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#392954 - 10/25/11 08:22 AM Re: How much lower for BPO's? Stop working for peanuts [Re: A1fla]
jbt4re Offline
Major Contributor

Registered: 03/04/07
Posts: 1801
Loc: SWI
Please keep to the topic and play nicely or the post will be closed.

Thanks!
_________________________




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#392966 - 10/25/11 09:50 AM Re: How much lower for BPO's? Stop working for peanuts [Re: jbt4re]
JackREO Offline
Veteran Member

Registered: 09/02/08
Posts: 761
Loc: Massachusetts
Understood.

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#392967 - 10/25/11 09:53 AM Re: How much lower for BPO's? Stop working for peanuts [Re: A1fla]
smg Offline
Major Contributor

Registered: 02/16/06
Posts: 2130
Loc: United States
Yup...I understand as well. This got sidetracked a tad. Some of these threads have a habit of doing that....

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#392980 - 10/25/11 11:45 AM Re: How much lower for BPO's? Stop working for peanuts [Re: smg]
DueDiligence Online   content
Veteran Member

Registered: 12/05/06
Posts: 1265
Loc: Wild Wild West
The topic is "...Stop working for peanuts"-- which encourages posters to say WHY agents/brokers should stop working for low compensation. As such, there will be some debating/defending, some back and forths about why it's okay to work for less compensation, and why it's not okay. To be useful, these back and forths need to be between agents/brokers who are actively involved in the default or BPO segment.

I also think it's acceptable for default sector agents/brokers to debate/complain, in conjunction with low compensation for BPOs, whether some expectations of the BPO companies/mills are problematic for licensees; i.e., companies "shooting values", or arm-twisting agents/brokers to change their opinion of value. I think that's useful, too.

I've already posted what I think is NOT acceptable.

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#392984 - 10/25/11 12:01 PM Re: How much lower for BPO's? Stop working for peanuts [Re: A1fla]
shana Offline
Major Contributor

Registered: 11/06/07
Posts: 1602
Loc: Nevada
wait, maybe I misinterpreted SMG's outhouse analogy. The outhouse is the real estate industry, and the occupant in the outhouse is the BPO company taking a dump on the agents it hires to do low paying BPO's?

I'll have to agree with that. thanks SMG, your analogies are the best!

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#392988 - 10/25/11 12:15 PM Re: How much lower for BPO's? Stop working for peanuts [Re: Brad - W4BJM]
Don Price (Pine) Offline
REO-BPO-R.E. Mod
Major Contributor

Registered: 03/12/08
Posts: 3272
Loc: Pinehurst, NC
Originally Posted By: Brad - W4BJM
Originally Posted By: shana
okay, fellas, check my previous post in this thread, regarding my criticism of the high volume "business model" and dubious methods of the big BPO brokers. go ahead, tell me they don't have unlicensed photographers/inspectors doing the drive-by's. tell me they don't have agents other than the assigned agents doing the BPO valuations. all violations of the client's own policies and vendor rules, as well as licensing standards. YOU ALL KNOW THEY DO IT. It can't be done efficiently any other way on a large scale.


Ummm, I am one person who can tell you that I am a solo team that does everything myself and does not farm out anything! Now I suppose one could debate what is a high volume BPO broker? Since I am not seeing an actual number in your post, does that mean my 40-50 a week production qualifies as that in your opinion?

I do all this at a slight cost of having little spare time, but I gladly exchange that knowing that I am not living a paycheck to paycheck lifestyle. At the same time I thank my lucky stars for that knowing that can change at anytime. My six day a week work ethic helps me to keep my production up, even at times of feeling a little burned out.

Shana, I sense that you are a very opinionated person. There is nothing wrong with that. Yet don't try to put everyone in the same category without really knowing them. It's what I would call that prejudice, as you are pre-judging them.


