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#360417 - 12/13/10 12:49 PM
Are BPO's drying up in your area?
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Veteran Member
Registered: 06/15/05
Posts: 1245
Loc: Texas
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I only got 147 last month...about 1/2 my average for the past few years. Was that just an abberation or is the trend downward for everyone else?
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#360419 - 12/13/10 01:03 PM
Re: Are BPO's drying up in your area?
[Re: Gig em]
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Veteran Member
Registered: 08/17/07
Posts: 815
Loc: Houston, TX
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It's pretty much the trend nationwide Gig em. I came back around here a couple of weeks ago to catch up with the news for the same reason.
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MBA, Realtor since 2004
Co-owner of two brokerages
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#360422 - 12/13/10 02:04 PM
Re: Are BPO's drying up in your area?
[Re: Highest&Best]
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Major Contributor
Registered: 09/24/06
Posts: 1967
Loc: US
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Not for me. The last few months have been just as busy as normal.
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#360432 - 12/13/10 03:47 PM
Re: Are BPO's drying up in your area?
[Re: rls362]
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Major Contributor
Registered: 01/26/09
Posts: 2961
Loc: Old Dominion
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My orders have been down about 10% this year (guessing- I do not have a real number yet), but I attribute it to increased participation in the field by other agents. I have not noticed that the orders are drying up.
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Trust your Maker. Watch your manager.
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#360449 - 12/13/10 05:36 PM
Re: Are BPO's drying up in your area?
[Re: Doin' bpose]
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Member
Registered: 04/03/06
Posts: 305
Loc: Detroit, MI
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Mine have gone down by about 50% over the past 5 months. December is generally a slower month anyway, and so far this month the trend is continuing. Only 5 so far!
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Danielle
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#360453 - 12/13/10 05:57 PM
Re: Are BPO's drying up in your area?
[Re: danni]
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Member
Registered: 03/04/10
Posts: 12
Loc: San Diego Ca
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Mine have been down about 20% after April this year but this past month they have been increasing so I am not too sure what to expect.
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#360454 - 12/13/10 05:59 PM
Re: Are BPO's drying up in your area?
[Re: danni]
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Member
Registered: 05/28/07
Posts: 365
Loc: Tampa Bay, Florida
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It's been somewhat slow in my area, but today the flood gates have opened up with all the Mills. Quite unusal since Mondays have been dead since the foreclosure freeze with all the compaines I see assignments or blasts from. Of course, one unusaly busy Monday does not make a trend.
_________________________
Mongo only pawn in game of life!
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#360456 - 12/13/10 06:03 PM
Re: Are BPO's drying up in your area?
[Re: Bluehoo]
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Member
Registered: 05/11/09
Posts: 279
Loc: Phoenix, AZ
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#360465 - 12/13/10 07:14 PM
Re: Are BPO's drying up in your area?
[Re: Cool guy]
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Member
Registered: 11/30/10
Posts: 289
Loc: SoCal
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About 20 percent down throughout the year. But I wish I could be doing 147 a month! We averaged close to that with LS, but it ended abruptly over Thanksgiving weekend. Still in mourning here.
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#360672 - 12/15/10 09:57 AM
Re: Are BPO's drying up in your area?
[Re: Peace ☼]
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Major Contributor
Registered: 05/17/07
Posts: 1858
Loc: Texas
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I got almost the exact same number in Sept and Oct of 2010 as in 2009. Nov 2010 was up 14.5% from 2009. Dec 2010 is on par with Dec 2009 so far. I might end up doing fewer BPOs this year just because I want to take more time off.
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#360698 - 12/15/10 12:41 PM
Re: Are BPO's drying up in your area?
[Re: Peace ☼]
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Member
Registered: 04/04/07
Posts: 311
Loc: Ohio, USA
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[quote=
I agree with doin It's most likely due to the increase in agents doing BPOs now. [/quote]
And I wonder how that came to happen?
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#360701 - 12/15/10 01:12 PM
Re: Are BPO's drying up in your area?
[Re: Newton]
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Member
Registered: 10/28/10
Posts: 88
Loc: nor cal
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I just received some bpos. We'll probably pick up in 2011. More REOs and Short Sales coming. I did notice less REO properties this year than last and more short sales. Seen short sales owners who hadn't paid their mortgage 1-2 yrs. They still need BPO for the approval. Are the mills or amp taking inexperienced agents? I thought you at least had to have worked for another vendor.
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#360718 - 12/15/10 03:54 PM
Re: Are BPO's drying up in your area?
[Re: reosf]
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Veteran Member
Registered: 12/28/06
Posts: 809
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Theory #1 Banks are automating the BPOs. I think they are using a zillow/trulia type system to get rough values.
Theory #2 More agents are getting into the business and are willing to work for peanuts.
My numbers: 4 yrs ago $5000 per month in BPOs, average per month for 2010, $3500.
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#360738 - 12/15/10 05:33 PM
Re: Are BPO's drying up in your area?
[Re: MArealtor]
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Member
Registered: 10/31/07
Posts: 281
Loc: Sacramento
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Sacbroker feels a little Broker everyday. We have been absolutely dead for two months.
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#360741 - 12/15/10 05:42 PM
Re: Are BPO's drying up in your area?
[Re: sacbroker]
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Veteran Member
Registered: 01/02/07
Posts: 724
Loc: Port Jefferson New York
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Not sure if this is an upside, but DS News posted positive numbers/ comments RE the secondary market. Probably the first time I've seen that since the whole subprime disaster broke. If you've been doing bpos for a while, you have done orders that were being used to evaluate portfolios for the secondary market. The contraction of the secondary market has hit the BPO man hard. If the secondary market comes back, "refueled" by mortgage backed securities, there should be more bpos.
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#360760 - 12/15/10 07:56 PM
Re: Are BPO's drying up in your area?
[Re: Mike Hagen]
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Veteran Member
Registered: 04/10/06
Posts: 987
Loc: Galt's Gulch
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Theory #1 Banks are automating the BPOs. I think they are using a zillow/trulia type system to get rough values.
I don't think you can completely automate it. They'll still need to see the property is still there, occupied or vacant, and an assessment of condition. The product is still local to us and at a distance to them. My numbers over all has remained consistent, just the names have changed.
