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#428847 - 09/28/13 04:18 PM Re: Main Street [Re: Artiste]
smg Offline
Major Contributor

Registered: 02/16/06
Posts: 2823
Loc: United States
Originally Posted By: Artiste
Originally Posted By: smg
Originally Posted By: Artiste
"Delete! Delete! Delete!" is what I did to their HUMILIATING $30 requests

One $200,000 home sale is = $3,000 (one fourth of the commission)
or 100 Mainstreet BPOs

If Mainstreet gives you a 10%/yr raise it will take you nearly 5 years to get $50/BPO


Shouldn't it be $6000/3% or half of the commission?


It's the net amount to the agent after a 50/50 broker split so that's the LEAST an agent could earn - many agents have a better than 50/50 split, of course.

Thanks Artiste- I do not know if we have any more of those brokerages here. Mine is 100% commission, $25/month and a yearly $500 E&O fee. When I first got in the biz, I was a C21 agent and had a 70/30 split. I did one deal and saw how much they got and quit. I do not see any advantages to those brokerages that take the big piece. We have just as good of training at my 100% brokerage as they do. I do not think branding is worth a large portion of your commission.

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#428860 - 09/29/13 08:39 PM Re: Main Street [Re: smg]
KoDa Offline
Member

Registered: 03/08/08
Posts: 118
Loc: New England
Wow. I have not done reports for Main Street in some time. Had a slow week with regulars & accepted 5 orders @ $45 each.
Well, I will NEVER EVER AGAIN get so desparate to accept even an order next door for any amount of $$ for them. What a horrible system. QC is Ridiculous. A property built in 1900 is questioned why I used a property built in 1906?? Sorry dont have a market full of track housing.
ALL the orders I did in suburban/semi rural areas are noted by THEM as urban, so after making comments have to go on to make 20 more. Remain professional wording, but really want to answer the questions as ~ Seriously??? Had to research & address their wrong data. Then add insult they ask the same question AGAIN. I answered as repeat question, over and over. THEN....Comes back as rejected due to Their inaccurate internal data. Lesson Learned. Never Again

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#428892 - 09/30/13 01:33 PM Re: Main Street [Re: REOGuyNTheIE]
PMR Offline
Member

Registered: 05/17/10
Posts: 118
Loc: CA
Originally Posted By: REOGuyNTheIE
They sent me about 15 requests last minute today for $30 exterior BPO's due Sunday...NO thanks.....


Those were only inspection reports: pictures and condition comment. They want a value range, but you don't need any comps.

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#428893 - 09/30/13 01:34 PM Re: Main Street [Re: KoDa]
CALIF DREAMING Offline
Veteran Member

Registered: 08/01/06
Posts: 1304
Loc: Downey, California
Originally Posted By: KoDa
Wow. I have not done reports for Main Street in some time. Had a slow week with regulars & accepted 5 orders @ $45 each.
Well, I will NEVER EVER AGAIN get so desparate to accept even an order next door for any amount of $$ for them. What a horrible system. QC is Ridiculous. A property built in 1900 is questioned why I used a property built in 1906?? Sorry dont have a market full of track housing.
ALL the orders I did in suburban/semi rural areas are noted by THEM as urban, so after making comments have to go on to make 20 more. Remain professional wording, but really want to answer the questions as ~ Seriously??? Had to research & address their wrong data. Then add insult they ask the same question AGAIN. I answered as repeat question, over and over. THEN....Comes back as rejected due to Their inaccurate internal data. Lesson Learned. Never Again



Seriously???? Looks like they set their expections too high and expects a $45 appraisal.
_________________________
"People rarely succeed unless they have fun in what they are doing"....Dale Carnegie

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#428896 - 09/30/13 02:36 PM Re: Main Street [Re: KoDa]
smg Offline
Major Contributor

Registered: 02/16/06
Posts: 2823
Loc: United States
Originally Posted By: KoDa
Wow. I have not done reports for Main Street in some time. Had a slow week with regulars & accepted 5 orders @ $45 each.
Well, I will NEVER EVER AGAIN get so desparate to accept even an order next door for any amount of $$ for them. What a horrible system. QC is Ridiculous. A property built in 1900 is questioned why I used a property built in 1906?? Sorry dont have a market full of track housing.
ALL the orders I did in suburban/semi rural areas are noted by THEM as urban, so after making comments have to go on to make 20 more. Remain professional wording, but really want to answer the questions as ~ Seriously??? Had to research & address their wrong data. Then add insult they ask the same question AGAIN. I answered as repeat question, over and over. THEN....Comes back as rejected due to Their inaccurate internal data. Lesson Learned. Never Again



Yes, they regard every market area as urban. I had a couple there are way out west on large acreage with very few homes nearby....they flag it as urban. They have not bothered putting a piece in place that identifies an area as urban, suburban or rural. Other providers have that, these guys do not. Also, they do apply the five years of age variance to any property, whether it was built in 2005 or 1905. Comps must be within five years old. Again, they do not look at this like other providers, appraisers or lenders do. So, the agent will travel further in vicinity and bypass more appropriate comps. While it is more hassle for us, the person that ultimately gets short changed in this deal is the client. Because the BPO provider has not taken the correct steps to address that stuff, the agent approaches the comps differently and the client winds up with comps he would not have had and probably a value that is skewed as a result.
At some point the client will realize all of this and wish that had dealt with a mill that was more on top of its game.


