes that.

Once again - no good deed goes unpunished

I agree with Peace.This is why appraisers are in a rage against bpos. People who do not even know what above ground sf is are performing them. This is most basic of information.

I don't think just appraisers should be concerned about that - I want to dismiss this as the poster had a brain disconnect and was in a panic when asking that most basic question, heck I would be just as concerned that the person actually had a real estate license. hehe - hey we've all seen this and I know my brain malfunctions now and then too.

Doesn't that hurt (y)our feelings when we know that is the competition that is getting (y)our work and setting the $25 fee

Understand - I want to believe the poster here just had a 'moment' - but we know there are others that function at this level consistently.

I still need an answer to my previous question from any BPO agent that does not mind the question. Please keep in mind everyone had a starting point. Thanks for your help.

(I hope that's the question you're referring to.)

In my market, Listing Prices for residential dwellings had usually hovered around 9-11% above what you could expect them to ultimately sell for (if properly priced).

REOs and Shorts have thrown some variant data into the mix; but because I'm making a judgment on what will be an attractive price for the Subject in a retail market, so I still hang my hat on this old model . . . . and that appears to be one aspect of this valuation process that few ever question.

So, if the asset is considered to have a value, and will ultimately sell for, say $150,000, then I'll probably recommend an ask of $166,900; an underlying value of $80,000 will command a list of $89,900.

Look at your own solds (in the aggregate) with a "normal" DOM and consider what they were listed for and then what they finally sold for . . . . that will guide you to the extent to which Listed Prices are typically being discounted, (on a percentage basis) in your market.

Some Sellers still expect to obtain offers equalling their asking prices; but that reveals they mis-understand the psychology or behavior of the marketplace. You should not have that problem with those reviewing a BPO.

If this is the question you you 'still' need an answer to - then my answer remains the same.

You just need to 'think' about the tools you have have at your disposal and use them. The "How to" is extremely easy to answer but it is a moving target you'll need to, and should be keeping track of anyway - even in typical real estate.

IMHO just handing you the specific answer to your question does not encourage you or teach you how to figure these things out for yourself, which you'll constantly need to do on your own just to be successful in basic real estate of this niche portion.

The answer to most every question you'll ask is found by data mining your MLS and paying attention to the questions asked of you and what can be determined by the data you have access to.

So if you were to try and take what I say and apply it to the questions asked of you - what is the first thing that comes to mind in what needs to be done - and no waiting for a clearer answer is not it

MY question is - What MLS System(s) do you use?

The MLS System(s) I use are Paragon and FlEX.

I was just contacted by an Asset Management company with a listing but requested a 30% referral fee after commissions paid. I asked if they held a valid real estate brokerage license and was told "no". When I simply suggested that I was not sure if I could pay a referral fee to a non-licensed entity the asset manager quickly said, "never mind" and hung up leading me to believe this can't be a new question AND that the asset manager knew this would be an obstacle we couldn't overcome. I have two concerns/questions (1) Why a referral fee? Why not just reduce the commission accordingly? (2) My understanding of Virginia state law is that I cannot pay a real estate referral fee to a non-licensed entity.

Hmmm. Did they ask for a 30% referral fee to be paid at closing (which is how all of our AM companies do it) or did they expect you to write a check after closing.

Most of our AM companies charge a fee. 30%, 35% of dollar amount or 1.5% of the total commission percentage.

At least in FL you can give a referral to a buyer or seller whether they have a license or not. Sounds to me like you may have just killed a goose. Could use a bit more detail on this. Feel free to PM me additional detail if you do not want to post it here and we can discuss it.

If the market depreciates, I determine what the depreciation is and price it as many percent lower as the depreciation is. However for each market and location is different, but usually, if the market is balanced or slightly depreciating I put 10% under the market value.

I am a broker who does a lot of bpo work. I am toying with changing from PC to Apple. I have been PC from the beginning but I do a lot of multitasking and it seems that Apple is faster and more able to handle bpo multitasking....any thoughts anyone????