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#360817 - 12/16/10 07:19 AM
Re: Are BPO's drying up in your area?
[Re: R. Danneskjold]
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Veteran Member
Registered: 02/25/08
Posts: 826
Loc: USA
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I think all points are valid;but mostly I do think that there is always a shift in progress ( keller williams pun!lol) In our case the shift is in area, # of agents willing to work for less money with companies that supply bpos for less money or travel farther to make their money, # of agents in a particular area and number of short sales and reos in a given area. We assume as realtors that since we see short sales increasing that our bpo business will eventually spurt up again. ( or at least I do) The reos in my area have been virtually at a halt ( still waiting on this big number to be released, first it was September, then October, then November, now December) I could grab anything yesterday but one company put 15 orders out to the county, naturally some where too far to make that order worthwhile but the 2 I would have liked were gone in seconds.
When I started I traveled anywhere I could get to get the order. I'm a little more "selective" because the 2009 bpo market let me do that. I had plenty of orders and closed some of my zips because traveling for one order in area X did make sense if I had 3 close by. I'll bet there are plenty of agents driving all over to get orders, so in some cases I've not only limited my own $$ worth but also allowed another agent to pass me up on good work, timeliness, and quantity production. Who's to blame here...........me.
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Licensed Realtor since 2000
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#360819 - 12/16/10 07:23 AM
Re: Are BPO's drying up in your area?
[Re: Mike Hagen]
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Veteran Member
Registered: 02/25/08
Posts: 826
Loc: USA
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Not sure if this is an upside, but DS News posted positive numbers/ comments RE the secondary market. Probably the first time I've seen that since the whole subprime disaster broke. If you've been doing bpos for a while, you have done orders that were being used to evaluate portfolios for the secondary market. The contraction of the secondary market has hit the BPO man hard. If the secondary market comes back, "refueled" by mortgage backed securities, there should be more bpos. This is the most optimistic comment here
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Licensed Realtor since 2000
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#360862 - 12/16/10 12:43 PM
Re: Are BPO's drying up in your area?
[Re: R. Danneskjold]
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Veteran Member
Registered: 06/15/05
Posts: 1245
Loc: Texas
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Dup post
Edited by Gig em (12/16/10 12:45 PM)
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#360863 - 12/16/10 12:45 PM
Re: Are BPO's drying up in your area?
[Re: R. Danneskjold]
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Veteran Member
Registered: 06/15/05
Posts: 1245
Loc: Texas
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Theory #1 Banks are automating the BPOs. I think they are using a zillow/trulia type system to get rough values.
I don't think you can completely automate it. They'll still need to see the property is still there, occupied or vacant, and an assessment of condition. The product is still local to us and at a distance to them. My numbers over all has remained consistent, just the names have changed. Driveby inspections of condition, occupancy, etc. have been performed on the property beginning 45 days after the mortgagee is behind on his payments and is done every 25 days after that. BPOs are normally done well after the house has been inspected many times and normally not by real estate agents and not at a profitable fee.
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#360878 - 12/16/10 03:14 PM
Re: Are BPO's drying up in your area?
[Re: Gig em]
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Veteran Member
Registered: 01/02/07
Posts: 724
Loc: Port Jefferson New York
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I know that this is the protocol that was written down somewhere and in my day, I was involved in doing the 45 day inspection. But I have a pretty solid sense that this kind of due diligence has been over for a while. If this was actually a part of current reality, the sub prime mortgage crisis would have been headed off at the pass.
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#360973 - 12/17/10 10:10 AM
Re: Are BPO's drying up in your area?
[Re: MArealtor]
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Member
Registered: 12/14/07
Posts: 461
Loc: usa
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Theory #1 Banks are automating the BPOs. I think they are using a zillow/trulia type system to get rough values.
I think this is a more likely explaination then an increase in the number of agents doing BPOS. Where the banks might have ordered 2 or 3 BPOs on a property, now they order one BPO for the inspection, then 1 or 2 AVMs. BPO companies already have more agents then they need, throwing more on the pile isn't likely to going to hurt more established agents.
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#360975 - 12/17/10 10:18 AM
Re: Are BPO's drying up in your area?
[Re: Mike Hagen]
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Member
Registered: 12/14/07
Posts: 461
Loc: usa
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Not sure if this is an upside, but DS News posted positive numbers/ comments RE the secondary market. Probably the first time I've seen that since the whole subprime disaster broke. If you've been doing bpos for a while, you have done orders that were being used to evaluate portfolios for the secondary market. The contraction of the secondary market has hit the BPO man hard. If the secondary market comes back, "refueled" by mortgage backed securities, there should be more bpos. My hope for the comeback of the secondary market is what is keeping me in BPOs. 4 years ago, most of my BPOs were for portfolio acquisitions. Now they are mostly REOs and short sales. If the secondary market doesn't pick up when REOs inevitably recede, we'll all be in major trouble.
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#361132 - 12/19/10 11:56 AM
Re: Are BPO's drying up in your area?
[Re: Rcflyerbob]
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Member
Registered: 07/13/07
Posts: 348
Loc: Ohio
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I am about the same for the year but have had the normal usual lulls in December and January.
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#361320 - 12/20/10 07:40 PM
Re: Are BPO's drying up in your area?
[Re: tnugent]
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Member
Registered: 12/07/08
Posts: 33
Loc: miami, fl
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I'm currently doing half of what I used to do 2-3 years ago. some of my companies haven't sent any work in months.
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#361328 - 12/20/10 08:50 PM
Re: Are BPO's drying up in your area?
[Re: DelCidsRealty]
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Member
Registered: 08/24/10
Posts: 39
Loc: Georgia
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Orders have been down the last week. Got a few from Altisource but I will not work for them again until they pay up.
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#361760 - 12/25/10 04:21 PM
Re: Are BPO's drying up in your area?
[Re: Georgia Beach]
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Junior Member
Registered: 12/25/10
Posts: 2
Loc: AL
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My BPOs have been down this year and think it was because I have had quit for awhile because of illness in the family. I have just started back and have been busy this week. Looking forward to a productive year in 2011. I hope you all do ok.
