Where are you at in Michigan?

Southfield

You might PM J and see if she can do an area check for you. She is helpful like that. Maybe she knows something about your area.

REO's have dried up for me as well and BPO's are slow but steady. I have considered short sales but it involves a tons of paper work and it involves plenty of emotions on all sides.

I have considered property management-rentals and the like . . . any thoughts?

the time to scout greener pastures is upon us

It's funny how people who do not know others, could possibly get that they are not giving 100% in what they are doing, because they may think it is time to look elsewhere.

No matter how you look at either the REO or BPO side of this niche, both will experience a tapering off at some point. So having a plan B seems prudent, even if that is improving plane A, which is like a plan B.

Let's take a look a what has happened and what we have to look forward to:

1. More agents doing this then last year, and at larger percentages to all agents.
2. REO - listings may cost more then the revenue they generate.
a. Less commission
b. Unrealistic prices set by AM.
c. Forced services that are not reimbursed.
3. BPO - Companies require more and pay less.
a. Fees have dropped by 30% +-
b. Quality Control has become more of an issue, requiring more time.
c. Many are requiring they be included on 'your' E&O, and others require it now where they did not before.
d. They seem to feel they can pay when they want.

Foreclosures have been under scrutiny, look at GMAC. When one goes down do you think others might pull back a little and take a closer look? Employment is lagging in many parts of the country and unemployment compensation cannot be extended forever. At some point foreclosures will slow down, whether it because of mortgage modifications being forced or we simply get to that people are paying on time.

Now the biggest thing we often overlook - what happens in your market may not reflect what is happening mine. So if my market has only 10% of delinquencies as your market and mine slows down to a point I need a plan B, it has nothing to do with not giving a 100% to my business niche.

I love where I live and don't expect to move unless I found someplace better. I was interested in Austin because it seems to have a lot going for it, but as my friends have pointed out recently, the heat and humidity take getting use to. We just survived the hottest summer ever recorded here and I'm not looking to go from the frying pan to the fire.

So whether or not it is time to move on depends on where you are located, your competition and your abilities.

I guess we could become mortgage brokers - Me - I think I'll go work for Grampa if I go South.

Pine, Austin is great. Not that much hotter than the Carolinas. My business is off by %80. going back to basics, SOI, FB, Twitter, Mailings, Farming.

If you have a brokers license but are not the principle broker, can you use your brokers license to do property management while continueing to sell under your principle brokers liscense as long as you get your own insurance?

sos here too.....good standing doesn't mean a bag of beans if there are no orders coming thru!

If your BIC will permit it - check before you leap. I had this discussion with a KW firm - they wanted control of and a piece of everything I needed my real estate license for.

Going back to basics for me as well!

Looks like the market of nonprofit rehab companies are expanding because of neighborhood stabilization funding. Homes are donated to the nonprofits or the nonprofits purchase in bulk. The companies partner with agents to sell and sometimes list the rehab properties. The properties sell fast because of the high efficiency appliances and "green" technology.

Perhaps there is some opportunity on this side of the fence . . . here's a link to search for activity in your area:

http://www.hud.gov/offices/cpd/communitydevelopment/programs/neighborhoodspg/

I am not sure what list you are using or how you are determining what companies you are signing up for but there are hundreds of banks, asset management companies, and BPO job providers out there.

One suggestion is to go after smaller local banks in your area. A lot of time they do not have huge networks or do not go through actual asset management companies. Even small banks made bad loans. Small banks are also a great place for you to pick up REO listings with the amount of experience you have in the BPO aspect of the industry. Offer to do a free BPO on a property that a small bank is having a hard time selling and you may just pick it up as a listing. The smaller banks are also not as effected by the current foreclosure freeze.

Also remember that with the current freeze you may see a serious decline in BPO's but all of the properties in the freeze will have to get new BPOs once the freeze is over. THis is going to bring a huge surge of BPO orders especially since many of the properties in the freeze were already under contract and had several done one them. The freeze is expected to last until March which means at least 2 BPOs will be ordered on all of those properties . . . not to mention any new ones that come on the market.

Dont give up!

sounds hopeful........unfortunately many of us were banking on money from bpos in this "declining" market and would like to see things heat up a lot sooner than March!

What I see is the REO buiness is concentrated in just a few players with the prospects of breaking into the business almost impossible. I have been doing BPOs almost 4 yrs and have only gotten a few listings. The listings alway go to a handful of agents. It doesn't matter where you're located (within my state) or how well (or how many) BPOs you do. I have had homes listed doors away from my office. I do the BPOs, and still the listing goes to an agent 40 miles away. The listings I have had: I get stiffed on expenses and I end up being the party that makes the least money in the whole transaction. I am looking at changing fields altogether. It has been a struggle for too long.