Hi all.....

I'm new to BPOs just signed to several companies and got 12 BPOs last week. I've only got 1 this week. I thought I was on to something. Is it always this up and down?

UZandBUZ, as a longtime Mac devotee I have to suggest you just stick with your PC. My $300 Toshiba Laptop has less issues doing business than my substantially more powerful MacBook Pro. All the different sites and forms you encounter will function as intended (for the most part) with your PC. I tried for a long time to use my MacBook (running different browsers and virtual OSs, etc)and finally admitted defeat - and I'm much happier for it!

I've even gone so far as to revert to IE for BPO work!!!

Good luck.

How do we get access to the forum that is private where we can discuss REO mgmt companies? The entire reason I signed up was to see how agents view REO servicing companies.

thanks!AM

Actually, yes. It's the industry....

The access procedure is outlined 2 subjects below this subject

You guys are amazing, you start a forum to try and answer REO related issues and then ban Asset Managers because they won't divulge who they are? Sorry guys, but I am not an hourly employee at McDonald's. I have children and I kind of like my income but I was trying to be helpful. Too bad your administrator banned me from the section in which you talk about REO related issues that I could help with.

I'll be deactivating my account now, good luck.

www.AgentsOnline.net



The forum in question clearly states :"Forum for discussion of individual Asset Management companies. Private Forum restricted to verified real estate agents only. Contact the forum admin or a Global Moderator for access permissions"

"verified real estate agents only"

So let's just see how wrong this is:

1. All members have to be known by a global mod - every agent has needed to be verified but this AM(?) wants special privileges and we are just to believe them because it says so in a message. we've been down hat path before

2. AM was told they only needed to let me know their name, company and company website - you know exactly what I ask 'agents' for in order to belong. It was not necessary to disclose it otherwise.

3. www.AgentsOnline.net

4. I suggested to the AM? that if they really wanted to help but refused to give their information, they could still help by posting here. I see the response - not by a message as it had been until now.

Now, we have another person with 6 posts calling me out - jeez - but if this person wishes to think it over and send me the required info I will dismiss this as someone just having a bad day.

Pine

Pine, first of all, I didn't say anything about you personally and wouldn't do that. It's not called for.

Secondly, what is so crazy about me saying I'm not going to give you my personal info? I could (and would probably) be fired if anyone found out that I was posting here.

Thirdly, I was just trying to help out agents. I didn't want anything in return and wasn't going to ask any questions myself, just contribute where I could.

No worries though, if this board is secret, so be it. Keep it secret.

AsterAM - who is going to find out who you are? Do you think 'they' are here with me now? I verify everyone without ever divulging any information - what is it about you that you feel you should be different. You're not the first AM here, and you won't be the only one here if you stay. Who said the board is a secret AsterAM? It has rules that's all - I'm not sure you understand the level of people you are dealing with or you did not understand my post above yours. That is just how it is and no one else has had issues like this except you.

Good luck - you're upset, but these are the rules.

Pine; I have to agree with you on this. I have no issue with discussing all aspects of REO/BPO and this industry with my peers in an open and honest manner. However, there are comments I would hold back if a forum was open to the public at large. In addition, I prefer to receive feedback from those same peers rather than, as stated in prior posts, a disgruntled employee, and other categories mentioned. If individuals don't supply their information we have no way of knowing if they're a RE professional or not. If an individual wants to withhold their information, I have no issue with that, just keep them off this particular board. In the particular case the poster is concerned about losing their job. Certainly understandable, but it has no bearing on approval in this forum.

I'll third you on that Pine.

There are a couple of frequent posters that work for AM companies. I only know as much about who they are personally as they have decided to post.

Geeeeesh - if someone is that paranoid about their job, maybe they shouldn't be here

I've done a search for Kondaur Capital, but the info I'm looking
for isn't there. I know who & what they are, But would like to
know if anyone has ever actually received a listing from them.

They do assign listings. Get the access for the REO/BPO/Asset Managers forum by providing verifiable info that you are really an agent and you can look there.