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#361787 - 12/26/10 04:32 PM
Re: Are BPO's drying up in your area?
[Re: bigkma]
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Member
Registered: 03/03/09
Posts: 34
Loc: CA, OC
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I Think this next year will be a great year for BPO's, I don't think the banks will change the way they are doing things, BPO's will be around for awhile.
Vinman
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#361844 - 12/27/10 05:48 PM
Re: Are BPO's drying up in your area?
[Re: Cool guy]
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Major Contributor
Registered: 01/26/05
Posts: 2051
Loc: Houston
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#361884 - 12/28/10 05:09 PM
Re: Are BPO's drying up in your area?
[Re: Houston Agent]
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Veteran Member
Registered: 12/28/06
Posts: 809
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I don't know if its seasonal, but I have very little BPO work.
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#361919 - 12/29/10 06:59 AM
Re: Are BPO's drying up in your area?
[Re: MArealtor]
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Veteran Member
Registered: 06/13/06
Posts: 1257
Loc: ^
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Steady here
_________________________
Live simply, love generously, care deeply, speak kindly and leave the rest to God ~ Ronald Reagan
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#361931 - 12/29/10 09:27 AM
Re: Are BPO's drying up in your area?
[Re: grexley]
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Member
Registered: 10/16/06
Posts: 166
Loc: USA
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Steady as well..no major change this year.
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#362005 - 12/29/10 10:53 PM
Re: Are BPO's drying up in your area?
[Re: Georgia Beach]
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Junior Member
Registered: 02/08/06
Posts: 3
Loc: Lodi, CA
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Are you aware that Altisource pays by direct deposit now? You have to register your information online with them. I would check with their accounting department to verify. They pay very regularly now but they pay much less than they used to.
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#362074 - 12/30/10 03:40 PM
Re: Are BPO's drying up in your area?
[Re: Laura Anderson]
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Member
Registered: 02/06/08
Posts: 101
Loc: FL
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most companies are telling me that after the New year they are "expecting" to get busy.
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#362080 - 12/30/10 04:07 PM
Re: Are BPO's drying up in your area?
[Re: robbyrob]
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Member
Registered: 11/04/08
Posts: 358
Loc: new york
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I sure hope. This week stunk. Worst week of the year.
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#362118 - 12/31/10 05:49 AM
Re: Are BPO's drying up in your area?
[Re: cleonard]
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Veteran Member
Registered: 08/24/08
Posts: 1008
Loc: Middle of Ohio
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Its been pretty slow here for reo assignments. No sheriff sales for the last two weeks due to the holidays. I have been getting e-mails from my AMCs and banks reminding me about timelines etc, as they expect volume to pick up being 2001. We will see.
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"No cause is lost as long as there is one fool left to pursue it". Wil Turner
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#363110 - 01/12/11 08:51 AM
Re: Are BPO's drying up in your area?
[Re: robbyrob]
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Member
Registered: 08/26/03
Posts: 75
Loc: Florida
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hi!
since your in Florida, as so am I, was wondering, are you still slow. OMG I hear crickets down here. I thought it would pick up by now, but nothing.
Any thoughts?
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#363113 - 01/12/11 09:15 AM
Re: Are BPO's drying up in your area?
[Re: Slappy]
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Member
Registered: 10/31/07
Posts: 281
Loc: Sacramento
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#363148 - 01/12/11 11:53 AM
Re: Are BPO's drying up in your area?
[Re: BUBBLEBURST]
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Veteran Member
Registered: 08/27/07
Posts: 519
Loc: FLORIDA
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Still unusually slow in this area as it has been for the last 6 weeks..slowest time in the 4 years that we have been in the business..
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#363153 - 01/12/11 12:17 PM
Re: Are BPO's drying up in your area?
[Re: Slappy]
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Member
Registered: 08/13/07
Posts: 124
Loc: VA Piedmont
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With 18 offered in the new queue this morning that makes over 40 from BOA this month. So it looks like the flow is at least maintaining its level here.
Jim
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#363197 - 01/12/11 05:50 PM
Re: Are BPO's drying up in your area?
[Re: JiminVA]
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Member
Registered: 06/27/10
Posts: 377
Loc: Land of Tree Huggers
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With 18 offered in the new queue this morning that makes over 40 from BOA this month. So it looks like the flow is at least maintaining its level here.
Jim And what is the BofA website exactly? I don't see that there is a specific BofA site, though I get BofA orders from other mills.
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#363198 - 01/12/11 05:55 PM
Re: Are BPO's drying up in your area?
[Re: 12 step 4 BPOs?]
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Member
Registered: 05/10/07
Posts: 14
Loc: OH
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#363203 - 01/12/11 06:33 PM
Re: Are BPO's drying up in your area?
[Re: 12 step 4 BPOs?]
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Member
Registered: 04/04/07
Posts: 311
Loc: Ohio, USA
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With 18 offered in the new queue this morning that makes over 40 from BOA this month. So it looks like the flow is at least maintaining its level here.
Jim And what is the BofA website exactly? I don't see that there is a specific BofA site, though I get BofA orders from other mills. They don't take new agents anymore. I signed on with them in 2006.
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#363210 - 01/12/11 07:05 PM
Re: Are BPO's drying up in your area?
[Re: JiminVA]
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Member
Registered: 05/28/07
Posts: 365
Loc: Tampa Bay, Florida
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With 18 offered in the new queue this morning that makes over 40 from BOA this month. So it looks like the flow is at least maintaining its level here.
Jim I'm up to about 40 myself, but it pains me to see them turn around and give about a dozen to ISGN! And everyone of them, I've done directly for BofA before.
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Mongo only pawn in game of life!
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#363211 - 01/12/11 07:27 PM
Re: Are BPO's drying up in your area?
[Re: Bluehoo]
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Member
Registered: 03/03/09
Posts: 34
Loc: CA, OC
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Slow here in Socal,I don't think for a whole lot longer.
Vinman
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#363214 - 01/12/11 07:38 PM
Re: Are BPO's drying up in your area?