Perfect post smile
_________________________
Donald Price (Don)
Pinehurst, NC 'America's Home of Golf"

Pinehurst Real Estate | REO-BPO-Brokers.com | Blog | Join active|rain | Twitter | Facebook


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#392989 - 10/25/11 12:21 PM Re: How much lower for BPO's? Stop working for peanuts [Re: jbt4re]
Don Price (Pine) Offline
REO-BPO-R.E. Mod
Major Contributor

Registered: 03/12/08
Posts: 3272
Loc: Pinehurst, NC
Originally Posted By: PotatoState
Please keep to the topic and play nicely or the post will be closed.

Thanks!


smile (I just love it)
_________________________
Donald Price (Don)
Pinehurst, NC 'America's Home of Golf"

Pinehurst Real Estate | REO-BPO-Brokers.com | Blog | Join active|rain | Twitter | Facebook


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#392994 - 10/25/11 12:58 PM Re: How much lower for BPO's? Stop working for peanuts [Re: A1fla]
barb43 Online   content
Veteran Member

Registered: 07/31/08
Posts: 944
Loc: SW Okla
The Energizer Bunny has popped into my head a number of times while reading this thread, like how some of us just keep doing BPOs and keep doing them, no matter what anyone says about the BPO business or us. . . .And also about how no matter how you dig, that sand in your bathing suit seems to elude your grasp and just keeps on irritating.

I have fired a couple of companies over $40 BPOs because it was a constant struggle to get them to pay more, every phone call was the same: "You just do this one for $40 and next time we pay you $50." And I would laugh and say, "No, you'll forget! So you have to pay me $50 this time or I won't complete the order!" I always got the $50, but it was tiring.
_________________________
Remodeling houses & helping tenants get ahead in life since 1983. Licensed Realtor since 2005. Addicted to REOs, BPOs, and working to expand.

LIMITATIONS: Until You Spread Your Wings, You'll Have No Idea How Far You Can Walk. - despair.com

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#392996 - 10/25/11 01:11 PM Re: How much lower for BPO's? Stop working for peanuts [Re: A1fla]
Don Price (Pine) Offline
REO-BPO-R.E. Mod
Major Contributor

Registered: 03/12/08
Posts: 3272
Loc: Pinehurst, NC
What is working for peanuts to some - is putting food on the table for others.

As always - I am far behind many of the real BPO pros here and I would need the help of iMacros and coding to accept just the right work, in order to make BPO work for me like many of you have.

The point I guess is - those of us that can't make it work just need to supplement our livelihoods with additional income from another place or get better and faster.

Of course - complaining does help - so I've been told - LOL
_________________________
Donald Price (Don)
Pinehurst, NC 'America's Home of Golf"

Pinehurst Real Estate | REO-BPO-Brokers.com | Blog | Join active|rain | Twitter | Facebook


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#393023 - 10/25/11 03:09 PM Re: How much lower for BPO's? Stop working for peanuts [Re: Artiste]
ibsellin Offline
Member

Registered: 08/19/11
Posts: 116
Loc: USA
Originally Posted By: Artiste
$100,000 / $56.50 (avg of 1 drive by at $49 & 1 interior at $64) = 1,770 BPOs / 365 days in a year = 4.9 BPOs/day -- and lots of you say you can do 7-12 BPOs a day (yeah, right) so there ought to be some people earning twice that.


Just curious, how many listings did you take off your 1,770 BPOs???

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#393047 - 10/25/11 07:51 PM Re: How much lower for BPO's? Stop working for peanuts [Re: A1fla]
StLbpo's Offline
Member

Registered: 04/13/05
Posts: 372
Loc: missouri
Oh lets play nice folks and get back to being proferssional.