Good Luck

Looking to partner with experienced well connected agent

I have a request from a buying group to find bulk sales in the FL area. They are looking for condos but are willing to look at other residential deals for investment.
What territory do you specialize in?
They are looking for REO’s that they can possibly add value and then be allowed to rent.

Does anyone know if you need to have a Fannie Mae vendor ID to list Fannie properties for outsourcers. I was assigned some listings but do not have a Fannie Vendor ID.

I've done about 20 free BPOs for them...never received a listing. I'm done with them.

You have permission to access the private forum - I would suggest doing a search for the info you want - there is a lot.

any boa agents out there

As suggested just prior to your post - using the search feature will speed things up, and there is also a lot on the subject.

You'll find the sticky threads containing our rules just below, I think it will help you at this point.

OK, so this is an honest (not self-promoting) post - to abide by forum rules and all that fun stuff. My company makes BPO Software, and like any company we want to do market research. So I started digging to see what was available for BPO's, and came up completely empty handed.

So we did non-biased, non-promotional poll (we hope, since it was supposed to be objective). The surveymonkey results are here:

http://www.surveymonkey.com/sr.aspx?sm=s4vOpHfE8g6tN1GqIglf_2f8Hjo7Hzc4TN4BRMvoHd98g_3d

(if that splits lines, you might have to copy the whole URL in to see it). If you want to take the poll & help us out, that link is here:

http://www.surveymonkey.com/s/bposoftwaresurvey

We've got some solid feedback on it, but I'd like more from the forum if anybody's open to it. What's the current public take on BPO software, based on what you guys know?

Does anybody knows about Disposolution?

BOA scorecard. I just got the NEW boa scorecard and it says I have a supper low score. Has anyone else experienced anything like this. Dan

I applied with them about two months ago but have not gotten any orders from them.

Use the search feature for dispo, the score card said you had a 'supper low' score? Reminds me - I haven't eaten anything today. Even if they it was 'super low', I would think since they said 'super' it must be a good thing - like a golf score.

boa in NC? Good Luck

Hey Guys, I'm newly registered to the forum and really only registered to ask a question about a random assignment I received recently from Keylink Asset Management.

Does anyone else work with them? They said they were a newer company and have a really weird compensation agreement they want me to sign.

Anyone?

Please help. I just recieved my First..... First Preston HUD/FHA REO.Can someone tell me where I would find the PCR on hometracker for the intial inspection sheet(Line 6a says I must review HUD inspection Form before inpsecting the property). I would apreciate any help I can get.

All PCRs are pretty much the same and should be attached to the HPIR if they send that also or they could be a seperate file. Basically the PCR outlines the "major systems" of the house such as Pressure test lines, electric and HVAC.

Be patient. Some of those places are totally swamped with applications. for example the Las vegas market is saturated with agents doing BPO's and most companies do not need anymore agents. My advice to you is to apply to about 100 different BPO mills. this way you are sure to hit 2 or 3 that need you.

Any good BPO companies in the Las Vegas area? The companies I have worked with for past 3 years had all slowed up.

Is there a thread for some abbreviations used in this forums? Im looking for new BPO companies, have already worked with Clear Capital and Equi-Trax. Im sure there are a few more good ones out there.

ne one ever heard the term ppr as it relates to an reo property?

To UZandBUZ: I've had this problem with an agent listing short sale flips. They told me they needed x amount to make it work and to please be so kind and make the BPO out for x amount. I didn't, they got market value as requested by the client. Next time, they didn't answer their cells for lockbox code, didn't reply to my messages. Had a Realtor friend call for access instead and it worked until they found out that I did the BPO. Then again no access to their listings. They went as far as telling the BPO company that I come in too high with value and it messes up their short sale flips. BPO company advised me not to accept BPOs for that listing agent anymore.

Hi to everyone
I am a newbie at this forum and real estate I have had my license less then a month and have a few questions on BPO my Broker told me to google it and sign on a few but really can't find any, anyone have a few sites I can go to?