[Re: Vinman]
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Member
Registered: 03/04/07
Posts: 159
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Not here in SC. My 2009 and 2010 totals were almost exactly the same--just a few hundred off. I'm close to a record this month and it's only the 12th. Hopefully it's a sign of a good year to come!
Edited by ecrowe (01/12/11 09:32 PM)
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#364334 - 01/21/11 05:25 PM
Re: Are BPO's drying up in your area?
[Re: BUBBLEBURST]
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Member
Registered: 02/06/08
Posts: 101
Loc: FL
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well my friend I can feel your pain.. Im freaking out myself. its nmad slow. on good days i get 3 to 4 orders. on bad days 1 and most days 0. I was one of these corelogic guys that pretty much just worked for them doing about 25 to 30 a week for them. now Im just trying to get by like most.
Some people are saying things will get better after the first quarter. Lets see I dont know how long i could keep this up..
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#364337 - 01/21/11 05:42 PM
Re: Are BPO's drying up in your area?
[Re: robbyrob]
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Member
Registered: 11/28/09
Posts: 182
Loc: Florida
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robbyrob what area of florida do you work? i am in tampa and i am turning down probably 100 BPO's a month.
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#364338 - 01/21/11 05:42 PM
Re: Are BPO's drying up in your area?
[Re: robbyrob]
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Member
Registered: 01/15/11
Posts: 123
Loc: FL
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jey where in florida are u located?? i am also in central fl i do received around 10 a week is that a good number of orders from LS ..
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#364340 - 01/21/11 05:50 PM
Re: Are BPO's drying up in your area?
[Re: REOBOSS]
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Member
Registered: 01/15/11
Posts: 123
Loc: FL
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reoboss are u doing 100 bpos just for one companie or between companies .. i do around 50 from Landsafe per months .. i want to know more companies i also do some for realtrans.
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#364343 - 01/21/11 06:14 PM
Re: Are BPO's drying up in your area?
[Re: ReBpoAgent]
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Veteran Member
Registered: 12/14/05
Posts: 1304
Loc: Winfield, Mo
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Its a New Year and New Fears...
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Beware the barrenness of a busy life...Socrates
Let go...or be dragged...Zen
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#364848 - 01/27/11 01:51 PM
Re: Are BPO's drying up in your area?
[Re: robbyrob]
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Member
Registered: 01/27/11
Posts: 67
Loc: Florida
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Central Florida - started to slow down January 1st. It's picking up but that's because I signed up with a new company. If it wasn't for them.............not much work to do.
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#364854 - 01/27/11 02:49 PM
Re: Are BPO's drying up in your area?
[Re: CentralFLbeepo]
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Member
Registered: 05/28/07
Posts: 365
Loc: Tampa Bay, Florida
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Central Florida - started to slow down January 1st. It's picking up but that's because I signed up with a new company. If it wasn't for them.............not much work to do. Things didn't really slow down around my area of Tampa Bay till this week. It was somewhat slow but steady, then this week BAM! Next to nothing.
_________________________
Mongo only pawn in game of life!
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#364906 - 01/27/11 09:31 PM
Re: Are BPO's drying up in your area?
[Re: ChristieS]
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Veteran Member
Registered: 02/25/08
Posts: 826
Loc: USA
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It's like CC feel off the edge of the Earth for me  ME TOO.......I checked I did 4 orders for them ALL year!!! In 2009 I was doing about 10 a month! so like am I second string?? I don't even get a "opportunity" email...........called, asked, everything is fine(?) really(?) ps I don't know $$#$% about this business because I haven't been at it that long but my guess is that the mills are having a rough time too...if you are not in the business of getting listings we might all be working for a lot less in order to get work. $50 bucks was the limit but now we might have to swallow our pride if we are working for a mill....don't know, but seems like my $35-$40 guys are always sending out "opportunities," whether I have a history with them or not! Just wondering........kind of like commissions......you can hold out or someone else will get the listing. In my market, it's getting brutal, I can't even tell you some of the stories I've heard about what agents taking as their commissions!
Edited by Char K (01/27/11 09:43 PM)
_________________________
Licensed Realtor since 2000
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#365475 - 02/01/11 07:20 PM
Re: Are BPO's drying up in your area?
[Re: Bluehoo]
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Member
Registered: 01/27/11
Posts: 67
Loc: Florida
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2 orders total this week so far. I'm bored!
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#365480 - 02/01/11 07:46 PM
Re: Are BPO's drying up in your area?
[Re: CentralFLbeepo]
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Member
Registered: 05/28/07
Posts: 365
Loc: Tampa Bay, Florida
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2 orders total this week so far. I'm bored! I picked up 11 from LS today. Feb has got to be better than Jan! 
_________________________
Mongo only pawn in game of life!
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#365499 - 02/02/11 05:05 AM
Re: Are BPO's drying up in your area?
[Re: Bluehoo]
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Major Contributor
Registered: 11/15/06
Posts: 2050
Loc: The Middle of the Interstate
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Our January results were about 2% higher than our monthly goals. And when you consider 2 holidays, including an extended New Year's weekend, that's not bad. 17 the past 2 days.
_________________________
Broker-Owner Thirteen Years REO Experience
GRI,CRS,CRB,e-Pro
Some days I feel like the bug, other days I feel like the windshield
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#365502 - 02/02/11 05:46 AM
Re: Are BPO's drying up in your area?
[Re: Bluehoo]
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Member
Registered: 01/27/11
Posts: 67
Loc: Florida
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2 orders total this week so far. I'm bored! I picked up 11 from LS today. Feb has got to be better than Jan! I guess I don't have enough companies to get that type of drop. I think my biggest was 7 in a day and that was all from the same company. So, now I'm busy signing up!
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#365503 - 02/02/11 05:55 AM
Re: Are BPO's drying up in your area?
[Re: PA Roadkill]
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Veteran Member
Registered: 01/02/07
Posts: 724
Loc: Port Jefferson New York
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I bottomed out in August @ about 65% of what we like to do with bpo's. Gradually, we've fought back to 85 to 90% of where we want to be ( Dec, Jan with the holidays and lousy weather). That's with prospecting new clients and resurrecting old clients we thought we would never see again. In our area we have had a drop in the gross number of agents licensed, in the neighborhood of 15 to 20%. But the remaining ones are fighting for every $$ they can get, so I think there are actually more folks competing for the BPO pie. Additionally, marketing, which was a small part of my effort 15%, but great when it worked, has dried up. I guess the small marketers are the first to go in a challenging market. I think we are about back to normal and as soon a I move one of my reo's I'll be completely back to normal.