Edited by smg (09/30/13 02:37 PM)

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#428902 - 09/30/13 04:02 PM Re: Main Street [Re: smg]
Joel33 Offline
Member

Registered: 03/24/11
Posts: 123
Loc: UT
Sadly, smg, BPOs are somewhat of a commodity and client decisions are driven far more by price than by quality. Some might even go so far as to say that shoddy BPO work is in part responsible for the housing crisis we've come through in the last four or five years.

The truth of the matter is that MSV has a very good reputation among clients for both quality and price. We do more for our clients than any other BPO Provider does or is able to do for theirs.

Despite what is said, here, or the perception of agents on the side of doing the BPOs, the client is happy and our business is growing at the expense of other BPO providers.

Our QC is difficult to pass, I realize this is a pain for agents, but again, it's what the clients demand. Our BPOs require more information again, because that's what the client demands. There are typos on the form - and they will be fixed wink

Lastly, yes, the $30 orders are not BPOs but merely property inspections. We reference the 2010 census data to determine the pop-density of a subject property. We take numerous automated QC steps and still manually QC 100% of our orders.

Thanks,

Joel

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#429047 - 10/04/13 05:29 PM Re: Main Street [Re: Joel33]
smg Offline
Major Contributor

Registered: 02/16/06
Posts: 2823
Loc: United States
These guys just sent an order back saying that three of the comps are not 3BR/2bath, they are 3BR/1.75 baths. First off, their form does not allow me to enter .75 bath. Second, they are two bath, regardless of what their data shows. Third, I have never had an order returned by any provider with such a stupid request. They want me to change a two bath to a 1.75 bath, although their form will not allow for that.

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#429049 - 10/04/13 05:51 PM Re: Main Street [Re: smg]
Joel33 Offline
Member

Registered: 03/24/11
Posts: 123
Loc: UT
feel free to send me the order ID and I will look into it - sounds like an automated QC check.

Thanks,

joel

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#429051 - 10/04/13 07:12 PM Re: Main Street [Re: Joel33]
Analog Man Offline
Major Contributor

Registered: 07/22/07
Posts: 2041
Loc: Tampa Bay
Originally Posted By: Joel33
Our QC is difficult to pass, I realize this is a pain for agents, but again, it's what the clients demand. Our BPOs require more information again, because that's what the client demands.


As far as I am concerned, the "client" can do something that is anatomically impossible to do to oneself. Joel, I don't think you get it. Veteran BPO agents have multiple avenues to earn cash! Why would I want to work for a mill that has a hard to please customer, at a mediocre at best fee?

I'm not going to name names, but I can easily think of a half a dozen BPO mills off the top of my head that pay equal if not more than MSV, and have far easier to nonexistent QC issues! I realize the industry is lender centric, but don't forget that is meaningless without field agents completing said work.
_________________________
Music is the only sensual pleasure without vice. (Samuel Johnson, English Poet 1709-1784)

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#429052 - 10/04/13 07:33 PM Re: Main Street [Re: smg]
smg Offline
Major Contributor

Registered: 02/16/06
Posts: 2823
Loc: United States
Joel, I do appreciate you stepping in, thanks for that. At the same time, I have to agree with Analog Dude. Not to mention, I sometimes have doubts that these are client demands. I seriously doubt that the client has a five year age tolerance, regardless of the age of the property. I call BS on that. If the property is 80 years old, your client is not expecting to find all of the comps within five years. No other mills require that, why would all of your clients? That message pops up, regardless of the client. In terms of the markets being urban, suburban or rural, none of the areas I have ever worked for your orders have anything other than urban...too coincidental.
Not meaning to beat up on you, but I think when a system is messed up, or QC standards are in error, that many default to "our client wants this".

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#429053 - 10/04/13 07:36 PM Re: Main Street [Re: Joel33]
Doin' bpose Offline
Major Contributor

Registered: 01/27/09
Posts: 3347
Loc: Old Dominion
Quote:
Some might even go so far as to say that shoddy BPO work is in part responsible for the housing crisis we've come through in the last four or five years.
Hubris on display by "some". 1) Mills demand compliance to arbitrary guidelines and restrictions created by over educated/under experienced pencil pushers and create a unique work product as a result. BPO agents thread the needle to avoid QC hiccups, or they haggle with QC until QC gets it's way or the order is reassigned with a cooperating agent.