Hello RealtorGirl
https://www.emortgagelogic.com
https://ava.altisource.com
https://www.clearcapital.com
Is your broker will get a split commission on your Bpos??
here are some bpo that u can apply

I'm really getting burned on this one listing. First did the CFK and Eviction and Lock Change under Nationwide referral and had to sign up then buy special BPO software $150 then train and pay $50 for their LPS Invoicing System. Once subject was Vacant and Secured Nationwide cancels the listing with me and refers it to REO World who gives me the listing too high over value with a 35% referral on 2.5%. Weekly driveby's, mandatory print ads and 4 BPOs later and now I've been told to put listing it on hold and they will pay me $500 for my trouble but I have to give access to contractors with the following email:

"This asset is being considered for the Chase Community Revitalization Program (CCRP). If applicable, please remove from MLS marketing. You are required to cooperate with Chase and any prospective non-profit interest groups that contact you to access the property and fulfill their requests (please contact me if you are unsure of an identity or need assistance). We understand that Chase will compensate you a flat fee of $500 for your continued efforts if it sells through this program. We will also notify you immediately if released and we can resume standard retail marketing."

I just got a call from a Broker who wants me to give her Contractor access for this Chase program. So it sounds like a Broker other than me is going to get paid on this one! It's cost me more than $500 in advertising and time over 4 months.

Anyone ever deal with this type of thing?

Question:

Do you let people know the conclusion of your BPO such as the listing agent and the homeowners? I'm coming across this more and more as I contact people to get access into the property. I'm not sure if its the right thing to do or not. If they send me an email I do tell them the quick sale and as is value I came to in the report. I should really just ask teh company I do it for if this is ok.

Just wanted to know what you thought. Thanks.

Rodney

As tempting as it is, do not give your pricing results to the agents or homeowners. I am sure the company you work for has a strict rule on that, plus they may be doing more then one bpo on the same property.
I have accepted comps the agents produced to be considered, however if they are outside the guidelines, I don't use. Most all comps an agent brings are usually ones on my list already.

doing so your are in violation of the agreement with your client, you are hired to produce an opinion of value and it this should be only disclose to your client. You owe confidentiality to your client.

There was a thread just started about Streetlinks and when I went to sign up it asked for a resume. What should my resume look like? Is it all work history or just on the BPO and real estate side? Also I did a search on resume first and did not find the answer. Also since Im new I wasnt sure if I could ask that in the Streetlinks thread or If I have to ask it here?

BPOhawk
You should start with your Objective a brief explanation of why do you want to be on their preferred agent network, then a resume of your past work history and what duties your performed on those jobs, then, your education, what kind of training of certification you had completed, the zip codes you cover and list of your clients and their contact info. You also could mentioned if you had been an attended on any REO/BPO related conventions etc. Names of any organization your belong to such as the Board of Realtors on you State and any others you might belong to, and any special skills such as a second language etc. I hope this helps

Has this happened to anyone? What was the outcome?

LSI has been my #1 company for BPO's over several years. Today LSI decided to empty my que (no apparent reason). I am unsure if this is in error. I had about 20 - 25 orders in various status' (due, pending QC, interiors, etc) This all happened around 4pm PST. I was interested to see if anyone on here has had a similar instance happen to them, and what was the outcome?

Kinda freaking out, and waking up at 6am to call them on the east coast. any input would help ease my fears.

Hi, anyone here know how to find a private money lender on a foreclosed home in michigan that i would like to purchase. I have 30% to put down. My credit is on the low side because i havent used it much, i have never needed credit so i just opened up 2 credit cards to boost it up a bit but will take a few months. or what is the lowest credit score that can qual. for a lone these days? thank you

Newbie to BPOS.... I'm a registered appraiser and real estate agent. Been doing HUD appraisals for a few months now with a certified appraiser. To supplement my trainee income, I've signed up with several BPO companies. Some of them ask for my fees for various services: Drive By Inspections, BPOs, Interior, Exterior, Pictures, No Pictures, etc. I have no idea what to charge for these services. I've gotten no orders yet from any of the companies so I don't really know what the free schedule should be. Can someone give me some useful advice?
Thanks..JCH

We have to be careful about the Sherman Act (Price Fixing) so, do not expect too much info here.