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#365601 - 02/02/11 06:32 PM
Re: Are BPO's drying up in your area?
[Re: Mike Hagen]
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Member
Registered: 02/06/08
Posts: 101
Loc: FL
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Everyone is saying this month will be better and man am I hoping thats true.. I bottomed out at about November with December and janurary being really bad. Hope this month I see some work. Not asking for much would be happy with about 10 a week. Come one bpo gods!! I'm about to light a candle!!!
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#365654 - 02/03/11 11:05 AM
Re: Are BPO's drying up in your area?
[Re: robbyrob]
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Member
Registered: 12/07/08
Posts: 33
Loc: miami, fl
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Really slow here in the south Florida area. not a bpo yet this week. my main providers are down. I used to get my week full with emortgagelogic, just clicking the find work, and had no problem getting orders when my other providers assigning orders directly to me were slow in work. Now, EM became almost mission impossible. Also, haven't heard of AVM in months.
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#365682 - 02/03/11 03:02 PM
Re: Are BPO's drying up in your area?
[Re: fishingbpoandreo]
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Junior Member
Registered: 04/07/10
Posts: 8
Loc: USA,USA
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BPO's have been so slow that I accepted a $45.00 interior from OR. I really don't like these guys and there fees. I guess beggers can't be choosers. Check that just got one from LS. I love those guys.
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#366181 - 02/08/11 07:48 PM
Re: Are BPO's drying up in your area?
[Re: Tommy2Shoes]
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Member
Registered: 05/28/07
Posts: 365
Loc: Tampa Bay, Florida
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My gosh it has been so slow I can't stand it! Very stressful. Most of my business is done with EML and they have practically sustained me for the past 10 months. Usually, I am doing 50-60 per month just from them, not to mention an occasional Clear Capital order, but lately it has just dropped off of a cliff! I got two orders last week...TWO! There has been nary a peep from them this week with no orders so far nearly halfway into the week. My open order list has never been clear for so long! Not looking good folks...just signed up with Corelogic so we'll see. Every Company I work for here in FL, including LS, has been just frikin' dead since Christmas. Coincidence? I think not!
_________________________
Mongo only pawn in game of life!
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#366196 - 02/08/11 11:06 PM
Re: Are BPO's drying up in your area?
[Re: Bluehoo]
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Member
Registered: 08/12/07
Posts: 238
Loc: florida
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not sure what the problem is in florida-- i have been full full full...
i have had to turn off auto accept 2 times and may turn it off again tomorrow.
258 bpos last month and already 80 this month with 19 today.
2 companies promising reos...
but---i really want to get out of the biz...
so i may have a plan and i will share it here--but do not tell anyone--it is a secret!!!
ready?
all of these condo complexes have been selling condos very cheap. the average cost to redo a condo is less than $20k and in many can be done for $9999.
find a complex, work with the manager, get with a contractor and start working invetors, buyers, and sellers.
remember the old days when you would go out and farm for 10 years?
here is your farm--a 50-100-200 unit complex.
you can make $1000 for each remodel from the contractor, then commissions can be 1500-3000+ for a cheap purchase
eg- condo that sold for $200,000 in 2006 now sold for $50,000. add $10,000 for paint, kitchen cabinets and trim for new value of $80,000. these units will not be worth 200k again but may easily make it to $125k in 18 to 24 months.
i am sure you can figure your commission on a sale --you can flip, rent, or sale for main residence. you can get paid for buying, fixing, selling and or renting.
do 20 units--$1000 (rermodel) plus $3000 commission =$80,000yr.
this may be agressive in a small complex but when these condos are still 50% vacant, reo and/or short sale--the numbers are there to be has heavy or light as you want and to make it a big project or something to try a few times..
hope this makes sense--sometimes these things are a little more indepth than you can post in a few words..
hope this helps someone at least..
i am contacting 2 complexes this week.
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#366198 - 02/08/11 11:16 PM
Re: Are BPO's drying up in your area?
[Re: bpojoe]
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Member
Registered: 02/06/08
Posts: 101
Loc: FL
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Your in FL and you did 258 BPOs last month? You my friend have a guardian angel!!
Edited by robbyrob (02/09/11 06:48 AM)
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#366232 - 02/09/11 08:33 AM
Re: Are BPO's drying up in your area?
[Re: bpojoe]
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Veteran Member
Registered: 08/27/07
Posts: 519
Loc: FLORIDA
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See BPOJOE's prior postings for a reality check on accurancy/reality.
We are on board with all the major direct companies other than LS and they are all dead. the only busy companies out there are blasts from OR and UTLS.
BOA activity is down 95% per housing wire; thats huge in Florida. My theory is they are all waiting for an agreement with the attorney general regarding forgiveness for robosigning like issues and in turn setting up a defense fund for those "harmed" by the practice. Housing wire has numerous articles on this subject.
They are definitedly all acting in concert. It's all about what your usual volume is vrs current volume. Our bpo volume is down 60% from this time last year, 3 year completing BPO's with high volume so we are pretty familiar with the process. We still are getting a trickle of assignments from the bigger direct assign companies but nothing like the volume prior to the fall.
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#366238 - 02/09/11 08:53 AM
Re: Are BPO's drying up in your area?
[Re: bpojoe]
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Major Contributor
Registered: 07/22/07
Posts: 1574
Loc: PIE/SRQ corridor
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so i may have a plan and i will share it here--but do not tell anyone--it is a secret!!!
ready?
all of these condo complexes have been selling condos very cheap. the average cost to redo a condo is less than $20k and in many can be done for $9999.
find a complex, work with the manager, get with a contractor and start working invetors, buyers, and sellers.
remember the old days when you would go out and farm for 10 years?
here is your farm--a 50-100-200 unit complex.
you can make $1000 for each remodel from the contractor, then commissions can be 1500-3000+ for a cheap purchase
eg- condo that sold for $200,000 in 2006 now sold for $50,000. add $10,000 for paint, kitchen cabinets and trim for new value of $80,000. these units will not be worth 200k again but may easily make it to $125k in 18 to 24 months.
i am sure you can figure your commission on a sale --you can flip, rent, or sale for main residence. you can get paid for buying, fixing, selling and or renting.
