Hello everyone,

I'm new to the forum. My name is Debra and I've been licensed as a realtor in NJ for 6 years, working on the BPO side of the biz for 4 years with 1 REO listing, years ago.

I'm starting to receive emails from companies with invitations to register with them so that I'll receive bpo's and/or reo listings (my first thought was...yay, I'm actually being contacted instead of searching for BPO/REO business).

Here's my question...[b]has anyone heard of the following companies and what are your thoughts. Thanks in advance![/b]

[b]1. Arro Management Systems, LLC[/b] - just received email invitation to join company for REO/BPO assignments wherein they are asking for a $75.00 administration fee. [b]Is it standard operating procedures to pay a fee (administration fee/application fee) to receive REO Listings from a company?[/b].

[b]2. Partners First[/b] - received email from them to join agent panel for receiving Short Sale Lisings (mentioned being HAFA approved). I believe they are also asking for a fee of some kind.

I've never had to pay when registering for BPO work so, I would like to know if it's necessary to pay for REO Listings? [b]Is this legit?[/b]

Debra

In my mind, I'd never ever pay for an REO listing. Keep applying, keep trying and they'll come eventually. But - never ever pay for them.

No, do not be a sucker. These dopey REO "companies" that promise REO listings for payment are con games and frauds. Stay away. REO is a specialty dominated by a few agents with deep pockets who can handle REO repair, marketing, and maintenance. It is not for the feint of heart or the typical agent looking for easy listings. You can take seminars, and pay companies and do BPOs until you are blue in the face. The vast majority of agents will never get an REO listing from doing a BPO.

The REO market is already winding down, the gravy train has already left the station and the caboose can no longer even be seen down the tracks. Concentrate on normal clients. Every agent and his brother has wasted time trying to get this business, and it is mostly being handled by the same core of REO agents that have been specializing in this niche for the past 20 years.

I posted this in another thread and have edited it to try and address the issues you've brought up. It's directed more at REOs then BPOs but the main thrust may be valid.
POST STARTS:
My advice to anyone that's trying to break into the REO business would be to consider affiliating with an REO agent that's already well established. From there they can either branch out on their own once they've become familiar with the nuances of the industry or they can stay put if that mentoring arrangement is working for them. My staff has stayed with me for quite a while. Anywhere from 3 years to 12 years, so it must be to their financial and emotional benefit to be a part of a true team effort rather then be alone.
Regarding any market stability. About the only thing I see as consistent with the market is the inconsistency of the market. I do tend to see BPOs in a different light then many since we focus only on BPOs for listing clients and none for mills. Also we have a 50.00 minimum. The influx of REOs seems to come in spurts probably due in part to the governments attempts to "help". However it tends to average out over the long haul if one has enough inventory in the pipeline. By that I mean that although the influx varies, the output remains more constant. Prices in my market have continued to drop, but that's very area specific. I would not propose to comment on a national market since it almost seems to hit it's peaks and valleys at different rates in different sections.
POST ENDS:
Regarding paying for work. I work for pay, I don't pay for work. There are a ton of scams out there. Use this forum and perform your check before you write a check.
Hope this helps