That may be part of the problem . . . . they'd like you to make them as close to "free" as possible.

Do a few for what they offer, just for starters; then assess the work involved and charge accordingly.

You don't have to admit you've never done any of these Reports . . . . you've just never done any for that particular Firm.

If you are a Licensee, make sure you gain entrance to the private Forum described as "BPO, REO and Asset Managers" where the characteristics of specific Companies are explored.

These matters have been discussed in detail elsewhere within the Forum . . . . use the convenient search feature to the right ---->>

Just remember to embed "multi-word searches" in quotes. Good luck !

[quote=Vermont][quote=JCH]". . . I don't really know what the [b]free schedule [/b]should be. . ."[/quote]
That may be part of the problem . . . . they'd like you to make them as close to "free" as possible.

Do a few for what they offer, just for starters; then assess the work involved and charge accordingly.

You don't have to admit you've never done any of these Reports . . . . you've just never done any for that particular Firm.

If you are a Licensee, make sure you gain entrance to the private Forum described as "BPO, REO and Asset Managers" where the characteristics of specific Companies are explored.

These matters have been discussed in detail elsewhere within the Forum . . . . use the convenient search feature to the right ---->>

Just remember to embed "multi-word searches" in quotes. Good luck ![/quote]

I meant FEE schedule. I don't know what the fee schedule should be. I'm being asked to provide my fee schedule and I don't know what to ask. I'm looking for a general idea of what the going rates should be. I'll take a look in the private forum but I'm a new member here and can't initiate toics until I make 30 posts. 30? That sounds like a lot.

JCH: If you want an idea of a fee schedule just search some of these forums and you will get an idea of what to charge. If not you can also do a google search on BPO fee's, How much to charge for a BPO, etc........ You will get a few results and have a better idea of what to do. If you are just starting doing BPO you might have a hard time getting in with companies and if you do there will be a lot of competition from other agents. I would either call the company you are thinking of joining or read their website. Alot of companies will have their fee schedules on their website. Again this is only a base and some will pay more depending on need or ability of agent. I know there are a few companies I will either ask for an increase or turn down because either they pay to low or are unwilling to meet my fee. With gas and wear and tear on my car I just do not see the value in accepting the work at the fee. Also some will accept low fee's if they get a lot and they are in the same area that the agent is heading to anyway. Again this is really up to the individual. Again even if the assignment is on my way to my other work I will only go so low. As professional you have to draw a line of how low you are willing to go. At a certain point I just don't go there. I am thankful that I have enough companies that allow me to do this, and I would also like to think that my work in the past and present has continued to show those top companies of mine that they can depend on me to turn in good work and a decent fee. Hopefully I have not gone on and on to much. Just a little of my random thoughts.

I need an online website that calculates distances between 2 properties. Can anyone make a suggestion?

Email or post the link, thanks...

You can also do it on google maps. It will do it as driving distance or walking distance.

Any experience with appraiser loft not paying bpo orders? Just signed up and found several blogs from appraisers complaining on non payment.

wow.. I guess these blogs are good to read before thinking about BPO.. are they worth the time for the money? I heard from friend that do them that sometimes the pay is not as good when you start, is this something to discourage me or is reality?

The pay for BPOs had declined. Many use them to suppliment their income. Many make a decent living doing them. A few make a very good living doing them.

We do not do paid BPOs as part of our business plan because I can not do them fast enough to make it worthwhile. We do free ones for companies that give us REO listings but do not try to do paid ones.

You must decide for yourself if you think it is worth it. No one who is making money doing paid BPOs was born doing them. They all had to start somewhere. You have just as much chance as anyone else.