If you don't believe me talk to anyone who has ever completed a BPO directly for a lending institution on a word doc form with no BS guidelines. Best darn reports around if you ask me. But I guess there is no middle man involved so it can't be legit.

2) BPOs were never used for loan origination to my knowledge so how can the product bare any culpability for a market bubble? Saying BPOs were to blame for the housing crisis is like saying like the Redskins blaming the score keeper for being 1-3.

Try again.

I'll throw it back. The mill is the problem, because it separates the professional from the client and places an unnecessary financial constraint on the valuation process and erects arbitrary and inflexible criteria and TAT guidelines that work only in limited situations. People employed by the mills are often unable to determine when it is appropriate to abandon guidelines and listen to the market professional. These guidelines punish thorough reports by restricting commentary limited to MLS data only or by limiting the amount an agent can freely comment or even by limiting the words an professional uses to compete the report.
_________________________
I can't. I'm going camping.

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#429054 - 10/04/13 08:23 PM Re: Main Street [Re: smg]
Analog Man Offline
Major Contributor

Registered: 07/22/07
Posts: 2041
Loc: Tampa Bay
Originally Posted By: smg
. Not to mention, I sometimes have doubts that these are client demands.


100% agree. Classic example is Bank of America (BAC). I work for them indirectly doing BPOs via Landsafe. When I do a BAC BPO via LS, there are very few restrictions on comparables I can use. Short sales, contract pendings, and various other differences are very often used without objection on their part. I can honestly say that about 98% of my BPOs with BAC are auto-approved without QC issues.

Now if BAC outsources a BPO via a third party mill, all bets are off! A whole bunch of requirements are needed that would not be required via their internal BPO portal. The ironic kicker??? BAC internal BPOs bay $57.50 without QC issues. Outsourced they pay $45 (on average) with QC/comp selection bullspit.

So again I agree with SMG whole heartily. Why would the nations largest lender have next to zero comp restrictions on their internal BPOs, but outsourced a different set of parameters? My guess is that part of the "selling process" for business to the various mills is all the hoops they claim are done to insure quality.

We all know at the end if the day, that is a farce!
_________________________
Music is the only sensual pleasure without vice. (Samuel Johnson, English Poet 1709-1784)

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#429056 - 10/05/13 12:28 AM Re: Main Street [Re: Joel33]
smg Offline
Major Contributor

Registered: 02/16/06
Posts: 2823
Loc: United States
Originally Posted By: Joel33


Our QC is difficult to pass, I realize this is a pain for agents, but again, it's what the clients demand. Our BPOs require more information again, because that's what the client demands.

Thanks,

Joel


This is the part I struggle with. I have done a ton of orders for B of A also. Why would they make make these demand for these orders through MSV, yet not make them of the other providers? I do not think the QC at Main Street is tough so much, but I think it often makes little sense. I do orders for many providers and the QC is pretty tough...but logical. Some of what I see here is just not very well thought out. Agents will play along with these silly guidelines in an effort to just get the order turned in. The agents market knowledge and experience are not given the same weight as these silly parameters you have in place. The end result are an inferior product to your client.
My suggestion would be to examine some of the auto QC checks at the end of the order. One size does not fit all. Some of it is just goofy. Spend some time looking your forms and processes over. It is obvious nobody has.




Edited by smg (10/05/13 12:57 AM)

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#429064 - 10/05/13 09:59 AM Re: Main Street [Re: smg]
Artiste Offline
Major Contributor

Registered: 06/12/06
Posts: 2367
Loc: Arizona Bay
40hrs/week @ $8.25/hr x 4.25 weeks in a month = $1,402.50 (plus benefits like employee discounts, paid holidays, unemployment insurance, disability & worker's compensation, profit-sharing, and social security)

or 46.75 Mainstreet BPOs @ $30/each (1.56 BPOs/day) and 0 benefits
_________________________
Let's take back the real estate between our ears and get green like a sonofa$%^&*

NAFTA is over!!
(if you want it)


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#429073 - 10/05/13 02:14 PM Re: Main Street [Re: smg]
KoDa Offline
Member

Registered: 03/08/08
Posts: 118
Loc: New England
Well, I find this interesting. I had a last order on hold as it is a condo unit with no unit # and the owner name did not match tax records. Comes off hold after email with information they provided to me and want me to use. It is the prior information as a Multi unit. Well it sold in 2011 and is now 2 condo units. Not very accurate information to pass to the Client I would think???

I will be giving this back, I am not putting my name on it at all. Just thought it was funny how much they try to say how great their quality is. They can give it to someone that will price it as a multi. It will be very accurate I'm sure!!!

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