Joe if memory recalls you are somewhere near Miami-Dade or Broward County. Up in the Tampa area, flipping condos is an act of futility IMO. There is so much condo garbage for sale here, its pathetic. I have seen some try to what you are suggesting, and its a losing proposition. A condo buyer is thinking they are getting such a great buy on a $70K condo that sold for $350K just five years ago. What they don't understand is that there is such low demand for their new asset, trying to make any money on it is a real gamble at best. I would rather invest in hard metal commodities like gold or silver personally. I don't think that boat has sailed yet, and I feel both will continue to rise in value. I feel that is especially true for silver, as it is more of a "dark horse" play. I wouldn't buy anything real estate related as an investment at this point and time, but that's just me. http://www.infomine.com/chartsanddata/chartbuilder.aspx?z=f&g=127682&dr=1yhttp://www.infomine.com/chartsanddata/chartbuilder.aspx?z=f&g=127681&dr=1y
Edited by Brad - W4BJM (02/09/11 09:03 AM)
Edit Reason: Added charts
_________________________
QC is evil
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#366244 - 02/09/11 11:17 AM
Re: Are BPO's drying up in your area?
[Re: bpojoe]
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Major Contributor
Registered: 09/24/06
Posts: 1967
Loc: US
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not sure what the problem is in florida-- i have been full full full...
i have had to turn off auto accept 2 times and may turn it off again tomorrow.
258 bpos last month and already 80 this month with 19 today.
2 companies promising reos...
but---i really want to get out of the biz...
so i may have a plan and i will share it here--but do not tell anyone--it is a secret!!!
ready?
all of these condo complexes have been selling condos very cheap. the average cost to redo a condo is less than $20k and in many can be done for $9999.
find a complex, work with the manager, get with a contractor and start working invetors, buyers, and sellers.
remember the old days when you would go out and farm for 10 years?
here is your farm--a 50-100-200 unit complex.
you can make $1000 for each remodel from the contractor, then commissions can be 1500-3000+ for a cheap purchase
eg- condo that sold for $200,000 in 2006 now sold for $50,000. add $10,000 for paint, kitchen cabinets and trim for new value of $80,000. these units will not be worth 200k again but may easily make it to $125k in 18 to 24 months.
i am sure you can figure your commission on a sale --you can flip, rent, or sale for main residence. you can get paid for buying, fixing, selling and or renting.
do 20 units--$1000 (rermodel) plus $3000 commission =$80,000yr.
this may be agressive in a small complex but when these condos are still 50% vacant, reo and/or short sale--the numbers are there to be has heavy or light as you want and to make it a big project or something to try a few times..
hope this makes sense--sometimes these things are a little more indepth than you can post in a few words..
hope this helps someone at least..
i am contacting 2 complexes this week. I sent you a message. My parents are looking for a place down south to escape winter, and would be interested in seeing what a $50k condo looks like. What part of Florida?
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#366245 - 02/09/11 11:20 AM
Re: Are BPO's drying up in your area?
[Re: Brad - W4BJM]
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Member
Registered: 08/12/07
Posts: 238
Loc: florida
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"See BPOJOE's prior postings for a reality check on accurancy/reality"
yes please do--i have always been consistent..
1. bpos would slow down for most and die for many
2. if you are willing to work harder, drive further and work cheaper--you could maintain
3. there will be no flood
i believe those are major premises of my posts?
and i feel i have been right on all 3...
"Up in the Tampa area, flipping condos is an act of futility IMO"
that is the irony--
in 2006 when everyone said to invest--i said to sell.
now people are saying to sit--already condos in Tampa have gone up and the cheapies are all gone.
try to get a condo in Richmond Place for #25,000--not now --try $75,000 or higher.
you cannnot even buy the cheapie houses in Pasco now like you could last year.
yes there is still tons of opportunity in Tampa area--lots
all of these people who bought these cheap condos and homes need to have them rehabbed..
the secret to my success is to be better, cheaper and faster than others..
those who are slower, more greedy or lazy--i eat them up.
like i have said--my suggestions are not for everyone.
but there may be 1-2 people out there who may benefit and have not thought of something.
i do not have all of the answers but i am more than happy to share the ones i come up with!
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#366246 - 02/09/11 11:28 AM
Re: Are BPO's drying up in your area?
[Re: bpojoe]
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Member
Registered: 08/12/07
Posts: 238
Loc: florida
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"My parents are looking for a place down south to escape winter, and would be interested in seeing what a $50k condo looks like. What part of Florida?" i will do even better---they can get a house maybe even on the water in a 55 plus community here are 2 links in a small area that is primarily retirees.. this is only a small portion of what is available here http://sef.mlxchange.com/Pub/EmailView.asp?r=1191682258&s=SEF&t=SEFcodos under 50k http://sef.mlxchange.com/Pub/EmailView.asp?r=118110567&s=SEF&t=SEFhomes under 75k real estate in florida is still hot hot hot-- compared to the midwest--it is a gold rush.. if you are willing to do the work--there is gold on them thar beaches
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#366263 - 02/09/11 01:53 PM
Re: Are BPO's drying up in your area?
[Re: BPOmaster]
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Major Contributor
Registered: 09/24/06
Posts: 1967
Loc: US
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Joe thanks for the links. I sent that to my parents for them to look at.
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#366306 - 02/09/11 06:53 PM
Re: Are BPO's drying up in your area?
