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#357584 - 11/12/10 06:37 PM Transferring BPO business
Ryan Offline
Veteran Member

Registered: 09/21/07
Posts: 726
Loc: NY
I think I'm done. My other sources of income are strong and I simply don't have the time or patience to do this anymore. It would be a shame to flush all of the auto-assign arrangements, back office staff, and automation tools down the drain. If there was a way to transfer the operational tasks to another agent, and receive a small monthly residual from the orders I'd do it.

I'm thinking of offering the whole shebang to my broker so she can dole out the orders to hungry agents. I'd retain a QC role that would occupy about an hour of my time each day. Less than 5% of the agents in my market know what a BPO is. Even fewer ever attempted to make money from it. Furthermore, my broker has no idea why I continue to pay realtor and MLS dues since I don't sell houses (5 in 4 years). She has no idea what a BPO is and has no idea that is what I'm doing, so it may come as a shock. Our brokerage has never sold an REO, so this may present additional revenue opportunities.

Considering the operation would be transferred within the brokerage I don't see any ethical issues. The E&O would be the same. All of the order would be done by a licensed agent within the brokerage.

Any thoughts or suggestions?


Edited by Ryan (11/12/10 06:39 PM)

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#357588 - 11/12/10 06:53 PM Re: Transferring BPO business [Re: Ryan]
BK Estates Offline
Member

Registered: 07/25/10
Posts: 247
Loc: SoCal
Would you be allowed to form a team and delegate the bpo's to to a team member?

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#357591 - 11/12/10 07:25 PM Re: Transferring BPO business [Re: BK Estates]
Ryan Offline
Veteran Member

Registered: 09/21/07
Posts: 726
Loc: NY
Quote:
Would you be allowed to form a team and delegate the bpo's to to a team member?


That's pretty much what I'm trying to do. BPO money isn't my primary source of income, but it's been exceptionally nice. I originally got my license for access to the MLS (rental property purchases). Then I bumped into this website and learned about BPO's. It was beer money for a month or two. Next thing you know it became a secondary full-time job. The wife unit is starting a full-time job in January and will be able to carry health insurance, so I need to get back to my core competencies that make far more money for less aggravation.

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#357597 - 11/12/10 07:50 PM Re: Transferring BPO business [Re: Ryan]
RealBoots Offline
Member

Registered: 01/26/08
Posts: 405
Loc: Wild or not Wild ,East or West...
Ryan,
Each and every BPO company I deal with has specific requirement that person whom BPO is assigned has to personally visit subject property and get pictures.

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#357603 - 11/12/10 08:46 PM Re: Transferring BPO business [Re: RealBoots]
A-Neto Offline
Member

Registered: 09/13/07
Posts: 220
Loc: NJ
Taking about others taking pictures since one company questioned my about it now I take all my street view or side view with my car showing up. Two months ago I got the question from a mill and easy, I responded to the coordinator, if you take a look to all my orders X car always show up on my pictures and I do that on pursposes, her was laughing and said... hmm you are smart,I said not smart but ready for this day.
_________________________
NABPOP & CDPE Certified.
RE/MAX Broker/salesperson

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#357631 - 11/13/10 07:37 AM Re: Transferring BPO business [Re: A-Neto]
RealBoots Offline
Member

Registered: 01/26/08
Posts: 405
Loc: Wild or not Wild ,East or West...

Picture is one thing and completing it is another ,as you have to do it yourself and not just only QC it.
You can have somebody do all filling and typing for you but you are personally obligated and responsible for all comments and price and price adjustment determination.
They will sometimes question this and that and you would be clueless!
It just would be illegal to do it in that fashion and if ever comes to point going to court it would be disastrous.

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#357637 - 11/13/10 08:56 AM Re: Transferring BPO business [Re: Ryan]
JackREO Offline
Veteran Member

Registered: 09/02/08
Posts: 761
Loc: Massachusetts
I believe a lot of that is based on disclosure. The companies I work with know I have a team. They have no issue with speaking directly to my valuations, premarketing, closing or accounting departments. But disclosure is the key. You don't want to mislead them to believe you do you do your own typing. Generally, if the quality and results are there they have no issue. In those cases when a mill expects me to be my own clerk/typist I direct them elsewhere. I bring the business in, my staff get the product out. Just make sure your team is well trained.


Edited by JackREO (11/13/10 09:33 AM)

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#357651 - 11/13/10 12:47 PM Re: Transferring BPO business [Re: JackREO]
Traveler Offline
Major Contributor

Registered: 11/14/00
Posts: 2268
Loc: The Coast
Quote:
I'm thinking of offering the whole shebang to my broker so she can dole out the orders to hungry agents.


It may be possible. Ask the various companies. Some require the agent on the account must inspect and valuate the property. It's possble though, that any agent can do the order as long as they do the inspection, pull the comps, and attach the value with the peons doing everything else.

The other roadblock is many companies are not accepting any new applicants, which is what an account transfer may be considered.

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