Best wishes and Best of luck to you.

probably not legit

we had to call them about 10 times before they finally paid us

I do business (BPO's) with about 30 companies. Everyone of them has a blurb in their order information / requirements about not talking to the listing agent or the homeowners re your opinion of value. They usually make this a big deal in the instructions. So the answer is no. Tell the agents or the owners to contact the bank.

Kelly

Grandpa is only PARTIALLY correct. In FLORIDA, and agent can assign a portion of their fee to a BUYER or SELLER provided it is done in a written disclosure at the time of closing, BUT they MAY NOT pay any sort of commission or fee to ANY OTHER THIRD PARTY in the deal whatsoever.

Do NOT offer any commissions to AMC agents who are not board licensed under any circumstances. Steer clear of these guys, and you will have a long and enjoyable career. GOOD LUCK

No problems here - they pay on time

Lady Bruin - in general you should expect to be offered about $25 for a general report

Victor - there is no set formula on this - you must rely on the comps in the area of your subject. Carefully review the Days on market of both the SOLD and Active listings. If any of them involve long durations, then the pricing is probably above market values. Your MLS should also have perodic market reports which will show actual sales and trends, from which you can draw some guidance. Good Luck

Stave Dukes - It can be that way, but just keep watching for more opportunities. the market slowed a bit in 2011 because many banks had to pull their forclosures and review them due to "robo-signing" issues, but you should see an increase in activity very soon

There are 298277 posts on this topic. Use the search feature and type "evalonline". You will find that they are typically a non-paying company.

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Hey guys,

I'm new to the real estate realm (only licensed since 11-2010), and I want to get some cash flow going. I thought of property management but my brokerage/company is moving to 'if you do property management, that's all you do' (no listings or sales) - I don't want to limit myself in that fashion, so I thought of doing BPO's.

I have questions though:

What are the requirements to do them? Just be a licensed agent?
Do they pay me directly or my broker? (I'm pretty sure it has to be my broker, right?)
So if my broker is paid initially for it, I have to split it then, right?
Does my broker have to allow me to do them, or is it up to me?
Are companies even going to allow me to do them because I'm such a new agent?

I have done the pictures for them, interior and exterior, for another agent in my office - so I'm not totally new to the idea.

Any advise? Any companies that you recommend or don't recommend? Any help would be appreciated!

Thanks
James Roy
Realtor - Florida

RealtorJames - welcome to our forum.

If you are referring to managing an apartment complex and collecting monthly rental income, In Florida, a BROKER may do property management for developments of up to 50 rental units with just a Broker license.

If the development has more units, then a Florida CAM License is required. An sales agent can also qualify for a CAM license by attending an passing a 3 day course.

The Broker must make the contract with the complex, BUT may install any sales agent they wish to do the actual management.

The Broker must set up 2 escrow accounts - one for rental income, and a second for managemnt expenses, and it must be balanced at all times and is subject to audit.

You may NOT accept any fees directly - they must all be paid to your BROKER, and the Broker will pay you whatever percentage of that which you have both agreed upon.

If you are referring to simply managing vacant properties which are pending foreclosure or are for sale, the rules are still pretty much the same. You may not do any work beyond what your BROKER allows you to do, and the payments for services must still be sent thru your broker, regardless of the fact that you are doing all the work.

You should sit down and negotiate this with your Broker. If you feel he or she is not reasonable, you have a wide variety of choices of moving your license to a Brokerage that charges you a flat monthly fee and allows you to keep 90-100% of your commissions. For rental units you would then be advised to obtain a CAM license, but in the long run, if you are new at this, I would suggest moving slowly and gaining some experience before setting out on your own. But in any case, GOOD LUCK, and WELCOME to our forum!

I don't know why people end up with companies that are so restrictive on how you practice real estate. No way.

It would be a great help to interested readers if you include the post of the person you indicate has posted something wrong.

Being partially correct generally means something is partially wrong as well - tread lightly - this is especially good advice to newer members - can I have an Amen on that if you're listening??