[Re: BPOmaster]
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Member
Registered: 08/12/07
Posts: 238
Loc: florida
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Just stay away from all the unapproved short sales, 90% of the list that is how i see things differently.. if you have cash--start to make offers on these. make sure the listing agent has a clue--that is where the problems lie. what do the banks do to 'approve' the short sale? you got it--do a BPO-- and what do they want on the bpo? you got--for us to match the list price--sound familiar? so i would say if you have cash--go for those unapproved---for the mere fact that most people are staying away! now here is another tip for those of you who want to make a few more bucks.. find a good short sale guy or gal...they are out there- when you do your interior bpos you will find most are for short sale that are being hnadled by really bad realtors--and that is your lead. get owner's number and have your short sale guy or gal give them a call to offer any assistance--be careful--you do not want any ethics violations. i just made $500 because the guy was alreay wasting a year with some dead beat realtor. my guy closed the deal in 60 days. again--this is not for everyone. remember--many if not most realtors are really bad, really lazy and have very little knowledge of real estate. while many say this is a 'bad' market-- for me i see nothing but opportunity-- there are many low hanging fruits out there. the best ones are the deals that everyone else does not want because it may just take too long--ie rentals, short sales, farming a complex etc. hope this helps
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#366528 - 02/11/11 01:53 PM
Re: Are BPO's drying up in your area?
[Re: bpojoe]
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Member
Registered: 01/27/11
Posts: 67
Loc: Florida
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Most companies have a "do not approach the owner with your real estate spiel" thingy in their policy. As a listing agent, I would also stay the hell away from chatting up sellers that are listed with someone else, no matter how bad that "someone else".
Yep, lots of opportunity out there but I would wait til the low hanging fruit isn't listed with another farmer anymore.
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#366567 - 02/11/11 06:12 PM
Re: Are BPO's drying up in your area?
[Re: CentralFLbeepo]
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Member
Registered: 02/06/08
Posts: 101
Loc: FL
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Most companies have a "do not approach the owner with your real estate spiel" this is what I have seen with most mills..
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#366699 - 02/13/11 09:55 AM
Re: Are BPO's drying up in your area?
[Re: CentralFLbeepo]
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Member
Registered: 08/12/07
Posts: 238
Loc: florida
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Most companies have a "do not approach the owner with your real estate spiel" thingy in their policy. As a listing agent, I would also stay the hell away from chatting up sellers that are listed with someone else, no matter how bad that "someone else".
Yep, lots of opportunity out there but I would wait til the low hanging fruit isn't listed with another farmer anymore. i know i am not the sharpest knife in the drawer---but when the bank gives you the owners contact for an interior or you have to go to an interior where you must make contact with the owner---- you are most likley 'approached' by the owner. now i know that all on this forum are of untarnished ethics but as i stated--- when the owners come you--since they are NOT being assited by their current agent (which is most of the time)--THEN YOU GIVE THE NAME TO YOUR SHORT SALE AGENT. see--when an owner comes to YOU--that is not "approaching the owner with your real estate spiel". now if you want to tell them--i am sorry, you are listed with another agent and you are just screwed and walk away--find. But being a flat fee agent, i know that most of of realtors will try to get a listing if they think they can. i had them lie, cheat, misinform and whatever to get my listings. that being said--if the client of the 'interior' bpo seems to be NOT getting'er done. You have ann opportunity to give his or her name to a 'qualified' short sale agent to offer any assitance. it is better than foreclosure and you could make an extra $500-$1000 dollars. there is NO law or ethics violation to offer a person a 'package'. if this person has interests and 'calls you. you are an idiot for not talking to them. let me emphasize-- I AM NOT CONDOING STEALING CLIENTS. I WOULD NOT ONLY SUGGEST AGAINST IT, I WOULD EMPHATICALLY SAY--DO NOT DO IT... this is ONLT for people who are distressed and are NOT being assisted. never the less--i doubt those who judge me are as pious as they claim..
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#368917 - 03/03/11 02:56 PM
Re: Are BPO's drying up in your area?
[Re: Devilish Katlyn]
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Junior Member
Registered: 02/28/11
Posts: 7
Loc: NJ
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Katlyn, I have opportunties with IAS as well but they only pay $40 and want 2 day turnarounds, are you doing them at that price? LMK, Thanks, BT
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#369309 - 03/08/11 12:20 AM
Re: Are BPO's drying up in your area?
[Re: TerrySNJ]
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Veteran Member
Registered: 12/28/06
Posts: 809
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Close to zero activity...what happened?
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#369898 - 03/15/11 08:48 PM
Re: Are BPO's drying up in your area?
[Re: Gig em]
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Member
Registered: 08/26/03
Posts: 75
Loc: Florida
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Wow what can I say i saw hope last month in February, but this month OMG it's like they swtich the light off. The one that really keeps me wondering is CC what happened to them. I had a steady work flow from them for 6 years and since December it's dropped to nothing. I mean from an average 70 BPOs a month to 10 a month in the past 3 months.
acoording to them I am a great vendor, just slow in my area. I am really getting tired of that excuse.
Would love to know if someone has the answer.
BTW please don't come back saying that you have a lot work and that the BPO's are just flocking to your in box. It's not nice to gloat at someone else's misery.
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#369912 - 03/15/11 11:50 PM
Re: Are BPO's drying up in your area?
[Re: BUBBLEBURST]
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Major Contributor
Registered: 09/24/06
Posts: 1967
Loc: US
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Wow what can I say i saw hope last month in February, but this month OMG it's like they swtich the light off. The one that really keeps me wondering is CC what happened to them. I had a steady work flow from them for 6 years and since December it's dropped to nothing. I mean from an average 70 BPOs a month to 10 a month in the past 3 months.
acoording to them I am a great vendor, just slow in my area. I am really getting tired of that excuse.
Would love to know if someone has the answer.
BTW please don't come back saying that you have a lot work and that the BPO's are just flocking to your in box. It's not nice to gloat at someone else's misery. How is it an excuse? Sounds like the truth to me.
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#369914 - 03/16/11 01:17 AM
Re: Are BPO's drying up in your area?
[Re: BpoBill]
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Member
Registered: 08/09/06
Posts: 114
Loc: California
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Been slow here on the west coast for 6 months. Maybe 6-10 a month.
_________________________
Goldenkozy
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#369926 - 03/16/11 08:05 AM
Re: Are BPO's drying up in your area?
[Re: Gig em]
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Member
Registered: 04/18/06
Posts: 186
Loc: New Jersey
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Very quiet in Jersey ...very quiet
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#369928 - 03/16/11 08:29 AM
Re: Are BPO's drying up in your area?