Everyone has to find their niche in this bussiness. Like any profession we have dirt bags/scam artist and we have professionals. Bpo's are not for everyone. Myself the retail side would drive me crazy (well more nutty then I am for doing BPO's for as along as I have). But doing the retail side being at the whim of a buyer or seller was not for me. Sure we all wish for the fee's us old timers at the BPO biz would get in the good ole days. We either move with them market or the market passed by. Of course ethicaly. It really comes down to a personal choice. To continue in this bussiness or not. But the choice of working with ethics has always been in place when fee's were great or peanut fee's, some had ethics & some did not. The key now is to work smarter, but still with ethics. I'm sure we all have had to retool our way of doing things. I remember a just 6-7 years back talking with several agents about REO's and how they would not lower themselves to handle a listing for the banks at an insulting $1000 minimum. It a choice to work or not work in this.
All of us in the REO/BPO side of things are not to be painted with a broad stroke of unethical dirtbags..

So now can we can we all now play nice agian.

Just my 2 cents.. we'll it was more like my dimes worth.

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#393051 - 10/25/11 09:30 PM Re: How much lower for BPO's? Stop working for peanuts [Re: StLbpo's]
JackREO Offline
Veteran Member

Registered: 09/02/08
Posts: 761
Loc: Massachusetts
Not 2 cents, not a dime, Actually your advice is priceless. Well said, St Louis.

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#393052 - 10/25/11 09:39 PM Re: How much lower for BPO's? Stop working for peanuts [Re: StLbpo's]
TheTexasGal Offline
Veteran Member

Registered: 06/13/06
Posts: 1257
Loc: ^
Originally Posted By: StLbpo's
Oh lets play nice folks and get back to being proferssional.

Everyone has to find their niche in this bussiness. Like any profession we have dirt bags/scam artist and we have professionals. Bpo's are not for everyone. Myself the retail side would drive me crazy (well more nutty then I am for doing BPO's for as along as I have). But doing the retail side being at the whim of a buyer or seller was not for me. Sure we all wish for the fee's us old timers at the BPO biz would get in the good ole days. We either move with them market or the market passed by. Of course ethicaly. It really comes down to a personal choice. To continue in this bussiness or not. But the choice of working with ethics has always been in place when fee's were great or peanut fee's, some had ethics & some did not. The key now is to work smarter, but still with ethics. I'm sure we all have had to retool our way of doing things. I remember a just 6-7 years back talking with several agents about REO's and how they would not lower themselves to handle a listing for the banks at an insulting $1000 minimum. It a choice to work or not work in this.
All of us in the REO/BPO side of things are not to be painted with a broad stroke of unethical dirtbags..

So now can we can we all now play nice agian.

Just my 2 cents.. we'll it was more like my dimes worth.


Very well said StLbpo's
_________________________
Live simply, love generously, care deeply, speak kindly and leave the rest to God ~ Ronald Reagan

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#393092 - 10/26/11 09:52 AM Re: How much lower for BPO's? Stop working for peanuts [Re: TheTexasGal]
compressor Offline
Member

Registered: 11/09/08
Posts: 21
Loc: The Frozen Tundra
Low fee BPOs are adding to the appraisers arguement that BPOs should be banned. Go ahead and keep taking them and help eliminate the very business you rely on.
Lately I have been getting more requests to review both appraisal and BPO comps from some vendors. In all I have reviewed the values were way off and comps used were unsuitable. (well one was OK)

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#393101 - 10/26/11 11:02 AM Re: How much lower for BPO's? Stop working for peanuts [Re: compressor]
DueDiligence Online   content
Veteran Member

Registered: 12/05/06
Posts: 1265
Loc: Wild Wild West
I don't know if low compensation BPOs translates to low quality work. I think it'd be much harder to "fudge" a BPO than to produce the real deal. But I base that on my market where we have no subdivisions and no "cookie-cutter" homes.

I still believe, even at low compensation rates the BPOs produced still have value. UNLESS the adjustments are bogus. Now that I have seen on review of prior BPOs AND appraisals. Surprisingly, more so on appraisals. Many BPOs do require supportive information such as, MLS sheets. Appraisals do not. In fact, many appraisers in my area cannot see the MLS listings, and the counties do NOT give more information that age, gross sqft, lot size. Use of RealQuest, in my area, is not particularly helpful, either.

The entire valuation industry is being twisted and manipulated, that much I can agree with.

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