[Re: Gig em]
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Veteran Member
Registered: 06/13/06
Posts: 1257
Loc: ^
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Im steady but working harder than ever to keep it that way.
_________________________
Live simply, love generously, care deeply, speak kindly and leave the rest to God ~ Ronald Reagan
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#369933 - 03/16/11 09:17 AM
Re: Are BPO's drying up in your area?
[Re: TheTexasGal]
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Major Contributor
Registered: 01/26/05
Posts: 2051
Loc: Houston
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Im steady but working harder than ever to keep it that way. Ditto. My gas bill is atrocious right now. I'm driving farther, and working way harder. Even so, my income has dropped by over $1k a month, but that's due to losing LS.
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#369945 - 03/16/11 11:04 AM
Re: Are BPO's drying up in your area?
[Re: Gig em]
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Veteran Member
Registered: 01/02/07
Posts: 724
Loc: Port Jefferson New York
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Week to week here, kind of a feast or famine scenario. Eerie and unsettling, not unlike the housing market, the economy and the world!
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#369972 - 03/16/11 02:46 PM
Re: Are BPO's drying up in your area?
[Re: Gig em]
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Member
Registered: 11/03/06
Posts: 253
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Way down. Still receiving offers at $25-$35 fee. Will not accept due to gas prices and self-respect, but someone is accepting. Very concerned because do not think REO listings can fully compensate for loss of BPO income and concerned that future BPO will be completed by appraisers.
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#369989 - 03/16/11 05:14 PM
Re: Are BPO's drying up in your area?
[Re: cinloo]
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Junior Member
Registered: 02/28/11
Posts: 7
Loc: NJ
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cinloo, that is very true and its happening already. LS went to appraisal only in about 25 states. That squashed 30% of my income last year and its going to be super hard to replace that.
Now I have waste time chasing other bpo business with companies I hadn't done much for in the past. That entails constantly checking sites for work..90% of the time there is nothing there..its really frustrating.
REO listings are slow here to as NJ just has everything backlogged. I have a house that I've been waiting on an eviction date since October of last year! Eventually it will get busier again but these next 4-6 months are uncertain at best.
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#369997 - 03/16/11 06:53 PM
Re: Are BPO's drying up in your area?
[Re: Gig em]
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Member
Registered: 05/04/07
Posts: 137
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Slowest I've seen in many moons.
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#370013 - 03/17/11 07:21 AM
Re: Are BPO's drying up in your area?
[Re: Gig em]
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Veteran Member
Registered: 02/25/08
Posts: 826
Loc: USA
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Seems I get the most orders the beginning of the month; I overload myself because of that pattern. Then I have nothing until the last few days of the month which seem to be the junk orders I've seen come across before. As many of you, I feel like what was once pretty predictable income has become slim pickins
_________________________
Licensed Realtor since 2000
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#370014 - 03/17/11 08:05 AM
Re: Are BPO's drying up in your area?
[Re: Char K]
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Member
Registered: 06/27/10
Posts: 377
Loc: Land of Tree Huggers
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The first five days of this month I did almost $1,000 so I was really pumped for a good March...ha! The last seven days have been one or two per day. I swore I wouldn't take rural anymore, but I got accepted into a new company and so I took two rural and Big Bird gave me a rural auto assign...God forbid I lose my platinum status!
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#370030 - 03/17/11 11:28 AM
Re: Are BPO's drying up in your area?
[Re: Gig em]
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Veteran Member
Registered: 12/14/05
Posts: 1304
Loc: Winfield, Mo
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might sound silly but I would be OK with just 2 a day...still would beat punching a clock somewhere...if I could even find a job...
_________________________
Beware the barrenness of a busy life...Socrates
Let go...or be dragged...Zen
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#370034 - 03/17/11 12:00 PM
Re: Are BPO's drying up in your area?
[Re: ditty]
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Major Contributor
Registered: 01/26/09
Posts: 2961
Loc: Old Dominion
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Nothing silly there Ditty. I do not think I would not go to a regular job unless I had no option.
I suppose if someone offered me a fantastic wage that I could not comprehend from where I sit now, I would punch a clock.
But who wants a schedule? I get some much personal satisfaction from my daily freedom, I am not sure you could put a number on that.
_________________________
Trust your Maker. Watch your manager.
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#370037 - 03/17/11 01:42 PM
Re: Are BPO's drying up in your area?
[Re: ditty]
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Major Contributor
Registered: 06/12/06
Posts: 1973
Loc: Arizona Bay
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might sound silly but I would be OK with just 2 a day...still would beat punching a clock somewhere...if I could even find a job... Prospective employers believe I'll quit just as soon as the market turns around. They'd be right about that but the market isn't going to turn around for years.
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#370067 - 03/17/11 06:27 PM
Re: Are BPO's drying up in your area?
[Re: Artiste]
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Member
Registered: 05/28/07
Posts: 365
Loc: Tampa Bay, Florida
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I had agreat start the first two weeks of March and also thought it would be a great month. Week 1 - 28 Week 2 - 24 Week 3 - 12 WTF Over? I've said it once and I'll say it again: When it comes to BPOs, all these lenders are colluding like autosync commercials that makes sure every radio and TV station you tune into are all playing ads at the same time  LOL
Edited by Bluehoo (03/17/11 06:28 PM)
_________________________
Mongo only pawn in game of life!
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#370068 - 03/17/11 06:34 PM
Re: Are BPO's drying up in your area?
[Re: Gig em]
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Major Contributor
Registered: 01/31/07
Posts: 1808
Loc: Midwest
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Certainly the slowest I've been in 5 years.
I was laying in bed the other night, thinking about the changes over the past year to the BPO industry, and made a point by point list in my head of all the negatives, and had a reallly hard time coming up with anything positive. I dont think that this month necessarily indicates anything, bc there have been and will be slow times. But for the last year, I've been very down about BPO's and the future of being able to work them the way I have. I dont think this just now because we are slow, I thought the same thing when I had BPOs coming out of my ears.
_________________________
BPO's since 2001, REO since 2006. Equal opportunity lover since 1977.
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